Stocks Radar: Reliance Industries, Apollo Hospitals, Hindalco
Indian shares declined for a fourth session on Friday, as a rally in global equities eased ahead of the U.S. Federal Reserve Chair Janet Yellen speech later in the day.
The S&P BSE Sensex declined as much as 0.3 percent 28,751 in opening trades while the broader NSE Nifty dropped 0.3 percent to 8,867.
Here are stocks that are moving the market:
Reliance Industries: Ambani Revamps Holding
Shares of Reliance Industries jumped 3.2 percent to Rs 1,272.75 as Mukesh Ambani plans a revamp of his holding in the company valued at $22 billion.
The owners will transfer Reliance's shares held in 15 entities to eight firms, the company said in a exchange filing on Thursday, without giving details.
The eight entities will acquire as many as 1.2 billion shares through a transfer on exchanges as early as March 9, according to the filing.
Also Read: Ambani Revamps Reliance Holding With $22 Billion Share Transfers
Apollo Hospitals: Stake Sale
Shares of the company declined 3.8 percent to Rs 1,265.85 as one of its stake holder sells nearly 6 percent shares of Apollo Hospitals via block deals.
Integrated Healthcare Holdings, which owns 10.85 percent stake in Apollo, is selling 8.44 million shares at Rs 1,267 to Rs 1,320.55, according to Bloomberg. Deutsche Bank is the sole bookrunner.
Apollo Hospitals Enterprise runs one of the largest hospital chain in India and was founded by Prathap C Reddy. Reddy and family members held 34.4 percent in the company, as of September 2016.
Hindalco: Approves QIP
Shares of the aluminium maker rose 2.4 percent to Rs 194.74 after the company approved plans to raise funds through a qualified institutional placement (QIP) that opened on Thursday.
The floor price for the QIP has been set at Rs 184.45 per equity share, a stock exchange filing by Hindalco said.
Hindalco may also offer a discount of up to 5 percent on the floor price.
Syngene International: Partners With Herbalife
Shares of Syngene International rose 2 percent to Rs 498.16 after the company announced the opening of its first research and development (R&D) centre in India in partnership with U.S.-based Herbalife.
The strategic partnership will help Herbalife Nutrition develop and formulate nutrition products for Indian consumers, the company said in a regulatory filing.
The 3,000 square feet facility is located inside Bengaluru-based Syngene's campus, according to the filing.
NALCO: Bauxite Production Rises
Shares of National Aluminium Company Ltd. (NALCO) rose 0.8 percent to Rs 75.85 after it posted 16.8 percent growth in bauxite production in the April-February period.
NALCO achieved a volume of 65.64 million tonne, the highest since its inception, NALCO said in a regulatory filing.
The hydrate production at its refinery has also registered an increase of 6.8 percent, the company said.
Cadila Healthcare: Pfizer Files Lawsuit
Shares of the drug firm was marginally higher at Rs 431.02 after the U.S.-based Pfizer filed lawsuits over patents for arthritis drug Xeljanz.
Stock has gained 21 percent so far this year as of Thursday's close.
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