1 week ago
Indian Stocks Rise as Shiprocket, Strides and HDFC Bank Advance
Indian share prices were mostly higher by midday on Thursday, August 20.
The Nifty 50 and Sensex both gained.
Shiprocket shares rose after reports that Goldman Sachs bought a stake in the company.
Strides Pharma Sciences jumped after a U.S. regulator gave an inspection classification for its Bengaluru facility.
HDFC Bank and LIC also gained after LIC received approval to increase its holding in HDFC Bank.
Several metal companies, including Vedanta and Hindustan Zinc, moved higher.
Unicommerce and Urban Company rose after expanding their partnership into Saudi Arabia and the UAE.
Aditya Birla Capital gained after announcing plans to start a gold-loan business.
The Nifty 50 rose 0.58% above 24,200, while the Sensex gained about 500 points by midday on Thursday, August 20.
Shiprocket climbed 5.6% after reports that Goldman Sachs acquired a stake through a bulk deal following its August 19 market debut.
Strides Pharma Sciences surged 10% after the USFDA classified its Bengaluru inspection outcome as Voluntary Action Indicated.
HDFC Bank and LIC gained after the RBI approved LIC’s proposal to acquire up to a 9.99% stake in HDFC Bank, subject to conditions.
Aditya Birla Capital rose more than 2.3% after announcing plans to enter gold lending and open up to 300 dedicated branches by March 2027.
- Who
- Indian listed companies, investors, LIC, Goldman Sachs and the U.S. Food and Drug Administration were involved in the reported developments.
- What
- Indian equity markets rose, while several stocks moved sharply because of company announcements, regulatory developments, transactions and broader market strength.
- Where
- Indian equity markets; the reported company developments involved a Bengaluru facility, Saudi Arabia, the UAE and the United States regulatory process.
- When
- By midday on Thursday, August 20; Shiprocket had debuted on the market on August 19.
- Why
- Stocks moved because of broader market buying, a reported Goldman Sachs stake purchase, LIC’s approved HDFC Bank investment, the Strides inspection classification, a regional partnership and Aditya Birla Capital’s gold-loan plans.
Key facts
- Nifty 50
- Hovered above 24,200, up 0.58% by midday.
- Sensex
- Was up approximately 500 points by midday.
- Shiprocket
- Rose 5.6% after reports of a Goldman Sachs stake purchase through a bulk deal.
- Strides Pharma Sciences
- Gained 10% after its Bengaluru facility received a Voluntary Action Indicated inspection classification from the USFDA.
- HDFC Bank and LIC
- HDFC Bank rose 1.08% and LIC gained 0.65% after RBI approval for LIC to acquire up to 9.99% of HDFC Bank.
- Aditya Birla Capital
- Planned 200 to 300 dedicated gold-loan branches by March 2027 and 1,000 branches over the following three years.
- Metal stocks
- Vedanta rose 2%, Hindustan Zinc 2.24%, Vedanta Iron & Steel 2.85% and Vedanta Aluminium Metal 1.86%.
Sources
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