Stocks Radar: Jubilant FoodWorks, Karur Vysya, Hotel Leela Venture and More
Indian shares snapped a four-day winning streak ahead of Wednesday policy decisions by the Bank of Japan and the U.S. Federal Reserve. Both the Sensex and the Nifty fell around 0.2 percent in early trade.
Here are the stocks in focus for the day:
Jubilant FoodWorks: CEO Resigns
Shares of the Indian operator of Domino's fell as much as 8 percent to Rs 925 after its Chief Executive Officer Ajay Kaul resigned. Kaul, who was with the fast food chain for the last 11 years, will leave office at the end of March 2017, the company said in an exchange filing.
The impact of Ajay Kaul quitting will be directly seen on the operations of the company. In the last five to seven years, Kaul has done a good job. However, the last two years the company reported flattish to negative growth which was purely due to macro economic conditions.Sachin Bobade, senior research analyst at Dolat Capital Market
Jubilant Foodworks was the worst performing stock within the 25 billion market capital bracket, post opening.
Hotel Leela Venture: May Cut Debt
Shares of the Indian luxury chain of hotels rose 4.2 percent to Rs 18 after its shareholders approved the sale, transfer or assignment of The Leela Palace Chennai and/or The Leela Palace New Delhi, as per the company's filing on the BSE.
The company reported Rs 4,278.5 crore as debt in the first quarter, which constituted 86 percent of the total balance sheet size. A possible sale or assignment of two of its properties may reduce its debt.
Karur Vysya: Share Split
Shares of the Tamil Nadu based lender gained 1.9 percent to Rs 485 after its board decided to split its shares in a 1:5 ratio. As a result, every one share of Rs 10 will turn into five shares of Rs 2, according to the company's filing on BSE.
The share split still needs to be approved by the company's shareholders.
Dr Reddy: Gains on Drug Launch
Shares of the pharmaceutical company rose 0.6 percent to Rs 18 after it launched the Paricalcitol injection in the U.S. market in 2 mcg, 5 mcg and 10 mcg doses. The stock opened as the second best performing stock on the Sensex.
The injection is a generic version of Zemplar, which is used for the treatment of hyperthyroidism and kidney failure. The drug holds earned $22.5 million in the U.S. in the previous 12 months.
Larsen & Toubro: Bags Multiple Orders
Shares of L&T rose 0.6 percent to Rs 1,471 after its construction arm bagged orders worth Rs 1,726 across various segments.
L&T Construction has secured a defense sector order, an engineering order from a telecom company and an EPC order through its water treatment business among others, according to the company's press release.
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