Sensex, Nifty Log Best Day Since Exit Polls On Steps To Revive Growth
Shares of the country’s largest consumer goods maker rose 1.3 percent to a lifetime high of Rs 1,883.70 apiece.
The stock traded 58 times its estimated earnings per share for the coming year, according to Bloomberg data. Of the shares traded, 45 percent were at ask price and 35 were at bid price.
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In June, HDFC agreed to acquire Apollo Hospitals Group's entire 50.8 percent stake in Apollo Munich Health for Rs 1,336 crore and also the 0.4 percent stake held by a few employees for Rs 10.84 crore.
The stock traded 11 percent below the Bloomberg consensus one-year target price.
Shares of the Bhopal-based infrastructure developer rose 6.2 percent to Rs 379 each.
The company’s board has approved divestment or partial stake sale in five road projects, according to an exchange filing.
The stock traded 62 percent below the Bloomberg consensus one-year target price.
The S&P BSE Sensex rose 1.08 percent to 37,097.82 and the NSE Nifty 50 gained 0.96 percent to 10,933.65 as of 12:18 pm. The broader markets represented by the NSE Nifty 500 Index rose 0.90 percent.
The market breadth was tilted in favour of buyers. About 1,162 stocks advanced and 564 shares declined on National Stock Exchange. Nine of the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Index’s 2.30 percent advance. NSE Nifty Metal Index was the top loser, down 3.07 percent.
Shares of the casino-chain operator rose as much as 10.1 percent, its biggest intraday jump in over three months, to Rs 163 each.
The trading volume was more than three times the20-day average for this time of the day, according to Bloomberg data. The stock traded at 19 times its estimated earnings per share.
Markets Unlikely To Fall Further On India’s Measures To Revive Growth: Basant Maheshwari
Shares of the specialty pharma company declined 3.4 percent intraday to a three-week low of Rs 170.10 each.
U.S. Food and Drug Administration issued one observation after inspecting the company’s Ghaziabad facility, according to an exchange filing. The company will provide corrective action plan in 15 working days, the filing said.
The promoters and individual insiders own 51 percent stake in the company, Bloomberg data showed.
Steel Consumption in India Set for Slowest Growth in Three Years
Indian equity indices erased their opening gains even as state-run banks rallied on account of advancement of banking recapitalisation package.
Finance Minister Nirmala Sitharaman announcing a slew of measures on Friday, including the withdrawal the surcharge, fueled positive sentiments among the market participants.
The S&P BSE Sensex declined 0.64 percent to 36,513.08 and the NSE Nifty 50 fell 0.63 percent to 10,772 as of 10:10 am. The broader markets represented by the NSE Nifty 500 Index fell 0.47 percent.
The market breadth was tilted in favour of buyers. About 901 stocks advanced and 472 shares declined on National Stock Exchange. Nine of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 4.18 percent slump. NSE Nifty Bank Index was the top gainer, up 1.16 percent.
Shares of the contraceptives manufacturer extended gains for the second session after advancing 7.7 percent intraday to Rs 136 each.
The company received orders worth Rs 4.95 crore from United Nations Population Fund for supplying condoms to Angola, according to an exchange notification.
The stock declined 58 percent in the past 12 months compared to a 3.9 percent fall in Sensex.
Shares of the country’s largest airline rose 2.6 percent to Rs 1,687.95 each, its highest price in over two months.
Rakesh Gangwal said he will support company proposals at a shareholder meeting scheduled today to expand its board after an agreement on policy changes. Also, the board approved appointment of Meleveetil Damodaran as an independent director, according to an exchange filing.
The stock advanced 58 percent in the past 12 months compared with a 3.4 percent fall in Sensex.
FM Sitharaman’s Measures Will Boost Near-Term Sentiment, But Turnaround Still Some Time Away: Brokerages
- Alkem Laboratories received four Form-483 observations from U.S. FDA at manufacturing facilities in U.S. and zero form 483 observations for Baddi facility in India.
- Lakshmi Vilas Bank to consider raising authorised share capital and funds on Aug. 28.
- Natco Pharma increased its stake in OMRV Hospitals from 9.29 percent to 12.81 percent and 6.25 percent stake in U.S.-based AACT Inc.
- Future Consumer completed acquisition of the balance 10 percent stake in Future Consumer Products. The target company has become a wholly-owned arm of Future Consumer.
- Glenmark Pharma clarified that report of selling 30 percent stake in API business to PremjiInvest is speculative in nature and the company is not aware of the source of this information.
- Ipca Laboratories: U.S. FDA conducted an inspection of its formulations manufacturing unit in Silvassa and issued three observations. (PTI)
- DHFL defaulted on payment of NCDs interest and bond interest worth Rs 11.17 crore and Rs 51.06 crore, which were due on Aug. 22 and Aug. 23, respectively.
- Ineos Styrolution: Promoters sets floor price of Rs 419 per share for de-listing the company’s 44 lakh shares, representing 25 percent equity stake in the company. Company had tendered a de-listing offer price at Rs 480 per share which is at a premium of 14.56 percent over the floor price.
- Union Bank to link home and auto loan rates to repo rate. Repo-linked home loans to be priced at 8.25 percent, down 35 basis points from existing rates. Repo linked vehicle loans to be priced at 8.6 percent, down 40 bps from existing rates. Bank will also continue to offer home and vehicle loans on MCLR.
- InterGlobe Aviation: Board approved appointment of Meleveetil Damodaran as Independent Director. AGM to be held on Aug. 27.
- CCI approved acquisition of shares on International Paper APPM by West Coast Paper Mills (Twitter)
- CCI approved acquisition of 51.2 percent stake of Apollo Munich by HDFC and the subsequent merger of Apollo Munich into HDFC Ergo (Twitter)
- Gail launched supply of CNG, domestic PNG and CNG-run vehicles in Ranchi.
- Essel Propack: Ashok Goel reduced his stake from 56.65 percent to 7.67 percent via off-market sale on Aug. 22.
- Jet Airways: Third meeting of Committee of Creditors to be held on Aug. 26
- HSIL: Somany Home Innovation allotted 7.23 crore shares to shareholders of the company in the ratio of 1:1.
- IOCL, BPCL, HPCL: Air India owes Rs 5,000 crore to Oil Marketing Companies, says IOCL.
- Cupid received orders worth Rs 5 crore from UNFPA
- Videocon Industries: NCLT has approved for the consolidation of the CIRP of 13 Videocon Group Entities.
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