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Stock Market News - Sun Pharma, VEDL top gainers, J&K Bank Slumps

Sun Pharma, VEDL top gainers - Sun Pharma, VEDL shares were among the biggest gainers, jumping up to 2%. Powergrid, ONGC shares were among the biggest losers, shedding up to 1%. 

Coffee Day Locked In Upper Circuit -  Shares of the cafe-chain was locked in the upper circuit after it rose as much as 5 percent to Rs 65.80 each. The Bengaluru-based company has restarted talks to sell a stake to Coca-Cola, according to an Economic Times report citing unnamed sources. However, Coca-Cola’s spokesperson refused to comment on the development, the report said.

NEWS ALERT | Axis Bank cuts lending rates by 5-10 bps

CATCH-ALL MARKET UPDATES - 
  • Dabur rises 1%
  • RBL Bank rises 3%
  • Crisil trades 1.6% lower
  • Sundaram Clayton up 1%
  • ICRA trades over 3% higher
  • Dr. Reddy's Lab gains over 2%
  • Sun Pharma trades 1.5% higher
  • M&M trades flat with negative bias
  • DHFL adds 2% during morning deals
  • Westlife Development gains nearly 5%
  • Ujjivan Financial Services under pressure
  • InterGlobe Aviation trades nearly 3% higher
  • Walchandnagar Industries trades 1% higher
  • Brigade Enterprises hits 52-week high; up 7%
  • Oracle Financial Services Software top gainer among the IT pack
Crude Update: Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.

TOP GAINERS & LOSERS - 
Interglobe Aviation, Sun Pharma, Titan, Indiabulls Housing, UPL, JSW Steel, Dr Reddy's Lab, Cipla, Bajaj Finserv, Axis Bank, Tech Mahindra, Hero Moto, Bharti Airtel, are some of the major gainers on the indices in the early trade, while losers are Unichem Lab, Power Grid, Zee entertainment, Asian Paints and M&M. All the sectoral indices are trading in the green led by the pharma, IT, bank, auto, FMCG, infra and metal.

J&K Bank Slumps After Anti-Corruption Unit Detects Another Fraud Shares of the state-run lender fell for the fourth session in a row after it declined 4.2 percent intraday to Rs 36.60 each. Anti-corruption bureau registered a fresh case in the loan fraud worth over Rs 350 crore in Jammu & Kashmir Bank on Friday and conducted searches at different places in Bengaluru. The stock has declined 36 pe.

Kridhan Infra locked at the upper circuit: Shares of Kridhan Infra locked at 5 percent upper circuit after the company won an order worth Rs 145 crore.

Union Bank of India targets Rs 1,000 crore net profit in FY20 - United Bank of India is aiming at a net profit of around Rs 1,000 crore for 2019-20 fiscal, the state-owned lender's CEO and MD Ashok Kumar Pradhan said. The bank managed to be in the black in the fourth quarter of the last fiscal by posting a bottom line of Rs 95 crore, after reporting losses for seven straight quarters. In the April-June period, too, it achieved a net profit of Rs 105 crore.


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