Stocks Radar: Cipla, Lupin, NBFCs, Prakash Industries, Realty Firms, Tata Steel

Indian equity benchmark S&P BSE Sensex opened at a fresh record high while the NSE Nifty 50 index hovered near the 12,000-points mark.

At 10:50 am, Sensex was trading 0.14 percent higher at 40,526.82 points while Nifty 50 was up 0.09 percent at 11,976.30. IndusInd Bank Ltd. was the top gainer on the Nifty 50 index while Tata Steel Ltd. was the top loser.

The market breadth was tilted in favour of buyers. About 898 stocks advanced and 743 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index's 0.66 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.11 percent.

A look at the stocks in news moving the markets today.

NBFCs, Real Estate Firms Rally On India's Realty Fund

Non-banking financial companies, or NBFCs, with large exposure to India's real estate sector and affordable housing companies advanced after the government Wednesday announced a $3.5 billion fund to revive realty projects stuck due to unavailability of funds.

Indiabulls Housing Finance Ltd. gained 12.3 percent, Piramal Enterprises Ltd. climbed 7.3 percent, L&T Finance rose 7.7 percent, LIC Housing Finance climbed 6.4 percent, JM Financial advanced 5.9 percent while Edelweiss Financial Services was up 5 percent.

Real estate player NBCC Ltd. climbed 12.5% while the S&P BSE Realty Index climbed 1.8% to its highest level since July 24, data compiled by Bloomberg showed.

Indiabulls Housing Finance Surges After Fundraising Plan Is Approved

Shares of Indiabulls Housing Finance Ltd. rose as much as 19.60 percent, the most since Oct. 29, to Rs 262.40 apiece.

The company's board has approved a fundraising plan by issuance of non-convertible debentures and warrants, the mortgage lender said in an exchange filing Wednesday.

The housing financier also posted its results for the quarter ended September. The company's net profit fell 32 percent year-on-year to Rs 709.5 crore. Its loan book declined 28.5 percent to Rs 82,135 crore in the period.

The trading volume for the Indiabulls Housing Finance stock was almost quadruple the 20-day average for this time of the day, Bloomberg data showed.

Cipla Rises, Lupin Slumps After Q2 Results

Shares of India's second and third largest drugmakers, Cipla Ltd. and Lupin Ltd. moved in opposite directions after declaring their September quarter results.

Lupin shares fell as much as 4.32 percent to Rs 738.10 apiece, the lowest since Oct. 31, 2019, while those of Cipla extended their winning streak to two days—rising 1.36 percent intraday to Rs 487.40 apiece.

Most brokerages raised their target price for Cipla after the drugmaker's quarterly profit surpassed analyst estimates as sales in India and the U.S. rose.

Most analysts cut target price for Lupin after the nation's third-largest drugmaker reported a surprise loss in the quarter ended September.

Cipla and Lupin stocks have declined 9.4 percent and 9.3 percent, respectively, in the past 52 weeks, Bloomberg data showed.

Prakash Industries Rises Emerging As Highest Bidder For Chhattisgarh Mine

Shares of Prakash Industries Ltd. rose as much as 5.16 percent, the most since Nov. 4, 2019, to Rs 54.00 apiece, a day after announcement of its September quarter results.

Also, the power, steel and mining company has emerged as the highest bidder for Bhaskarpara coal mine in Chhattisgarh with a quote of Rs 1100 per tonne, The Economic Times reported on Nov. 6.

The trading volume for the Prakash Industries stock was more than triple the 20-day average for this time of the day, Bloomberg data shows.

Tata Steel Slumps On Q2 Results, Debt Reduction Woes

Shares of Tata Steel Ltd. fell 3.67 percent intraday to Rs 389.60, the lowest since Nov. 1.

The steelmaker, while disclosing its September quarter results on Wednesday, said it may not be able to achieve its target of reducing debt by $1 billion in 2019-20 on the back of weak demand. Its quarterly profit rose more than expected due to a one-time tax gain. Still, its revenue and operating profit hit multi-quarter lows as steel prices fell and costs rose.

Tata Steel shares are up 3 percent in the past five days and rose 21 percent in the past 30 days, Bloomberg data showed. Still, the stock is down 32 percent in the past 52 weeks.