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Indian equity benchmarks extended gains for the third session on Wednesday following Asian stocks. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly 0.5 percent higher at 35,731.36 and 10,732, respectively, as of 10 a.m.
The market breadth was tilted in favour of buyers. Eight of the 11 sectoral gauges advanced, led by a 1.77 percent gain in the NSE Nifty Media Index. The NSE Nifty Realty Index was the top loser, down 1.38 percent.
Here Are The Stocks Moving The Market Today
Future Retail Gains On Report Of Amazon Acquiring Stake
Shares of the supermarket chain operator snapped a two-day blip and rose 1.5 percent to Rs 533.65 apiece.
Online retailer Amazon is in an advanced stage of talks to buy around 9.5 percent stake in the Kishore Biyani-led company, PTI reported citing unnamed sources.
The share declined 6.2 percent in the past 12 months compared to a 7.3 percent gain in the BSE Sensex, according to Bloomberg data.
Yes Bank Worst Performer On Sensex, Nifty
Shares of the private lender fell as much as 5.1 percent to Rs 173.50 apiece. The stock is also the worst performer on the Sensex and the Nifty.
Moody’s Investors Service downgraded the ratings assigned to Yes Bank, citing corporate governance concerns and implications of the upcoming management transition on growth strategy of the bank.
Sparring promoters of Yes Bank are inching towards a truce, but there is no clarity over the exact status of the talks, PTI reported. The Rana Kapoor-led camp said settlement talks are at an “advanced stage” with the draft consent terms under discussion which speaks of recognising both groups as “equals”, while the Madhu Kapur family maintained that the “discussions are still on”.
The stock fell 44 percent so far this year compared with a 6.1 percent gain in the Sensex, according to Bloomberg data.
IDBI Bank Swings After Competition Regulator Clears LIC’s Stake Buy
Shares of the state-run lender pared opening gains to trade lower at Rs 60.15 a share.
The Competition Commission of India approved LIC’s acquisition of up to a 51 percent equity stake in IDBI Bank, the regulatory body’s said in a tweet.
The stock trades 32 percent below the Bloomberg consensus one-year target price.
Axiscades Emgineering Surges After Winning Contracts Worth $20 Million
Shares of the technology services solution provider advanced close to 11.4 percent to Rs 97 apiece.
Axiscades Engineering Technologies’ arm won two key contracts worth $20 million, according to an exchange notification. The first contract is with a Global OEM for a design to build test equipment and maintenance of strategic systems. The other contract is for building subsystems of full motion simulator.
The trading volume is almost 40 times the 20-day average, Bloomberg data showed.
Lupin Falls After CFO Quits
Shares of the drugmaker declined nearly 2.5 percent to Rs 830 apiece.
Chief Financial Officer Ramesh Swaminathan will step down from his position in December. He will pursue other responsibilities outside the pharmaceutical industry, according to the company’s exchange filing.
The stock trades at 31 times its estimated earnings per share for the coming year, Bloomberg data showed.
Arvind Trades Ex-Date For Demerger
Shares of the textile maker traded at Rs 109.90 apiece after it turned ex-date for the proposed demerger of its branded apparel and engineering businesses into separate entities —Arvind Fashions and Anveshan Heavy Engineering.
Shareholders will get one fully paid-up equity share of Rs 4 each of Arvind Fashions for every five shares held in Arvind, and one share of Rs 10 each of Anveshan Heavy Engineering for every 27 shares, the Lalbhai Group flagship said in its exchange filing.
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