Stock Market Update - Avanti Feeds Gains, Tata Group Stocks Trade Mixed

Orient Electric Halts Two-Day Gaining Streak, Shares Fall 6% Shares of Orient Electric fell as much as 5.7 percent to Rs 184.05, halting a two-day gaining streak. The stock advanced 21 percent in the past 12 months compared to a 14 percent gain in the Sensex.

Tata Group Stocks Trade Mixed After NCLAT Order Shares of the Tata Group companies traded mixed after the National Company Law Appellate Tribunal ruled that his dismissal as chairman of Tata Sons Ltd. was illegal. While restoring him to his original position as executive chairman of the Tata Group’s holding company, the NCLAT held that the resolution by Tata Sons board removing Mistry was illegal.

Essel Propack Surges 16% To Record High Shares of Essel Propack rose as much as 16 percent, the most since Jan. 28, 2019, to hit an all-time high at Rs 175.45. Trading volume was more than seven times its 20-day average, Bloomberg data showed. 

The Relative Strength Index was above 70, indicating that the stock may be overbought. The stock traded 26 times its estimated earnings per share for the coming year, according to Bloomberg data. Of the shares traded on NSE, 62 percent were at the asking price and 24 percent were at the bid.

Nifty Auto Index Best Performer Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 1 percent advance. NSE Nifty Metal Index was the top sectoral loser, down 0.06 percent.

NEWS ALERT | 

Lupin receives US FDA approval for Mycophenolic Acid Delayed-Release Tablets USP: BSE filing

-- Approval for 180 mg and 360 mg tablets

SC rules in favor of Dalmia Bharat Cement Vs I-T Dept: CNBC TV18

-- Court says I-T dept should have allowed late filing that co made in 207 as the issue was pending in NCLT

Alert: Dalmia Bharat had claimed Rs 56 cr accumulated loss in 2016-17 while I-T dept disallowed filing citing delay

Kaya to borrow Rs 7 cr each from co’s directors Harsh Mariwala & Rajendra Mariwala: BSE Filing

Clariant Chemicals surges 12% as board approves a restructuring plan - Shares of Clariant Chemicals (India) moved higher by 12 percent to Rs 356 on the BSE on Thursday after the board approved the restructuring plan by the sale of Masterbatch Business to PolyOne Polymers for Rs 426 crore. The stock of specialty chemicals was trading at its highest level since April 4, 2019. 

UTI AMC DRHP may be filed this week for OFS having a total size of Rs 3,800-4,800 cr: Sources to CNBC TV18

-- Market Cap for UTI AMC seen at Rs 12,000 -15,000 cr; Market cap to AAUM ratio likely at 7.5-10%

-- SBI, LIC, BoB to sell max 1.05 cr shares each, PNB & T Rowe price 38 lakh shares each

-- Citi, BofAML, ICICI Sec, JM FIn, Axis Cap, SBI Cap, likely bankers to UTI AMC issue

Avanti Feeds Gains For Sixth Day, Shares Near 18-Month High Shares of Avanti Feeds extended gains for the sixth consecutive trading session. The stock rose as much as 4.5 percent to Rs 573.45, their highest since June 2018. The stock advanced 16 percent in six trading sessions. The stock advanced 47.3 percent so far this year compared to a 16.4 percent gain in the Sensex.

SOURCE

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