Live: Sensex, Nifty Flat; Auto, Metal Stocks Decline
Stock Reaction: Manappuram Finance
The gold financing company has informed the exchanges that the committee of its Board of Directors has approved the issuance of Non-Convertible Debentures worth Rs 250 crore.
The NCD's will be rated, secured, redeemable and will be issued on a private placement basis, the company said.
Shares gained as much as 3.1% to Rs 143.4. The stock is trading at a three-month high and is higher for the fourth straight day. It has gained in 10 out of the last 11 trading sessions.
JSW Steel, Tata Steel Lead Declines On The Nifty Metal Index
Stock Reaction: Cipla
The drugmaker informed the exchanges that it will be acquiring 21.85% stake in digital solutions company GoApptive.
The acquisition will be done in two stages for a cash consideration of Rs 9 crore, according to its exchange filing.
GoApptive offers digital solutions for customer relationship management, patient support & healthcare data analytics, the statement said.
The first stage of the acquisition will be done for Rs 5.8 crore while the second stage will have a cash consideration of Rs 3.2 crore. The company expects both stages to be completed by October 31, 2020.
Shares gained as much as 1.4% to Rs 649 and are up for the second straight day.
Stock Update: Vaibhav Global
- Trading at an all-time high
- Gains as much as 3.1% to Rs 1,215
- Up for the fourth straight day
- Longest winning streak in two weeks
- Gained 12% in the last four trading sessions
- Trading in overbought territory with Relative Strength Index (RSI) at 77
- Has more than doubled from its 52-week low of Rs 476.1 on March 24, 2020
Earnings Reaction: Hero MotoCorp
The two-wheeler maker reported a 15% decline in its net profit, which was cushioned due to lower taxes and lower raw material costs.
The company's Ebitda during the March quarter declined 38% while margins narrowed to 10.6% from 13.6% in the year-ago period.
The transition to BS-VI aided Hero's realisations, which increased 6% to Rs 46,747 per unit.
The company has also declared a dividend of Rs 25 per share.
Shares fell as much as 2.2% to Rs 2,335, snapping a four-day gaining streak.