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Stocks Radar: Reliance Capital, Sical Logistics, Sun Pharma, Wipro

Indian shares climbed after better-than-anticipated factory output data and record low inflation raised hopes of a central bank interest rate cut.

The S&P BSE Sensex swung between gains and losses before it rose as much as 0.2 percent to 31,159. The NSE Nifty 50 Index too gained 0.2 percent to 9,634. The market breadth was tilted firmly in favour of the bulls. About 5 stocks advanced to every 1 that declined on the NSE.

The Nifty Pharma (up 1.1 percent) was the best performing sectoral gauge on the NSE while Nifty IT index dropped the most.

Here Are The Stocks Moving The Market This Morning:

Wipro: Declines For Fifth Day

Shares of the software exporter dropped for a fifth straight session – its worst performance since September of last year. The stock is hovering close to its 52-week low of Rs 253.

The country’s third largest tech company said the date for issuing bonus or stock dividend to the holders of its American Depository Receipts is yet to be finalised, as its ADRs witnessed steep fluctuations in pre-market trading on the New York Stock Exchange.

Goldman Sachs analyst Sumeet Jain rated the the stock to an equivalent of hold today. The analyst currently has a price target of Rs 225.

Also Read: Wipro ADRs Slump On NYSE; Company Clarifies On Bonus Issue

Sun Pharma: FDA Boost

Shares of the pharmaceutical company rose 3.65 percent intraday, the most since June 8, to Rs 552 after it received a nod from the U.S. regulator for a generic version of an anti-cholesterol drug.

As per IMS, Ezetimibe tablets had annual sales of approximately $2.7 billion in the U.S. for the 12 months ended April 2017.

Bloomberg data showed that 73 percent of analysts covering Sun Pharma have changed their price targets over the past month (0 up, 33 down, 10 unchanged, 2 dropped).

Sona Koyo: Jumps Most In Over Five Months

Shares of the auto part maker rose as much as 17.1 percent, the most since January 25 of this year, on heavy volumes. Today’s rise marks the end of the scrip’s six-day losing streak.

Trading volume was 21 times its 20-day average.

Reliance Capital: To List Its General Insurance Arm

Shares of the financial services company rose 0.94 percent to Rs 595.7 after it announced plans to list its wholly-owned subsidiary Reliance General Insurance this fiscal.

The company said in its media statement that it will dilute a minimum 10 percent stake in FY18 and up to 25 percent over the next three years. The stock returned 37 percent so far this year and a gain of 53 percent in the past 52 weeks.

Reliance Communications: Stake Sale Buzz

Shares of the Anil Ambani-led company rose 1.91 percent to Rs 18.7 after a Bloomberg report, quoting sources, said that telecom operator has approached Citic Telecom International Holdings Ltd. for a stake sale in its undersea cable unit.

Reliance Communications is reaching out to potential acquirers for the Global Cloud Xchange business, known as GCX, as the Indian carrier explores further asset divestments to pay down debt, according to the people. (To read the full report, click here)

The Relative Strength Index (RSI) is 17, indicating that the stock may be oversold.

Sical Logistics: Stake Acqusition

Shares of the transportation service provider rose 2.96 percent intraday, the most since June 7, to Rs 257.3. The company said in its exchange filing that it will acquire 51 percent stake in Patchems Pvt Ltd. The total deal consideration is Rs 9.5 crore.

The stock returned 24 percent so far this year and a gain of 59 percent in the past 52 weeks.

Shreyas Shipping & Logistics: Enters Joint Venture Programme

Shares of the shipping vessels operator rose as much as 14.54 percent intraday, the most since May 26, to Rs 366.75 after it entered into a joint venture with Suzue Corporation of Japan, according to its exchange filing.

“The joint venture will capitalise on the possibilities in international freight forwarding, custom clearance services with additional focus on land development for commercial purposes in Indian sub-continent and Japan,” the company said in its media statement.

The stock returned 66 percent so far this year and a loss of 12 percent in the past 52 weeks.

DIC India: Land Sale Approval

Sales of the printing ink manufacturer rose 20.43 percent, the biggest intraday jump since April 22, to Rs 543.7 after its board approved sale of land at Chandivali Farm in Mumbai.

The transaction is subject to regulatory approvals, the company said in its filing. Trading volume jumped 168 times its 30-day average at around 10.10 a.m. Today’s rally followed a gain of 12.7 percent on Monday.

Stocks Reacting To Bulk Deals

Sunteck Realty:

  • Shares of the company rose 1.49 percent to Rs 473.9
  • FID FDS Mauritius bought 9.24 lakh shares at Rs 460 each on Monday

Equitas Holdings:

  • Shares of the company rose 1.69 percent to Rs 156.7
  • Creation Investments Equitas Holdings, LLC sold 50 lakh shares at Rs 169 each which was bought by RIMCO India for Rs 168.99 each on Monday

Welspun Enterprises:

  • Shares of the company rose 4.89 percent to Rs 113.7
  • Insight Solutions Ltd. sold nearly half of its stake or 43 lakh shares at Rs 90.1 each on Monday

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