Stocks In News Today: Biocon, Crompton Greaves, DHFL, Maruti Suzuki, RBL Bank, Yes Bank
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks declined after a fluctuating start to trading on Tuesday.
At 11:49 am, the S&P BSE Sensex was trading 0.44 percent lower at 40,622.81 points while the NSE NIfty 50 was down 0.53 percent at 11,983.80. Bajaj Auto Ltd. was the top gainer on the Nifty 50 index and Bharti Infratel Ltd. was the top loser.
The market breadth was tilted in favour of sellers. About 570 stocks declined and 1,123 shares advanced on the National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.67 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.42 percent.
Here’s a look at the stocks in news moving the markets today.
Biocon Surges After Launching Breast Cancer Drug In U.S.
Shares of Biocon Ltd. rose as much as 4.62 percent intraday to Rs 299.00 apiece, the highest since April 30, 2019.
Biocon and Mylan have launched a Trastuzumab biosimilar under the brand name Ogivir, the Indian pharma firm informed the stock exchanges on Tuesday. The drug is used for treatment of breast cancer.
Biocon hopes to make a “major impact” in the $3 billion market for Trastuzumab biosimilar in the U.S., Managing Director Kiran Mazumdar Shaw said.
Trading volume in the stock was more than quadruple the 20-day average for this time of the day, Bloomberg data shows.
Crompton Greaves Swings After 8.2% Changes Hands In One Trade
Shares of Crompton Greaves Consumer Electricals Ltd. rose as much as 6.1 percent and then fell 1.87 percent to Rs 247.30 apiece, after 51.2 million shares, equivalent to 8.2 percent, of the company changed hands in one trade.
Buyers and sellers weren’t immediately known.
Private equity firm Advent International and Singapore's Temasek Holdings Pvt. Ltd. are offering to sell 44.85 million shares of Crompton Greaves, according to terms for the deal obtained by Bloomberg.
The shares are being offered by Amalfiaco Ltd., an investment vehicle controlled by Advent Intnernational, and Macritchie Investments Pte.—ultimately owned by Temasek, according to Indian regulatory filings.
The investors have the option to boost deal size to 55.35 million shares, valued at Rs 1,328 crore at the floor price. Amalfiaco is selling up to 34.79 million shares in the offering, while Macritchie could sell as much as 20.56 million if deal is fully upsized.
The selling shareholders will be subject to 90-day lockup on their remaining stock, the terms of the deal showed. Citigroup Inc. is arranging the sale.
Trading volume in the Crompton Greaves stock was almost eight times the 20-day average for this time of the day, Bloomberg data shows.
NCLT Admits DHFL Insolvency Case Filed By RBI, Shares Slump
Shares of Dewan Housing Finance Corporation Ltd. fell as much as 4.81 percent intraday to Rs 18.80 apiece, the lowest since Nov. 4, 2019.
On Monday, NCLT Mumbai admitted the Reserve Bank of India's petition seeking insolvency proceedings against DHFL. “The petition deserves admission,” the bankrutpcy court said.
Trading volume in the DHFL stock was 77 percent below the 20-day average for this time of the day, Bloomberg data showed.
RBL Bank Fluctuates After QIP Is Launched
Shares of RBL Bank Ltd. fluctuated between gains and losses, a day after it launched a qualified institutional placement to raise funds.
The floor price for the RBL Bank QIP launched Monday has been set at Rs 352.57 per share, a discount of 5.6 percent to Monday’s closing price. Earlier, the private sector lender raised $116 million via private placement of shares at Rs 340.70 apiece.
Trading volume in the stock was about the same as the 20-day average for this time of the day, Bloomberg data shows.
Maruti Suzuki Shares Rise After Price Hike Announcement
Shares of Maruti Suzuki India Ltd. gained the most since Nov. 27, rising as much as 1.41 percent to Rs 7,240.00 apiece.
On Tuesday, Maruti Suzuki said it will hike prices across models from January 2020 to offset higher input costs. The price hike will vary for different models, India’s largest carmaker said in a statement.
The announcement of the Maruti Suzuki price hike comes a couple of days after the company reported that its sales fell 1.9 percent year-on-year to 1,50,630 units in November.
Also Read: Retail Auto Sales Rise In November, Pointing To Rollover From Diwali
Marut Suzuki shares have declined 7.6 percent in the past 52 weeks.
Yes Bank Slumps After Multiple, Large Bunched Trades
Shares of Yes Bank Ltd. extended their losing streak to a third day, falling as much as 5.31 percent to Rs 60.65 apiece.
Capital International, a part of the Capital Group in the U.S., has committed to invest at least $120 million in Yes Bank, The Economics Times reported, citing two people familiar with the development. On Monday, Integrated Core Strategies (Asia) Pte Ltd. sold 34.9 million shares in the private sector lender via bunched trades on the NSE, according to data available on the exchange’s website.
Also Read: Yes Bank Fundraising: Who Are The Investors?
Trading volume in the Yes Bank stock was 18 percent above the 20-day average for this time of the day, Bloomberg data shows.