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The benchmark indices gave up early gains to close lower on August 24. The Sensex was down 180.96 points or 0.28 percent at 65,252.34, and the Nifty was down 57.30 points or 0.29 percent at 19,386.70. About 1,707 shares advanced, 1,784 declined and 163 were unchanged.
Coforge | CMP Rs 5,375 | The stock gained over 9 percent after 1.54 crore shares, worth Rs 7,329.3 crore, changed hands in a block deal. While the buyers and sellers were not known immediately, CNBC-Awaaz had earlier reported that Hulst BV was looking to offload its entire 26 percent stake in the mid-sized IT firm. The floor price of the deal was likely fixed at Rs 4,550 per share, at a 7.4 percent discount to the August 23 closing price of Rs 4,901.95. The Netherlands-registered Hulst BV is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia).
Jio Financial Services | CMP Rs 213 | The stock was locked in a 5 percent lower circuit for the fourth session on August 24. It has been on a decline since its listing, as passive funds sell shares, pre-empting its exit from the Nifty and the Sensex.
Gujarat Ambuja Exports | CMP Rs 257 | The stock jumped 5 percent after the processed agro-goods producer announced that it had received the approval to set up a greenfield corn wet milling plant in Gujarat’s Himmatnagar from the state’s pollution control board. The company told exchanges that the proposed facility would have the capacity to process up to 900 tonnes per day (TPD). “This is supposed to expand the aggregate maize processing capacity of the company through its five facilities to 6,000 TPD,” the company said.
Centum Electronics | CMP Rs 1,766 | The stock jumped nearly 8 percent after the successful landing of Chandrayaan-3 on the moon. Centum was a key industrial partner to ISRO for electronics on the prestigious moon mission and supplied critical modules and systems. Centum Electronics released its Q1 results on August 11, the consolidated revenue of the company increased by 17 percent YoY mainly due to an increase in the electronics manufacturing services (EMS) business.
Suzlon Energy | CMP Rs 21 | The shares closed 2 percent lower. Earlier, the company announced winning an order from Integrum Energy Infrastructure for a 31.5 megawatt wind power project. The renewable energy company is expected to install 15 units of its S120 – 140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 megawatt each in Maharashtra and Karnataka. “A project of this size can provide electricity to nearly 20 thousand households and curb approximately 0.81 lakh tonnes of CO2 emissions per year. Electricity generated from the project will be used for captive consumption. The project is expected to be commissioned by May 2024,” CEO JP Chalasani said.
IPCA Laboratories | CMP Rs 883 | The stock was up a percent after the bulk drug and formulations maker announced it had received voluntary action indicated (VAI) classification from the United States Food and Drug Administration (USFDA) for its Piparia (Silvassa) manufacturing unit. “This classification means that the facility was found to be adhering to a minimally acceptable state of compliance with regards to current good manufacturing practice,” the company said.
Procter and Gamble | CMP Rs 5,086 | The scrip tumbled 5 percent after disappointing June quarter financial results. The FMCG company reported net profit at Rs 29.8 crore for the quarter ended June FY23 (Q4FY23), falling 28 percent compared to the year-ago period due to higher material costs and one-time employee costs. Revenue grew 1.8 percent year-on-year to Rs 301.2 crore during the quarter. The company announced a final dividend of Rs 50 a share for the financial year ended June 2023, a BSE filing said.
Max Financials | CMP Rs 904 | The stock closed 3 percent higher after a huge block deal. Around 3.6 percent stake, or 11.3 million shares, of the company changed hands in two bunches, according to Bloomberg. However, the details of the buyers and sellers were not known. Surging over 48 percent in the past five months, the stock has stood out as a leading performer within the insurance sector. Its revaluation owes much to its inclusion in the MSCI India Standard Index this June. Nuvama’s assessment points towards an anticipated inflow of $312 million and the incorporation of 47 million shares due to Max Healthcare’s inclusion in the MSCI Global Standard Index. Max Healthcare will hold a weight of 0.52 within the index.
Vascon Engineers | CMP Rs 62 | The stock traded 3 percent higher after the company received an order worth Rs 605.7 crore from the Bihar government. Vascon Engineers has received a Letter of Acceptance from Bihar Medical Services & Infrastructure Corporation Limited for the construction of Lohia Medical College & Hospital, including a hospital and residential building. The work has been awarded on ‘EPC basis’ and has to be completed within 36 months from the date of receipt of the Letter of Acceptance.
Ramkrishna Forgings | CMP Rs 667 | The stock gained 2.5 percent after the company secured a Rs 156 crore contract to supply transmission and engine components to a Eurasian farm equipment customer. The contract extends over a period of four years, resulting in an annual contract valued at around 4.31 million euros, the company said. Under the terms of this agreement, the company will be supplying top-quality forged and machined components, catering specifically to transmission and engine parts.
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