Market movers: Varun Beverages, Corporation Bank on a high; 50 stocks turn 'overbought'

Shares of Tata Teleservices hit the 20 per cent upper circuit after the Department of Telecom approved the merger of its consumer mobile business with Bharti Airtel. The latter dipped slightly on Friday.

Corporation Bank jumped 9 per cent after a stellar Q3 show while Pepsi bottler Varun Beverages surged 8.5 per cent after it narrowed Q3 loss. The 30-share Sensex fell 164 per cent to 41,141 while its NSE counterpart shed 51.55 points to 12,086.

“The rally in Indian stocks halted on account of profit taking as concerns regarding coronavirus resurfaced and impacted the global sentiments. China’s plan to slash tariffs by 50 per cent on some of the US imports indicates diffusion of trade tensions, which could support the markets in the coming days,” said Ajit Mishra, VP for Research, Religare Broking.

Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:

Corp Bank net grows 7-fold
Corporation Bank said profits increased seven-fold to Rs 420.83 crore in third quarter ended December 31, 2019 on higher interest income, albeit provisions for bad loans surged. Shares of the firm jumped 9.25 per cent to Rs 25.50 following the announcement.

Voltas profit jumps 13%
Voltas reported a 12.64 per cent increase in its consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. Shares of the company gained 2.8 per cent to Rs 702.65.

L&T signs pact with ideaForge
Larsen & Toubro (L&T) said it has entered into a pact with ideaForge, a domestic unmanned aerial vehicles manufacturer, to offer drones and allied systems for defence use. The stock fell 1.4 per cent to Rs 1,298.85

Alkem Labs gets three observations
Alkem Laboratories said it has received three observations from the American health regulator after inspection of its facility at St Louis in the US. Meanwhile, it reported a 89.80 per cent rise in consolidated net profit at Rs 389.96 crore for the quarter ended December. Shares of the firm jumped 4.47 per cent to Rs 2,505.

SpiceJet gets new CCO
SpiceJet has appointed Shilpa Bhatia as its new chief commercial officer. Bhatia will report to Chairman and Managing Director Ajay Singh, and will look after revenue management, sales and network planning. Shares of the airline slipped 0.11 per cent to Rs 91.65.

Mahindra Lifespaces CEO resigns
Mahindra Lifespaces announced the resignation of its MD and CEO Sangeeta Prasad. She became the company's managing director (MD) and chief executive officer (CEO) in October 2018, following the resignation of Anita Arjundas as MD. Shares of the builder skidded 0.98 per cent to Rs 398.65.

Emami net edges up 5%
Emami reported a 5 per cent increase in its consolidated net profit at Rs 144.44 crore for the third quarter ended December 31, 2019 helped by rise in gross margins and cost control measures. Shares of the company dipped 0.84 per cent to Rs 300.40.

DRL launches new drug
Dr Reddy's Laboratories announced the launch of Trientine Hydrochloride capsules in the US market. Shares of the company nudged 0.16 per cent higher to Rs 3,165.90.

Varun Bev narrows loss
PepsiCo India's bottling partner Varun Beverages reported narrowing of its consolidated net loss at Rs 53.9 crore for the quarter ended December 31, 2019. Shares of the firm jumped 8.49 per cent to Rs 842.65 following the announcement.

Hester Bio bottomline shrinks
Animal healthcare firm Hester Biosciences on Friday posted a four per cent decline in its consolidated profit at Rs 11.9 crore for the quarter ended December 31, 2019. Shares of the company dipped 4.38 per cent to Rs 1,566.

Manappuram Fin to raise Rs 1,150 cr
Manappuram Finance said it plans to raise up to Rs 1,150 crore through issuance of debentures. Shares dipped 2 per cent to Rs 166.95.

BHEL signs pact with BEL
BHEL said it has entered into a pact with Bharat Electronics to develop and market products, systems and sensors for defence and non-defence applications. Shares of BHEL gained 0.63 per cent to Rs 39.80 while BEL added 0.81 per cent to Rs 87.60.

Strides Pharma to buy 18 ANDAs
Strides Pharma Science said its arm has entered into a pact with Pharmaceutics International, Inc to acquire 18 abbreviated new drug applications (ANDAs) for the US market. Shares of the firm gained 0.86 per cent to Rs 497.90.

Religare to divest health insurance arm
Religare Enterprises said it has entered into a pact with Kedaara Capital for divesting 6.76 per cent stake in its arm Religare Health Insurance Company (RHICL) for Rs 200 crore. The stock fell 1.89 per cent to Rs 44.10.

Tata Teleservices jumps 20%
Shares of Tata Teleservices leaped 19.69 per cent to Rs 3.10 after Department of Telecom (DoT) has approved the merger of its consumer mobile business with Bharti Airtel.

Prestige Estates raises Rs 463cr
Prestige Estates Projects raised Rs 462.64 crore through sale of shares to institutional investors. The stock fell 2.57 per cent to Rs 371.50.

Midcap stocks log gains
Nifty Midcap outperformed its peers and gained 0.57 per cent to 18,350. Nifty Smallcap slipped 0.07 per cent to 6,235 while Nifty 500 closed 0.12 per cent down to 9,991.

Most active stocks
Indiabulls Housing Finance was the most active stock on NSE in terms of the value of the transaction. It was followed by SBI, Aurobindo Pharma, Reliance Industries and Tata Motors. In terms of value of the transactions, YES Bank topped the charts, followed by Vodafone Idea, Tata Motors, Welspun and Indiabulls Housing Finance.

50 stocks turn ‘overbought’
As many as 50-stocks tuned ‘overbought’ as they crossed above the 70 mark on the Relative Strength Index. They include Tata Teleservices, Aurobindo Pharma, Fortis Healthcare, Pidilite Industries, USL, Schneider Electric, Trent, VIP Industries and AB Fashion.