Stocks Radar: Wockhardt, MOIL, Airtel And More
MOIL jumped 5% after it hiked the prices of various manganese ores.
Indian shares edged higher tracking positive trade in global equities as data from U.S., China and Europe boosted optimism for global growth.
The S&P BSE Sensex gained 0.2 percent to 26,701 while the NSE Nifty too climbed 0.2 percent to 8,211.
Here are the stocks moving the market this morning:
Bharti Airtel: 3rd Worst Performer On Sensex
Shares of the telecommunication giant fell 1.7 percent to Rs 299 after it offered 3 GB of free data every month, for a year, to customers who chose to switch to Airtel's 4G services. The stock had taken a sharp fall of 3.5 percent to Rs 300 yesterday, a few minutes before the market closed.
The 12 months offer is available to any customer with a 4G mobile handset that is currently not on the Airtel network. Any customer, including existing Airtel customers, upgrading to a new 4G handset can also avail this offer.Bharti Airtel Statement
For prepaid customers, Airtel offers unlimited calling to any network in the country and 1 GB of 4G data for Rs 345. Any customer switching to Airtel 4G will now get free local and STD calls and 4GB data.
HDFC: Slump In Investment Sale
Shares of the mortgage lender fell 1.4 percent to Rs 1,197 in opening trade. The private lender saw a slump in its third-quarter profit on sale of investments. The company clocked a profit of Rs 3 crore in the quarter ended December 31, 94.7 percent lower than Rs 57 crore last year.
HDFC also cut its home loan rates by 40-45 basis points on Tuesday, following lenders like State Bank of India and ICICI Bank, who have announced a steep reduction in rates since January 1.
Prior to this reduction, the country’s largest housing finance company had reduced its home loan rate by around 25 basis points to 9.10-9.15 percent between November and January.
Bank Stocks: MCLR Cut
Shares of the lenders such as Bank of India, Punjab & Sind Bank and Corporation Bank rose on Wednesday morning.
Joining other top banks in lending rate cuts, the state-run Bank of India announced reduction in marginal cost of funds-based lending rate by up to 0.9 percent to 8.1 percent while Corporation Bank cut its one-year lending rate by 70 basis points to 8.75 percent.
Punjab and Sind Bank also followed suit by lowering MCLR in the range of 65 to 80 basis points depending on the maturity.
- Bank of India (+0.1 percent to Rs 108.5)
- Corporation Bank (+0.8 percent to Rs 42.35)
- Punjab & Sind Bank (+0.6 percent to Rs 47.7)
Wockhardt: Receives A Warning Letter
Shares of the drug maker fell as much as 4 percent to Rs 640 after it received another warning letter from the U.S. Food and Drug Administration. The regulator found four violations and deviations from current good manufacturing practice regulations at the company's plant in Ankleshwar, Gujarat.
The letter also raised the issue of data integrity remediation.
Your quality system does not adequately ensure the accuracy and integrity of data to support the safety, effectiveness, and quality of the drugs you manufacture. We strongly recommend that you retain a qualified consultant to assist in your remediation.U.S. FDA Warning Letter To Wockhardt (December 23, 2016)
MOIL: Hikes Prices
Shares of the largest manganese producer of the country jumped 5.2 percent to Rs 386 after it hiked prices of various grades of the commodity by up to 15 percent for January-March quarter.
It further said prices have been hiked by 10 percent of all chemical grades ore on the prevailing prices since December 1 last year.
Sensex, Nifty: Movers & Shakers
