Stocks Radar: CG Power, DHFL, Sun Pharma, Titan, Vodafone Idea
Indian equity benchmarks opened lower, extending declines for the second consecutive trading session.
At 10:30 am, the S&P BSE Sensex was trading 0.35 percent lower at 40,106.29 points while the NSE Nifty 50 was down 0.38 percent at 11,871.80.
The market breadth was tilted in favour of sellers. About 758 stocks declined and 892 shares traded higher on the National Stock Exchange. Seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 1.6 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.25 percent.
Here’s a look at the stocks in news moving the markets today.
CG Power Rises After Report On Its Fundraising Plans
Shares of CG Power & Industrial Solutions Ltd. rose as much as 4.92 percent, the most since Oct. 16, 2019, to Rs 16 apiece.
The power equipment maker plans to raise about Rs 800 crore through an equity issue to tackle the liquidity crisis that it is facing, The Economic Times quoted two people as saying in a Nov. 6 report.
Additionally, on Nov. 5, CG Power informed the stock exchanges that its stepdown subsidiary CG Power Indonesia has won a $24 million order from Indonesian state utility PT PLN Indonesia (Persero) for power transformers.
The trading volume for the CG Power stock was almost five times the 20-day average for this time of the day, Bloomberg data showed.
DHFL Surges As Bankers Expect Debt Resolution By End Of December
Shares of Dewan Housing Financial Corporation Ltd. rose as much as 4.96 percent to Rs 21.15, the highest since Oct. 22, 2019.
Lenders expect DHFL’s debt resolution to be finalised by the end of December, according to a banker who is part of lenders' consortium.
The Inter-Creditor Agreement is in place for the resolution of the account and banks are looking at it, the senior banker said. The resolution would be reached by Dec. 31, the banker expressed hope, amid an SFIO probe into alleged financial irregularities at the mortgage lender.
DHFL shares are up 27 percent in the past five days and rose 32 percent in the past 30 days, Bloomberg data showed. The stock has declined 91 percent in the past 52 weeks.
Sun Pharma Surges After Deal With AstraZeneca To Sell Cancer Drugs In China
Shares of Sun Pharmaceutical Industries Ltd. rose 5.35 percent intraday, the most since Aug. 29, 2019, to Rs 452.90 apiece.
The Dilip Shanghvi-led drugmaker would introduce some of its cancer treatment drugs in China through Britain’s AstraZeneca Plc, according to an exchange filing Wednesday.
Sun Pharma will be responsible for development, regulatory filings and manufacturing the products covered in the agreement while AstraZeneca will exclusively promote and distribute these products in China, the filing stated.
Financial details of the Sun Pharma-AstraZeneca deal, whose announcement comes a day before the Indian drugmaker’s second quarter results, were not disclosed.
The trading volume for the Sun Pharma stock was almost seven times the 20-day average for this time of the day, Bloomberg data showed.
Titan Slumps After Weak Guidance For Rest Of 2019-20
Shares of Titan Company Ltd. fell as much as 9.25 percent intraday, their steepest intraday decline since July 9, to Rs 1,165 apiece.
Analysts cut target price for Titan after the nation’s largest branded jewellery maker lowered guidance of its mainstay business for the rest of the year owing to weak consumer sentiment and high gold prices.
The trading volume for the stock was 12 times the 20-day average for this time of the day, Bloomberg data showed.
Vodafone Idea Falls As India Refuses To Waive $13 Billion In Telecom Dues
Shares of Vodafone Idea Ltd. fell as much as 8.33 percent to Rs 3.85 apiece, the lowest since Nov. 1.
India won’t back down from collecting $13 billion of past dues from debt-laden telecom carriers because the industry is not under stress, a government official with knowledge of the matter said, a move that could deepen Bharti Airtel Ltd. and Vodafone Idea Ltd.’s financial woes.
The stock has declined 84 percent in the past 52 weeks, Bloomberg data showed.