Stocks Radar: 8K Miles, Alembic Pharma, Cox & Kings, Lupin, Sun Pharma
Indian equity benchmarks opened higher, driven technology stocks, but soon pared their gains to trade a tad lower. The S&P BSE Sensex and NSE Nifty 50 Index traded flat at 39,579 and 11,846.15, respectively, as of 10 a.m.
But the market breadth remained in favour of buyers. Six of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.40 percent rise in the NSE Nifty PSU Bank Index. The NSE Nifty Private Index was the top loser, down 0.44 percent.
Here Are The Stocks Moving The Markets This Morning
Lupin Gains On Getting Tentative U.S. FDA Approval For Drug
Shares of the drugmaker rose 3.2 percent to Rs 790 apiece—the highest since May.
Lupin said the U.S. Food and Drug Administration tentatively approved a generic version of Mirabegron ER tablets—used for treating overreactive bladder issues—of Astellas Pharma Global Development Inc., according to the drugmaker’s statement.
The stock traded 26 times its estimated earnings per share for the coming year, Bloomberg data showed.
Cox & Kings Hits All-Time Low
Shares of the travel tour operator hit a lower circuit of 10 percent for the third straight session to trade at Rs 36.80 apiece.
Cox & Kings partially repaid investors for Rs 200-crore commercial papers due on June 26, according to an exchange filing. The company repaid two investors Rs 50 crore, it said, adding the remaining Rs 150 crore will be paid through internal accruals and asset monetisation.
The stock has declined 77 percent in the past 12 months compared with a 12 percent gain in the Sensex during the period, Bloomberg data showed.
HSBC Boost For Alembic Pharma
Shares of the drugmaker rose as much 2.6 percent to Rs 508.78 apiece.
That came after HSBC upgraded its recommendation on the stock to ‘Buy’ from ‘Hold’. Also, the research firm hiked its price target to Rs 590 from Rs 575.
Here what else HSBC had to say on the stock:
- Upgrade to ‘Buy’ on improving U.S. outlook.
- Received FDA approval for nine drugs in last nine months, indicating R&D efforts.
- Expects operating margins to grow steadily over FY20-22.
The stock traded 18 times its estimated earnings per share for the coming year, Bloomberg data showed.
Quess Corp Gains For Third Straight Session
Shares of the IT firm rose for the third straight session. It rose nearly 1.7 percent to Rs 579 a share.
Quess Corp’s board deferred the proposal of raising of funds, according to its exchange filing. The company plans to consider the proposal at a later date, it said.
The stock traded 54 percent below the Bloomberg one-year consensus target price.
8K Miles Hits Lower Circuit
Shares of the software development company fell as much as 5 percent and was locked in a lower circuit to trade at Rs 88.60.
The company adjourned its board meeting to be held on June 28 for approval of financial results for 2019-20 to July 18, according to an exchange filing. The company attributed the ongoing audit of subsidiary companies as the reason for the delay.
The stock’s trading volume was 11 times the 20-day average, according to Bloomberg data.
Sun Pharma Gains After Foraying In China
Shares of India’s largest drugmaker rose for the fifth straight session. The stock gained nearly 1.6 percent to Rs 409.80 apiece.
Sun Pharma signed licensing pacts with China Medical System for development and commercialisation of drugs for psoriasis and dry eyes, according to its exchange filing.
The stock has declined 28 percent in the past 12 months compared with a 13 percent gain in the Sensex during the period, Bloomberg data showed.