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The stock is off the day's high after gaining as much as 10 percent. It now trades 5 percent higher at Rs 82.20.
GlaxoSmithKline is preparing to start a sale of its $3.7 billion stake in Hindustan Unilever, people familiar with the matter told Bloomberg.
GSK plans to offload part or all of its 5.7 percent stake through a series of block deals which may start as early as within the next few days.
Unilever had acquired the health food drinks brand of GSK in India, Bangladesh and other markets for $3.6 billion in cash and shares of HUL.
Sources added that no final decision has been taken on the timing of the proposed sale.
Shares of Hindustan Unilever fell as much as 3.1 percent to Rs 2,221 and are the second worst performer on the Nifty 50 index.
The company has reported its first quarter earnings for the calendar year 2020 where its topline grew 0.7 percent compared to the previous quarter to Rs 1,540 crore. Ebitda saw a 4.2 percent decline quarter-on-quarter to Rs 230 crore. Revenue in U.S. Dollar terms fell 1.7 percent sequentially to $210.6 million, as per the company's press release.
The company has decided to suspend the guidance earlier given for the year 2020 due to 'significant uncertainties' arising due to the Covid-19 pandemic.
Shares gained as much as 7.1 percent to Rs 305 post the announcement.
The pharma company has received a tentative approval for its Arformoterol Tartrate Inhalation Solution from the U.S. FDA. The said drug is used in the long-term treatment of bronchoconstriction in patients.
The solution had an annual sale of approximately $489 million in the U.S. Market for the 12-months ending 2020 as per the IQVIA.
The stock gained as much as 2.1 percent to Rs 872.75 before cooling off.
Here's a look at how benchmarks have opened across Europe:
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The company has informed the exchanges on Tuesday that it has begun the production of coal in Odisha, four years after it received the allocation.
The Talabira II and III mines were allotted to the company in 2016 with a capacity of 20 million tonnes per annum.
The coal produced will be used to meet requirements of existing and future coal-fired power plants, as per the company.
Shares gained as much as 5.8 percent to Rs 45.5, snapping a four-day losing streak.
Shares of the agricultural and crop protection products manufacturer gained as much as 3.9 percent to Rs 243.80 after ICICI Direct initiated coverage on the stock with a buy rating and a price target of Rs 280.
ICICI Direct believes that the ECC merger will improve the group's return ratios as well as provide synergies, adding that the strong parental advantage helps improving its business outlook.
Shares are up for the third day in a row and have rebounded 61.4 percent from its 52-week low of Rs 151 on March 25, 2020.
It has also approved the resignation of Sahil Shah as the company's CFO and Chetas Patel will take over that position.
The stock is locked in an upper circuit of 20 percent at Rs 1,364.85 and is up for six out of the last seven trading sessions.
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Shares saw their biggest one-day gain since August 2013 and are up for five out of the last six sessions.
Shares gained as much as 2.3 percent to Rs 335.20, snapping a two-day losing streak.
Shares of the ratings agency surged as much as 2.2 percent to Rs 1,488 after the company reported its March quarter earnings as well as declared an interim dividend of Rs 6 per share.
Ratings and research business led the company's 9.4 percent growth in consolidated total income and 15 percent growth in net profit as per the company's press release.
Ratings business grew 14.6 percent compared to last year while the company's largest segment - research, saw a growth of 7.7 percent.
Shares are up for the second day in a row after Tuesday's 5 percent gain.
Shares of the private lender are recovering after falling as much as 6.5 percent in early trade to Rs 425.95 after its fourth quarter earnings.
The bank reported a net loss as compared to a profit in the previous year due to additional provisions worth Rs 3,000 crore related to Covid-19.
The bank's asset quality, although improving on a sequential basis, may deteriorate in the next few quarters as businesses get impacted due to the pandemic, the management said in a conference call.
The board of the bank has also given its approval to raise Rs 35,000 crore via various debt instruments in local or foreign currency.
The stock has snapped a two-day gaining streak today.
Indian equity markets opened higher for the third straight day, tracking positive cues from Asian markets.
The S&P BSE Sensex added to its two-day surge, opening 0.6 percent higher at 32,311. The NSE Nifty 50 opened 0.3 percent higher at 9,408. 41 out of the 50 index constituents opened with gains.
Among the sectoral indices, the Nifty Bank is the top laggard, opening lower by 1.1 percent, majorly led by the losses in Axis Bank. Other sectoral indices have opened flat to positive.
982 stocks on the NSE have opened with gains while 823 have opened with declines.
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