All sectoral indices ended in the green, with IT, power, healthcare, metal, oil & gas indices up 1 percent each
Benchmark indices scaled new height the second consecutive day on August 31 supported by IT, power, healthcare and metal stocks. At close, the Sensex was up 662.63 points, or 1.16%, at 57,552.39, and the Nifty was up 201.20 points, or 1.19%, at 17,132.20.
Bharti Airtel | CMP: Rs 662 | The share price jumped over 6 percent after the company’s board gave the go-ahead to raise up to Rs 21,000 crore through a rights issue. The board approved the issue price at Rs 535 per fully paid-up share, including a premium of Rs 530. Sunil Bharti Mittal, while addressing the media, said the company’s debt was at an “extraordinary” level and that “there is an opportunity to accelerate growth. We needed access to growth capital”.
SRF | CMP: Rs 10,185 | The share added over 4 percent after the Board of Directors on August 31 approved a bonus issue of equity shares in the proportion of 4 shares of Rs 10 each for every 1 share held by the shareholders as on the record date.
Kotak Mahindra Bank | CMP: Rs 1,751 | The scrip added a percent after the bank said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd.
Shilpa Medicare | CMP: Rs 575.70 | The stock ended in the green on August 31. The company received DCGI approval for 2-Deoxy2-Glucose (Bulk & Oral Powder). The bulk is manufactured by Shilpa Medicare, API facility in Raichur,’ Karnataka.
Axis Bank | CMP: Rs 787| The stock ended in the green on August 31. Moody’s assigned B1(hyb) rating to the bank, GIFT City Branch’s proposed USD-denominated, undated, non-cumulative and subordinated Additional Tier 1 (AT1) capital securities being issued out of its Global Medium Term Note (GMTN) programme.
Dr Reddy’s Labs | CMP: Rs 4,709.85 | The stock ended in the green as the pharma firm announced the launch of Chlordiazepoxide Hydrochloride and Clidinium Bromide Capsules USP, 5 mg/2.5 mg, a therapeutic equivalent generic version of Librax (chlordiazepoxide hydrochloride and clidinium bromide) approved by the US Food and Drug Administration (USFDA).
HFCL | CMP: Rs 68.20 | The stock was down over 2 percent on August 31. The company said it is going to consider a fundraising proposal on September 3. The board may consider raising funds by way of issue of equity shares/ preference shares/ bonds/ debentures/ non-convertible debt instruments/ equity shares/ warrants/ any other securities, including through preferential issue on a private placement basis, qualified institutional placement, rights issue or any other methods or combination thereof.
Ipca Laboratories | CMP: Rs 2,590.05 | The scrip jumped over 4 percent after CRISIL reaffirmed its credit rating for the company’s commercial paper programme at A1+.
Divis Labs | CMP: Rs 5,170 | The stock ended in the green on August 31. Foreign research house Macquarie maintained its outperform rating on the stock, with a target at Rs 5,438 a share. The company reiterated its focus on driving sustainable growth while maintaining margin. It is well-placed to monetise generic API tailwinds.
Torrent Pharma | CMP: Rs 3,091.05 | The stock was up over a percent after ICRA re-affirmed its credit rating on various credit instruments of the company and revised the outlook on the same to ‘positive’ from ‘stable’. The ratings agency reaffirmed the company’s non-convertible debentures rating at ‘ICRA AA’, commercial papers rating at ‘ICRA A1+’ and banking facility rating at ‘ICRA AA’.
Sandip Das
