Stocks Radar: Jet Airways, Solara Active Pharma Sciences, Tata Motors, Vedanta
Indian equity benchmarks edged higher, led by gains in Vedanta, Power Grid, NTPC and Yes Bank.
The S&P BSE Sensex Index rose as much as 0.6 percent to 36,186.20 and the NSE Nifty 50 Index was up 0.5 percent at 10,855, as of 10:05 a.m.
The market breadth was tilted in favour of buyers. Seven out of 11 sectoral gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal Index's 1.5 percent gain. On the other hand, the Nifty Realty Index was the top loser, down 0.7 percent.
Here Are The Stocks Moving The Markets This Morning:
Vedanta Gains After Tribunal’s Nod To Restart Copper Plant
Shares of the mining conglomerate rose as much as 6.3 percent to Rs 214.25 apiece.
The National Green Tribunal set aside the Tamil Nadu government’s order of closing its copper smelting plant. The NGT found the order to be “unsustainable” and asked the state government to pass renewed offer of consent within three weeks.
The stock traded 8.8 times its estimated earnings per share for the coming year, according to Bloomberg data.
Infosys Falls After Divesting Stake In Israeli Start Up
Shares of the Bengaluru-based IT services provider fell a percent intraday to Rs 699 per share.
Infosys has signed an agreement to divest its shares in CloudEndure Ltd. for approximately $15.3 million or Rs 110 crore, according to an exchange filing. In 2015, the company had picked up a minority stake in CloudEndure for $4 million.
Jet Airways Falls After Report Of SBI Conducting Forensic Audit
Shares of the cash-strapped airline declined 4.2 percent intraday to Rs 249 apiece.
State Bank of India has ordered a forensic audit of Jet Airways’ books for period between April 2014 and March 2018, according to a PTI article. Also, the news wire said Nikos Kardassis, an advisory to the airline, has quit.
Solara Active Pharma Sciences Surges After U.S. FDA Inspection
Shares of the drug maker rose close to 10 percent, the most in over four months, to Rs 299 apiece.
Solara Active Pharma Sciences Ltd. said its research centre in Chennai successfully completed a U.S. FDA inspection with zero 483s. The trading volume was more than 16 times the 20-day average for this time of the day, according to Bloomberg data.
Tata Motors Gains After Report Of Job Cuts
Shares of the parent of luxury carmaker Jaguar Land Rover gained for the fifth straight session, after it rose nearly 3 percent to Rs 171.90 per share.
Jaguar Land Rover will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing unidentified people close to the company. Jaguar Land over will outline the measures in January as part of a three-year cost-cutting program, the report said.
The stock, however, declined 59 percent in the last 12 months compared with 7.5 percent gain in the S&P BSE Sensex Index.