Mid-Day (17.54% up)
The Mid-Day Multimedia scrip rose 17.54% while shares of Jagran Prakashan fell 2.78% after reports that Mid-Day’s board has approved merging its newspaper business with Jagran Prakashan. Mid-Day shareholders will receive two shares of Jagran Prakashan for every seven held.
JSPL (3.9% down)
Shares of Jindal Steel and Power Ltd (JSPL) fell 3.9% after it announced Q4 results. Consolidated net profit for the quarter ended 31 March stood at Rs963 crore against Rs894 crore a year ago. Consolidated net sales were up at Rs3,175.6 crore against Rs2,872.3 crore.
Bajaj FinServ (17.40% up)
The Bajaj FinServ stock rose 17.4% after the company announced the launch of new wealth management services. Bajaj Auto Finance, its subsidiary, also launched construction equipment financing and retail loans against securities from 1 April.
Lupin (4.08% up)
Shares of Lupin gained 4.08% after it reported Q4 results. Net profit rose to Rs220 crore on net sales of Rs1,291 crore for the quarter ended 31 March. Ratings agency Credit Suisse raised its target price to Rs2,040 from Rs1,710 and maintained its outperform rating for the scrip.
Orchid Chem (0.72% up)
Shares of Orchid Chemicals and Pharmaceuticals rose 0.72% after it entered into an out-licensing and distribution deal with US-based Alvogen for marketing the Indian company’s eight oral non-antibiotic formulations, which have a combined market size of around $8billion, in the US.