Stocks Radar: DHFL, HCL Infosystems, NBCC, Unichem, Vadilal Industries
Here are the stocks moving the market today...
Indian equity benchmarks opened higher, extending last week’s gains.
The Sensex and NSE Nifty 50 Index rose as much as 0.34 percent to 40,498 and 11,934.50, respectively. The broader market represented by the NSE Nifty 500 Index, too, gained 0.28 percent.
The market breadth was tilted in favour of buyers as 810 stocks advanced and 766 declined on the National Stock Exchange. Six of the 11 sectoral gauges traded higher, led by the NSE Nifty Media Index’s 1.22 percent gain. On the other hand, the NSE Nifty FMCG Index was the top loser, down 0.38 percent.
Here Are The Stocks Moving The Market Today
DHFL Falls Most In A Month
Shares of Dewan Housing Finance Corporation Ltd. fell as much as 4.96 percent—the most since Oct. 15—to Rs 22.05 apiece.
This mostly came after The Economic Times reported that if creditors are not able to agree on a resolution plan for the mortgage lender by Jan. 7, the regulator or the government can initiate bankruptcy and insolvency proceedings under Section 227 of the bankruptcy code, which got notified on Friday.
Last week, even the Bombay High Court granted ad-interim relief to a group of lenders led by the State Bank of India by directing the housing financier to make payments for present as well as future dues as per securitisation or assignment agreements executed by it.
The debt-laden company’s stock has declined 90 percent in the past 52 weeks, Bloomberg data showed.
HCL Infosystems Gains Most In Over Three Months
Shares of HCL Infosystems Ltd. rose as much as 13.51 percent, the steepest intra-day gain since July 31, to Rs 8.40 apiece.
HCL Learning Ltd.—a wholly owned subsidiary of HCL Infosystems—has concluded the sale of entire shareholding of its wholly owned subsidiary HCL Insys Pte Ltd., Singapore to PCCW Solutions Ltd., Hong Kong for SGD 57,628,787, according to an exchange filing.
The company’s stock has declined 72 percent in the past 52 weeks, Bloomberg data showed.
NBCC Rises On Report Of Sweetening Jaypee Deal
Shares of NBCC India Ltd. rose as much as 4 percent to Rs 39.05 apiece.
This mostly came after the state-owned company sweetened its bid to acquire the insolvent Jaypee Infratech Ltd., by offering lenders 1,426-acre land instead of 950 acres earlier and providing half of 3,000 benami flats to them, The Economic Times reported citing people aware of the matter.
The NBCC stock has declined 37 percent in the past year, Bloomberg data showed.
Unichem Labs Rises On Generic Drug Approval
Shares of Unichem Laboratories Ltd. rose as much as 4.64 percent to Rs 156.70 apiece.
The Mumbai-based drugmaker received an abbreviated new drug application approval for Buspirone Hydrochloride Tablets from the U.S. FDA to market a generic version of Buspar tablets (anti-anxiety medicine), it said in an exchange filing. The product will be commercialised from the company’s Ghaziabad, Uttar Pradesh plant.
The Unichem Lab stock has declined 30 percent in the past year, Bloomberg data showed.
Vadilal Falls After Deloitte Resigns As Statutory Auditor
Shares of Vadilal Industries Ltd. slumped as much as 7.8 percent, the most since Oct. 1, to Rs 695 apiece.
That came after Deloitte Haskins & Sells LLP resigned as the statutory auditor for the company with effect from Nov. 15, 2019, according to an exchange filing.
To be sure, Vadilal Industries’ stock has gained 48 percent in the past 52 weeks, Bloomberg data showed.