Jain Irrigation, Suzlon, Glenmark, Jet Among Key Stocks in Focus Today
At 11.30 am, the BSE Sensex was down 51.90 points, or 0.13%, to 39,142.59, while the Nifty 50 index fell 16.20 points, or 0.14%, to 11,707.90.
The stock market indices in India reversed early morning gains and were trading with minor losses around noon. At 11.30 am, the S&P BSE Sensex was down 51.90 points, or 0.13%, to 39,142.59, while the Nifty 50 index fell 16.20 points, or 0.14%, to 11,707.90.
Here are the key stocks that kept the traders busy today:
Jain Irrigation: Jain Irrigation Systems Ltd shares climbed as much as 11% even as Fitch Ratings downgraded the stock on concerns around its debt levels and aggressive growth pursued by the management.
Suzlon: Shares of Suzlon Energy Ltd surged over 14% on reports that the company is offering to sell majority stake to Canadian investor Brookfield in order to settle loans.
Glenmark: Glenmark Pharmaceuticals Ltd slumped 7.5% to its lowest level in six years after the US FDA issued Complete Response Letter (CRL) regarding its new drug application for Ryaltris. The letter cites deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients and in manufacturing facilities.
Jet Airways: Jet Airways India Ltd shares shot up 10% as the insolvency process begins. The employees have received the first letter from resolution professional Ashish Chhawchharia, stating that the Corporate Insolvency Resolution Process (CIRP) has started the insolvency process under the Insolvency and Bankruptcy Code (IBC).
CG Power: CG Power and Industrial Solutions Ltd shares advanced 7.8% after the company sold 13 acres of land to Evie Real Estate for Rs 490 crore.
IndusInd Bank: IndusInd Bank shares rose 2.5% on reports that the Hindujas will pump another Rs 2,700 crore into the bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion Ltd.
Bandhan Bank: Bandhan Bank shares jumped 3.3% after the National Company Law Tribunal (NCLT) directed the bank to convene a meeting of the equity shareholders and seek approval for the scheme of amalgamation of Gruh Finance on 30 July.
BHEL: Bharat Heavy Electricals Ltd (BHEL) shares jumped 2.6% as the company won an order worth Rs 840 crore from an NTPC subsidiary for emission control equipment.
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