Indian shares swung between gains and losses tracking weak trade in Asian peers as automakers and lenders continue to drag lower on growth concerns.
The S&P BSE Sensex was little changed at 28,225 and so was the Nifty 50 at 8,734. The market breadth, however, was encouraging with more number of buyers. About 977 stocks advanced, 476 declined and 433 remained unchanged on the NSE.
Here are the stocks moving the market:
Aurobindo Pharma: AstrecZeneca Patent Upheld
Shares of the drug maker rose 0.9 percent to Rs 696 even after it lost a patent ruling for diabetes drug Onglyza. AstraZeneca's patent on the drug was earlier challenged by generic drug makers Aurobindo Pharmaceuticals and Mylan, according to Bloomberg.
A federal judge upheld the validity of the current patent, set to expire on July 2023, in a negative turn for generic drug makers such as Wockhardt Bio, Sun Pharmaceuticals and Teva Pharmaceuticals.
Sun TV: CBI Court Drops Charges On Maran Brothers
Shares of the south-based media firm jumped 24.9 percent to Rs 689 crore after the CBI special court dropped all charges against the Maran brothers in the Aircel-Maxis case.
The cases were lodged against former Telecom Minister Dayanidhi Maran and his brother Kalanithi Maran by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
Also Read: CBI Court Drops All Charges Against Maran Brothers
The CBI had named the Maran brothers as accused in its August 2014 chargesheet, levelling charges of criminal conspiracy, abuse of official position, and bribery.
Besides the Marans, the CBI named T Ananda Krishnan, owner of the Malaysia-based Maxis Group, Ralph Marshall, senior executive of Maxis, and four companies – Sun Direct TV, Astro All Asia Networks Ltd., Maxis Communication Bhd Malaysia, and South Asia Entertainment Holdings Ltd. Mauritius – as accused.
Ashok Leyland: Opens New Plant
Shares of the commercial vehicle maker rose 0.9 percent to Rs 95 after it opened a new assembly plant in Dhaka, Bangladesh. The car maker saw a fall in ratings by Nomura which updated the stock under “reduce” category, as per Bloomberg.
Subros: Bags A Project From Indian Railways
The auto air conditioning company jumped 6.2 percent to Rs 194 after it bagged a project from the Indian Railways for an unspecified amount. The order includes 306 kits by the diesel locomotive works department, Varanasi, it said in an exchange filing. The company expects "continued business from Indian Railways in the future" as well, it added.
Earnings Watch
- Torrent Pharmaceuticals (+1.1 percent to Rs 1,301)
- MRF (+0.9 percent to Rs 52,040)
- Dalmia Bharat (-1.2 percent to Rs 1,910)
- Jet Airways (India) (+0.8 percent to Rs 390)
- The Indian Hotels Company (-0.9 percent to Rs 109)
- ACC (-1.3 percent to Rs 1,413)
Sensex, Nifty: Movers & Shakers
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