Gainers & Losers: 10 stocks that moved the most on February 27
Except bank and realty, all sectoral indices ended lower. The BSE midcap index was down 0.6 percent and smallcap index fell a percent from the previous close
The Indian equity benchmark ended lower for the seventh straight session on February 27. At close, the Sensex was down 175.58 points, or 0.30%, at 59,288.35, and the Nifty was down 73.10 points, or 0.42%, at 17,392.70.
2/11
Bajaj Auto | CMP: Rs 3,644.95 | The share price shed over 5 percent on February 27 after the automobile major said it plans to cut down production in the two-and three-wheeler segments by up to 25 percent at its export-focussed plants. The decision is triggered by uncertainties in Nigeria, which is the company's biggest market, the Economic Times reported on February 27, citing multiple sources aware of the development. According to the report, Bajaj Auto is expected to manufacture approximately 250,000-270,000 units in March, significantly lower than its average production of 338,000 units a month during the initial nine months of FY23.
3/11
Uflex | CMP: Rs 358.60 | The stock price fell over 16 percent to nearly two-year lows after income tax authorities reportedly carried out raids at over 70 locations affiliated with the company. A PTI report said fraudulent transactions worth Rs 500 crore have been unearthed, and two premises belonging to the company in Noida (Uttar Pradesh) and Shahdara in Delhi have been sealed. Raids have been carried out at 15 locations outside of Noida, and searches are being conducted at 10 more locations in the National Capital Region (NCR). Searches were on at 66 locations, including those in the NCR, when the reports last came in.
4/11
Mphasis | CMP: Rs 2,049.20 | The share price declined over 6 percent after the company's management said that deal wins were taking longer to convert into revenue in the current macro environment, following which foreign brokerage firm Citi has a 'sell' rating to the stock. Adding to the woes, the company is also facing the ire of freshers on Twitter regarding delays in onboarding. Many have received LoI (letter of intent), which are about to expire soon, but there has been no progress on the hiring front. Citi interacted with CFO Manish Dugar who said that mortgage business would likely remain muted in Q4 and growth will improve only from FY24.
Sanofi India | CMP: Rs 5,890 | The stock jumped over 5 percent on February 27. The drugmaker's net profit increased 45 percent on-year as a strong operating performance offset the 2.3 percent decline in revenue. Its EBITDA margin jumped 635 basis points to 24.84 percent on the back of a fall in input costs. One basis point is one-hundredth of a percent. Elara Capital maintains a bullish view on the stock, giving it a 'buy' call with a target price of Rs 7,000, which reflects a 26 percent upside potential from the February 24 closing price. The brokerage also feels that valuations for the drugmaker are attractive at current levels.
6/11
Venus Remedies | CMP: Rs 163.90 | The scrip ended in the green after the company received good manufacturing practices (GMP) certification from Saudi Arabia for all its production facilities at its unit in Baddi, Himachai Praciesh. The Saudi Food and Drug Authority (SFDA) granted the certification, which included first-time approval for pre-filled Enoxaparin syringes and general injection facilities, and renewed approval for Cephalosporin and Carbapenem antibiotics and liquid and lyophilised oncology drugs, after an extensive review and audit of the company's facilities.
7/11
IRB Infrastructure Developers | CMP: Rs 29.50 | The stock jumped over 5 percent after the company received a letter of award from the National Highways Authority of India (NHAI) for the 'upgradation to six lane with paved shoulder of NH-27 from Samakhiyali to Santalpur section in Gujarat on BOT (Toll) mode.
8/11
Power Grid | CMP: Rs 219.70 | The scrip added over 2 percent after the company's committee of directors on investment approved four projects worth Rs 803.57 crore.
Kalpataru Power | CMP: Rs 530 | The share price added over a percent after the firm successfully completed the sale and transfer of an additional 25 percent stake in Kohima-Mariani Transmission, to Apraava Energy. The company has now transferred an aggregate 48 percent stake in KMTL, with an agreement to sell the balance 26 percent to Apraava after obtaining requisite regulatory and other approvals.
10/11
Ashoka Buildcon | CMP: Rs 75.55 | The stock price ended in the green on February 27 after the firm received a Notification of Award (NoA) from Bangladesh's Ministry of Road Transport and Bridges for a project including the improvement of Baraiyerhat-Heanko-Ramgarh Road by widening & reconstruction of existing pavement.
11/11
Redington | CMP: Rs 170.20 | The stock price was down over 3 percent after Synnex Mauritius offloaded the entire 24.13 percent stake, or 18.85 crore shares, in the company via open market transactions on February 24. Synnex Technology International Corporation, a Taiwan-based company engaged in the sales of computer, communication and consumer products, was the buyer at an average price of Rs 170.45 a share. The stake sale was worth Rs 3,214.54 crore.
