Indian shares advanced as consumer stocks were buoyed by the prospects of less red tape.
The S&P BSE Sensex rose 0.3 percent to 31,922 and the NSE Nifty gained 0.3 percent as well to 10,010. As many as eight sector gauges compiled by BSE Ltd. advanced, led by the S&P BSE Consumer Durables Index.
Here Are The Stocks Moving The Market This Morning
Oriental Bank: Falls On Corrective Action
Shares of the state-owned lender dropped as much as 4.3 percent to its lowest since August 16 after the RBI put it under prompt corrective action in view of high level of net bad loans.
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The action will not have a material impact on the bank's performance, the lender said in an exchange filing. The stock has 1 buy, 2 holds and 3 sells according to Bloomberg data. Its 12-month price target is around Rs 112.
Zee Entertainment: Gains On Acquisition Plans
Shares of the Mumbai-based media and entertainment company rose as much as 2.18 percent, the most since September 18, to Rs 533.
The company plans to acquire 100 percent stake in 9X Media Pvt. Ltd. and INX Music Pvt Ltd. for Rs 160 crore, according to its exchange notification. The stock was among the top performers in the Nifty Index.
Sobha: Q2 Sales Boost
Shares of the real estate developer rose as much as 8.7 percent, the most since May 17, to Rs 425. The company achieved new sales volumes of 8.61 lakh square feet value at Rs 675 crore with an average realisation of Rs 7,840 per square feet in second quarter, according to its exchange filing.
Jewellery Stocks: Gain On Easing Of Compliance Rule
Shares of jewellery makers rose after the government rescinded a decision that mandated the companies to comply with the country's anti-money laundering rules leading to increased compliance requirements.
- Titan +5.7 percent (Best performer on S&P BSE 100 Index)
- TBZ +8.1 percent (Highest since September 21)
- Gitanjali Gems +6.9 percent
- Thanga Mayil Jewellery +6.2 percent
This comes as a relief to the industry and Titan as this will lead to the reduction in compliance cost.CLSA said in a note.
Jaiprakash Associates: Gains For A Seventh Session
Shares of the debt-laden company rose 4 percent to Rs 20.70. The company plans to demerge some of its assets to a wholly-owned subsidiary along with debt of Rs 11,834 crore, according to its exchange filing.
Stocks Reacting To Bulk Deals
Granules India
- Stock rose 3.9 percent to Rs 126
- Morgan Stanley (France) SA sold 17.67 lakh shares or 0.77 percent equity stake at Rs 119.37 each
Easun Reyrolle
- Stock saw rose as much as 6.6 percent before retreating 2.9 percent
- Dhunseri Petrochem sold 2 lakh shares or 0.65 percent equity stake at Rs 17.45 each
PG Electroplast
- Stock rose as much as 3.1 percent to Rs 409
- Alok Knit Exports sold its entire stake of 2.86 lakh shares or 1.75 percent equity stake at Rs 325.05 each
- Real Marketing Pvt Ltd bought 2.30 lakh shares or 1.4 percent equity stake at Rs 400.78 each
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