Aviation stocks will be in focus as the Competition Commission of India on Tuesday imposed penalties totalling Rs 258 crore on Jet Airways, IndiGo and SpiceJet for cartelisation in fixing fuel surcharge on air cargo. (Reuters image for representation only)
The benchmark BSE Sensex fell by over 68 points in opening trade on Wddnesday following profit-booking by investors after recent gains despite a firm trend in other Asian markets.
At 9.54 am, Sensex was trading 10.08 points down at 25,854.39. Similarly, Nifty was trading 5.15 points down at 7,832.40.
Below are the stocks that are likely to be in focus today
Aviation Stocks: Stocks of aviation companies like Jet Airways, IndiGo and SpiceJet are under pressure after Competition Commission on Tuesday slapped penalties totalling Rs 258 crore on these aviation companies for cartelisation in fixing fuel surcharge for transporting cargo. Jet Airways, IndiGo and SpiceJet were down 3 per cent, 1.67 per cent and 0.69 per cent, respectively.
Dishman Pharma: Shares of the company were trading 5.86 per cent up at Rs 344.05 as the company issued a clarification on Tuesday regarding a report on the USFDA warning letter to the company due to Clovis issues. The company said that it has not recieved any USFDA warnings or any communication whatever due to Clovis issue.
Pipavav Defence: Reserve Bank on Tuesday allowed foreign investors to raise their investment in Pipavav Defence and Offshore Engineering Ltd. RBI said the company passed resolutions at its Board of Directors and shareholders’ level for allocating the sub limits for the purchase of its equity shares by these entities.
Novartis India Ltd: Drug firm Novartis said it has taken remedial action at its two plants in Western India which had received a warning letter from the US health regulator and expects the manufacturing facility to returm to normal functioning soon.
Essar Ports: Promoters of Essar Ports will acquire shares worth over Rs 1,047 crore from public shareholders at a price of Rs 133 apiece, as part of the delisting process. Post completion of the acquisition, the promoters will hold 93.29 per cent equity in the company.
Sun Pharma: The pharmaceutical major is looking to expand its business in the global consumer healthcare space and is not averse to acquiring new brands, a top company executive said on Tuesday.
Mahindra Lifespace Developers Ltd: The realty firm has bought a land parcel in Maharashtra to develop a housing project.
Ramco systems: An enterprise software company has formed a strategic partnership with ITC Infotech to strengthen its aviation capabilities and expand expertise in the human capital management domain.
Raymond: The company on Tuesday said that it has infused Rs 61.68 crore in Raymond Luxury Cottons Ltd (RLCL) by subscribing to equity shares. The company also announced appointment of Sanjay Bahl as Chief Financial Officer after incumbent M Shivkumar resigned from the post.
Reliance Industries: The Supreme Court would hear in January a PIL filed by an NGO challenging grant of 4G licences to Mukesh Ambani’s Reliance Jio Infocomm Ltd (RJIL).
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