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Shares of logistics firm rallied by up to 7 per cent today amid rising hopes of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament.
The scrip of Allcargo Logistics surged 7 per cent, Snowman Logistics soared 5,49 per cent, Gati jumped 4.44 per cent, Arshiya (3.82 per cent) and VRL Logistics (3.71 per cent) on the BSE.
The Cabinet had yesterday cleared changes in the GST Constitutional Amendment Bill, dropping 1 per cent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.
The Cabinet has decided to include in the Constitutional Amendment Bill that any dispute between states and the Centre will be adjudicated by the GST Council, which will have representation from both the Centre and states.
With states on board and the Cabinet approving the amendments, the government is hopeful of passage of the Bill in the ongoing monsoon session of Parliament, which ends on August 12.
The GST Bill, with the changes approved by the Cabinet, could come up in the Rajya Sabha as early as this week, but certainly by next week.
Sun Pharma shares were up as the company has signed a licence deal for Psoriasis treatment.
Shares of Indian drugmaker Sun Pharmaceutical Industries rose as much as 2.36 per cent to their highest in nearly two months.
The stock was the top percentage gainer on the Nifty Pharma Index, which was up 0.62 per cent.
The company has entered into a license agreement with Spanish company Almirall SA for Tildrakizumab, an experimental drug for skin condition psoriasis, in Europe.
The company had also signed a deal with RPG Life Sciences to divest seven prescription brands in India for Rs 41 crore ($6.11 million) on Wednesday
Shares of RPG Life Sciences rose as much as 14.36 per cent to a record high of Rs 403.450.
Asian Paints
Shares of Asian Paints today surged nearly 9 per cent after the company reported 18.46 per cent increase in consolidated net profit for the first quarter ended June 30, 2016.
The scrip jumped 8.55 per cent to Rs 1,152.65 — its 52-week high — on the BSE.
On the NSE, shares of the company soared 8.66 per cent to touch its one-year high of Rs 1,153.80.
The stock was the top gainer among the bluechips on both Sensex and Nifty during the morning trade.
Asian Paints had yesterday reported 18.46 per cent increase in consolidated net profit at Rs 552.56 crore for the first quarter ended June 30, 2016.
The company had reported a net profit of Rs 466.42 crore in the same period of the previous fiscal.
Its total income from operations stood at Rs 4,082.08 crore in the quarter under review, up 10.23 per cent, against Rs 3,703.04 crore in the corresponding quarter last fiscal
Bharti Airtel
Bharti Airtel shares rose as quarterly net profit beats estimates.
The stock jumped as much as 2.5 per cent to Rs 381.80, its highest since April 28.
India's biggest telecom operator posted about 31 per cent fall in June-quarter net profit at Rs 1,462 crore ($218.2 million), but beat analysts' estimates of Rs 1,159 crore, according to Thomson Reuters data.
Kotak Institutional Equities Research has reiterated its "buy” rating with a price target of Rs 415, stating that EBITDA growing at 16 pct Y-o-Y was 2 per cent ahead of its estimate.
The stock has a mean price target of Rs 397.30, according to Thomson Reuters data.
Out of 34 analysts covering the stock, 21 rated it “buy" or equivalent, seven “hold” and six “sell”, says Thomson Reuters data.
MCX surges
MCX gained on hike in foreign investment limit in bourses.
Shares of Multi Commodities Exchange of India (MCX) rose as much as 5.5 per cent to Rs 1,114 rupees, their highest since August 20, 2015.
The Union Cabinet has raised foreign investment limit in the stock exchanges to 15 per cent from 5 per cent.
The Government also approved the proposal to allow foreign portfolio investors to acquire shares through initial allotment, besides secondary market, in stock exchanges.
Up to Wednesday's close, stock had risen about 14 per cent this year.
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