Hester Bio sciences hits 52-week high; stock surges 71% in 2019 so far
Extending the rally seen during the past seven trading sessions, shares of Hester Biosciences hit a 52-week high of Rs 1,925 apiece, up 3 per cent on the BSE, on Tuesday. This was on the back of the government’s decision to clear an outlay of Rs 13,342 crore for animal husbandry industry.
The stock of India’s second largest poultry vaccine manufacturer was trading close to its all-time high of Rs 1,950 per share touched on December 26, 2017 in intra-day trade.
ADAG stocks erase intra-day gain; RCom, RInfra down over 3%
Shares of Anil Dhirubhai Ambani Group (ADAG) companies erased their entire intra-day gain and were trading lower by up to 5 per cent on the BSE despite the chairman Anil Ambani reaffirming the group’s commitment to meet all future debt servicing obligations in a timely manner, through further asset monetisation plans “that are already at various stages of implementation”.
Reliance Infrastructure (RInfra) slipped 4 per cent to Rs 62, after surging 12 per cent in intra-day deal on the BSE. Reliance Capital was trading 1 per cent lower at Rs 90, after hitting high of Rs 96 in intra-day trade. Reliance Power, Reliance Communications (RCom) and Reliance Naval and Engineering were down 3 to 5 per cent each on the BSE.
Too early to bet on resurgence of midcaps, warns DSP MF’s Vinit Sambre
Even as investors bet on a resurgence for medium-sized Indian companies after Prime Minister Narendra Modi’s return to power, one of the country’s top mid-cap fund manager advises caution.
This group of stocks won’t get an immediate lift from Modi’s victory as it isn’t immune to the slowdown in the economy and the lingering shadow-bank crisis, said Vinit Sambre, who oversees $1.6 billion in two mid- and small-cap funds at DSP Investment Managers in Mumbai.
Sterlite Technologies surges 12% as promoter releases entire pledged shares
Shares of Sterlite Technologies surged 12 per cent to Rs 193 in intraday trade on the BSE on Tuesday on the back of heavy volumes after promoter Twin Star Overseas removed entire pledge on the company’s shares.
“The company received communication dated June 10, 2016 from Twin Star Overseas Limited, promoters of the company, regarding removal of entire pledge on shares of Sterlite Technologies,” the company said in a regulatory filing.
The promoters have informed that they have removed 100 per cent of the pledge on Sterlite Technologies shares with immediate effect.
Jet Airways sinks 14% on report of halt in Hinduja, Etihad’s revival plans
Shares of Jet Airways (India) tumbled 14 per cent to Rs 107, also its new low on the BSE in the morning deals on Tuesday after a media report said that both Hinduja group and Etihad Airways may not proceed with plans to resurrect the beleagured airline.
In past two weeks, the stock tanked 30 per cent, as compared to 1 per cent rise in the S&P BSE Sensex.
Eveready Industries slips 4% after India Ratings downgrades credit rating
Shares of Eveready Industries slipped up to 4 per cent to Rs 86.55 apiece on the National Stock Exchange (NSE) during the early morning deals on Tuesday after credit ratings agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term credit ratings.
The company’s long term credit rating was downgraded to ‘IND BBB’ from ‘IND A+’, while it maintained rating watch as ‘negative’. The retail battery and flashlight manufacturer’s commercial paper rating was also maintained as ‘IND A2’ with rating watch as ‘negative’ (RWN)
Indiabulls Housing Finance falls 6% on Rs 98,000-cr siphoning charge
Shares of all listed Indiabulls Group companies were under pressure, falling up to 10 per cent on the BSE during the early morning trade on Tuesday after media reports alleged Indiabulls Housing Finance Limited (IHFL) for misappropriating Rs 98,000 crore of public money.
“A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited (IHFL), its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money,” news agency PTI reported.
Following the news reports, the stock of IHFL slipped 6 per cent to Rs 691 apiece on the BSE. Lakshmi Vilas Bank, which proposed to merge with the company, slipped 7 per cent to Rs 68 per share on the BSE.
Sensex closes lower ahead of RBI policy decision
Indian shares closed lower on Tuesday as investors awaited the central bank’s policy meeting decision later this week, weighed down by technology stocks.
The broader Nifty fell 0.55% to 12,021.65, while the benchmark Sensex settled 0.46% lower at 40,083.54.
Tata Consultancy Services fell 2.6%, dragging the Nifty IT index 1.6% lower.
India’s economy grew at its slowest pace in more than four years in the January-March period, raising prospects of a rate cut by the Reserve Bank of India on Thursday
Sensex slides 1.5% as RBI announces rate cut
Indian shares ended lower on Thursday, after the central bank cut its benchmark interest rate by 25 basis points, while also changing its policy stance to “accommodative,” in a widely expected move.
The broader NSE Nifty fell 1.48% to 11,843.75, while the benchmark BSE Sensex ended 1.38% lower at 39,529.72, as the Reserve Bank of India (RBI) lowered the repo rate to 5.75% and cut the reverse repo rate to 5.5%.
The 10-year bond yield fell to 6.911% following the RBI’s announcement, while the rupee, which initially strengthened after the decision, weakened to 69.3125 against the dollar at 1014 GMT .
Sensex ends in the green as IT stocks lead gains
Indian shares ended higher on Monday boosted by IT stocks, after paring some of the early gains on optimism from the U.S.-Mexico migration deal last week that averted a potential tariff war.
The broader NSE Nifty ended up 0.44% at 11,922.70, while the benchmark BSE Sensex closed 0.43% higher at 39,784.52.
Shares of Tata Consultancy Services, Infosys Ltd and Tech Mahindra Ltd ended between 1.9% and 2.5% higher, boosting the Nifty IT index, which closed 1.57% higher.
Britannia Industries Ltd ended as the top gainer among the bluechips, closing up 3.47% to 3,000 rupees, an over three-month high.
