Stocks In News Today: Eris Lifesciences, ICICI Bank, HDFC AMC, Gati, Mindtree, Yes Bank
Here’s a look at the stocks in news moving the markets today.
Indian benchmark indices fluctuated between gains and losses and a weak opening to the day’s trade.
At 11:35 am, the S&P BSE Sensex was 0.01 percent lower at 40,669.68 points while the NSE Nifty 50 was down 0.02 percent at 11,992.05. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Tata Steel Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Eris Lifesciences Rises After Acquiring Trademark ‘Zomelis’
Shares of Eris Lifesciences Ltd. gained the most since Nov. 29, rising as much as 3.58 percent intraday to Rs 449.45 apiece, the steepest intraday gain since Nov. 29, 2019.
The drugmaker has acquired the ‘Zomelis’ trademark from Novartis for the Indian pharma market for $13 million, it said in an exchange filing Tuesday. “The trademark has been used for marketing Vildagliptin formulations, an oral anti-diabetic drug that has been promoted in India for close to 10 years,” the filing read.
The Eris Lifesciences stock has declined 31 percent in the past 52 weeks, Bloomberg data shows.
Yes Bank Sells Entire Stake In One Point One Solutions, Shares Swing
Shares of Yes Bank Ltd. fluctuated in opening trade after the company sold its entire 5.5 percent stake in One Point One Solutions Ltd.
The private bank has sold its entire holding of 13,77,000 equity shares, constituting 5.49 percent of the paid-up share capital of One Point One Solutions, it said in an exchange filing on Tuesday.
Yes Bank shares are down 13 percent in the past five days and fell 11 percent in the past 30 days, Bloomberg data shows. The stock has declined 66 percent in the past 52 weeks, according to the data.
HDFC AMC Launches Offer For Sale, Shares Slump
Shares of HDFC Asset Management Company Ltd. fell as much as 3.29 percent to Rs 3,329.55 apiece, on a day the mutual fund arm of India's largest private sector bank launched an offer for sale.
Standard Life Investments Ltd. proposes to sell as many as 4.75 million shares of HDFC AMC with an oversubscription option of 3.85 million shares in the OFS through stock exchange mechanism, according to terms for the deal obtained by Bloomberg.
The offer proposes to raise as much as $380 million, about Rs 2,750 crore, at a floor price of Rs 3,170 per share. The sale, including oversubscription, represents as much as 4% of HDFC AMC. Bank of America is arranging the HDFC AMC OFC. Institutional investors are subscribing to the offering today, and retail investors will do so tomorrow.
Trading volume in the HDFC AMC stock was 42 percent above the 20-day average for this time of the day, Bloomberg data shows.
Mindtree Shares Rise The Most In More Than 10 Weeks
Shares of Mindtree Ltd. gained the most since Sep.20, rising as much as 4.17 percent intraday to Rs 747.00 apiece.
Trading volume for the Mindtree stock, priced at 20 times its estimated earnings per share for the coming year, was almost 16 times the 20-day average for this time of day. Of shares that were traded, 41 percent were at the ask price and 38 percent were at the bid.
The shares are up 5.5 percent in the past five days and rose 3.6 percent in the past 30 days, Bloomberg data shows. The stock has declined 16 percent in the past 52 weeks, according to the data.
Gati Surges After ET Says Allcargo Plans To Acquire 50% Stake
Shares of Gati Ltd. rose as much as 4.99 percent to Rs 65.25 apiece—the highest since Nov. 8.
Allcargo Logistics Ltd. plans to buy up to 50 percent in the express logistics company, valuing the company at about Rs 1,200 crore in a deal to be announced later this week, after long drawn negotiations spanning more than a year, Economic Times reported, citing a person in the know. Allcargo plans to keep Gati as a separate listed entity, this person said.
Trading volume in the Gati stock was more than quadruple the 20-day average for this time of the day, Bloomberg data shows.
ICICI Bank Hits All-Time High After Target Price Is Hiked
Shares of ICICI Bank Ltd. rose as much as 2.9 percent to hit an all-time high at Rs 524.30 apiece. That comes after brokerage firms Nomura and UBS hiked their price target on the stock.
Here’s what analysts had to say about the stock:
UBS
- Maintained ‘Buy’; target price hiked to Rs 620 from Rs 570.
- All divisions focusing on risk calibrated pre-provisioning operating profit.
- Digital helping gain market share with better cost efficiency.
- Improving profitability will lead to further rerating for the stock.
Nomura
- Maintained ‘Buy’; hiked price target to Rs 645 from Rs 610.
- Bank is building sustainable income avenues.
- Increased granular income streams across businesses, de-risked its corporate asset book and focus remains on growing core pre-provisioning operating profit.
- Expect core PPOP to record +19 percent CAGR over FY19-22.https://www.bloombergquint.com/stock/478299/icici-bank-ltd