Indian shares fluctuated between gains and losses as a surprise slowdown in the country's growth weighed on investors sentiment.
#BQMarketsNow | A muted start to the month of June for Indian markets.https://t.co/VsKzQILBaI pic.twitter.com/oFuemypBwP
Here are the stocks moving the market this morning
Oil Market Companies: Hike In Petrol And Diesel Price
Shares of oil marketing companies fell after petrol and diesel prices were hiked by Rs 1.23 per litre and 89 paise per litre, respectively. Aviation turbine fuel prices were cut by nearly Rs 2,000 per kilo litre.
- Indian Oil Corporation ( -0.97 percent to Rs 425.3)
- Bharat petroleum ( -1.22 percent to Rs 733.6)
- Oil and Natural Gas ( -1.07 percent to Rs 175.10)
- Hindustan Petroleum ( -1.25 percent to Rs 547.3)
Pfizer: In Pact To Buy Neksium Brand In India
Shares of the drug maker jump as much as 7.3 percent in early trade, the most intraday since November of last year. It was also the biggest gainer in the S&P BSE 500 index, NSE 500 index.
The pharmaceutical firm said it has entered into a pact with AstraZeneca AB, Sweden to acquire the 'Neksium' brand in India for Rs 75 crore to expand presence in gastrointestinal therapy segment.
The company is well placed to grow the Neksium brand further through its existing reach, coverage and equity in the gastrointestinal therapy area, Pfizer said in a statement.
Reliance Communications: Stake Sale
Shares of Anil Ambani owned Reliance Communications Ltd. rose as much as 6.28 percent snapping its four day losing streak to Rs 21.15 a share. Capital Research and Management Co sold 0.7 percent of its stake in the company for Rs 18.8 a share.
The stock has returned a negative 40 percent so far this year and a loss of 58 percent in the past 52 weeks.
IVRCL: Unknown Investor Shows Interest In Acquiring Stake
Shares of Infrastructure developer rose as much as 3.09 percent to Rs 5 after an unknown investor approached the company's lenders with non-binding offer to acquire stake.
Lenders hold more than 50 percent of the stake in the company under the strategic debt restructuring (SDR) invoked in 2015.
The stock returned 11 percent in 2017 but gained 18 percent year-to-date.
Bharti Infratel: Approaches Banks To Fund Possible Stake Increase In Indus Towers
Shares of the telecom tower company rose 3.49 percent to Rs 379.4 after the company approached banks to fund a possible stake increase in Indus Towers Ltd.
The stock has given a return of 14 percent in 2017, with a gain of 2.4 percent in the last 52 weeks.
Vadilal Industries: Investor Ashish Kacholia Buys 0.5% Stake
Shares of milk co-operative rose 1.83 percent to Rs 834.5 a piece after investor Ashish Kacholia bought 38,750 shares for Rs 790.39 each, increasing his total holding in the company from 5.3 percent to 5.8 percent.
The stock has gained 70 percent in 2017, and 24 percent in the past 52 weeks.
MOIL: Hikes Manganese Prices By 10 Percent
Shares of the Mini-Ratna company rose as much as 3.5 percent to Rs 341.9 after the company increased prices of some products, including manganese by 10 percent.
The stock was up 1.5 percent on the back of high trading volume on Wednesday.
The stock has returned a negative 5.4 percent in 2017 and a gain of 55 percent in the past 52 weeks.
Aegis Logistics: Itochu Agress To Buy Stake In Unit
Shares climbed as much as 2.9 percent to their highest intraday level since at least 1991.
Oil and gas logistics company has agreed to sell a 19.7 percent stake in its wholly-owned subsidiary Hindustan Aegis LPG Company Ltd (HALPG) to an arm of Japanese trading company Itochu Corporation, a press statement said on Wednesday.
Itochu Petroleum Co (Singapore) Pte Ltd will invest Rs 250 crore in HALPG, which use the proceeds partly to develop a new LPG terminal at Haldia Port in West Bengal, the statement added.
The deal is yet to get a final nod from the Aegis Logistics board and subject to regulatory approvals.
Stocks Reacting To Earnings
PNC Infratech Ltd. rose as much as 3.5 percent to Rs 341.9 after its bottomline declined 76 percent, during the March ended quarter.
The Earnings before Interest, Tax, Depreciation and Amortisation declined 41 percent, while profit margins remained flat at 13.5 percent.
The stock was up 1.5 percent on high trading volume with 7.2 times average volume at time, during the Wednesday's trading session.
The stock returned returned a negative 5.5 percent so far this year and a gain of 55 percent in the past 52 weeks.
Aarti Industries Ltd. rose 1.98 percent to Rs 897.7 on the back of the company's consolidated profit growing 23 percent in the March ended quarter.
Stock is trading at an unusually high 53 percent premium versus peers compared to an average 21 percent premium over the past two years on a blended forward price-to-earnings basis.
The stock returned 29 percent so far this year and a gain of 71 percent in the past 52 weeks.
Bharat Forge rose 2.24 percent to Rs 1,196 after the company's net profit increased 25 percent in the March ended quarter.
The revenue of the company grew by 11 percent year-on-year basis owing to retrieval in the U.S. oil & gas sector, the company said in a media statement.
The stock was up 1.6 percent during the trading session on high trading volume with 3.1 times average volume at time.
The stock returned 32 percent so far this year and a gain of 57 percent in the past 52 weeks.
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