Stocks Radar: Sun Pharma, Cimmco, SBI Life
Indian equity benchmarks rose for the second straight session after U.S. stocks witnessed their best intraday rally since March 2009.
The S&P BSE Sensex and the NSE Nifty 50 Index traded 0.7 percent higher each at 35,921.60 and 10,805.05, respectively, as of 9:52 a.m.
The market breadth was tilted in favour of buyers. All of the 11 sectoral gauges advanced, led by a 1.31 percent gain in the NSE Nifty IT Index.
Here Are The Stocks Moving The Market Today
Sun Pharma Gains After Arm Gets Relief In U.S. Litigation
Shares of the country’s largest drugmaker rose as much as 2.5 percent to Rs 424 per share.
Sun Pharma arm Dusa Pharmaceuticals got awarded “preliminary injunctive relief” by U.S. federal district court prohibiting defendants Biofrontera from using Dusa’s proprietary trade secret information. Earlier this year, the Sun Pharma arm filed a lawsuit against Biofrontera alleging trade secret misappropriation and patent infringement of the company’s photodynamic therapy patents and Levulan Kerastick drug.
The stock traded 37 percent below the Bloomberg consensus one-year target price.
Cimmco Plummets After Promoter Offloads Stake
Shares of the railroad car manufacturer fell 8.7 percent intraday to Rs 39 per share.
Cimmco’s promoter Titagarh Wagons said it will sell 15.4 lakh shares or 5.64 percent equity today and tomorrow through an offer for sale route, according to an exchange filing. The floor price for OFS is set at Rs 38 per share, a discount of 11 percent to the last regular trade.
The stock declined 68 percent in the past 12 months compared to 6.4 percent gain in the S&P BSE Sensex Index.
SBI Life Slumps After Report Of Carlyle Group-GIC’s Plan To Buy Stake
Shares of the life insurer declined as much as 6.1 percent, the most in two months, to Rs 540.25 apiece.
Singapore’s sovereign wealth fund GIC and Carlyle Group is said to collectively acquire 10 percent stake in the insurance company, reported Economic Times citing unnamed sources.
The trading volume was around five times the 20-day average for this time of the day, according to Bloomberg data.
Oil Retailers Fall After Crude Surges The Most In Over Two Years
Shares of oil marketing companies declined after Brent crude gained the most since December 2016, to close at $54.47 per barrel. The stocks occupied the top spots on Nifty’s biggest losers list.
- Indian Oil Corporation Ltd. fell 1.5 percent intraday to Rs 132.70 per share.
- HCPL fell 1.6 percent to Rs 244.90 per share.
- BPCL declined 1.7 percent to Rs 360.10 apiece.
(prices as of 9:25 a.m.)
NBFC Stocks Gain After Meeting With PM Sparks Optimism
Stocks of non-banking lenders rose as a delegation of representatives met Prime Minister Narendra Modi on Wednesday to seek easier norms as they battle a funding crunch.
- Indiabulls Housing Finance rose as much as 3.3 percent to Rs 857.45 apiece.
- PNB Housing Finance gained 2.7 percent to 948 apiece.
- DHFL gained 2.3 percent to Rs 243.35 per share.
(figures as of 9:45 a.m)