Stocks Radar: Pidilite Industries, Prestige Estate, Sanghi Industries
Here are the stocks moving the market this morning.
Indian equity benchmarks rose today, mainly led by gains in Sun Pharmaceuticals, after Sensex touched the 34,000 mark for the first time in the previous session.
The S&P BSE Sensex rose as much as 0.33 percent to 34,118.43, while the NSE Nifty 50 Index rose 0.16 percent to Rs 10,548.2.
The market breadth was tilted towards the buyers. All of the 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Healthcare Index's 1.59 percent jump. Meanwhile, S&P BSE Consumer Durable Index, being the worst performer, remained unchanged.
Here Are The Stocks Moving This Morning:
Sun Pharma: Rises On Drug Approval
Shares of the pharmaceutical company rose as much as 3.94 percent, the most in a month, to Rs 562.65, extending a four-day gaining streak.
The company informed the exchanges that international drug regulator, U.S. Food and Drug Administration has accepted a new drug application for OTX-101, that is used in the treatment of dry eye.
Sun Pharmaceuticals Ltd. has given negative returns of 10.14 percent this year as compared with NSE Nifty 50’s returns of 28.73 percent.
Pidilite Industries: Rises On Buyback Approval
Shares of the adhesives manufacturer fell as much as 2.33 percent to Rs 905.
The board of Pidilite Industries Ltd. approved a buy back of value up to Rs 500 crore at Rs 1,000 per share through a tender offer. Each share is come up to 0.975 percent of the fully paid up capital, according to the company's exchange filing.
Around 57 percent of the analysts covering this stock have a ‘buy’ rating on the stock, 28 percent recommend ‘hold’ and the rest have a ‘sell’ rating.
Prestige Estate: Rises On Acquisition In Group Company
Shares of the Bengaluru-based real estate developer rose as much as 5.39 percent to Rs 316.9.
Prestige Estate Projects Ltd. is in the process of acquiring 66.66 percent stake in the group company- Prestige Projects. The acquisition will be for Rs 324 crore and is expected to be completed by the end of next month.
The company is only 1.9 percent below the Bloomberg consensus target price with consensus rating being equivalent to ‘Buy’.
NBCC: Offer For Sale
Shares of the construction and engineering services company rose as much as 1.13 percent to Rs 254.3.
The board of NBCC (India) Ltd. informed the bourses yesterday that 25,16,013 shares will be made avaialble to the company's employees at a face value of Rs 2 per equity share.
The company is trading 4.8 percent below the Bloomberg consensus target price and the analyst consensus rating equivalent to ‘buy’.
Sanghi Industries: Record High On Rating Upgrade
Shares of the Gujarat-based cement producer rose to a lifetime high of Rs 139.95, after rising 9.94 percent, most ever.
Brokerage firm Motilal Oswal initiated coverage on Sanghi Industries Ltd., with a ‘buy’ rating, on the back of the company being a low-cost cement producer. The company will trade around Rs 157 levels in the next twelve months, implying that the share price may increase by 23 percent from yesterday’s close.
The company’s shares snapped a two-day decline period today.
Castex Technologies: Rises As Court Admits Insolvency Application
Shares of the automobile parts manufacturer rose as much as 19.81 percent, the most in six months to Rs 6.35.
National Company Law Tribunal admitted State Bank of India’s application for an insolvency resolution process against Castex Technologies ltd.
The company’s stock has been gaining for six consecutive sessions although the company has given negative returns of 24.85 percent as compared with NSE Nifty 50’s returns of 28.73 percent.