Indian shares climbed for a third day led once again by automakers while lenders recouped their opening losses as investors awaited the Reserve Bank of India's commentary on the economy.
Here are the stocks in focus for the day:
Hero MotoCorp: Gains on Record Sales
Shares of the bike maker rose 2.2 percent to Rs 3,600 after it recorded its highest ever monthly sales of 6.7 lakh units in the month of September, according to the exchange filing. The company was second to the best performing stock on the Sensex.
Sales grew 11 percent year-on-year courtesy the popularity of Hero's Splendor iSmart 110 and Glamour.
Wockhardt: Gains Big
The pharmaceutical and biotechnological company rose 4.6 percent to Rs 937 after the U.S. Food and Drug Administration excluded 'Ceftriazone Sodium' for import alert. This will allow the company to “manufacture and sell Ceftriazone API (Active Pharmaceutical Ingredient) and formulation” in America, the company said in an exchange filing.
Piramal Enterprises: Chairman Fined for Insider Trading
Shares of the healthcare company fell 1.4 percent to Rs 1,886 after its chairman was found guilty of violating insider trading regulations by the Securities and Exchange Board of India. The company opened second to the worst performing stock with a market cap of 50 billion and more.
The Chairman's family, as well as the former executive director of the company, were found guilty after investigating the 2010 Piramal Enterprises-Abbot Laboratories deal. A penalty of Rs 6 lakh has been imposed on them.
Telcos: Lack of Action
The spectrum auction slowed down drastically with only Rs 3,341 crore worth of additional bids coming in on day two. Total bids now stand at Rs 56,872 crore.
With six rounds on the second day, the 1,800 Mhz band remained the most popular with still no takers of the premium 700 Mhz and 900 Mhz bands.
The government received bids worth Rs 53,531 crore on day one of the spectrum auction. Take a look at how the telecommunication giants are doing.
- Idea Cellular (-0.7 percent to Rs 80)
- Reliance Industries (Jio) (+0.9 percent to Rs 1,099)
- Bharti Airtel (-0.8 percent to Rs 316)
Dhampur Sugar Mills: Gains of Acquisition
Shares of the sugar maker rose 2.4 percent to Rs 124 after the company acquired 4.3 lakh equity shares of DETS Ltd., an engineering company.
With this move, Dhampur Sugar has acquired 51 percent of DETS, making it a subsidiary of the refinery. The deal was carried out at Rs 33 per share, according to the company's filing on the BSE.
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