Stocks Radar: Dr Reddy’s, Kotak Mahindra Bank, Eros International
Indian shares declined for a third straight session following weak trading in Asian peers, as investors hold bets ahead of the Federal Reserve meet and key state election results next week.
The S&P BSE Sensex fell 0.3 percent to 28,815 while the NSE Nifty too lost 0.3 percent to 8,899. The market breadth was skewed slightly in favour of the sellers. About 740 stocks declined, 705 advanced and 456 remained unchanged.
Here are stocks that are moving the market:
Dr Reddy's: Falls On FDA Concerns
Shares of the pharmaceutical company fell 3.4 percent to Rs 2,750 after the U.S. drug regulatory made 13 observations for its Duvvada facility in Visakhapatnam. The observations were related to deviation from good manufacturing practices, according to the company's filing to the National Stock Exchange.
Dr Reddy's had received a warning letter from the regulator with regard to this facility in November 2015. After the commitments made by the company as part of its response to the warning letter were completed, a re-audit of the facility was scheduled for the first quarter of 2017, the company said in a presentation made in January 2017.
The company is addressing the observations made by the regulator, the stock exchange filing added.
Kotak Mahindra Bank: Uday Kotak Sells Part Of His Stake
Shares of the private lender fell 0.6 percent after touching a fresh 52-week high a day before. Chairman Uday Kotak sold 27.6 million shares, or 1.5 percent of his stake, in the company for Rs 817 per share on Wednesday, according to BSE data.
The stake was sold to the Canadian pension fund manager Caisse de Depot et Placement du Quebec, reducing Kotak's stake in the bank to 32.1 percent in the bank. This brings the bank one step closer to the RBI's directive of reducing stake to 30 percent before June-end.
Also Read: Banking Tycoon Cuts Kotak Stake Through Sale to Canada Funds
Eros International Media: Halts Bond Issue
The debt laden film-making company's shares fell 3.2 percent to Rs 215 after it decided not to proceed with the planned issuance of bonds due to expectations of 'wider pricing' by investors.
"We continue to have constructive conversations with investors and will decide a way forward over the course of today and tomorrow," said Group CEO and Managing Director Jyoti Deshpande in an email to Bloomberg, speaking about refinancing of the company's debts.
Also Read: Bollywood Film Producer Seeks Dollar Debt as Maturities Loom
Shree Renuka Sugar: Share Allotment
Shares of the sugar maker rose 4.6 percent to Rs 16 after it approved the allotment of 1.64 crore equity shares of face value Re 1 per share, at Rs 16.56 per share.
The shares will be allotted to Standard Chartered Bank, “one of the JLF lenders in lieu of and against the conversion of a part of the loans availed by the company from Standard chartered Bank,” the company said in a statement to the exchanges.
Reliance Industries: Swings After Block Deal
Shares of the Mukesh Ambani-led firm fluctuated between gains and losses after 12.2 percent of equity change hands in three block deals.
According to Bloomberg data, about 39.61 crore shares or 12.2 percent of equity change hands on the BSE. It was the most traded Indian stock by volume and value. The buyers and sellers were not immediately known.
Sensex, Nifty: Movers & Shakers
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Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
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Getting To Work Costs Women More | The Reason Why
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AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
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Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
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The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
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Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
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Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
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'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
