Stocks Radar: Cadila Healthcare, DHFL, Punjab & Sind Bank, Rites, Reliance Capital
Here are the stocks moving the markets today.
Indian equity benchmarks opened higher, extending gains for the second consecutive trading session.
The S&P BSE Sensex rose 0.18 percent to 41,651 and the NSE Nifty 50 rose 0.2 percent to 12,268 as of 9:55 pm. The broader markets represented by the NSE Nifty 500 Index rose 0.25 percent.
The market breadth was tilted in favour of buyers. About 1,033 stocks advanced and 616 shares declined on the National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 0.73 percent advance. On the flip side, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.60 percent.
Cadila Healthcare Falls After Clarifying That It Won’t Sell Divisions
Shares of Cadila Healthcare Ltd. fell as much as 1.09 percent to Rs 253 apiece, extending losses for five straight days.
The company clarified that it has no plans of selling the company’s two divisions. The stock has declined 26 percent over last year, Bloomberg data showed.
DHFL Rises After Administrator Calls Creditor Meet To Discuss Settlement
Shares of Dewan Housing Finance Corp. Ltd. rose as much as 4.83 percent intraday to Rs 17.35 apiece, extending gains for the third straight day.
The Reserve Bank of India-appointed administrator of the beleaguered DHFL called for a meeting of its creditors for the first time on Monday after the mortgage lender was admitted for insolvency proceedings, according to a PTI report.
The DHFL stock has declined 93 percent over last year, Bloomberg data showed.
Punjab & Sind Bank Slumps On CARE Downgrade
Shares of Punjab & Sind Bank fell as much as 5 percent intraday to Rs 21.60 apiece, the steepest intraday loss since Nov. 21, 2019.
That comes after CARE Ratings revised the rating outlook of the lender to ‘negative’ from ‘stable’.
The Punjab & Sind Bank stock has declined 30 percent over last year, Bloomberg data showed.
Rites Rises After Company Declares Interim Dividend
Shares of Rites Ltd. rose as much as 3 percent to Rs 294 apiece, reversing Friday’s losses.
The company’s board declared an interim dividend of Rs 6 per share and fixed the record date fixed on Jan. 10. Besides, the board also approved to acquire 24 percent stake in Indian Railway Station Development Corporation Ltd. for Rs 48 crore.
The Rites stock has advanced 29 percent over last year, Bloomberg data showed.
Reliance Capital Rises After Regulator Cancels Pledge
Shares of Reliance Capital Ltd. rose as much as 4.85 percent to Rs 14.05 apiece, reversing losses it made on Friday.
Reliance Capital on Sunday said the Insurance Regulatory and Development Authority of India has cancelled pledge enforcement of Reliance General Insurance Company Ltd.'s shares by Credit Suisse and Nippon India MF.
The stock has declined 94 percent in the past 52 weeks, Bloomberg data showed.