Oil India, LIC, PVR and other stocks that moved most on June 6
- Oil India surged 12.49% to close at Rs 282.30
- LIC hit a record low as it slipped 2.97% to close at Rs 776.50
- Adani Transmission jumped 3.43% to settle at Rs 2,023.15
The BSE Sensex fell 93.91 points or 0.17% to settle at 55,675.32. During the day, it plunged 472.49 points or 0.84% to 55,295.74. The broader NSE Nifty declined 14.75 points or 0.09% to close at 16,569.55. The broader indices ended in red with the BSE Mid cap index down by 0.15%, while the Small cap index was down by 0.54%.
Also Read | Apple WWDC: Most memorable moments
On the sectoral front, Metal was up by 0.72%, Oil & Gas was up by 0.50%, Energy was up by 0.41%, Auto was up by 0.21% and Bankex up by 0.15%, while Realty down by 0.87%, Consumer Disc down by 0.79%, Consumer Durables down by 0.59%, Capital Goods down by 0.53% and Telecom down by 0.31% were the top losing indices on BSE.
Here are the key stocks that moved the most on June 6:
Oil India: The stock surged 12.49% to close at Rs 282.30 as Brent crude prices surged after Saudi Arabia raised rates for its crude shipments in July. Brokerage firm Kotak Institutional Equities upgraded its rating on the stock to “add” and raised its fair value target to Rs 285.
LIC: The life insurance company’s stock hit a record low as it slipped 2.97% to close at Rs 776.50. The price has fallen nearly 16% from its post-IPO high of Rs 920 in less than three weeks of listing on rising worries over its ability to compete with nimbler private sector rivals and the impact of ongoing market volatility on its embedded value.
Adani Transmission: The stock price jumped 3.43% to settle at Rs 2,023.15 after the company signed a share purchase agreement with Essar Power to acquire its 100% stake in Essar Power Transmission Company (EPTCL) for Rs 1,913 crore. The acquisition is a part of the company’s value-added growth strategy through organic as well as inorganic growth opportunities.
Multiplex stocks: Cinema stocks such as PVR and INOX fell 2% to 5% as the Maharashtra government made masks in public places mandatory again in light of rising cases. The state has seen a 54% rise in reported COVID-19 cases in the previous 24 hours with 700 of the new 1,018 infections arising in Mumbai itself. Due to the resurgence in COVID-19 infections, investors are worried that footfalls in theatres could see a sharp decline as individuals avoid crowded places for fear of the virus.
Zydus Lifesciences: The stock ended 0.36% higher at Rs 364.50 after the company received final approval from USFDA to market Famotidine Tablets in the strengths of 20 mg and 40 mg used to reduce the amount of acid in the stomach. It is used to prevent and treat heartburn and other symptoms caused by excessive acid in the stomach. The drug will be manufactured at the group’s drug formulation facility at SEZ, Ahmedabad.