Stocks Radar: Bandhan Bank, Strides Pharma, Lupin, DLF
Indian equity benchmarks opened higher on Thursday following Asian stocks amid positive developments in U.S.-China trade talks. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly 0.7 percent higher at 36,025.37 and 10,810.80, respectively, as of 10:09 a.m.
The market breadth was tilted in favour of buyers. All of the 11 sectoral gauges gained, led by a 2.30 percent rise in the NSE Nifty PSU Bank Index.
Here Are The Stocks Moving The Market This Morning
Bandhan Bank Jumps After RBI Allows Opening Of New Branches
Shares of the private lender rose close to 7.5 percent to Rs 506.95 apiece.
The Reserve Bank of India allowed the lender to open 40 new branches. The bank was earlier debarred from opening new branches by the central bank of India. The company, in an emailed statement, said it has opened five branches and will open additional 35 branches by end of this month.
The stock advanced 26 percent in the past 12 months compared with 7.7 percent in the S&P BSE Sensex.
Pricol Jumps After Signing JV Deal
Shares of the Coimbatore-based auto parts maker rose 18.5 percent, the most in over a year, to Rs 58.65 apiece.
Pricol signed a joint venture agreement with Israel-based mobile resource management company Pointer Telocation, according to its exchange notification. The agreement was to provide digital telematic solutions to both original equipment manufacturers and after-market segment players in India and other countries in South East Asia.
The trading volume was more than 20 times the average for this time of the day, Bloomberg data showed.
Strides Pharma Science Gains After Unit Gets FDA Approval
Shares of the drugmaker rose nearly 3.5 percent to Rs 479 apiece.
Strides Pharma Science’s Singapore arm received an U.S. FDA approval for Lidocaine Ointment, according to an exchange filing. The ointment is used as a local anesthesia to numb tissue. This drug will be immediately launched by the company in the U.S.
The stock traded 48 times its estimated earnings per share for the coming year, according to data compiled by Bloomberg.
Lupin Slips After Losing European Litigation
Shares of the Mumbai-based drugmaker declined as much as 2 percent to Rs 806.20 a share.
Lupin announced that European Union’s General Court upheld European Commission’s decision in Perindopril litigation. The pharma company is liable to pay a fine of 40 million euros. The company stated that it will study the General Court’s judgment and will evaluate further course of action, according to its exchange filing.
The stock declined 8 percent so far this year compared to a 7 percent gain in the BSE Sensex.
DLF Falls After Board Approves Share Offer; CFO Quits
Shares of the real-estate developer fell as much as 2.5 percent to Rs 178.45 apiece.
DLF’s board approved a qualified institutional placement of 17.3 crore equity shares. The company’s Saurabh Chawla, group chief financial officer resigned, while Ashok Tyagi (who was the CFO till December 2017) will be the new group CFO.
The stock traded 16 percent below the Bloomberg consensus one-year target price.