Live: Sensex, Nifty Advance; Zensar Technologies Up 6%

• Among top gainers on the Nifty 500 index
• Gains as much as 5.7% to Rs 195.4
• Biggest single-day gain in over a month
• Trades at the highest level in eight months
• Snaps a three-day losing streak
• Today's volumes are 28% below its 20-day average
• Rebounds from 50-Day Moving Average Support of 169.9
• Trades at 14.7 times estimated forward earnings per share as compared to 23.1 times for comparable companies
• Trading 12% below its 52-week high of Rs 223 on October 18, 2019
• 10 out of the 14 analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock trades 7.3% higher than its 12-month consensus price target of Rs 179, implying a negative return potential

The company announced on Tuesday that it has entered into a definitive agreement with Dr Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17 million.

Provet is among the top thre and the largest local company in veterinary medicines market in Turkey, the company said in an exchange filing.

Sequent Scientific already owns 60% stake in Provet through its Irish subsidiary, which was acquired in the year 2014.

The transaction is likely to be completed on or before October 31, 2020. Post the acquisition, Sequent Scientific will own 100% stake in Provet, which will then become a wholly-owned subsidiary of the company.

Shares gained as much as 5.9% to Rs 151.9, up for the second straight day. The stock has gained in six out of the last eight trading sessions.

The company has closed the sale of Farakka Raiganj Highways to Cube Highways at an enterprise value of Rs 1,508 crore. The sale was carried out by HCC Concessions Ltd., the infrastructure development arm of the company.

The Enterprise Value comprises of debt of Rs 905 crore and an equity valuation of Rs 603 crore.

The total expected pay-out of Rs 603 crore to the HCC group includes cash pay-out of Rs 270 crore, Rs 233 crore of hold backs to be released on the completion of dispute resolution with the NHAI and up to Rs 100 crore of earnout is payable in 2023, contingent on traffic projections.

The HCC Group will also be entitled to a revenue share from FRHL over the entire concession period, the exchange filing said.

Shares gained as much as 9.7% to Rs 5.65, post the announcement. The stock has snapped a five-day losing streak.

The company on Tuesday evening said that it intends to exercise the oversubscription option worth 4.3 lakh shares or 2.93% of the total equity shares in addition to the base shares.

The final shares will be 30 lakh or 20.52% of the paid-up equity share capital of the company.

The company's Offer for Sale for retail investors is open today.

The company's promoters on Monday had planned to sell 28% stake in the company through an Offer for Sale. The floor price of Rs 3,500 was a 33% discount to Friday's closing price.

The stock is down another 10% in today's trading session, its second successive lower circuit.

The stock has declined for six straight sessions, the most in three weeks, down nearly 30% during this period.

• Benchmark indices off opening highs; trade with modest gains
• Nifty up 0.4% at 11,197
• Sensex up 0.45% at 37,902
• Nifty Bank up 0.3% at 21,194
• Nifty Midcap index up 0.3%
• Nifty Smallcap index up 0.8%
• India Volatility Index down 3.1% at 20.75
• Most sectoral indices give up opening gains
• Nifty REalty is the top sectoral gainer; up 1%
• Nifty FMCG & Nifty I.T. are the other sectoral gainers; up 0.9% and 0.6% respectively
• Nifty Media, Nifty Metal and Nifty PSU Bank index decline over 0.5% each
• Infosys is the top gainer on the Nifty; up 1.9%
• Bharti Airtel is the top Nifty laggard; down 4.1%
• 1,149 stocks on the NSE trade with gains while 523 decline