Stocks Radar: Adani Gas, Gruh Finance, Union Bank, Wockhardt
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks fluctuated in opening trade as advances in metal stocks were offset by losses in private banks.
The Sensex traded 0.34 percent lower at 39,607.40 and Nifty traded at 11870.90, down 0.36 percent, as of 10:00 am. The market breadth was tilted in favour of sellers.
Nine of the 11 sectoral gauges compiled by National Stock Exchange fell, led by a 1.6 percent decline in the NSE Nifty Realty Index. The NSE Nifty Metal Index was the top sectoral gainer, up 0.6 percent.
Wockhardt Gains After Clearing U.S. FDA Inspection With No Observations
Shares of the drugmaker snapped its two-day fall and rose nearly 3.7 percent to Rs 397.35 each.
Wockhardt received zero Form 483 observation from the U.S. FDA after it had carried inspection of bioequivalence centre in Aurangabad, as per an exchange filing. Tamsulosin and Metoprolol drugs were audited during the inspection, the filing said.
Trading volume was almost seven ties the 20-day average, according to Bloomberg data.
Thyrocare Technologies Falls After Plan To Hive Off Unit
Shares of the diagnostic laboratories operator fell as much as 1.7 percent to Rs 472.40 apiece.
The company will decide on separating its arm Nuclear Healthcare after a valuation report obtained from a merchant banker, according to its notification to the bourses. Chairman and Managing Director Dr A Velumani offered to buy the entire shareholding of the current investment value of Rs 194.67 crore to ensure no loss to public shareholders.
The stock traded at 24 times its estimated earnings per share for the coming year, Bloomberg data showed.
Gruh Finance Slumps After Block Deal
Shares of the housing finance company plunged 6.9 percent intraday to a one-month low of Rs 286 apiece.
Around 3.08 crore shares or 4.2 percent of equity changed hands in four block deals, according to Bloomberg data.
HDFC Ltd. plans to sell 3.1 crore shares of Gruh Finance, according to a mandate obtained by BloombergQuint. The floor price was set at Rs 290 per share and the deal was valued at around Rs 900 crore.
In April, Kolkata-based Bandhan Bank received approval from Competition Commission of India for the proposed acquisition of Gruh Finance in a share-swap deal. Bandhan Bank also fell as much as 2.6 percent to 532.30.
Union Bank Gains After Selling Stake In NCPI
Shares of the state-run lender rose as much as 1.3 percent to Rs 73.65 apiece.
Union Bank executed an agreement to sell 10 lakh shares of National Payment Corporation of India for Rs 74 crore, according to its exchange notification.
The stock has declined 23 percent in the past 12 months compared to a 11 percent gain in the Sensex Index.
Adani Gas Gains The Most In A Week
Shares of Adani Gas rose as much as 6.7 percent, the most since June 3, to Rs 180.
Total SA is advancing on a deal to acquire a 30 percent stake in city gas distribution company Adani Gas for over $800 million, or upwards of Rs 5,500 crore, Times of India reported citing people directly aware of the matter. The deal would help the infrastructure conglomerate to pare debt and bring in strategic expertise to an expanding business, the report said.
Trading volume was almost five times its 20-day average, according to Bloomberg data. The stock advanced 135 percent in the past 12 months, compared to a 12 percent gain in the Sensex.