Dr Reddy's Lab shares closed 8.21 per cent down at Rs 3110.35 on reports that US FDA might withhold approval of the company's fresh drugs and stop import if no corrective action is taken.
The stock markets staged a smart recovery after two-day of losses on Thursday on hopes that goods and services tax(GST) will get consensus in Parliament. Some short coverings on the last day of F&O expiry also boosted the market sentiments. BSE Sensex ended 182.89 points up at 25,958.63, while NSE Nifty settled 52.20 points up at 7,884.
Below are the stocks that made news today:
DLF: Shares of the company closed 6.03 per cent up at Rs 113.45 after realty major’s promoters bought 23 lakh shares of the company through open market transactions for nearly Rs 25 crore, raising their stakes to 74.99 per cent.
Lanco Infratech: Shares of Lanco Infratech hit upper circuit for the second consecutive trading session on Thursday on reports that the company will raise about Rs 6,600 crore ($ 1 billion) through the sale of one of its large power projects and listing of its power business in the next two years. The share price of the company surged 9.86 per cent to Rs 7.02.
Lumax Automotive: Lumax Automotive Systems was locked in upper circuit of 20 per cent on the BSE after the company said it filed application with the Board for Industrial and Financial Reconstruction (BIFR) for determination of the measures which shall be adopted with respect to the company.
Dr Reddy’s Laboratories: Dr Reddy’s shares were trading 6.29 per cent down at Rs 3175.55 (at 9.30 am) after the US Food and Drug Administration, which had issued a warning letter to the company over quality issues, said it may withhold approval of its fresh drugs and stop import if no corrective action is taken. Later, the stocks of the company closed 8.21 per cent down at Rs 3110.35.
IDBI Bank: Shares of the bank settled 1.28 per cent up at Rs 83.05 after it said that it has raised $350 million (about Rs 2,310 crore) from green bonds to fund clean energy projects.
Videocon Industries: Shares of the company surged as much as 10 per cent after Idea Cellular signed a pact with Videocon Telecommunications to buy its airwaves in Gujarat and Uttar Pradesh West for Rs 3,310 crore. Later, the share price of the company closed 4.14 per cent up at Rs 135.70.
Tata Motors: Shares of the company ended 5.51 per cent up at Rs 423.15 after Tata Motors-owned Jaguar Land Rover said that it will invest 450 million pound (over Rs 4,500 crore ) to double the size of its Midland-based Engine Manufacturing Centre (EMC).
Reliance Communications: Shares of the company ended 4.64 per cent up at Rs 74.45 after reports that it is close to finalising a deal to sell its entire stake in tower unit Reliance Infratel, sources aware of the development said. RCom owns about 96 per cent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt.
Sun Pharma: Shares of the drug major settled 3.96 per cent up at Rs 735.95 after the company announced that it has shelved plans to invest in wind energy business in the US.
Hero MotoCorp: Shares of the two-wheeler major ended 1.32 per cent up at Rs 2680.80 after US private equity firm Bain Capital said on Wednesday that it is selling shares in Hero MotoCorp Ltd to raise as much as $116 million, sources said.