Indian stocks reopened for trading on Monday after a three-day holiday with a negative bias on weak foreign cues. At 9:56 am, the benchmark BSE Sensex was down 627.15 points, or 2 per cent, to 30,532.47, while the Nifty 50 fell 189.75 points, or 2.1 per cent, to 8,922.15. HDFC, Godrej Consumer, ITI, CSB Bank, SRF and Cadila Healthcare were among the key stocks in news today. Read on to know more:
HDFC: Housing Development Finance Corp Ltd (HDFC) shares dropped 3.3 per cent after news emerged that the People’s Bank of China purchased 1.75 crore shares in the company, possibly in the March quarter.
Godrej Consumer: Godrej Consumer Products Ltd shares plunged 8.7 per cent as the company said it would report around ‘high teens’ India revenue decline in the March quarter and sees consolidated sales declining around low double-digit in rupee terms.
ITI: ITI Ltd shares skyrocketed 19 per cent on reports that the company and the Defence Research and Development Organisation (DRDO) are likely to ink a deal soon to produce portable ventilators after Covid-19.
CSB Bank: CSB Bank Ltd shares surged over 8 per cent after Crisil assigned A1+ rating to proposed issue of Rs 2,000 crore each of certificate of deposits and short-term fixed deposits programme.
SRF: SRF Ltd shares inched down just 1 per cent after the company said few plants belonging to essential goods value chain in Dahej Chemicals Complex, Gujarat, have resumed operations.
Cadila Healthcare: Cadila Healthcare Ltd shares gained 4 per cent after Zydus received tentative approval from the USFDA for Empagliflozin tablets, antidiabetic drug.
Axis Bank: Axis Bank Ltd shares fell over 4 per cent after mutual funds in the March quarter raised stake to 20.51 per cent (from 18.89 per cent in the previous quarter), insurance companies to 2.21 per cent (from 1.93 per cent), but FPIs reduced to 45.49 per cent (from 48.35 per cent).
Dr Reddy’s Labs: Dr.Reddy's Laboratories Ltd shares jumped 3.5 per cent after the API manufacturing plant 5 at Miryalaguda, Telangana, received Establishment Inspection Report from USFDA.
OnMobile Global: OnMobile Global Ltd shares dived 9.5 per cent after the board approved proposal for buyback of shares up to 1,93,21,429 for amount of up to Rs 54.10 crore.
JK Paper: JK Paper Ltd shares dropped 7 per cent after Crisil reaffirmed long term rating at AA-/Stable for company's bank facilities.