Stocks Radar: Biocon, Fortis, Suzlon Energy, Tata Steel, Yes Bank
Here are the stocks in news moving the markets today.
Indian equity benchmarks erased their opening gains to trade little changed.
At 11:16 am, the S&P BSE Sensex was trading at 0.15 percent higher at 37,936.14 points and the NSE Nifty 50 rose 0.10 percent to 11,245.25. Infosys Ltd. was the top gainer on the Nifty 50 index while Yes Bank Ltd. was the top loser.
The market breadth was tilted in favour of sellers. About 846 stocks declined and 796 advanced on the National Stock Exchange. Seven out of 11 sectoral gauges compiled by the bourse traded lower, led by the NSE PSU Bank Index's 0.94 percent fall. On the flipside, NSE Nifty Metal Index was the biggest gainer, up 1.19 percent.
Here are the stocks in news moving the markets today:
Biocon Rises After Licensing Deal With Germany’s Evotec
Shares of Biocon Ltd. extended their gaining streak to three trading sessions, rising as much as 2 percent to Rs 244.95 apiece.
Biocon Biologics, a wholly owned subsidiary of Biocon, and Hamburg, Germany-based drugmaker Evotec AG have entered into a strategic licensing agreement for an early-stage, pre-clinical biosimilar asset, the Business Standard newspaper reported on Thursday.
According to Bloomberg data, trading volume for the Biocon stock was more than double the 20-day average for this time of the day. Of the shares that were traded, 43 percent were ask price and 41 percent were at the bid.
The stock has declined 21 percent in the past 52 weeks but trades at 29 times its estimated earnings per share for the coming year.
Fortis Slumps After Singh Brothers Are Arrested For Fraud
Shares of Fortis Healthcare Ltd. fell as much as 3.27 percent, the steepest intraday decline since Sept. 25, to Rs 136.25 apiece.
The Delhi Police, over Thursday night and Friday morning, arrested the Singh brothers—Shivinder Singh and Malvinder Singh—and three others on charges of siphoning funds and fraudulently diverting nearly $337 million from Religare Finvest Ltd.
The Singh brothers are the former promoters of Fortis.
The trading volume for the Fortis stock was more than double the 20-day average for this time of the day. Shares of the company have advanced 5.6 in the past 52 weeks, Bloomberg data shows.
Tata Steel Rises On Higher Crude Steel Production
Shares of Tata Steel Ltd. rose to their highest since Oct. 4, gaining as much as 3.64 percent intraday to Rs 341.95 apiece.
On Thursday, Tata Steel said its crude steel production increased 4.65 percent to 4.5 million tonnes in quarter ended Sept. 30 as against 4.3 million tonnes in the year-ago period. The crude steel production also includes numbers from Tata Steel BSL and Tata Steel Long Products, without eliminating inter-company transactions, the company said in a statement.
The trading volume for the Tata Steel stock was 79 percent above 20-day average for this time of the day, Bloomberg data shows.
Yes Bank Slumps After Shagun Gogia Offers To Sell Stake
Shares of Yes Bank Ltd. extended their losing streak to three trading sessions, declining as much as 6.96 percent to Rs 38.10 apiece.
On Thursday, Yes Bank’s single-largest shareholder and co-promoter, the late Ashok Kapur's daughter Shagun Gogia, said the issues of governance and transparency at the private sector lender are fully dealt with.
Gogia, who was recently inducted to the Yes Bank board, also said her family was fine with lowering their shareholding below the present 8.33 percent, in case a big investor comes on board at the end of the ongoing capital-raising exercise.
The Yes Bank stock has declined 84 percent in the past 52 weeks, Bloomberg data shows.
Tulsi Tanti Says Suzlon Energy Has Found A New Suitor, Shares Surge
Shares of Suzlon Energy Ltd. surged as much as 14.89 percent, the most since Jul. 26, to Rs 2.70 apiece.
Suzlon Energy has found a new suitor even as a rescue plan of Canada’s Brookfield Asset Management Inc. faltered, the Mint newspaper quoted Chairman Tulsi Tanti as saying in a report published Friday. “We can’t disclose the name as we have signed a confidentiality agreement," Tanti said.
The stock has declined 52 percent in the past 52 weeks, Bloomberg data shows.