Stocks Radar: Bosch, Container Corp, Glenmark, Talwalkars Better Value, Zee Entertainment

India’s equity benchmarks remained volatile in the opening trade on Monday. Yet, they managed to trade a tad higher.

The S&P BSE Sensex rose 0.63 percent to 37,906.99 and the NSE Nifty 50 Index gained 0.45 percent to 11,142.50, as of 10:20 a.m. The broader market represented by the NSE Nifty 500 Index, however, fell 0.48 percent. Yes Bank. Ltd. was the top gainer on the Nifty 50 Index, while Zee Entertainment Enterprises Ltd. was the biggest loser.

Six of the eleven sectoral indices compiled by the NSE fell, led by a 1.92 percent decline in the NSE Nifty Media Index. The NSE Nifty Bank Index was the top gainer, up 1.24 percent.

Here Are The Stocks Moving The Market This Morning

Bosch Falls To Lowest In Five Years On Halting Production

Shares of Bosch Ltd. fell as much as 2.95 percent to Rs 12,900 apiece, the lowest in more than five years.

The auto parts maker will stop production for up to 10 days a month at its various plants belonging to powertrain solutions division in the quarter ended December to align output with sales requirement, according to its exchange filing. The company had announced a similar shutdown at its plants during the second quarter.

The stock has declined 31 percent in the past year compared with a loss of 9.6 percent by the Sensex, Bloomberg data showed.

Container Corp. Slumps After DGFT Disallows Export Benefit Claims

Shares of Container Corporation of India Ltd. fell as much as 8.74 percent, the most in almost four years, to Rs 561.05 apiece.

This came after the directorate general of foreign trade disallowed Rs 861 crore of the total claims worth Rs 1,044 crore under the Service Exports from India Scheme. The foreign trade regulator said the services provided by Container Corp. towards customs transit of sealed containers by rail transport to and from inland container depots are not eligible under the exports incentive scheme, according to an exchange filing.

The monopoly operator of container trains in India, however, said it will contest the DGFT’s decision.

Container Corp.’s stock has advanced 17 percent in the past year compared with a loss of 9.6 percent by the Sensex, Bloomberg data showed. It’s trading at 27 times its estimated earnings per share for the year ahead.

Glenmark Drops To Lowest In Seven Years On Receiving Warning Letter

Shares of Glenmark Pharmaceuticals Ltd. dropped as much as 7.29 percent to Rs 295 apiece, the lowest in seven years.

This came after the drugmaker received a warning letter from the U.S. Food and Drug Administration for its plant at Baddi, Himachal Pradesh.

The company said it’s committed to implement all the necessary corrective actions required to address the concerns raised in the letter, the Glenn Saldanha-led company said in an exchange filing on Saturday.

Surjit Pal, Prabhudas Lilladher analyst, however, said the FDA warning letter could lead to lower volume and revenue contribution from exports to the U.S. in the ongoing financial year, as the focus will be on remediation work.

The unit is expected to contribute $30 million in total sales this financial year, or about 7 percent of total U.S. sales, Glenmark said.

Glenmark’s stock has declined 49 percent in the past year compared with a loss of 9.6 percent by the Sensex, according to Bloomberg data.

NIIT Gains After Fixing Record Date For Buyback

Shares of NIIT Ltd. rose as much as 2.1 percent to Rs 92.55 apiece.

The training services provider’s board has fixed Oct. 18 as the record date for determining shareholders eligible to participate in the buyback of equity shares, according to an exchange filing. The company will buy up to 2.68 crore shares at Rs 125 each aggregating to a total amount of Rs 335 crore.

The company’s stock has advanced 36 percent so far this year compared with the Sensex’s 9.4 percent gain.

Talwalkars Group Firm Falls To Lowest Since Listing

Shares of Talwalkars Better Value Fitness Ltd. dropped as much as 4.84 percent to Rs 2.95 apiece—the lowest since listing.

The fitness services provider defaulted on payment of interest and principle on a non-convertible debenture and a term loan aggregating to Rs 32.37 crore due on Oct. 4. The NCD was issued to Lakshmi Vilas Bank and the term loan had an exposure to Axis Bank, South Indian Bank and Andhra Bank.

The company’s borrowings from banks and financial institutions stood at Rs 203.86 crore, according to its exchange filing.

The stock has declined 90 percent in the past year compared with Sensex’s 9.6 percent fall.

Yes Bank Jumps On Reports Of Capital Infusion Talks

Shares of Yes Bank Ltd. rose as much as 9.02 percent to Rs 45.95 apiece, its highest in more than a week.

The private lender is in talks with three technology companies, including software major Microsoft, for a strategic investment, reported Mint. The top management of Yes Bank held discussions with Microsoft as part of the bank’s ongoing strategy to sell a minority stake to a global tech company, the newspaper reported, citing an unnamed source.

The private lender could sell as much as 15 percent through a fresh equity issuance. Such a stake sale could help Yes Bank gain Rs 2,000 crore, the report added. The bank is also said to be in talks with three private equity players—TPG, The Carlyle Group and Farallon Capital—for a stake sale, reports The Economic Times.

The company’s stock has declined 79 percent in the past year.

Zee Falls On Promoter Pledged Shares

Shares of Zee Entertainment Enterprises Ltd. tumbled as much as 14.17 percent to Rs 203.50 apiece.

Over 90 percent of promoter stake in the broadcaster has been pledged to raise debt, it disclosed in an investor call on Saturday. Punit Goenka, managing director and chief executive at Zee Entertainment, said the current promoter shareholding in the broadcaster stands at about 22 percent and 90 percent of that is encumbered or pledged.

The analyst call follows a stock exchange filing made by Zee Entertainment on Oct. 4, disclosing a 2017 loan agreement with Russia’s VTB Capital. Essel Media Ventures Ltd., an entity owned by Subhash Chandra’s Essel Group, the promoter of Zee Entertainment, had raised an as yet undisclosed amount from VTB Capital against 10.2 crore shares (10.71 percent) of the broadcaster.

The stock has declined 44 percent in the past year compared with a loss of 9.6 percent by the Sensex, according to Bloomberg data.