Alkem Labs gained 4 percent on US FDA nod for Capecitabine tablets.
The Rupee is trading flat after seeing a depreciation of 10 paise to 64.51 against the US Dollar in the opening at the interbank foreign exchange due to the appreciation of the American currency overseas.
Yesterday, the Rupee had gained further ground against the US currency and finished at a new two-month high of 64.41, appreciating by 9 paise after sustained Dollar unwinding by exporters and corporates.
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Alkem Laboratories share price rallied as much as 8.5 percent in the morning after Motilal Oswal has upgraded its rating to buy from neutral on the stock, citing likely strong domestic business growth.
The research house has hiked its price target on the stock to Rs 2,500 per share (from Rs 1,950) as it expects domestic business to grow at 20 percent over the next three quarters.
The domestic business EBITDA margin has historically been more than 21 percent.
The share price of Genus Power Infrastructures gained further on the back of order win from EESL.
The company has won an order from EESL for the supply of 13.5 lakh smart meters for the states of Haryana and Uttar Pradesh.
This tender was opened in October by EESL for the supply of 50 lakh smart meters where company emerged as an L2 bidder.
Post this order, the total order book of the company stands at Rs 1226 crore.
The company is expecting the supply to commence from Q1FY19.
9:25 am Order Win: Shares of Technofab Engineering has locked at 20 percent upper circuit on the back of order won worth Rs 281 crore.
The company has received the new order in the domestic water sector valued at Rs 281 crore.
The project is funded by Asian Development Bank.
This order gives a further impetus to the company’s standing in the water sector, soon after securing orders in Bhutan and Uganda, and recently completed projects in Tanzania and Zimbabwe, company said in press release.
9:20 am Stake Sale: Reliance Communications said it will sell its DTH arm Reliance BIG TV to Pantel Technologies and Veecon Media & Television, a move aimed at reducing debt.
The company has entered into a binding share purchase agreement with Pantel Technologies Ltd and Veecon Media & Television Ltd for sale of its subsidiary Reliance BIG TV Limited (RBTV), RCom said in a statement without disclosing the deal amount.
“The transaction will help reduce the liability of unsecured creditors, benefiting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOM’s stated objective to focus on B2B businesses of the new RCOM,” RCom said.
The buyers will acquire the entire shareholding of RBTV with business on an “as-is, where-is” basis, it added.
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