The BSE Sensex and NSE Nifty fell on Tuesday, dragged down by pharma stocks and as Asian equities languished after the Bank of Japan offered a bleaker view of the country’s economy. Sensex dropped 253.11 points to end at 24,551.17, while NSE Nifty cracked below 7,500-mark by tumbling 78.15 points to end at 7,460.60.
Below are the 10 stocks which are trending in Tuesday’s morning trade:
Crompton Greaves: Shares of the company plunged 16.42 per cent to Rs 44.30 on NSE following proposed demerger plan of its consumer products business which came into effect from Tuesday. According to Religare Institutional Research, the demerged power and industrial business will be debt-free post conclusion of the sale of its international businesses.
Gujarat State Fertilizers & Chemicals (GSFC): Shares of the company ended 1.55 per cent up at Rs 65.50 after it informed stock exchanges about its plan to debt-finance Canadian mine company, Karnalyte Resources Inc, Canada (KRN).
Lupin: Share price of the company ended 7.59 per cent down at Rs 1726.60 after the drug major said it has received nine observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa from the US Food and Drug Administration (USFDA).
Pfizer, P&G stocks: Shares of Pfizer and Procter and Gamble (P&G) fell amid concerns over ban on their popular drug products. Pfizer shares closed 3.15 per cent down at Rs 1705.30 as the company has discontinued the manufacture and sale of popular cough syrup Corex with immediate effect. P&G’s stock fell by 0.99 per cent to Rs 6067.85 following the company discontinuing manufacture and sale of its popular brand ‘Vicks Action 500 Extra’ with immediate effect after the government banned fixed dose combination drugs.
Oil marketing companies: Shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) gained on Tuesday after Credit Suisse maintained its “Outperform” rating on fuel retailers, citing refining margins to remain strong for oil retailers as demand-supply tightens. BPCL, IOC and HPCL closed 0.97 per cent, 2.10 per cent and 2.53 per cent higher at Rs 810.60, Rs 392.95 and Rs 740.40, respectively.
Cairn India: Stocks of the company ended 1.29 per cent down at Rs 149.70 after the income tax department slapped on UK’s Cairn Energy plc a tax demand notice of over Rs 29,000 crore, including Rs 18,800 crore in back dated interest.
Jindal Steel and Power’s (JSPL): Stocks of the company closed 1.67 per cent up at Rs 60.75 after its subsidiary company – Jindal Power, entered into a definitive agreement to divest 4.12% holding in India Energy Exchange (IEX) at an undisclosed amount and is expected to realize the consideration within the current financial year. This step has been taken as a part of the monetisation plan.