Stocks Radar: Asian Granito, Cadila Healthcare, Dredging Corp, Marico, RIL
Indian equity benchmarks opened higher mirroring their Asian peers as U.S. President Donald Trump’s claim of “big progress” in trade talks offered relief to investors. Both S&P BSE Sensex and NSE Nifty 50 Index traded nearly 0.25 percent higher, at 36,166.75 and 10,885 respectively, as of 9:55 a.m.
The market breadth was tilted in favour of buyers. All the sectoral gauges gained, led by the NSE Nifty Metal Index’s 1.53 percent advance.
Here Are The Stocks Moving The Market
Marico Falls After MSP On Copra Hiked
Shares of the world’s largest coconut oil maker declined close to 1.1 percent to Rs 374 apiece.
Minimum support price for copra, that accounts for 40-50 percent of material costs, has been hiked by over Rs 2,000 per quintal for 2019 season by Cabinet Committee of Economic Affairs, reported Bloomberg. The MSP of Copra has been increased from Rs 7,511 per quintal to Rs 9,521 per quintal.
The stock traded at 51 times its estimated earnings per share for the coming year, Bloomberg data showed.
Dredging Corp. Gains 18.6%; Volume Surges
Shares of the state-run dredging services provider gained for the fourth straight trading session after it rose as much as 18.6 percent to Rs 441 per share.
The trading volume was eight times the 20-day average for this time of the day, according to data compiled by Bloomberg.
Reliance Industries Gains On Acquisition Plans
Shares of the Mukesh Ambani-led company rose as much as 0.7 percent to Rs 1,133.85 per share.
The company entered into a binding agreement with Kanoda Energy Systems Pvt. Ltd. to acquire 88 percent equity for Rs 75 crore, according to its stock exchange notification. The company expects to complete the acquisition by March 2020.
The stock has returned 23.6 percent this year, compared to a 7.7 percent advance in the S&P BSE Sensex Index.
Cadila Healthcare Gains After Drug Wins USFDA Approval
Shares of the drugmaker rose 1.5 percent intraday to Rs 350.40 apiece.
Cadila Healthcare received final approval from the U.S. Food and Drug Administration to sell an anti-acne medication, according to its exchange filing. The drug will be made in its Ahmedabad facility.
The stock, however, declined 20 percent in the past 12 months compared with a 5.9 percent gain in the Sensex.
Asian Granito Slumps After Promoter's Arrest
Shares of the vitrified tiles maker fell 12.7 percent, the most in over two years, to Rs 162.20.
The company’s promoter and Managing Director Mukeshbhai Patel was arrested by Directorate of Revenue Intelligence for a case related to an amount of Rs 3.5 crore. At Present, Patel is out on bail.
Trading volume was more than 60 times its 20-day average, according to data compiled by Bloomberg.