Stocks Radar: JP Associates, Puravankara, Religare Enterprises
Indian equity benchmarks declined despite gains in the broader markets, as index heavyweights Reliance Industries and ICICI Bank dragged.
The S&P BSE Sensex Index fell as much as 0.6 percent to 33,471, while the NSE Nifty 50 Index fell as much as 0.6 percent to 10,295.
Eleven out of 19 sector gauges compiled by BSE declined led by the S&P BSE Metal index's 1 percent drop. On the other hand, the S&P BSE Realty index was the top sectoral gainer, up 0.3 percent.
Here Are The Stocks Moving The Market This Morning
JP Associates: Jumps After Rakesh Jhunjhunwala's Firm Buys Stake
Shares of the Noida-based real estate developer rose nearly 15 percent, to Rs 22.05.
Billionaire investor Rakesh Jhunjhunwala's Rare Enterprises bought 3 crore shares, or 1.2 percent stake, in the company at Rs 18.37 per share, for a total consideration of Rs 55 crore.
This led to a trading volume jump of 14 times its 20-day average. The stock has gained 44 percent in the last 12 months.
Religare: Edelweiss Cancels Unit Acquisition Deal
Shares of Religare Enterprises, the parent firm of Religare Securities, fell as much as 5 percent, the most in over two weeks, to Rs 55.25.
Edelweiss Financial Services cancelled its plans to buy Religare Securities, it said in a notification to the stock exchanges today. The reason cited for calling off the deal was Religare's failure to get clearances within the agreed timeline.
Shares of Edelweiss Financial Services gained for a second session, and was up nearly 1.5 percent at Rs 274 in early trade.
Wipro: Rise After Stake Acquisition
Shares of the information technology company rose nearly 1 percent to Rs 296.
The Azim Premji-led firm acquired a 20 percent stake in artificial intelligence firm Avaamo Inc. for $2.02 million, according to an exchange filing.
Wipro is currently trading at nearly 17 times its trailing 12-month earnings per share and 16 times its estimates for the coming year, Bloomberg data showed. The stock has declined nearly 6 percent so far this year.
Neuland Labs: Gains After New ‘Buy’
Shares of the pharmaceutical company extended gains and rose over 4 percent, the most in over a month to Rs 733.20.
Brokerage and research firm HDFC Securities initiated coverage on the stock with a ‘Buy' rating and a price target of Rs 1,065, implying a potential upside of over 51 percent from the last regular trade.
Trading volume was sharply higher than usual at nearly 700 times its 20-day average. The stock is 31 percent below the Bloomberg consensus one-year price target.
Puravankara: Swings After New Project Plans
Shares of the infrastructure company were trading higher by 1.3 percent at Rs 153, after it announced plans to invest Rs 500 crore for a housing project in Goa.
The stock trades at 23.5 times estimated forward earnings per share, compared to 10.5 times for the two-year historical average. The scrip has risen 163 percent over the past year.