Gainers & Losers: 10 stocks that moved the most on August 28
The benchmark Nifty 50 scaled to new record high, but failed to hold on to the gains and ended up closing off its peaks. In a turn of events, the broader market—especially mid and small-cap indices—underperformed the Nifty and Sensex.
A strong rally in IT and healthcare stocks propelled the Nifty 50 to its tenth consecutive session of gains on August 28, while the Sensex also edged up, though only slightly. Market experts attribute this positive trend to several factors, including FIIs turning net buyers and expectations of a US Fed rate cut next month. By the close, the Sensex had risen by 67.50 points or 0.08 percent to 81,779.26, while the Nifty climbed 27.50 points or 0.11 percent to 25,045.30. The market saw 1,726 stocks advance, 2,049 decline, and 85 remain unchanged.
2/11
LTIMIndtree | CMP: Rs 6,114.60 | Shares rose over 6 percent after Kotak Institutional Equities upgraded the stock. This increase also follows the Karnataka High Court’s stay on a Rs 378-crore tax order against the company for alleged non-payment of integrated goods and services tax.
3/11
Tata Elxsi | CMP: Rs 8,180 | The stock fell nearly 9 percent as Kotak Securities reiterated a 'sell' call on the stock citing expensive valuations. Tata Elxsi at 61 times one-year forward earnings is more than adequately factoring in all positives, the brokerage noted.
4/11
Tata Investment | CMP: Rs 7,197 | The stock slipped nearly 3 percent as profit booking seeped in after strong gains in the previous session. In addition, the BSE and NSE also out the stock under the long-term ASM (Additional Surveillance Measure) framework. Separately, exchanges have sought clarification from the company with reference to movement in share volume.
Insecticides India | CMP: Rs 1,015 | Shares surged 9 percent after the company delivered healthy all-around earnings for the April-June quarter. The company's net profit for the first quarter of FY25 surged 68 percent on year to Rs 49 crore while revenue grew 3 percent on year to Rs 657 crore. In addition, premiumisation of products also helped the agrochem company expand its EBITDA margins by 380 basis points on year to 10.9 percent in Q1FY25 as compared to 7.1 percent in Q1FY24.
6/11
GMM Pfaudler | CMP: Rs 1,402.85 | Shares surged 3.5 percent after a block deal involving shares worth Rs 557.3 crore of GMM Pfaudler took place on the exchanges. Around 41.2 lakh shares, representing a 9.2 percent stake in the company changed hands at a floor price of Rs 1,352 apiece, implying a marginal discount to the previous closing price. Moneycontrol could not immediately ascertain the buyers and sellers in the transaction.
7/11
IndusInd Bank | CMP: Rs 1,409 | Shares rose 2 percent after CLSA reiterated an 'Outperform' and noted a potential upside of 28 percent from current levels, setting a target of Rs 1,800.Analysts at CLSA believe IndusInd Bank is well-placed to thrive in a climate of interest rate reductions, and the shares are trading at 20-40 percent discount compared to its peers. Moreover, its asset quality picture looked favourable with no significant changes expected. Nomura too has called the Reserve Bank of India's nod for setting up an asset management subsidiary a positive step for the lender. As the bank enters para banking - services undertaken by banks in addition to routine activities - it potentially paves the way for smaller banks to follow suit, said Nomura.
8/11
DCX Systems | CMP: Rs 345.90 | Shares rallied 5 percent after it secured Rs 187 crore order from overseas customer for supply of electronic kits. The order is said to be executed within 12 months. Earlier this month, DCX Systems secured an order worth Rs 107 crore from domestic and overseas customers for the supply of electronic kits, cables, and wire harness assemblies. The order is expected to be executed within 12 months.
NBCC India | CMP: Rs 195 | Shares jumped nearly 10 percent after the company announced plans to consider a bonus issue of shares. The Navratna Central Public Sector Enterprise informed stakeholders that its board will mull over a bonus issue of shares at its upcoming meeting on August 31. If approved, this will mark the second instance of an issuance of bonus shares by the company. The company had previously issued bonus shares back in February of 2017, when it gave stake holders two bonus shares for each one held.
10/11
Trent | CMP: Rs 7,215 | Snapping a three-day losing run, shares of Trent Ltd climbed 5 per cent in as foreign brokearge Bernstein initiated coverage on seven retail and restaurant sector stocks, with four 'Outperform' ratings, including Trent. Bernstein suggested a target price of Rs 8,100 on the Tata group stock.
11/11
Agro Tech Foods | CMP: 872 | Packaged snack foods player Agro Tech Foods saw its shares jump over six percent after the firm announced Conagra Brands, one of North America's leading branded food companies, has ceased to be part of the promoter entity. However, ATFL continues to have a perpetual license in India for the ACT II brand.
