Domestic equity markets were trading higher on Monday’s noon deals. At 1:07 pm, the S&P BSE Sensex was trading with a gain of 230 points or 0.40 per cent at 58,359.95. The Nifty 50 was trading 63.70 points or 0.37 per cent higher at 17,387.30. Meanwhile, certain stocks were in action in either direction based on reports linked to them. Here is a list of few such stocks:

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

See Zee Business Live TV Streaming Below:

Stocks in News

Barbeque Nation: Up 2.44%. Restaurants chain Barbeque Nation Hospitality Ltd on Saturday said it has raised nearly Rs 100 crore through preferential issue of equity shares to three different investors, including Massachusetts Institute of Technology and Motilal Oswal Equity Opportunities Fund among others. The company has allotted 11.7 lakh shares to three investors at a premium of Rs 844 by preferential allotment. Zee Business on August 17, 2021, reported that the preferential issue would be cleared by the exchange soon. The matter was stuck after the PNB Housing Finance case. The valuation report that was shared with the board on July 16, 2021, is less than the preferential allotment rate. 

ICICI Lombard: Down 3.38%. The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has approved the demerger of Bharti AXA General Insurance. Bharti AXA’s general insurance business will be merged with India’s largest private sector general insurer, ICICI Lombard. The final approval for the merger of the two general insurance businesses comes over a year after ICICI Lombard bought out Bharti AXA in an all-stock deal that reportedly valued the latter at over Rs 2,500 crore. The Appointed Date for the Scheme is April 1, 2020. The demerger and transfer of general insurance business, as envisaged in the Scheme, shall be effective within 3 days from the date of the final approval. Besides, IRDAI has also approved ICICI Bank Limited to bring down its stake in ICICI Lombard General Insurance Company Limited to 30%, subject to compliance with the provision of the Insurance Act, 1938 and applicable IRDAI regulations. Presently, ICICI Bank holds a 51.87% stake in ICICI Lombard. 

Bharat Forge: Up 0.69%. The company has decided to consolidate its EV business initiative under KPL, a wholly owned subsidiary of the company for a better strategic alignment. The company has approved the transfer of the company’s stake in Tork Motors Private Limited to KPL in consideration of the subscription of equity shares of the KPL by the company. Through this transfer of shares, Tork will become an Associate Company of KPL. It has also decided to infuse up to Rs 35 crore in KPL for subsequent investment by KPL in Kalyani Precision Machining, Inc. renamed for EV initiatives as Kalyani Mobility, Inc. ("KMI"), KPL thereby acquiring control in KMI. Kalyani Power Train Limited is a wholly owned subsidiary of the company.

M&M Finance: Up 2.57%. The company in its business update for August 2021 said, in August 2021, the business continued its momentum with the disbursement of more than Rs 2,000 Crore for the second month in a row. The total disbursement at ~Rs 2,150 Crore delivered ~57% YoY growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19. The collection efficiency was reported at ~ 97% for August 2021, further improving on 95% reported in July 2021 (collection efficiency in April, May and June was 72%, 67%, 90% respectively). With the opening of the economy and improved mobility, the Company witnessed a meaningful reduction in the NPA contracts during the month as customer cash flows improved. We believe that this is a very encouraging sign. The Company expects this downward trajectory to continue in September and in months to come. The Company enjoyed a comfortable liquidity position on its Balance Sheet as of date.

Reliance Industries: Up 2.43%. Wholly owned subsidiary Reliance Strategic Business Ventures Limited (RSBVL) has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences Private Limited (“Strand”) for a cash consideration of Rs 393 crores. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis. Besides, Reliance Industries is reportedly set to make a $ 570 crore non-binding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator. The company aims to expand its telecom business in the European market. 

HealthCare Global: Up 2.64%. Speciality healthcare service provider in India has announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its ~38.5% stake (on paid-up capital basis and 34.5% on a fully diluted basis) in Strand to Reliance Industries group company. HCG received consideration of ~Rs 157 crore for the sale of its ownership in Strand and acquired labs and clinical research business through a Business Transfer Agreement (BTA) from Strand for consideration of ~Rs 81 crore with a set-off of ~Rs 7 crore towards receivables. The transactions resulted in a net cash inflow of ~Rs 83 crore for HCG in addition to the take-over of the labs and clinical research business. 

Engineers India Ltd.: Up 1.88%. Chennai Petroleum Corporation Limited (CPCL) entrusted the Project for the execution of EPCM-1 with MPMC & EPCM-3 Services for 9 MMTPA Cauvery Basin Refinery (CBR) Project at Nagapattinam, Tamil Nadu to Engineers India Limited (EIL). The total awarded order value is Rs. 1039 Crores with a total project schedule of 42 months for Mechanical Completion.

Jindal Steel and Power Limited: Down 0.14%. At the Extraordinary General Meeting (EGM), the company has received shareholders’ approval for divestment of the entire shareholding of the company in Jindal Power Limited, a material subsidiary of the company. Worldone Private Limited has got approval to sell a 96.42 per cent stake in Jindal Power at Rs 7,401 crore. The deal is expected to be completed by the end of the year. Worldone is the promoter company of JSPL. Besides, the promoter has redeemed 5 lakh pledged shares on August 25, 2021. 

Gokaldas Exports: Up 3.20%. The company has said that it has commenced commercial production at its new manufacturing unit situated in Karnataka after successfully obtaining licences and clearances from all the relevant stakeholders. On achievement of full ramp up and productivity, the unit will contribute about 4.5% to our current capacity. 

Parsvanath Developers: UP 0.67%. The company has re-launched its upsold stock of ready to move-in floors and plots to unlock the value of the project in its fully developed township ‘Parsvnath City’ situated at Jodhpur. The company has also obtained all the necessary sanctions and approvals of its commercial project in the above-mentioned township and applied for its RERA registration. 

Cadila Healthcare: UP 0.03%. Zydus Cadila's Sitagliptin base tablets receive Tentative Approval from FDA. 

Buzzing Stocks

Elpro International: Up 14.91%.  

Sportking India: Up 5%.

PVR: Up 4.26%. 

HEG: Up 1.57%. 

Graphite India: Up 1.52%. 

IEX: Up 4.41%. 

Alok Industries: Up 13%.  

IndiaMART InterMESH: Up 7.99%. 

Venky’s: Up 3.17%. 

SKM Egg: Up 3.99%. 

Bajaj Healthcare: Up 2.07%. 

Jai Corp: Up 8.27%. 

McDowell Holding: Up 9.97%. 

Likhitha Infrastructure: Up 6.33%

Nazara Technologies: Up 2.45%. 

Exxaro Tiles: Up 3.73%. 

Consumer Durable Stocks: Moving up. Stocks like Bajaj Electricals – up 4.63%; Voltas – up 2.76%; Blue Star – up 2.39%; IFB Industries – up 1.74% were trading higher. 

Auto Ancillary stocks: Moving up. Stocks like FIEM Industries – up 6.78%; Federal-Mogul – up 1.53%; Minda Industries – up 3.88%; Bharat Seats – up 0.50% were trading higher. 

Realty Stocks: Moving up. Stocks like Sobha – up 7.38%; Brigade Enterprises – up 4.28%; Mahindra Life – up 2.73%; Oberoi Realty – up 3.91% and Indiabulls Real Estate – up 0.41% were trading higher. 

Tyre Stocks: Moving up. Stocks like CEAT – up 1.29%; JK Tyre – up 1.32%; and Balkrishna Industries – up 1.74% were trading higher. 

Stocks at Life High

IRCTC: Up 4.91%. Meanwhile, the stock hit a life high of Rs 3,040 per stock earlier in the intraday trade today.

Bajaj Electricals: Up 4.09%. Meanwhile, the stock hit a life high of Rs 1,290 per stock earlier in the intraday trade today.

ACC: Up 0.30%. Meanwhile, the stock hit a life high of Rs 2,509 per stock earlier in the intraday trade today.

Wipro: Up 1.43%. Meanwhile, the stock hit a life high of Rs 665.95 per stock earlier in the intraday trade today.

Mindtree: Up 0.89%. Meanwhile, the stock hit a life high of Rs 3,825.85 per stock earlier in the intraday trade today.

Havells: Down 0.12%. Meanwhile, the stock hit a life high of Rs 1,439.80 per stock earlier in the intraday trade today.

Persistent Systems: Up 0.46%. Meanwhile, the stock hit a life high of Rs 3,485 per stock earlier in the intraday trade today.

Titan: Up 0.08%. Meanwhile, the stock hit a life high of Rs 2,032.85 per stock earlier in the intraday trade today.

NALCO: Up 6.34%. Meanwhile, the stock hit a life high of Rs 99.95 per stock earlier in the intraday trade today.

Varun Beverages: Up 3.55%. Meanwhile, the stock hit a life high of Rs 952 per stock earlier in the intraday trade today. 

Zen Technologies: Up 9.98%. Meanwhile, the stock hit a life high of Rs 169.15 per stock earlier in the intraday trade today.

Delta Corp: Up 5.76%. Meanwhile, the stock hit a life high of Rs 220.85 per stock earlier in the intraday trade today.

VST Tillers: Up 0.99%. Meanwhile, the stock hit a life high of Rs 2,751.45 per stock earlier in the intraday trade today.