Stock Market News -Cipla Extends Decline; Tata Steel Gains

Cipla Extends Decline; Shares Fall 7% Shares of Cipla extended declines for the second consecutive trading session and fell as much as 6.7 percent to Rs 393.70. Trading volume was more than three times its average, Bloomberg data showed. Of the shares traded, 42 percent were at the asking price and 33 percent were at the bid.

Piramal Enterprises Swings After Falling In the Last Three Trading Sessions Shares of Piramal Enterprises fluctuated between gains and losses to trade 0.4 percent higher at 1,376. The stock had declined in the last three trading sessions, falling 14 percent during the period. Of the shares traded, 45 percent were at the asking price and 35 percent were at the bid, Bloomberg data showed.

Tata Steel Gains After Sharing Quarterly Updates Shares of Tata Steel rose as much as 3.6 percent to Rs 341.95. The company’s crude steel production increased 4.65 percent to 4.5 million tonnes in the second quarter ended Sept. 30 as against 4.3 MT in the corresponding quarter in the last financial year.

The crude steel production also includes numbers from Tata Steel BSL and Tata Steel Long Products, without eliminating inter-company transactions.

TCS Worst Performer On Sensex, Nifty, Shares Fall 4% Shares of the country’s largest technology company fell as much as 3.9 percent, the most in over two weeks, to Rs 1,925. Most analysts cut their target price for Tata Consultancy Services after its margin narrowed to the lowest in nine quarters.

Bandhan Bank, Gruh Finance Jump 20% Shares of Bandhan Bank and Gruh Finance hit their upper circuit of 20 percent at Rs 608.30 and Rs 305.50 respectively.

The MSCI has announced the addition of Bandhan bank to MSCI India large-cap index, Motilal Oswal Financial Services said in a tweet. The combined free-float market capitalization of Bandhan Bank will increase to above $2.5 billion after its merger

Rupee at one-week high opens 24 paise up at 70.83 per dollar - The Indian rupee opened 24 paise higher at 70.83 per dollar on October 11 and rose to a one-week high at 70.81 as the greenback weakened against its global peers.

Suzlon Energy Jumps 15% Shares of Suzlon Energy rose as much as 14.9 percent to Rs 2.70. The company has found a new suitor even as a rescue plan of Canada’s Brookfield Asset Management Inc. faltered, Mint reported quoting Founder and Chairman Tulsi Tanti.

The stock declined 52 percent in the past 12 months compared to a 13 percent advance in the Sensex.

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