Brexit Poll: Some Britain-linked stocks gain on firm European cues

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New Delhi | Updated: June 23, 2016 2:52:07 PM

Britain-related stocks were trading mixed on Thursday after Britons started voting to decide the future of their country

Brexit poll, tata motorsBritain-related stocks were trading mixed on Thursday after Britons started voting to decide the future of their country (Reuters)

Britain-related stocks were trading mixed on Thursday after Britons started voting to decide the future of their country and Europe in a referendum on European Union membership that has divided the nation and is being nervously watched by financial markets.

At 2.30 pm, shares of Tata Motors were over 2 per cent up at Rs 482.60. Bharat Forge and Hindalco were trading up by 1.50 per cent and 1.07 per cent. Apollo Tyres was trading 0.27 per cent up at Rs 148.85.

IT majors Infosys was trading up by 0.58 per cent while Tata Consultancy Services was down by 0.67 per cent. According to reports, domestic IT companies get anywhere from 6-18 per cent of their revenues from the UK.

Read more: Tata Motors, Motherson Sumi among companies that could be hit if Brexit happens

In the pharmaceutical and healthcare space, there are also some companies such as Dr Reddy’s Laboratories, Glenmark pharma, Natco Pharama, Hikal Ltd and Sequent Scientific which garnered some of its revenue from Europe. Shares of Dr Reddy’s Labs were trading 2.22 per cent up at Rs 3172 in the afternoon trading session. Glenmark Pharma was trading down by 0.17 per cent, however, Natco was trading 4.34 per cent up at Rs 552.

European shares advanced on Thursday as firmer copper prices lifted mining stocks, while expectations among financial investors that Britain would vote to stay in the European Union also supported markets.

Investment bank JP Morgan said its analysis of recent opinion polls on Britain’s European Union membership referendum showed the “In” camp was narrowly ahead on Wednesday, a day before Britons go to the polls.

“On the basis of the data in hand, our clean-up process suggests a 2 percentage-point lead on average for ‘Remain’ in the polls published this week, with around 9 per cent of the vote undecided,” according to JP Morgan.

(With agency inputs)

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