Yes Bank, Indiabulls Housing, Kaveri Seed, Among Key Stocks in Focus Today
Snapping a three-day winning streak, Indian stock markets took a breather on Wednesday on weak Asian cues as push for the impeachment of US President Donald Trump spooked investors globally. At 10:29 am, the S&P BSE Sensex was down 400 points, or 1.02%, to 38,697.34, while the Nifty 50 index fell 112.45 points, or 0.97%, to 11,475.75. Kaveri Seed, Morepen Labs, Indiabulls Housing Finance, Yes Bank, RNAM and SpiceJet were among the key stocks in news today. Read on to know more:
Kaveri Seed: Kaveri Seed Co. Ltd shares jumped 5% after the board of directors, at a meeting held on 24 September, approved the proposal for buyback at Rs 700 per share.
Morepen Labs: Morepen Laboratories Ltd shares plunged over 17% after Sebi prohibited the company from accessing security market for one year.
Yes Bank, RNAM: Yes Bank Ltd shares rose 1.2%, while those of Reliance Nippon Asset Management gained 2.3% after Rana Kapoor-controlled Morgan Credits paid Rs 792 crore to RNAM.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares dropped 3.6% after CARE revised the company’s long-term rating from “CARE AAA” to “CARE AA+”, rating of perpetual debt programme from “CARE AA+” to “CARE AA”, and reaffirmed short-term rating at “CARE A1+”.
Aurobindo Pharma: Aurobindo Pharma Ltd shares fell 2% after market regulator Securities and Exchange Board of India (Sebi) passed adjudication order against the company and promoters.
Bodal Chemicals: Bodal Chemicals Ltd shares rose 2.2% after the company informed that Bodal Bangla has been incorporated in Dhaka, Bangladesh, as a subsidiary company.
SpiceJet: SpiceJet Ltd shares jumped 3% after a media report said that the airline is weighing an order for at least 100 Airbus planes as Boeing Co. grapples with the fallout over its grounded 737 Max.
Titan: Titan Co. Ltd shares were trading up 1.7% after HSBC upgraded the company to ‘buy’ with a target price of Rs 1,450 apiece.