Indian benchmark indices remain upbeat in trade on July 3, 2020 after strong US jobs data which saw biggest payrolls jump ever for the month of June, providing hopes of a swift economic recovery in the world's most developed economy. The positive global cues led the Nifty to trade higher by 0.32% to 10585, while Sensex was trading close to 36000, with gains of 74 points or 0.21%.
However some stock-specific news led the below listed counters to move in trade on July 3:
1. HDFC Life Insurance :
The insurance company with effect from July 31 will find its place in the Nifty 50, replacing Vedanta which proposed to go for voluntary delisting. On the development, the stock jumped as much as 5% in intra-day trade to Rs. 575,65 apiece on the NSE.
2. Motherson Sumi:
Shares in Motherson Sumi Systems (MSSL) declined in early trade by as much as 9% to Rs. 94.2 per share on the NSE after the company's board approved group restructuring and demerger of its Wiring Harness business into a separate entity.
3. Lakshmi Vilas Bank:
The stock of Lakshmi Vilas Bank hits 5% upper circuit at Rs. 22.15 on reports of Singapore's private equity player Clermont Group eyeing a big stake in the capital-starved bank. Meanwhile, talks of merger between the bank and Aion Capital-backed Clix Capital are currently underway.
Shares in HDFC are trading in the red, down by 0.55% to Rs. 1879 per share on the BSE at 10:07 am. The housing finance company in its annual report for 2019-20 revealed its plan to mop up Rs. 1.25 lakh crore in a year through the issuance of debt via several modes. The company in its AGM scheduled for July 30 will seek shareholder nod for the fund raising plan.
Shares in pharma major Cadila jumped as much as 4.6% to day's high price of Rs. 380 apiece on both the NSE and BSE. The surge in share price in the counter comes after the company said its potential vaccine for Covid 19, ZyCoV-D, has received DGCI nod for human clinical trial.