Stocks Radar: Kotak Mahindra Bank, Wockhardt, MTNL, Glenmark Pharma
.jpg?downsize=1010:568 "Stocks Radar: Kotak Mahindra Bank, Wockhardt, MTNL, Glenmark Pharma")
Indian shares were little changed on Wednesday, tracking muted trade Asian equities, as investors turned cautious amidst growing chances of a U.S. interest rate hike next week.
The benchmark S&P BSE Sensex index was little changed at 29,006 and so was the NSE Nifty index at 8,954 in opening trade.
Here are stocks that are moving the market:
Kotak Mahindra Bank: Block Deal Boost
Shares of the private lender jumped as much as 2.5 percent to highest since at least January 1995 on high trading volumes.
About 27.6 million shares changed hands in a single block deal on the BSE, according to Bloomberg data. The buyers and sellers were not immediately known. The stock was the most traded Indian stock by volume at 13.6 times its 3-month daily average.
It was also the best performer on the S&P BSE 100 & BSE 200 indexes.
Also Read: Caisse Said in Talks to Buy Kotak Stake From Banking Billionaire
Wockhardt: U.S. FDA Warning Letter
Shares of Wockhardt fell 2.8 percent to Rs 717 after the U.S. Food and Drug Administration issued a warning letter to the drugmaker citing violations of current good manufacturing practice regulations.
The U.S. drug regulator said repeated failures at multiple sites demonstrate the company's inadequate oversight and control over the manufacture of drugs.
U.S. FDA asked Wockhardt to assess its global manufacturing operations and the products manufactured conform to FDA requirements.
MTNL: Merger Plan With BSNL
Shares of Mahanagar Telephone Nigam Ltd. (MTNL) jumped 5.6 percent to Rs 23.70 on reports that the company is once again mulling the prospects of a merger with Bharat Sanchar Nigam Ltd. (BSNL).
A top-level meeting recently discussed possibility of merging both the entities that are facing financial stress due to increasing competition in the sector, PTI reported on Tuesday citing a unnamed government official.
BSNL is keen on picking up mobile operations of MTNL in Gurgaon, Noida and Faridabad, where it is already offering landline and broadband services, the report added.
Gujarat Fluorochemicals: Units To Sell Wind Projects
Shares of Gujarat Fluorochemicals climbed 4 percent to Rs 550 after two of its units agreed to sell substantial part of their operating wind farms to Leap Green Energy for an undisclosed amount.
The deal reduces Gujarat Fluorochemicals' debt by about Rs 800 crore and will help increase Leap Green's capacity to 762 megawatts across four states.
The transaction is expected to be completed over the next few months, the company said in a regulatory filing.
Glenmark: U.S. FDA Approves New Drug Application
Shares of the Glenmark Pharmacuticals rose 0.6 percent to Rs 907 after the U.S. Food and Drug Administration approved drugmaker's investigational new drug application for GSP 304.
Glenmark plans to initiate clinical development with a Phase 2 study of GSP 304, a new orally administered formulation used for the treatment of obstructive lung disease, the company said in a regulatory filing.
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