Among sectors, power, bank, and metal indices fell 1-2 percent, while pharma index rose 0.5 percent.
Benchmark indices ended on a negative note with the Nifty below 16900 in the volatile session on September 28. At close, the Sensex was down 509.24 points or 0.89% at 56,598.28, and the Nifty was down 148.80 points or 0.87% at 16,858.60.
Axis Bank | CMP: Rs 713.50 | The stock price fell over 3 percent on September 28 after a huge block deal where a 0.5 percent stake of the lender changed hands in two bunches, according to a Bloomberg report. However, the buyers and sellers were not known. Around 15.3 million shares or 0.5 percent stake of the bank changed hands in two bunched trades, according to the report.
Power Grid Corporation of India | CMP: Rs 207.30 | The scrip ended in the green on September 28. The company received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).
BHEL | CMP: Rs 57.15 | The stock price added over 2 percent after the firm received an order for setting up the 2×660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement & construction) basis from NTPC.
HG Infra Engineering | CMP: Rs 571.65 | The stock ended in the red amid weak market conditions. HG Infra Engineering’s subsidiary H G Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.
John Cockerill | CMP: Rs 1,255 | The scrip jumped 4 percent after Jindal Steel Odisha Limited entrusted John Cockerill Tndia Limited, with the supply of Continuous Galvanizing Line (CGL-2) to be installed at the client’s Angul, Odisha Works. The contract also includes the supply of spares for two years for the said CGL-2. The total value of the contract of CGL-2 exceeds R 160 crore.
Shriram Transport Finance Corporation | CMP: Rs 1,176.10 | The stock ended in the green on September 28. Shriram Transport Finance Corporation will consider raising of funds by way of issue of redeemable non-convertible debt securities including bonds in the onshore/offshore market on a private placement basis, subject to market conditions, the firm said in an exchange filing.
Future Lifestyle Fashions | CMP: Rs 8.05 | The share price hit a 5 percent lower circuit after Investor Pioneer Investment Fund sold 4.73 lakh equity shares or 0.23% stake in Future Lifestyle Fashions via open market transactions on September 22-23. With this, its stake reduced to 2.20%, from 2.44% earlier.
Motherson Sumi Wiring | CMP: Rs 84.55 | The stock managed to close in the green in a weak market. Motherson Sumi Wiring India’s board of directors will meet on September 30 to consider a proposal for the issuance of bonus shares to the equity shareholders of the company.
Torrent Pharmaceuticals | CMP: Rs 1,494.65 | The stock shed over 2 percent on September 28. The company announced that it is acquiring dermatology company Curatio Healthcare Private Limited for Rs 2,000 crore. Meanwhile, brokerages feel the deal is expensive. According to Credit Suisse, while the acquisition provides scale in the fast-growing derma segment, the cost is high at 23x FY23E EV/EBITDA. The global brokerage firm has an Outperform call with a target price of Rs 1,750 per share. Citi also termed the deal ‘expensive’. It has a ‘Neutral’ rating on the stock with a target price of Rs 1,700 per share. “Curatio is a good strategic fit but it is expensive and earnings dilutive. It can turn out to be 9 percent/5 percent EPS dilutive in FY23/24. It may take 2-3 years to turn earnings accretive,” believes Citi.
Forbes & Company | CMP: Rs 766.05 | The stock hit the 5 percent upper circuit for the second day on September 28 after the company announced the demerger of its precision tools business on Monday. The company in a regulatory filing said a new entity – Forbes Precision Tools and Machine Parts Limited (FPTL) – will be carved out from Forbes & Co. There is no cash consideration involved in the scheme of arrangement that will bring the demerger into effect.
Sandip Das
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
