Stock market News: IT Sector once again saw a rise, of 3 percent this time followed by Pharma and Bank, while selling was seen in the Energy and FMCG stocks
On October 8th, benchmark indices rose for the sixth consecutive day although profit booking in the last few hours has pulled the Nifty below 11900, which has been tested intraday, however, Sensex gained 300 points and settled. At the close, Nifty was up 95.70 points, or 0.82%, at 11,834.60 and the Sensex was up 303.72 points, or 0.76%, at 40,182.67.
10 Stocks that moved the most in the stock market today were:
- TCS (Tata Consultancy Services), has the current market price or CMP of Rs 2,818.45. It was because the company reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, hence stock price was gained by 3%, registering a 6.7 percent sequential growth. The company’s board members have decided to buy back 1.42 percent of the total paid-up equity share capital, at around Rs 3,000 per equity share, aggregating the amount up to Rs 16,000 crore, these will be 5,33,33,333 equity shares of the company. The strong deals win for the quarter saw value at $8.6 billion against $6.9 billion in Q1FY21.
- Wipro has the current market price or CMP of Rs 359.90. The board reported that they’ll be buying back the equity shares hence making the stock jump over by 7 percent. The proposal of buyback will be decided on 13th October 2020 at the Board of Directors meeting scheduled on the day.
However, second-quarter results of the company ended on 30 September 2020 will be announced in the aforesaid meeting.
- Nitco has the current market price or CMP of Rs. 17.85. The company posted a better sales number in the month of September and hence the stock price saw a rise of 7 percent. The company saw tremendous growth in the second quarter of the financial year 2020-21 and the sales volume in September 2020 is around 80 of September 2019, as reported by the company in their press release.
There was a considerable drop in the during Q1 FY2021 due to the Nation-wide lockdown. The company managed to turn the tide from July 2020 onwards and managed 3-fold improvement in sales volume during the second quarter.
- Jet Airways India has the current market price or CMP of Rs. 30.10. The buzz that the Kalrock-Jalan consortium has come out as the winner in the race for Jet Airways resulted in the gain in share price by 5 percent. On October 3, twitter went berserk as the news that Kalrock-Jalan consortium has come out as the winner in the race for Jet Airways was shared a lot.
However, Jet Airways declined these rumours of a consortium of Kalrock Capital and Murari Lal Jalan being the successful resolution applicant by the committee of creditors in the corporate insolvency resolution process.
- Dr Reddy’s Laboratories has the Current Market price or CMP of Rs 5,211. The company received US FDA nod for icatibant acetate injectable and ephedrine sulphate solution. These are used to treat acute attacks of hereditary angioedema in adults.
This resulted in a rising stock price by 2 percent.
- Kishore Biyani led Future Retail has the current market price or CMP of Rs 83.70. This case saw a decline in the stock price by 5 percent. Amazon sent a legal notice to Future Group as it sold asset worth Rs 24,700-crore to Reliance Retail Ventures Ltd. They called it a breach of a 2019 agreement between Amazon and Future.
- Lakshmi Vilas Bank has a current market price or CMP of Rs 17.80. The bank received an indicative non-binding offer from Clix Group for the proposed merger. The stock saw a rise of 7 percent. The bank’s communication to BSE was, “Further to the process of considering and evaluating the proposed amalgamation with M/s. Clix Housing Finance Private Limited (“Clix Housing”), M/s. Clix Finance India Private Limited (“Clix Finance”), and M/s. Clix Capital Services Private Limited (“Clix Capital”) (collectively, the “Clix Group”), we are glad to inform that, the Bank has received an indicative non-binding offer from Clix Group.”
- Cadila Healthcare has a current market price or CMP of Rs 435.35. Pressurized metered-dose inhaler Forglyn in India has been launched by the pharma company. It is to be used by patients suffering from chronic obstructive pulmonary disease. This resulted in the Stock gain to 5 percent.
- ABB Power has a current market price of CMP of Rs 935. Unfortunately, the share price shed by 4 percent on the 8th of October. The company bid for a project worth more than Rs 100 crore from HPCL Rajasthan Refinery (HRRL). They won the project. HRRL or as we know it as a joint venture between state-run Hindustan Petroleum Corporation Limited and the Government of Rajasthan.
- GM Breweries has a current market price or CMP of Rs 384. The company’s net profit went down 43.5 percent at Rs 11.2 crore against Rs 19.8 crore Year on Year. As the company filed this exchange, the stock price shed by 5 percent. The company’s revenue also saw a fall of 40 percent at Rs 72.6 crore against Rs 121.4 crore Year on Year. Earnings before interest, tax and amortization or EBITDA fell 37.2 percent at Rs 15.2 crore against Rs 24.3 crore Year on Year while EBITDA margin stood at 21 percent against 20 percent Year on Year.