Gainers & Losers: Stocks that moved the most on September 2
The broader market lagged behind the benchmark indices, with the BSE Midcap ending flat and the Smallcap index falling 0.5 percent. Despite concerns over high valuations and some stocks experiencing exponential growth, the broader market continues to outperform the Nifty's year-to-date gains.
Benchmark indices Nifty and Sensex closed on a positive note, reaching another record closing high but ended off their highs after a rally in FMCG and bank stocks boosted sentiment amid a volatile session. Metal and Pharma stocks edged lower, dampening the overall mood slightly. At close, the Sensex was up 194 points or 0.2 percent at 82,559 and the Nifty was up 37 points at 25,273. About 1,684 shares advanced, 2,191 shares declined, and 133 shares were unchanged.
2/11
HPCL | CMP: Rs 427.95 | Shares rose over 2 percent on the back of a decline in Brent crude prices, which is likely to aid their margins. Brent crude prices have fallen close to 7 percent in five sessions amid a decline in demand from China, the world's largest oil importer. Furthermore, expectations of an increase in OPEC+ production starting in October to make up for a significant decline in output from Libya, have added pressure on oil prices. A decline in crude prices benefit oil marketing companies (OMCs) as it reduces their input costs and give then more leeway to make higher margins as they can maintain or even increase the prices of refined products like petrol and diesel.
3/11
Hero MotoCorp | CMP: Rs 5,575 | Shares rose over 2 percent as investors rejoiced at the company's better-than-expected monthly sales number for August. The two-wheeler manufacturer's total sales rose 5 percent on year to 5.12 lakh units as against 4.88 lakh units in the base period. The sales number was even better than CNBC-TV18's estimate of 4.89 lakh units.
4/11
One 97 Communications | CMP: Rs 610.75 | Shares of the Paytm parent fell nearly 2 percent as investors booked profits after the recent rise that had taken the stock higher by over 15 percent in two sessions. Much of the gains are courtesy of a 12 percent surge on Friday, after last week's go ahead on downstream investment in Paytm Payments Services. On August 28, Paytm Payments Services received a nod from the Finance Ministry for 'downstream investment' from its parent company, One 97 Communications, as per the company's exchange filing.
Gujarat Gas | CMP: Rs 674.45 | Shares of Gujarat Gas soared over 11 percent after the board of Gujarat Gas approved a scheme of arrangement and amalgamation, involving Gujarat State Petroleum Corporation, GSPC Energy, and Gujarat State Petronet merging into Gujarat Gas, causing brokerages rushing to upgrade their the target prices on the city gas distribution player.
6/11
Dr Reddy's Labs | CMP: Rs 6,868 | Dr Reddy's shares fell over 2 percent after the Chinese drug regulator National Medical Products Administration of China (NMPA) decided suspended the import, sale, and use of the pharma giant's Atomoxetine Hydrochloride capsules.
7/11
Dixon Technologies | CMP: Rs 12,627 | Shares fell over 4 percent after the company said that growth for FY25 will be slow due to its current ramp-up phase. The company indicated that the expected slowdown in growth is a result of ongoing adjustments and expansions.
8/11
MOIL | CMP: Rs 383.40 | Shares fell over 4 percent after the company announced a revision in the prices of manganese ore and other products, effective from September 1. For September 2024, prices for all Ferro grades of manganese ore with a manganese content of 44 percent and above have been decreased by 20 percent from their levels as of August 1. Similarly, Ferro grades of manganese ore with manganese content below 44 percent have seen a price decrease of 15 percent.
Rossell India | CMP: Rs 590 | Shares surged over 4 percent following the effective demerger of its aerospace and defence businesses. This comes after Rossell India and Rossell Techsys Ltd filed important documents with the Registrar of Companies, officially putting their Scheme of Amalgamation into effect. The news boosted investor confidence and drove up the share price.
10/11
Indian Hume Pipe | CMP: Rs 561.20 | Shares soared by 4.5 percent to reach a record high following the announcement of a significant Rs 828 crore work order from the Tapi Irrigation Development Corporation in Jalgaon, Maharashtra.
11/11
Thangamayil Jewellery | CMP: Rs 2,239 | Shares jumped nearly 10 percent after brokerage firm HDFC Securities initiated coverage on the stock with a 'buy' rating and kept a target price of Rs 2,500.
