Movers & Shakers on D-Street: Sun Pharma, Goodyear India, Balrampur Chini, Havells India, Idea Cellular, Manappuram Finance

Shares of Sun Pharmaceutical declined over 5 per cent to Rs 573.60 after the US Food and Drug Administration banned imports from Indian generic drugmaker’s plant at Karkhadi in Gujarat, in the latest blow for India’s drug sector over quality.

Angel Broking has given an ‘Accumulate’ rating on Goodyear India and set a target of Rs 472 on the back of strong growth in tractor tyre market in CY2013 and decline in rubber prices. Shares of Goodyear ended marginally lower at Rs 417.

Sugar stocks rallied after domestic sugar futures rose to their highest in more than eight months. Balrampur Chini’s stock rose 10.39 per cent to Rs 54.70, while Bajaj Hindusthan gained 10.45 per cent to Rs 15.32. Triveni Engineering shot up over 14 per cent to Rs 17.80.

Barclays has maintained its ‘Buy’ rating on Havells India with a target price of Rs 900 as it estimates a CAGR of 19 per cent for FY13-16E PAT for the domestic business based on stable demand for consumption-oriented products. The shares of Havells India declined marginally to Rs 845.

Manappuram Finance shares gained by 1.13 per cent to close at Rs 22.30 after it signed definitive agreements to acquire Milestone Home Finance Company from Jaypee Hotels, subject to relevant regulatory approvals.

Goldman Sachs has maintained ‘Buy’ rating on Idea Cellular with target price of Rs 170 as Idea trades at 5.7 times FY15E EV/EBITDA (Asian telco average is 6.7X), but offers an FY13-16E EPS CAGR of 46 per cent (vs Asian telcos’ average of 8 per cent). Idea’s shares fell 1.31 per cent to Rs 140.

Motilal Oswal has initiated coverage on Alembic Pharma with ‘Buy’ rating and a target of Rs 350. With improving business and strong earnings growth, Alembic Pharma is a potential re-rating candidate, the brokerage said. Shares of Alembic Pharma rose 3 per cent to Rs 265.