Benchmark indices ended flat amid high volatility session on February 23. At close, the Sensex was up 7.09 points or 0.01% at 49,751.41, and the Nifty was up 32.10 points or 0.22% at 14,707.80. Here are 10 stocks that moved the most:
Tata Motors | CMP: Rs 324.70 | The share price was up over 6 percent after global research firm CLSA has maintained its buy call on the stock and has raised the target to Rs 400 per share. It has also raised FY22-23 EPS estimates by 4 percent driven by higher volume and better margin for India business. Tata Motors expects the domestic passenger vehicles industry to grow in double digits in 2021-22 on the back of continued robust demand momentum.
Reliance Industries | CMP: Rs 2,026.20 | The stock added a percent after the company announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. The company said it will retain 100 percent management control of the subsidiary. According to global brokerage firm Morgan Stanley, this reorganisation will lead to RIL carving out the O2C business as a separate subsidiary and support strategic partnerships and new investors in the business. It has kept overweight rating on the stock with a price target of Rs 2,252 per share. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Moneycontrol.com
Bharat Forge | CMP: Rs 607.50 | The stock price added 3 percent after the company bagged an order worth Rs 178 crore from the Indian Ministry of Defence for the supply of Kalyani M4 vehicles. Paramount Group and Bharat Forge announced cooperation to manufacture armoured vehicles in India. An agreement was signed by both companies during the International Defence Expo held in Abu Dhabi, the company said in an exchange filing.
Zuari Agro | CMP: Rs 107.65 | The scrip surged over 17 percent after the company decided to sell its fertiliser plant in Goa to Paradeep Phosphates. The Board of Directors of the company at its meeting held on February 22, 2021, approved the sale of the company’s fertilizer plant in Goa and associated businesses of the company to Paradeep Phosphates Limited as a going concern, on a slump sale basis for an agreed enterprise value of USD 280 million as defined in the Business Transfer Agreement and for entering into necessary Business Transfer Agreement with PPL, the company said in an exchange filing.
Cochin Shipyard | CMP: Rs 382.05 | The stock jumped over 9 percent after the company was declared lowest bidder by the Indian Navy for construction of six missiles. The company in a separate filing to the exchanges also informed that the Board of Directors of Cochin Shipyard Limited at their meeting held on February 12, 2021, has declared a second interim dividend of Rs 4.00 per equity share for the financial year ended March 31, 2021.
Gayatri Projects | CMP: Rs 42.30 | The share price jumped over 9 percent after the company received Letter of Award worth Rs 1323.52 crore from National Highways Authority of India, New Delhi for the development of six lane access controlled in Uttar Pradesh portion of Delhi Saharanpur Highway on EPC mode.
Tata Communications | CMP: Rs 1,043 | The stock price gained 2 percent after the Competition Commission of India (CCI) approved acquisition of shares of Tata Communications by Panatone Finvest Ltd. The proposed deal envisages acquisition of shareholding not exceeding 26.12 percent by Panatone Finvest Ltd in Tata Communications.
Hindalco Industries | CMP: Rs 334.15 | The scrip was up over 5 percent after the company announced plans to trim its debt by a massive USD 2.9 billion by the end of 2022. The company said that there will be an enhanced focus on higher shareholder returns. It plans to achieve through higher capital appreciation arising from increased earnings, lower leverage and increased dividends.
Sun Pharmaceutical Industries | CMP: Rs 603.50 | The stock ended in the green after the company announced that it will introduce the complete range of Brivaracetam dosage forms at an affordable price for epilepsy treatment in India. Brivaracetam is approved by DCGI as an adjunctive therapy in treatment of partial-onset seizures in patients 16 years of age and older with epilepsy.
Info Edge | CMP: Rs 5,051 | The share price added a percent on February 23. Info Edge said its investee company Zomato has raised USD 250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at USD 5.4 billion. “Zomato Pvt Ltd has closed a primary fundraise of USD 250 million from five different investors…The transactions valued Zomato at a post-money valuation of USD 5.4 billion,” Info Edge said in a regulatory filing.