Here are the buzzing stocks that you can focus on now.
Manappuram Finance continued to bleed. At 11:07 hrs it was quoting at Rs 24.50, down Rs 3.20, or 11.55 percent on the Sensex. Bank of America Merrill Lynch has downgraded the stock to underperform and slashed its target to Rs 20 from Rs 48 driven by a steep 30% earnings-per-share (EPS) cut for both FY13 and 14 due to higher than estimated under recoveries. Also guidance has been inconsistent and the risk to future earnings is high.
HDIL too collapsed 12.75 percent (trading at Rs 53.05) after rating agency CARE revised downwards the rating of the company's non-convertible debentures to 'default'.
Sugar stocks were reacting negatively to news that the Cabinet Committee on Economic Affairs (CCEA) has deferred a decision on sugar decontrol. No new date has been fixed yet for taking up the issue. Shree Renuka Sugars (down 5.8 percent), Bajaj Hindusthan (down 3.6 percent) and Balrampur Chini (down 2.2 percent) were the major losers in the sugar pack.
Meanwhile, Globus Spirits surged 13 percent at Rs 117.70 on the Sensex. The management told CNBC-TV18 that it has raised Rs 70 crore through the preferential allottment to Templeton. The money will be used for business expansion. Promoter's stake post this sale stands at 56 percent.
Some buying was seen in Asian Paints (up 1.1 percent) after the company acquired a 51% stake in sleek group, a leading player in modular kitchen space, for an undisclosed amount.
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