Stocks In News Today: Biocon, HDFC AMC, Reliance Capital, Ujjivan, Yes Bank
A look at the stocks in news moving the markets today.
Indian equity benchmarks opened higher, gaining enough to trade near record highs yet again.
At 12:25 pm, the S&P BSE Sensex was trading 0.15 percent higher at 40,881.70 points while the NSE Nifty 50 was 0.21 percent up at 12,062.45. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Cipla Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today:
Ashok Leyland Gains After Bus Deal With Tamil Nadu
Shares of Ashok Leyland Ltd. rose the most in a week, gaining as much as 3.22 percent to Rs 83.40 apiece.
The commercial vehicle maker has won an order from Tamil Nadu State Transport Undertakings for 1,750 buses, the Hinduja Group flagship firm said on Wednesday. While financial details of the deal were not disclosed, Ashok Leyland said its order book for state transport undertakings has enhanced significantly with this bus deal.
Ashok Leyland shares are down 1.4 percent in the past five days and rose 7.9 percent in the past 30 days, Bloomberg data shows. The stock has declined 26 percent in the past 52 weeks, according to the data.
Biocon Surges After U.S. FDA Approval For Pegfilgrastim Drug From New Unit
Shares of Biocon Ltd. rose as much as 5.50 percent to Rs 278.50 apiece, the highest since Jun. 4, 2019.
The United States Food and Drug Administration, or U.S. FDA, has approved Biocon and Mylan's supplemental biologics licence application, or sBLA, for Pegfilgrastim drug to be manufactured at Biocon's new biologics facility in Bengaluru, the drugmaker said in an exchange filing on Wednesday.
This helps address growing U.S. market opportunities, Biocon said.
Biocon shares are up 5.9 percent in the past five days and rose 15 percent in the past 30 days, Bloomberg data shows. The stock has declined 14 percent in the past 52 weeks, according to the data.
DLF Raised To Overweight By Morgan Stanley, Shares Fall
Shares of DLF Ltd. marked their steepest intraday decline since Nov. 13, falling as much as 2.93 percent to Rs 213.60 apiece.
Morgan Stanley analyst Sameer Baisiwala has raised DLF to overweight from equal-weight, with target price at Rs 269 per share—a 24 percent increase from last price.
Analysts have raised their consensus one-year target price for the stock by 4.3 percent in the past three months. Targets range from Rs 146 to Rs 280. The average target price for the stock is Rs 221.92.
The real estate firm trades at 28 times its estimated earnings per share for the coming year, Bloomberg data shows.
HDFC AMC Shares Rise After Essel Group Pays Up
Shares of HDFC Asset Management Company Ltd. gained as much as 3.11 percent to Rs 3,690.00 apiece after receiving repayment of Rs 167 crore from Essel Group.
Also, MSCI had earlier this month announced HDFC AMC would be included in its India index. The changes will be effective at close of trade on Nov. 26.
On Tuesday, HDFC AMC said the company holds certain non-convertible debentures of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as on Sept. 30, 2019, was Rs 275.63 crore.
"The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral,” the mutual fund manager said. “The value of the residual pledged listed equity shares as at Nov. 25, 2019, is Rs 143.95 crore.”
The HDFC AMC stock has advanced 147 percent in the past 52 weeks, Bloomberg data shows.
PFC, REC Fall After Govt ‘Asks' Them To Lend $1 Billion To Power Discoms
Shares of Power Finance Corporation Ltd. fell as much as 3.25 percent to Rs 113.00 apiece, the lowest since Nov. 18, 2019. Rural Electrification Corporation Ltd. extended its decline for a third day.
India has asked state lenders to provide over $1 billion to government power distribution companies to clear longstanding debts to renewable energy firms that could hinder further investment, Reuters quoted three people as saying in a Nov. 26 report.
The New Delhi government has asked state lenders PFC, REC and Indian Renewable Energy Development Agency Ltd. to extend short-term securitised loans to power discoms at preferential rates, two sources in government and one in industry said.
Prestige Estate Surges Most In Eight Months
Shares of Prestige Estate Projects Ltd. rose the most since Mar. 18, 2019—gaining as much as 14.9 percent to Rs 339.80, the highest since Mar. 1, 2018.
The company has signed an agreement with Marriott International to open six new hotels across India, representing nearly 1,000 rooms. All hotels are expected to open between 2021 and 2025, according to a media statement.
Trading volume for the Prestige Estate stock was more than three times the 20-day average for this time of the day, Bloomberg data shows.
Reliance Capital Falls After Defaults Bond Payments
Shares of Reliance Capital Ltd. fell as much as 2.25 percent to Rs 15.20 apiece, the lowest since Oct. 25.
On Tuesday, the Anil Ambani-led group firm said it has defaulted on payments towards its obligations on bonds and interest generated towards the same. The downgrade by CARE Ratings Ltd. in September has initiated acceleration of various facilities by certain lenders, according to an exchange filing.
Reliance Capital shares are down 13 percent in the past five days and fell 6.6 percent in the past 30 days, Bloomberg data shows. The stock has declined 93 percent in the past 52 weeks, according to the data.
Ujjivan Gains After Ujiivan SFB IPO Details Are Announced
Shares of Ujjivan Financial Services Ltd. extended their winning streak to the fourth consecutive trading session, rising as much as 3.62 percent to Rs 321.00 apiece.
The microfinance lender’s unit Ujjivan Small Finance Bank Ltd. plans to raise as much as Rs 7,500 crore by selling new shares in an initial public offering, according to an advertisement in the Financial Express newspaper on Wednesday.
The Ujjivan Small Finance Bank IPO will open on Dec. 2 and close on Dec. 4. The parent company has sold 71.40 million shares in pre-IPO placement to raise Rs 2,500 crore.
Kotak Mahindra Capital, IIFL Securities and JM Financial are managing the share sale.
Trading volume for the Ujjivan Financial Services stock was more than double the 20-day average for this time of the day, Bloomberg data shows.
Yes Bank Surges After Proposal To Consider Raising Funds
Shares of Yes Bank Ltd. surged most in nearly four weeks, rising as much as 9.26 percent to Rs 69.00 apiece.
On Tuesday, the private sector lender said its board will meet on Friday to consider raising funds by issue of equity/equity-linked securities through permissible modes. The proposed Yes Bank fundraising will be subject to necessary regulatory and shareholders’ approvals.
According to Bloomberg data, Yes Bank today is the second-most traded stock by value and volume. It is also the best performer of the S&P BSE Sensex, NSE Nifty 50 and NSE Nifty Bank indexes.