Indian shares climbed for a second straight day, tracking a relief rally in global equities as investors shrugged off the anti-establishment messages from the Italian referendum to drive stock prices higher.
Here are the stocks that are moving the market:
Canara Bank
Shares of the government-owned lender rose 0.9 percent to Rs 314 after it took its first steps to divest its stake in two of its units -- Can Fin Homes Ltd. and Canbank Factors Ltd. The sale will allow the bank to improve its capital adequacy ratio, which is currently at 12.19 percent.
The lender will sell 13.45 percent stake in Can Fin Homes, it said in a notification to the exchanges, reducing its stake in the company to 30 percent. The sale will fetch approximately Rs 584 crore to the bank, as per BloombergQuint calculations.
Canara Bank will also divest 70 percent of it stake in Canbank Factors, an unlisted subsidiary, which registered a Rs 2.2 crore net profit in financial year 2015-16.
Tata Power
The power producer rose 3.1 percent to Rs 75 after its strategic engineering division bagged a Rs 200 crore contract from the Ministry of Defence. The contract includes supply of 20 launchers and eight command posts to the Indian army, the company said in a notification to the exchanges.
The stock was the top performer on both the Sensex and the Nifty.
Dabur
Shares of the FMCG firm fell 1.3 percent to Rs 281 after it said that it anticipated a near term impact from Prime Minister Narendra Modi's demonetisation move.
This will be beneficial for organised FMCG players creating a level playing field. However, on account of scarcity of cash available with customers and trade, we forsee some near term pressures on the company's business.Dabur India's statement to the exchanges.
The impact will affect wholesalers and small town grocery shops the most due to the severe liquidity squeeze and de-stocking, the company said in the statement.
On the flip-side, the company sees a positive impact on modern trade outlets and retailers that can accept plastic money.
Lupin
Shares of the drug maker gained 0.8 percent to Rs 1,548 after its subsidiary received the final approval from the U.S. Food and Drug Administration to market its Hydroodone Bitartrate and Acetaminophen tablets.
The tablets are Lupin's generic versions of the Allegran's Norco tablets. The drug is a pain killer used to relieve moderate to moderately severe pain, the company said in its press release.
Torrent Power
Shares of the power distribution company rose 2.7 percent to Rs 179 after it renewed its contract with the Maharashtra State Electricity Board for a period of 10 years. The contract includes distribution of power in the Bhiwandi circle, Torrent Power said in a notification to the exchanges.
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