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Stock Market News - Titan Worst Performer, Motilal Oswal Gains

NEWS ALERT | Glenmark Pharmaceuticals receives tentative ANDA approval for Dimethyl Fumarate Delayed‐Release Capsules: BSE Filing
-- Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (U.S. FDA) for Dimethyl Fumarate Delayed
‐Release Capsules, 120 mg and 240 mg, a generic version of Tecfidera®1 Capsules, 120 mg and 240 mg, of Biogen Inc. 

Maruti Suzuki cuts production for an eighth straight month in September - Reeling under a prolonged slowdown, Maruti Suzuki India (MSI) reduced its production by 17.48 percent in September, making it the eighth straight month when the country's largest carmaker lowered its output.


Titan Worst Performer On Nifty; Shares Fall Over 6% - Shares of Titan fell as much as 6.1 percent, the most since July 9, to Rs 1,182.55. The company said that the sales growth of its mainstay jewelry business remained muted in the quarter ended September as rising gold prices deterred buyers. Jewelry sales fell sharply in July but rose 15 percent year-on-year between August and September, the Tata Group company, which owns the Tanishq brand, informed the exchanges.

Aurobindo Pharma Recovers From 19% Fall Shares of Aurobindo Pharma rose as much as 4.8 percent to Rs 482. The stock had ended 19 percent lower on Monday. The company clarified that none of the observations that were issued by the U.S. FDA were related to data integrity and the drugmaker said it is confident of addressing them within the stipulated timeline.

Minda Industries Gains On Stake Acquisition Plans Shares of Minda Industries extended gains for the second consecutive trading session. The stock rose as much as 2.7 percent to Rs 344. The company is set to acquire a 100 percent stake of Delvis Group which is engaged in automotive lighting design and engineering for €21 million (Rs 164 crore). 

Motilal Oswal Gains After Large Trade Shares of Motilal Oswal Financial Services rose as much as 1.8 percent to Rs 620.95. About 28 lakh shares changed hands in a large trade during the pre-market session, Bloomberg data showed. Buyers and sellers were not known immediately. Of the shares traded, 33 percent were at the asking price and 29 percent were at the bid, Bloomberg data showed. 

Piramal Enterprises Extends Fall For Second Day; Shares Drop 7% Shares of Piramal Enterprises extended declines for the second consecutive trading session. The scrip fell as much as 7.1 percent to Rs 1,377. The stock dropped over 13 percent in two trading sessions. The Relative Strength Index was at 27, indicating that the stock may be oversold. 

Rupee opens lower:  The Indian rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 71.18  per dollar versus Monday's close 71.02.

J. Kumar Infra Jumps The Most In Nearly 10 Months Shares of J. Kumar Infraprojects rose as much as 19.9 percent, the most since December 2018, to Rs 153.50. Markets regular Securities and Exchange Board of India has cleared the company from charges of misrepresenting books, according to Bloomberg report. Trading volume was more than 30 times its 20-day average, Bloomberg data showed.


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