Indian equity benchmarks climbed for the third trading session, led automakers ahead of their September sales data.
The S&P BSE Sensex Index rose as much as 1.1 percent to 31,615, while the NSE Nifty 50 Index rose as much as 1.1 percent to 9,895. The market breadth was firmly tilted in favour of buyers. All the 19 sector gauges compiled by BSE advanced, led by the S&P BSE Auto Index's 1.7 percent jump.
Here Are The Stocks Moving The Market This Morning
SBI Life Insurance: Debuts On Dalal Street
SBI Life Insurance made its stock market debut on Tuesday at a premium of 5 percent on the National Stock Exchange at Rs 735 apiece. The stock listed at Rs 733 apiece, on the BSE Ltd., compared to its issue price of Rs 700.
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The company is India's second pure-play life insurer to go public after ICICI Prudential Life Insurance made its debut last year. It sold up to 12 crore equity shares at the upper end of the issue price.
Reliance Communications: Aborts Aircel Merger
Shares of the telecom operator fell as much as 9.1 percent, the most in over five months, to Rs 17.45. The carrier's bonds due in 2020 were set for their biggest daily decline in ore than seven weeks on Tuesday.
The Anil Ambani-led firm called off its merger with Aircel, citing legal and regulatory uncertainties, according to its exchange notification. Aircle was one of several possible transactions that Ambani was pushing as a way to reduce the telecom company's around $9.2 billion debt.
The stock dropped 18 percent in the past month, compared with the 1.9 percent decline in Sensex.
Dr. Reddy's Lab: New Launch Boost
Shares of the pharmaceutical company rose as much as 3.7 percent to Rs 2,415 apiece.
The drug maker launched Sevelamer Carbonate Tablets in the U.S. market, according to its exchange notification. The drug is used to lower high blood phosphorus (phosphate) levels in patients who are on dialysis due to severe kidney disease.
The analyst consensus price target was Rs 2,536.61, Bloomberg data showed, implying a potential upside of 8.9 percent from the current market price.
SpiceJet: Inks Pact With Bombardier
Shares of the budget carrier rose as much as 1.6 percent to Rs 130
The airline operator entered into an agreement with Canadian aircraft maker Bombardier for buying up to 50 turboprop jets valued at $1.7 billion, according to Bloomberg.
Currently, SpiceJet has 20 Bombardier Q400 planes in a 78-seat configuration in its fleet besides 35 Boeing 737s. The purchase agreement includes 25 Q400 turboprops and purchase rights for an additional 25 aircraft, the release said.
Upon delivery, the airline will become the first in the world to operate a 90-seat turboprop, pending certification by regulatory authorities, Bombardier said in a media release.
The analyst consensus price target, tracked by Bloomberg is Rs 148.18, implying a potential upside of 15.7 percent from the current market price. The stock has returned 124 percent so far this year and a gain of 115 percent in the past 12-months.
Eris Lifesciences: Acquires UTH Healthcare
Shares of the drug maker rose as much as 0.9 percent to Rs 581.85
The pharmaceutical company has acquired entire shareholding of UTH Healthcare, according to its exchange filing. Post the acquisition, UTH Healthcare has become a wholly-owned subsidiary of Eris Lifesciences.
The stock trades at 24 times its estimated earnings per share for the coming year. It was 21 percent below the Bloomberg consensus one-year target price.
Godrej Properties: New Project Setup
Shares of the real estate developer rose as much as 1.6 percent to Rs 629.80
The company plans to develop a residential project in Pune, according to its exchange notification. The stock trades at 39.8 times estimated forward earnings per share, compared to 25.9 times for the two-year historical average.
Stocks Reacting To September Auto Sales
Maruti Suzuki
- Stock swung between gains and losses and traded at Rs 7,950
- Sales at 163,071 units versus 149143 units last year, up 9 percent
Tata Motors
- Stock rose as much as 6.7 percent to Rs 428.25
- Best performer on both Sensex and Nifty
- Sales at 57,852 units versus 48648 units last year, up 19 percent
- Besides, the company won a contract to supply 10,000 electric cars to Energy Efficiency Services Ltd.
Bajaj Auto
- Stock rose as much as 2.9 percent to Rs 3,200
- Sales at 428,752 units versus 376,765 units last year, up 14 percent
Eicher Motors
- Stock rose as much as 2.4 percent to Rs 31,974
- Royal Enfield sales at 70,431 units versus 57,842 units last year, up 22 percent
- VECV sales at 6,083 units versus 4843 units last year, up 26 percent
Stock Reacting To Bulk Deals
Tourism Finance Corporation of India
- Stock fell as much as 4.4 percent to Rs 136
- IFCI sold 1.93 crore shares or 24 percent stake at Rs 150 each
- Redkite Capital bought 1.07 crore shares or 13.3 percent stake at Rs 150 each
- India Opportunities III PTE bought 32.28 lakh shares or 4 percent stake at Rs 150 each
- Koppara Sajeeve Thomas bought 20.50 lakh shares or 2.5 percent stake at Rs 149.92 each
- Centrum Capital bought 16.15 lakh shares or 2 percent at RS 150 each
Gulf Oil Corp
- Stock rose as much as 1.6 percent to Rs 555
- Hinduja Power Ltd bought 8 lakh shares or 1.6 percent stake at RS 518 each
- Dilipkumar Vishindas Lakhi sold 4.49 lakh shares or 0.9 percent stake at Rs 518 each
- IAM Ltd sold 3.50 lakh shares 0.7 percent stake at Rs 518 each
CDSL
- Stock rose as much as 2.1 percent to Rs 348.80
- FID Funds (Mauritius) sold 7.58 lakh shares at Rs 344.74 each
Radico Khaitan
- Stock rose as much as 2.4 percent to Rs 170.70
- Reliance Capital Trustee Co. Ltd account Reliance Growth Fund sold 11.7 lakh shares or 0.9 percent stake at Rs 160.19 each
- OHM Investment Corp bought 9.50 lakh shares or 0.7 percent stake at Rs 160 each
NCC
- Stock rose as much as 1.5 percent to Rs 84.20
- Promoter Alluri Gopala Krishnamraju sold 30 lakh shares or 0.5 percent stake at Rs 82.5 each
- Sirisha Projects Pvt Ltd bought 50 lakh shares or 0.9 percent stake at Rs 82.6 each
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