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Stock Market News - Metals shine, Adani Green up 10%, HDFC trades flat

Glenmark gets US FDA nod for Pimecrolimus cream, used to treat Atopic dermatitis - Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel 1 Cream, 1%, of Bausch Health US, LLC.


NEWS ALERT | 

1. 1.82% equity exchanged in Redington via block deal
2. L&T's power business bags order in range of Rs 2,500-Rs 5,000 cr from THDC: BSE filing
3. National level PSBs-Fin Min meet likely in a few days: sources to CNBC TV18 -- Fin Min to hold a review meeting with PSBs

Rupee opening - Rupee opens higher at 71.78/$ vs Thursday's close of 71.80 against the US dollar

Cox & King's decline 5% -- Beleaguered tours and travel firm Cox & Kings on Thursday said it has received approval from the Registrar of Companies (ROC) for a 3-month extension for its annual general meeting 2018-19.

Hindalco trades 2% higher - US aluminum producer Novelis is set to secure EU antitrust approval for its $2.6 billion bid for Aleris, Reuters reported citing sources.

HCL Tech trades flat with negative bias -- Purdue Pharma, which is being primarily blamed for the opioid epidemic and is in settlement talks in the US, is expected to pay as much as $12 billion and file for bankruptcy. The development could hurt HCL Technologies as it is the IT service vendor to the pharma company.

DHFL adds 1.5%-- DHFL’s lenders are planning to put loans worth Rs 30,000 - Rs 32,000 crore to builders to the special purpose vehicles (SPVs).

CATCH ALL THE MARKET UPDATES - 
  • HDFC trades flat
  • Tata Steel gains 3%
  • J&K Bank rises over 4%
  • Vodafone Idea jumps 4%
  • ICRA trades 4.6% lower
  • LIC Housing Fin rises 2%
  • Bombay Dyeing gains 6%
  • Gruh Finance gains over 5%
  • Navkar Corp soars over 11%
  • Adani Green Energy zooms 8%
  • YES Bank trades nearly 1% higher
  • Glenmark Pharma trades mildly lower
  • Mindtree slips 1.5% in morning deals
TOP GAINERS & LOSERS - 

JSW Steel, Vedanta, Tata Motors, Indiabulls Housing, Adani Green Gruh Finance, Power Grid, Yes Bank, Bajaj Finserv, Hero Moto, ITC are among major gainers on the indices in the early trade, while losers are Bharti Infratel, HCL Tech, Coal India, Cipla, BPCL and Sun Pharma. Among sectors, except pharma and IT, other indices are trading higher led by the FMCG, metal, auto and infra

Adani Green Energy gains 10%: Share price of Adani Green Energy added more than 10 percent in the early trade on August 30 after company is going to acquire 205 MW operating solar assets of Essel Green Energy.

Crude Update: Oil prices eased on Friday after three days of gains, with concerns about the state of the global economy amid the US-China trade war keeping prices in check.

L&T bags order from THDC India: L&T-MHPS Boilers, a joint venture company of L&T and Mitsubishi Hitachi Power Systems of Japan, has secured a large order from THDC India, which is a joint venture of Government of India and Government of Uttar Pradesh. 

HDFC Bank to sell its entire stake in Goods & Services Tax Network: The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories.

Gruh Finance Surges 8% Shares of Gruh Finance jumped 8.1 percent intraday, the most in 10 months, to Rs 269.70 each. Around 27 lakh shares changed hands in pre-market trade, according to Bloomberg data. Buyers and sellers were not known immediately. HDFC to sell 9.2 percent stake or 6.74 crore shares in the company via block deals and likely to offer up to 3 percent discount to Thursday’s closing price, according to a term sheet reviewed by BloombergQuint.

ICRA Slumps After Head Thakkar's Ouster Shares of the credit-rating firm halted a four-day rally and declined 4.7 percent intraday to Rs 2,655 apiece. ICRA terminated the employment of Chief Executive Officer and Managing Director Naresh Takkar with immediate effect, according to an exchange notification. Interim Chief Operating Officer Vipul Agarwal to oversee day-to-day operations until a CEO is appointed, the notification said. The trading volume was almost 17 times the 20-day average for this time of the day, Bloomberg data showed.

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