BackStocks in News: Titan, Sun Pharma, Bharti Airtel, MTNL, Apollo Tyres
Sun Pharma surged more than 4% after the company said it has entered into a licensing agreement with AstraZeneca UK to introduce oncology products in ChinaTitan stock traded 9% lower in early deals as brokerages downgraded the stock and cut target price following muted financial performance in Q2
PremiumHere is a list of top stocks that are buzzing in early trade on Wednesday:
Sun Pharma: Shares surged more than 4% after the company said it has entered into a licensing agreement with AstraZeneca UK Ltd to introduce certain novel ready-to-use infusion oncology products in China. The Indian pharma major will look into development, regulatory filings and manufacturing the products while AstraZeneca will exclusively promote and distribute these products in China.
Titan: The stock was the biggest loser among Nifty 50 companies and traded nearly 9% lower in early deals as many brokerages downgraded the stock and cut target price following muted financial performance in the September quarter. Brokerages also reduced the growth outlook for jewellery sales for the second half of this fiscal. The jewellery business had a subdued quarter due to high gold prices.
Bharti Airtel: Shares of the company and its tower business subsidiary Bharti Infratel Ltd fell 1-3% on news reports that the government may not waive dues of the telecom operators under the Supreme Court verdict on the definition of adjusted gross revenue (AGR) to ease their financial pressure amid mounting debt and narrowing revenues.
MTNL: Shares jumped nearly 5% as the board of the state-run telecom operator on Monday approved rolling out a voluntary retirement scheme (VRS) for its employees, days after the government announced a revival package for the stressed telecom company. The government has cleared the proposed merger of MTNL Ltd into state-owned BSNL.
Apollo Tyres: The stock slipped more than 3% after the tyre maker reported a 43.2% decline in its net profit at ₹83 crore in July-September due to weak performance in the domestic market. The company had posted a net profit of ₹146 crore a year ago. Slowdown in the auto sector combined with poor demand for tyres from original equipment manufacturers beat the company’s performance.
Aurobindo Pharma: Shares traded down 4% after the US Food and Drug Administration (FDA) issued four observations to the company’s Hyderabad units. The health regulator inspected Unit V, API manufacturing facility at Pashamylaram, Hyderabad and Unit VIII, API manufacturing facility at Gaddapotharam, Hyderabad of the company from 21-28 October and 21-25 October respectively.
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