United Spirits with stop loss at Rs 605 with targets at Rs 623 and Rs 627 and HDFC Bank with stop loss below Rs 2197 for targets of Rs 2272 and Rs 2286

The volatile market ended lower for the second consecutive session amid the expiry of futures and options contracts on August 29, which was dragged by banking and financial services and auto stocks.

The BSE Sensex was down 382.91 points at 37,068.93, while the Nifty fell below its psychological 11,000 levels down 97.80 points at 10,948.30 and formed a bearish candle on daily charts.

Volatility was remained high today, especially in F&O counters, due to unwinding and rollover of the positions, while the broader indices remained under pressure with the Nifty Midcap index losing 0.4 percent and Smallcap index shedding 0.9 percent.

The market closed in the red for the third consecutive series, with the Nifty losing 2.7 percent in August series amid consistent FII outflows, slowdown worries and fears of a global recession.

According to the pivot charts, the key support level is placed at 10,906.77, followed by 10,865.23. If the index starts moving upward, key resistance levels to watch out for are 11,005.47 and 11,062.63.

The Nifty Bank index closed at 27,305.20, down 1.8 percent on August 29. The important pivot level, which will act as crucial support for the index, is placed at 27,123.7, followed by 26,942.2. On the upside, key resistance levels are placed at 27,602.9 and 27,900.6.

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Nestle's revenues have grown 22 percent and net profit increased by 73 percent

Shares of Nestle India, the food and beverages company well-known in the Indian market for its Maggi brand of instant noodles, jumped nearly 23-fold in the last 10 years due to its consistent performance and market share in key products.

Despite a six-month ban on Maggi in 2015 for high monosodium glutamate (MSG) and lead content, Nestle India regained strength and rallied 149 percent from lows of Rs 5,011 per share hit in March 2016.

Over the last two years, from CY2016 to CY2018, Nestle's revenues have grown 22 percent and net profit has jumped 73 percent.

In 2015, Nestle's profit and topline declined 52 percent and 17 percent year-on-year (YoY), respectively following the Maggi ban. Albeit on a low base, the company's profit has grown a whopping 185 percent on a 38 percent rise in revenue from 2015 to 2018. Nestle follows the January-December financial year.

In the recent quarter ended June 2019, its profit and revenue grew around 11 percent each compared to the same period last year while the bottom line and topline growth in the first half of current year was 10 percent each YoY.

"Nestle has delivered 10 straight quarters of volume and mix-led growth on the back of consistent innovation and renovation, though environment continued to be challenging with headwinds in commodity prices and softer demand conditions," Suresh Narayanan, Chairman and Managing Director said.

The consistent performance has helped Nestle India grab a spot on the Nifty 50, the benchmark index of National Stock Exchange, with effect from September 27.

After a stupendous rally and addition into the Nifty 50, the question is whether it still deserves investor attention? Analysts Moneycontrol spoke to are optimistic about the company's growth prospects.

"Going forward, we expect Nestle's revenues to remain buoyant owing to the continued focus on innovating and renovating its brands, new launches in nutrition segment and emphasis on expanding penetration through expansion in the distribution cycle," Vineeta Sharma, Head of Research, Narnolia Financial Advisors said.

The change in product mix and judicious pricing is expected to cushion the declining margin in the wake of higher input prices.

"We continue to maintain a positive view of Nestle. After inclusion in Nifty, liquidity too will drive the stock price as the weight of consumer staples will increase from 8.5 percent to around 10 percent. Our 12-month target for the company is Rs 13,742," she added.

Prashanth Tape, AVP Research at Mehta Equities also said overall outlook remains optimistic on Nestle's growth despite a slowdown across various sectors in the economy.

He feels fast-moving consumer goods (FMCG) companies have emerged as a safe haven for investors and stay a safe bet in slowdown season, with steady and stable growth in revenues and profits.

"With respect to including Nestle into Nifty index we shoulder it as a better low volatility counter which can be considered upon fulfilling the eligibility criteria for inclusion of stocks in Nifty indices as per NSE revision Methodology," he said.

He is positive on Nestle's long-term growth prospects and advises investors to add at current levels for long term portfolio because he believes Nestle would continue to strengthen its presence by increasing market share, expanding distribution reach in the rural and urban areas, premiumizing and launching innovative products, steady capacity addition, and improved product mix.

On the technical front also, Romesh Tiwari, Head of Research, CapitalAim said the stock is moving from strength to strength and with this momentum, it is likely to touch 12,950 levels.

"I will advise traders to continue to hold on this stock with a stop-loss of 11,964 but no new buying at this stage. Investors should wait for the 11,500 level to buy in Nestle for the short term," he added.

Initially, in August, Nestle said it would soon commence construction of its newest, and ninth factory in India, at Sanand, Gujarat

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A breakout on either side of the band will give a clear indication of the further trend

The Nifty witnessed a V-shaped reversal rally but the gains were capped at 11,150 levels on August 28. On the lower side, as per the change of polarity principle, the short-term moving average -- 20-day EMA -- for the index is currently working as a key reversal point.

Last hour buying on August 28 pushed the price above its important physiological mark of 11,000, which has squeezed the body of the candle with a slightly longer wick on its lower side.

The level of 11,150 is further supported by the Fibonacci ratio on the daily interval for the benchmark index. Currently, the Nifty pack is trading between its 50 (11,200) and 100-EMA (10,800) band on the weekly timeline.

On the Options front, maximum Put open interest (OI) is placed at 11,000 strike. The maximum change in Call OI is seen at 11,100, followed by 11,200 strikes.

The next immediate support for the Nifty is placed at 10,800 levels, while resistance is observed at 11,200 levels. Now, a breakout on either side of the band will give a clear indication of the further trend.

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Vedanta Ltd on Tuesday said it has collaborated with government think-tank Niti Aayog to help improve the quality of life of the people of Kalahandi district of Odisha. NITI Aayog and Vedanta will work together to assist the district by reviewing and co-creating strategic action plans to improve lives of local communities through interventions in health and nutrition, education, financial inclusion, skill development and basic infrastructure related aspects as defined in aspirational districts mandate under the overall development policies of the state government, the company said in a statement.

"Vedanta Ltd signed a Statement of Intent (SoI) yesterday with NITI Aayog to help improve the quality of life of the citizens of Kalahandi district, Odisha, through their CSR fund as part of Aspirational Districts' initiative," the company said.

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Beverage major Coca-Cola has entered India's niche but potentially high-volume non-alcoholic malt drinks market in a big way with its global brand Barbican

The company, which launched a pilot project six months back, focuses on the youth. "We introduced Barbican, non-alcoholic malt-based beverages, in select Indian markets," a senior company official told IANS. 

As part of the pilot, Barbican is imported and available at around 3,000 select outlets across metropolitan cities.

The recent foray is part of Coca-Cola's plan to introduce more healthier options in the F&B segment in India.

The launch became possible after Coca-Cola acquired 50 per cent stake in Middle East-based Aujan Industries' beverages division. 

At present, the company offers a range of beverages, including Coca-Cola, Diet Coke, Thums Up, Fanta, Limca and Sprite.

Anheuser-Busch InBev, Heineken and Kingfisher have already entered this market segment to target the vast untapped market of non-alcohol drinkers in India.

A non-alcoholic malt drink is a high energy beverage, brewed in the same fashion as beer or ale.

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The top Nifty50 gainers include Tata Motors, Tech Mahindra, HCL Tech, Britannia Industries and Infosys while the top losers are YES Bank, ONGC, JSW Steel, Indiabulls Housing Finance and Tata Steel

Benchmark indices have slipped into the red with Sensex down 82 points at 37,558 marks while the Nifty shed 23 points and is trading at 11,082 level.

Metal stocks are under pressure with the index down over a percent dragged by SAIL and JSW Steel down over 2 percent each followed by Tata Steel, Jindal Steel & Power, Hindalco Industries and NALCO.

Bank Nifty shed half a percent, the top losers being RBL Bank which is down over 4 percent followed by YES Bank, IDFC First Bank, HDFC Bank, Bank of Baroda and Kotak Mahindra Bank.

However, Nifty Media added a percent led by Hathway Cable and DEN Networks which jumped 4-6 percent each followed by Network18, Jagran Prakashan, UFO Moviez and TV18 Broadcast.

IT stocks are also buzzing led by Infosys, Tata Elxsi and Tech Mahindra.

India VIX is down 1.19 percent and is trading at 15.82.

Gautam Shah of JM Financial told CNBC-TV18 that the market has gone through a lot of pain in the last few weeks and 12 percent decline from all-time highs is not a big fall.

He believes this is the most unsynchronised bear market so far.

"Nifty appeared very oversold at 10,600 levels and bearish momentum has been arrested for the time being," he said.

The top Nifty50 gainers include Tata Motors, Tech Mahindra, HCL Tech, Britannia Industries and Infosys while the top losers are YES Bank, ONGC, JSW Steel, Indiabulls Housing Finance and Tata Steel.

The most active stocks are YES Bank, Indiabulls Housing Finance, Tata Motors, HDFC Bank and IndusInd Bank.

Among the Nifty50 names, 19 stocks advanced while 31 declined.

112 stocks hit new 52- week low on BSE including Cox & Kings, Reliance Naval and Unitech among others. Stocks to hit 52-week high are Tata Global Beverages, Apollo Hospitals, MCX India, NIIT Tech, Nestle India and Bata India among others.

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The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut

Shares of Hindustan Unilever (HUL) declined 2 percent on BSE on August 28 amid reports that the company cut prices of some of its soaps by as much as 30 percent in a bid to cope with weak demands amid tough competition.

In July, the largest consumer goods company in the country reduced prices of Lifebuoy, Lux and Dove soaps in order to counter weak demands and tough competition, the daily newspaper Mint reported.

On the other hand, the company increased prices of face-washes for brands such as Fair & Lovely, Ponds, Pears and Dove between 4-14 percent, Mint reported referring to an August 27 report by Kotak Institutional Equities.

Moneycontrol could not independently verify the news.

The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut as it expected weak commodity prices to continue.

Shares of HUL traded at Rs 1,829.50, down Rs 32.05 or 1.72 percent on BSE around 0955 hours IST.

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The immediate hurdle for the index is 11,150, and if we close above these levels then we could further witness short covering which could take the index higher towards 11,200-11,250 levels

This week, Indian markets logged sharp gains from its recent lows as Nifty once again reclaimed 11,100 levels on local bourses on the back of some positive announcements made by the finance minister last week, along with the RBI’s decision to transfer 1.76 lakh crore from its reserves to the government.

From the technical front as well, the Nifty has given almost a V-shaped recovery after testing its long-term moving averages on the weekly interval as short-sellers were seen covering their positions.

At the current juncture, Put writers are actively adding open interest in 11,000 Put strike which should now act as strong support for the Nifty from an expiry point of view.

However, on the higher side, 11,150 is the immediate hurdle for the index. If we close above these levels, we could further witness short covering which could take the index higher towards 11,200-11,250 levels.

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Global brokerage HSBC upgraded stock to buyShares of Bharat Heavy Electricals (BHEL) rallied 10 percent intraday on August 27 after it won orders worth Rs 2,500 crore

"Valued at around Rs 2,500 crore, the orders have been placed on BHEL by NTPC," the company said, adding the orders involve supply and installation of flue gas desulphurization (FGD) systems for 13 coal-based units at 2,600 MW Korba STPS Stage I, II & Ill in Chhattisgarh and 2,100 MW Ramagundam STPS Stage I & II in Telangana.

The stock was quoting at Rs 54.65, up to Rs 4.70, or 9.41 percent on the BSE at 1005 hours IST.

Global brokerage HSBC upgraded stock to buy. It sees near-term weakness in business fundamentals of state-owned power equipment maker BHEL, but it upgraded the stock to buy due to steep correction, and balance sheet strength and long-term growth potential.

However, the global brokerage house slashed price target to Rs 60 from Rs 62 per share after lowering earnings estimate by 1-5 percent on lowered order inflow expectations.

"Downside risks include a continued increase in receivables & lower margins," it said.

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The bottom-out effect along with the government's growth-inducing measures were the prime reasons for the Indian equity markets stellar rise on Monday

Experts have said that key indices had bottomed-out last week as investors waited for the government's measures to shore up growth. The steps were announced after market hours on Friday. 

In stock parlance, the bottom-out effect appears when any scrip or index touches the lowest possible point with respect to various market conditions and time periods. 

"Equity markets had bottomed-out on a near-term basis last Friday. Today's rise has come as a result of that trend," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 

"If further steps are taken to usher in growth then the bottom-out effect will last from immediate to medium term period."

Last Friday, Finance Minister Nirmala Sitharaman gave a major economic boost to diverse sectors such as NBFCs, auto, housing, MSMEs, equity markets and banking via a slew of measures on tax surcharge, GST refunds, easier loans and demand generation.

"Multi RSI (relative strength index) divergence, record FPI futures short position and the subsequent reversal candle indicates that a swing low and bottom is in place," Edelweiss Professional Investor Research Chief Market Strategist Sahil Kapoor told IANS.

"The market rose on positive breadth with the corresponding decline in yields and stoppage of rupee depreciation. This indicates that a break above 200DMA (day moving average) for Nifty is likely to take it from 11,400 to 11,600 range."

On Monday, Indian markets advanced sharply on the back of Finance Minister Sitharaman's measures to combat slowdown and improve foreign investor confidence.

Both the Sensex and Nifty surged over 2 per cent as investors rejoiced over what many analysts are dubbing as Sitharaman's "mini-budget". The single biggest push came via the roll-back of the much-criticized tax surcharge on Foreign Portfolio Investors (FPIs).

The BSE Sensex jumped 792.96 points, or 2.16 per cent, to close on Monday at 37,494.12, while the Nifty gained 228.50 points, or 2.11 per cent, to 11,057.85.

The financial sector and public sectors banks (PSBs) led the charge on Monday. The Nifty Financial Service index closed 4 per cent higher, followed by the Nifty PSB index that was up 3.58 per cent. The Nifty Realty index surged by 3.74 per cent.

"The initial set of actions, though small, has enhanced market sentiment and confidence," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The market will trade in a positive bias awaiting further developments regarding additional government measures and US-China trade talks, he added.

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Nifty could move to the immediate resistance level of 11,200 levels, and any close above 11,200 levels would result in further short covering which might push Nifty to levels around 11,400-11,500

Nifty50 surged 229 points on August 26 to post its highest absolute gains since May 20. It closed at 11,058 levels. The move was largely on the back of a series of measures announced by the finance minister on August 23 to build the confidence of the capital markets and the auto industry.

By closing at 11,058 levels on August 26, the Nifty50 conquered its 20-days EMA hurdle for the first time after the budget day. The Nifty50 was facing resistance around its 20 days exponential moving average and reversed south the moment it touched since the breakdown seen on the budget day.

Moreover, on August 23, the Nifty has formed bullish “Piercing line” candlestick pattern on the daily charts. This pattern usually indicates a trend reversal.

The Relative Strength Index (RSI) Oscillator has also formed positive divergence on the daily chart of Nifty and Bank Nifty. In the derivatives, we have seen the first sign of long build-up in the Nifty Futures on August 26.

Amongst the Options, we have seen Put writing at 10,800-11,000 strike prices, indicating strong support around these levels for the coming days.

Unless Nifty closes below it, the trend would be considered bullish for the markets. On the upside, the 11,200 level is likely to act as an immediate resistance where Calls have been written.

This level also coincides with the 200-day SMA which is placed at 11,196 levels. The Nifty Midcap and Smallcap indices also participated in the rally where they gained by 1.58 percent and 2.34 percent respectively.

The Advance decline ratio remained positive for the last two days which is a positive sign. Considering the above indicators, we believe that Midcap/Smallcaps have formed a bottom, and we may see a sharp bounce back from here on.

To conclude, the short-term trend for the Nifty has turned bullish. Therefore, our advice would be to accumulate longs in the Nifty with the stop loss placed below 10,800 levels.

On the higher side, the Nifty could move to the immediate resistance level of 11,200 levels, and any close above 11,200 levels would result in further short covering which might push Nifty to levels around 11,400-11,500.

In the Bank Nifty, one should accumulate long positions with the stop loss of 27,500 levels. On the higher side, the immediate resistance is seen around 28,500 levels, followed by 28,870.

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If Nifty has to regain any strength, the bank index needs to step up. Hence, one needs to closely watch how banking conglomerates perform in the coming week

The market witnessed selling pressure, which pushed the Nifty below the 10,650 marks on August 23. Fortunately, strong buying emerged at lower levels in the following hour and thereafter, the index saw a V-shaped recovery to not only trim all losses but also to enter the positive territory and reclaim the 10,800 marks

We are trading in an extremely oversold zone and reached crucial February lows around 10,600. Technically, we can see the formation of ‘Bullish Piercing’ pattern on the daily chart (in Nifty).

The said pattern will show its significance once the index manages to sustain above 10,900. In this scenario, we can expect further recovery towards 11,050–11,150.

If Nifty has to regain any strength, the bank index needs to step up. Hence, one needs to closely watch how banking conglomerates perform in this week.

For Nifty, the support can be seen around 10,728–10,637 levels. In case of a breach, from these crucial supports, we can see an extended correction in the market.

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Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet's liabilities

The resolution professional (RP) for Jet Airways has received a fresh expression of interest (EoI) from a “known foreign entity”, two people with knowledge of the matter told FE. The committee of creditors (CoC) for Jet Airways will meet on August 26 to consider the proposal, which came in this week. The CoC will also try to resolve the dispute over Siroya Centre, Jet’s headquarters till recently, sources said.

“A fresh EoI was received this week which looks promising. Since it came after the deadline had ended on August 10, it will be taken up for the CoC’s consideration on Monday. Of the three EoIs that were submitted before the deadline, Volcan Investments has officially withdrawn its EoI this week and Avantulo group was not provisionally shortlisted,” one of the persons mentioned above said.

Volcan Investments is the family-owned trust of Anil Agarwal, the founder and executive chairman of Vedanta Resources.

Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet’s liabilities.” Before the August 10 deadline, two other parties — Panama-based Avantulo Group and a Russian entity, Treasury RA Creator — had submitted EoIs.

The CoC will also take up the settlement proposal put forth by the legal counsel for Luckystar, the owner of Siroya Centre, over the disputed premises. Luckystar had approached the tribunal last month seeking to repossess Siroya Centre, the six-storey building which was the headquarters of Jet Airways; the lease expired on June 7. The legal counsel for Luckystar has since put forth a settlement proposal, which, if agreed upon by the CoC, will lead to Jet Airways vacating the premises.

Additionally, the CoC will take up the settlement proposal put forth by HDFC regarding the dispute on keeping Godrej BKC out of Jet’s resolution proceedings. The National Company Law Tribunal (NCLT) will hear both matters on August 28.

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NEW DELHI: Finance NSE 0.15 % Minister Nirmala Sitharaman’s decision to roll back enhanced surcharge on long-term and short-term capital gains will apply to incomes from derivative trades as well

Sitharaman on Friday removed the surcharge on incomes arising from the transfer of equity shares, units of equity oriented-mutual funds and units of business trusts. 

While gains from trading in futures and options (F&O) segment are usually treated as business income, for foreign portfolio investors, they have considered capital gains because derivative exposure taken by these investors are considered as capital assets. 

Friday’s announcement meant tax payable on gains arising from the transfer of these instruments will be also be exempted from the levy of the enhanced surcharge. 

“It is decided that the tax payable on gains arising from the transfer of derivatives (future and options) by FPIs, which are liable to a special rate of tax under Section 115AD, shall also be exempted from the levy of the enhanced surcharge," the government said in a release 

The surcharge, meanwhile, will still be applicable on capital gains from debt instruments and other income such as interest, noted Jairaj Purandare, Chairman, JMP Advisors. 

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Budget carrier IndiGo will restart flight services between Delhi and Singapore from September

Effective from September 12 and September 16, IndiGo will operate its non-stop flights on Delhi-Singapore and second frequency on Delhi-Doha route, respectively. 

"We are committed to strengthening our international operations from Delhi to important destinations in Asia," said IndiGo's Chief Commercial Officer William Boulter. 

"As part of this expansion, we are introducing new flight services between Delhi-Singapore and second frequency on Delhi-Doha route. Singapore today is not only a tourist hub but also a shopper's paradise and there is a huge demand on the route."

At present, IndiGo has a fleet of over 200 aircraft and offers over 1,400 daily flights and connects 57 domestic destinations and 19 international destinations.

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Bharti Airtel, is staying strong and growing and has a robust balance sheet, said broking house, Goldman Sachs

Airtel has a robust balance sheet and a "best-in-class" spectrum footprint position which favours Bharti Airtel for future network roll-outs and market share gains. With declining capex intensity and rising margins on stable revenue growth, we expect Bharti to be FCF (Free Cash Flow) positive in the financial year 2020-21, Goldman Sachs said in a report. 

The report said the telecom operator has a strong wireless business growth potential.

"We forecast a 30 per cent EBITDA growth CAGR for India wireless (46 per cent of FY19E revenue) in FY19-22E driven by market share gains, customer upgrades/better customer monetization in data, and tariff hikes. With a recovery in India wireless, steady growth in Africa, and stable non-wireless businesses, we forecast Bharti to deliver an 8 to 18 per cent revenue/EBITDA CAGR in FY19-22E", it said.

The broking house also said the telco has a solid growth outlook for Africa. "We forecast a 9 to 11 per cent revenue/EBITDA CAGR in FY19-22E for Bharti's Africa business (24 per cent of FY19E revenue) driven by data and mobile money." 

"Its valuation is at t 8.5x CY20E EV/EBITDA, Bharti trades higher than its own historical average (of 7.3x) and its Asian telco peer median (of 7.1x). However, we expect Bharti's EBITDA growth over the next two-to-three years to be more than 3x its Asian telco peers and view a higher multiple as justified; Bharti trades in line with Asian peers on CY21 EV/EBITDA. 

"Our 12-month Discounted Cash Flow-based Trading Price of Rs 415 implies 15 per cent upside; our bull/bear scenarios suggest 40 per cent upside vs. 13 per cent downside."

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The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors of Jet Airways to file an affidavit stating whether it is ready to cooperate with the Dutch bankruptcy administrator which is also pursuing insolvency proceedings against the airline.

The appellate tribunal has directed the CoC to file the affidavit within a week's time.

The debt-ridden Jet Airways is facing insolvency proceedings in The Netherlands too. It was declared bankrupt thereafter it had failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator.

The three-judge bench headed by NCLAT Chairman S.J. Mukhopadhaya will next hear the matter on September 4.

Jet Airways on April 17 announced a temporary suspension of all flight services as it failed to secure interim funding from lenders to maintain even bare minimum operations.

Currently, Jet is under the insolvency process, under which a committee of creditors has invited expressions of interest (EoI) from potential bidders.

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The share touched its 52-week high Rs 234.90 and 52-week low Rs 104.05 on 30 May 2019 and 16 August 2018

Shares of IOL Chemicals and Pharmaceuticals rose nearly 4 percent intraday on August 21 as the company made pre-payment of its term loan.

The company has made the pre-payment of the term loan of Rs 9.52 crore due to banks in addition to scheduled repayment, as per BSE release.

The company has made the pre-payment of the term loan of Rs 107.70 crore till date to reduce the term debt, which remains at Rs 123.45 crore as on date.

IOL Chemicals and Pharmaceuticals was quoting at Rs 189.75, up to Rs 5.65, or 3.07 percent on the BSE.

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The lender held 12.79 percent stake in CG Power and Industrial Solutions as of June 2019

Shares of Yes Bank fell over 5 percent intraday on August 21, hitting their fresh 52-week low of Rs 67.55, following worries over the valuation of stake in Gautam Thapar's CG Power, which has been hit by allegations of financial irregularities

The lender held 12.79 percent stake in CG Power and Industrial Solutions of June 2019.

Shares of CG Power and Industrial Solutions remained on the course of free fall, plunging as much as 20 percent, to hit their fresh all-time low of Rs 11.80 on BSE on August 21.

As per media reports, the Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company after reports of financial wrongdoings came into the light.

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USFDA inspected Vadodara facility between August 12, 2019, to August 20, 2019, for Bioequivalence Bioanalytical and Bioequivalence Clinical

Shares of Alembic Pharmaceuticals added 3 percent intraday on August 21 after the company received no observation from the US Food and Drug Administration (USFDA) for its Vadodara facility

The facility was inspected between August 12 and August 20 for bioequivalence bioanalytical and bioequivalence clinical.

They were issued Form 483s at the end of the inspection.

The share had touched its 52-week high of Rs 664 on September 27, 2018, and a 52-week low of Rs 435.10 on June 21, 2019.

Currently, it is trading 21.84 percent below its 52-week high and 19.28 percent above its 52-week low

Alembic Pharmaceuticals was quoting at Rs 519.00, up to Rs 8.65, or 1.69 percent.

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