Seven stocks that buzzed on Dalal Street on Friday
Shares of Eicher Motors fell as much as 7 per cent to their lowest since March 29 after the promoters sold 1.14 million shares, or 4.2 per cent stake, for Rs 2100 crore.
BT Online New Delhi Last Updated: May 16, 2016 | 08:24 IST
Snapping Thursday's losses, the S&P BSE Sensex on Friday settled the day 300 points lower, while the broader CNX Nifty managed to hold above its key 7,800-mark.
Below are seven stocks that hogged limelight in market today:
Merck: Merck shares gained 3.45 intraday after the drug firm posted a 27.36 per cent rise in its net profit at Rs 12.24 crore for the first quarter ended March 31. The company had posted a net profit of Rs 9.61 crore for the same period of previous fiscal.
Hinduja Ventures: Hinduja Ventures shares on Friday tumbled 7.61 per cent after the company reported a decline of 20.30 per cent in standalone net profit to Rs 14.17 crore for the fourth quarter ended March 31, 2016. The company had posted a net profit of Rs 17.78 crore in January-March quarter a year-ago, HVL said in a BSE filing.
Allahabad Bank: Markets watchdog Sebi on Thursday exempted the government from making an open offer to the shareholders of Allahabad Bank following the proposed equity infusion that would hike its stake in the lender by more than five per cent. Reacting to the news, the stock of the bank shed 1.69 per cent.
Nestle India: Shares of Nestle India jumped 7.44 per cent even as the FMCG major reported a 19.11 per cent decline in net profit to Rs 259 crore for the March quarter.
Monsanto India: Shares of Monsanto India extended its recent rally to over 6 per cent intraday after reports that German agro-chemicals company Bayer AG is in talks to initiate a $40 billion takeover of the company. The scrip settled 1.29 per cent higher.
Eicher Motors: Shares of Eicher Motors fell as much as 7 per cent to their lowest since March 29 after the promoters sold 1.14 million shares, or 4.2 per cent stake, for Rs 2100 crore ($314.68 million).
Dr Reddy's: Shares of Dr Reddy's slumped 2.89 per cent after the drug major posted a near 86 per cent slump in March-quarter profit. The company said it sees more challenges in US business citing regulatory woes and fewer new drug approvals.