Gainers & Losers: 10 stocks that moved the most on March 13
All sectoral indices ended in the red as the market plunged around 1.5 percent on weak global cues. The BSE midcap index shed 1.8 percent and smallcap index fell 2 percent
The equity benchmarks ended lower for the third consecutive session on March 13. At close, the Sensex was down 897.28 points, or 1.52 percent, at 58,237.85, and the Nifty was down 258.60 points, or 1.49 percent, at 17,154.30.
2/11
IndusInd Bank | CMP: Rs 1,060.85 | The scrip fell over 7 percent after foreign brokerages were left puzzled following Sumant Kathpalia’s reappointment as IndusInd Bank managing director and chief executive officer for two more years instead of three. The bank’s board had in September 2022 approved the re-appointment of Kathpalia with effect from March 24, 2023 up to March 23, 2026. After six months, the RBI’s nod has come for only two years, contrary to Street expectations. Following this, JPMorgan downgraded the stock to a "neutral" rating and cut its target to Rs 1,060 a share. “In the current environment of tightening liquidity, the reappointment for only two years could place the bank at a disadvantage,” the broking firm said. According to Jefferies, the lower extension may mean a slight pullback on growth and a deferred re-rating. It has trimmed the loan growth estimate by 100 basis points for FY24-25.
3/11
Mahindra CIE Automotive | CMP: Rs 363 | The stock price declined over 7 percent following reports of promoter Mahindra & Mahindra selling a 4.6 percent stake in the auto ancillary. According to a CNBC-TV18 report, the floor price for the stake sale was likely to be set at Rs 355 a share, which is lower than the current market price. The base size of the block deal was likely to be Rs 615 crore with a 60-day lock-up period on further sale of shares.
4/11
ELGI Equipments | CMP: Rs 477.50 | The share price gained almost 2 percent after the company announced that its wholly owned US subsidiary Elgi Compressors USA Inc entered into an operating agreement to pick up 33.33 percent in CS Industrial Services LLC, a North Carolina limited liability company. Brokerage firm ICICIdirect expects the company's expansion in new international markets to drive its long-term incremental growth as the rest of the world contributed nearly 50 percent to its revenue in FY22.
Hindustan Aeronautics | CMP: Rs 2,801.90 | The scrip shed a percent on March 13. The company announced winning a Rs 667 crore order from the defence ministry. “The Ministry of Defence, on March 10, 2023, signed a contract for procurement of six Domier-228 aircraft for the Indian Air Force (IAF) from Hindustan Aeronautics Limited (HAL) at a cost of Rs 667 crore,” the company said in a regulatory filing.
6/11
ICICI Lombard General Insurance | CMP: Rs 1,080.90 | The stock ended in the green after the Reserve Bank of India gave the nod to the ICICI Bank's request for extending the deadline for diluting its stake in the general insurer to less than 30 percent until September 9, 2024. As of December 2022, ICICI Bank held a 48.02 percent stake in ICICI Lombard General Insurance. Section 19(2) of the Banking Regulation Act limits a bank's shareholding to 30 percent of a company's capital, unless the company is a subsidiary of the bank.
7/11
Tata Chemicals | CMP: Rs 967 | The stock ended in the red following mayhem in the Indian stock market. Rating agency Fitch has revised the outlook on Tata Chemicals’ long-term foreign-currency issuer default to ‘positive’ from ‘stable’ and has affirmed rating at ‘BB+', as per Bloomberg.
8/11
GMDC | CMP: Rs 140 | The share price ended in the red on March 13 amid weak market conditions. Gujarat Mineral Development Corporation (GMDC) emerged as the highest bidder for two coal mines in Odisha in the recently concluded commercial coal block auction, the company said. GMDC has won the bids for Odisha’s Burapahar Block in the Sundargarh district having a geological reserve of 548 million tonnes and the Baitarani (West) block in the Angul district with a reserve of 1152 million tonnes.
Aster DM Healthcare | CMP: Rs 231.70 | The stock ended in the green after Aster DM Healthcare subsidiary Aster Pharmacies Group LLC incorporated a joint venture, Aster Arabia Trading Company LLC in Riyadh, Saudi Arabia. Aster Arabia Trading Company LLC will operate a pharmacy chain across Saudi Arabia to sell pharmaceutical and non-pharmaceutical products under Aster Pharmacy brand. Aster Pharmacies Group LLC has acquired a 48.995 percent stake in Aster Arabia Trading Company LLC.
10/11
TCI Express | CMP: Rs 1,538 | The scrip ended in the red on March 13. Promoter Vineet Agarwal bought an additional 2.65 percent stake in TCI Express through off-market transactions on March 9. With this, Agarwal's shareholding in the company has increased to 5.24 percent, from 2.59 percent earlier.
11/11
Steel Authority of India | CMP: Rs 86.90 | The stock price ended in the red amid weak market conditions. The board members of the company on March 16 will consider an interim dividend for the financial year 2022-23.
