Stocks Radar: Laurus Labs, Network 18, NTPC, Reliance Capital, RITES
Here Are The Stocks Moving The Markets Today.
Indian equity benchmarks opened lower, extending their decline for the second consecutive trading session.
At 9:50 am, the S&P BSE Sensex fell 0.22 percent to 40,486.7 and the NSE Nifty 50 fell 0.24 percent to 11,940.25. The broader markets represented by the NSE Nifty 500 Index fell 0.08 percent.
The market breadth, however, was tilted in favour of sellers. About 836 stocks declined and 748 shares advanced on National Stock Exchange. Eight out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty IT Index’s 2.06 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.5 percent.
Laurus Labs Rises On U.S. FDA Observations
Shares of Laurus Labs Ltd. rose as much as 3.32 percent to Rs 344 apiece, the steepest intraday gain since Nov. 1.
The drugmaker said U.S. Food and Drug Administration has made three observations after completing inspection of its facility in Visakhapatnam, Andhra Pradesh. The company has completed the pre-approval inspection for an active pharmaceutical ingredient manufactured at its units 1&3, at Visakhapatnam by the FDA, the company said in an exchange filing.
Shares of Laurus Labs stock have declined 16 percent in the past year.
Network 18 Surges On News Of Sony Stake Purchase
Shares of Network 18 Media & Investments Ltd. rose as much as 13.51 percent to Rs 31.50 apiece, the most since June 6.
The Mukesh Ambani-led TV Network clarified on the news of Sony Stake purchase that the company is evaluating various opportunities on ongoing basis.
Network 18’s trading volume was almost 110 times the 20-day average for this time of day, Bloomberg data shows.
NTPC Rises On News It May Buy Centre’s stake in NEEPCO, THDC
Shares of NTPC Ltd. rose as much as 2.99 percent to Rs 118.75 apiece, the highest since Nov. 15.
That came after news that the country’s largest power producer may make an aggressive bid of about Rs 10,000 crore to buy out the Centre’s stake in two hydel power producers—North Eastern Electric Power Corporation Ltd. and THDC Ltd., the Business Standard reported yesterday.
The NTPC stock has declined 6.4 percent in the past year.
Reliance Capital Falls After Delaying NCD Payment
Shares of Reliance Capital Ltd. fell as much as 5 percent intraday to Rs 16.30 apiece, the lowest since Oct. 27.
The company said that non-convertible debenture obligations which were due on Nov. 20 have been delayed.
“Accordingly, as regards the Non-Convertible Debenture (ISIN- INE013A07101), the interest I principal obligations due on November 20, 2019, is also delayed,” an exchange filing read Thursday.
Shares of Reliance Capital have declined 93 percent in the past year.
RITES Falls On Government Plans To Sell Shares
Shares of RITES Ltd. fell as much as 3 percent to Rs 296.25 apiece, the lowest since Nov. 18.
The Centre proposes to sell 2.50 crore shares of RITES, representing 10 percent of the total paid-up equity capital of the company, to non-retail investors on Thursday, and on Friday to retail investors, through the offer-for-sale mechanism on the BSE and the NSE, it said in an exchange filing.
The RITES stock has advanced 37 percent in the past 52 weeks.
