Stocks Radar: Hero MotoCorp, Indian Oil, IndusInd Bank, Sanofi, Yes Bank
Indian equity benchmarks fluctuated between gains and losses in opening trade.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,185 and 11,891, respectively, at 9:46 am. The broader markets represented by the NSE Nifty 500 Index rose 0.21 percent.
The market breadth was tilted in favour of buyers. About 1,046 stocks advanced and 534 shares declined on National Stock Exchange. Ten out of the 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Media Index’s 2.95 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.11 percent.
Hero MotoCorp Rises After Creating Production Record
Shares of Hero MotoCorp Ltd. rose as much as 2.03 percent to Rs 2,759 apiece, their highest in more than a month.
The company’s manufacturing facility in Haridwar, Uttarakhand, surpassed the 25-million-unit mark in cumulative production, creating an industry record, the automaker said in an exchange filing. The world’s largest two-wheeler manufacturing plant in Haridwar was commissioned in April 2008 and has an installed capacity of 9,500 vehicles per day.
The company’s stock has declined 2.1 percent in the past year.
IOC Falls On Reports Of Shutdowns In Operations
Shares of Indian Oil Corp Ltd. fell as much as 4.22 percent to Rs 140.6 apiece, the most since Oct. 11.
The oil refiner will undertake partial shutdown of its refineries in Guwahati and Bongaigaon in January and February for fuel upgrade and maintenance, Bloomberg reported.
Trading volume for the company was almost six times its 20-day average, according to Bloomberg data. Shares of IOC have advanced nearly 6 percent in the past year.
IndusInd Bank Rises On Finalising Potential Successor To MD
Shares of IndusInd Bank Ltd. rose as much as 2.73 percent intraday to Rs 1,349 apiece—its highest since Oct. 22.
The Mumbai-based bank said it has finalised potential candidate for the position of managing director and chief executive officer, who would take over from April 2020, the lender said in an exchange filing. The incumbent, Romesh Sobti, will demit office in March 2020.
The bank also said it would make necessary disclosures to exchanges on approval from the Reserve Bank of India.
Sanofi India Rises On News It Will Lower Price Of Vital TB Drug
Shares of Sanofi India Ltd. rose as much as 2.13 percent to Rs 6,875 apiece, extending gains for the second straight trading session.
That came after the specialty drugs maker said it will lower the price of Rifapentine, a critically important drug used to prevent tuberculosis, as a part of its agreement with Unitaid, the global fund to fight AIDS, tuberculosis and malaria, PTI reported.
Shares of Sanofi have advanced as much as 15 percent in the past week.
Yes Bank Slumps A Day After Surging The Most In Over 14 Years
Shares of Yes Bank Ltd. slumped as much as 3.8 percent intraday to Rs 67.70 apiece—the most since Oct. 25—a day after surging the most in over 14 years on news of a binding offer of $1.2 billion from a global investor.
“Yes Bank has now received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares, subject to regulatory and shareholder approvals,” the lender said in an exchange filing yesterday. The bank continues to be in advanced discussions with other global and domestic investors.
Yes Bank’s stock has declined nearly 63 percent in the past year.