Stocks Radar: Embassy Office Parks REIT, Cipla, Infosys, Inox Leisure, SRF

Indian equity benchmarks extended gains for the third consecutive trading session, mirroring their Asian peers.

The S&P BSE Sensex Index rose as much as 0.64 percent to 38,915.80 and the NSE Nifty 50 Index traded 0.53 percent higher at 11,684.15, as of 9:45 a.m. The market breadth was tilted in favour of buyers.

Ten out of the 11 sectoral gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal Index's 2.16 percent gain. The Nifty Media Index was the only sectoral loser, down 0.22 percent.

Inox Leisure At All-Time High

Shares of the theatre chain gained 4.5 percent intraday to a record high of Rs 344.40 per share.

Inox Leisure said it has commenced commercial operations of one multiplex in Odisha, according to its exchange filing. Besides, it started commercial operations in a multiplex located in Chennai, the filing said.

Fourteen out of 15 analysts tracked by Bloomberg had a ‘Buy' rating on the stock, while one had recommended ‘Sell'.

Cipla Declines After Receiving 18 Observations

Shares of the drugmaker snapped its two-day gaining streak and fell as much as 2.4 percent to Rs 516.30 apiece.

Cipla received eight good manufacturing practices observations for its Kurkumbh plant and 10 pre-approval observations, according to its bourse notification. These observations are product specific and GMP observations are related to the manufacturing and quality processes and there were no data integrity observations, the filing said. The U.S. FDA inspected the plant during March 11-20.

The stock traded 28 times its estimated earnings per share for the coming year, Bloomberg data showed.

SRF Slumps After Plant Shutdown Order

Shares of SRF fell as much as 9.6 percent, the most since Sept. 21, 2018, to Rs 2,172 per share.

The company said, in an exchange filing, that the Gujarat pollution control board has issued directions to close the operations of its industrial plant in the state due to alleged non-compliance with the provisions of Water (Prevention and Control of Pollution) Act, 1974. The company added that it is in the process of filing a detailed appropriate reply clarifying its position with regard to the issues raised.

Trading volume was more than 80 times its 20-day average, Bloomberg data showed. The stock traded at 20 times its estimated earnings per share for the coming year.

Infosys Tops Nifty After Block Deal

Shares of the IT firm pared opening losses and gained 1.6 percent intraday to Rs 750 per share.

About 16 lakh shares of the company changed hands in a pre-market block deal on Bombay Stock Exchange, according to Bloomberg data. Buyers and sellers weren't known immediately.

The stock has gained 31 percent in the past 12 months compared with a 14 percent gain in the Sensex.

Indoco Remedies Jumps After U.S. FDA Changes Status

Shares of the Mumbai-based drugmaker rose nearly 8.7 percent to a two-month high of Rs 224.30 per share.

U.S. FDA changed the inspection classification status from 'Official Action Initiated' to 'Voluntary Action Initiated' for Goa plant, according to its exchange notification. The company said this move signifies that the site has come out of the warning letter issue to the site in March 2017 and several pending ANDAs from this facility will now be approved.

The trading volume was over 100 times the 20-day average for this time of the day, according to Bloomberg data. The relative strength index was above 70, indicating the stock may be overbought.

New Listing Alert

Embassy Office Parks REIT listed at its issue price of Rs 300 on the BSE but rose as much as 3.3 percent thereafter. The first ever issue by an real estate investment trust was subscribed 2.58 times last month.