Gainers & Losers: Stocks that moved the most on September 24

Indian equity indices ended on a flat note in the volatile session on September 24 after Nifty crossing 26,000 for the first time. At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40.

Reliance Power | CMP: Rs 40.05 | The stock surged to hit the 5 percent upper circuit after the Anil Ambani-led company announced a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore at Rs 33 per share, a 14 percent discount to the previous closing price. The issue is proposed to be made to promoter Reliance Infrastructure Ltd and non-promoter entities Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Private Ltd

Sapphire Foods | CMP: Rs 372 | Shares of the Pizza Hut and KFC operator surged 5.5 percent. The stock hit a fresh record high of Rs 401 on NSE intraday, driven by heavy volumes. A large trade occurred in the counter with 8.5 lakh shares or 1.3 percent equity changing hands for Rs 30.5 crore at a price of Rs 355 per share.

Spandana Sphoorty Financial | CMP: Rs 595 | Spandana Sphoorty Financial shares surged almost four percent intraday after the firm sold its stressed loan portfolio for Rs 16.74 crore. It settled half a percent higher. The firm's board approved the sale of stressed loan portfolio, including written-off loans pool, with an outstanding value of Rs 304.41 crore as on June 30, 2024 to an asset reconstruction company (ARC) on a security receipts consideration basis.

Firstsource Solutions | CMP: Rs 334 | Shares of the company, part of the Rs 90,000 crore RP-Sanjiv Goenka Group, surged more than 6 percent after the firm announced that it acquired UK-based Ascensos, a customer experience outsourcing partner for retail and eCommerce businesses, for £42 million, including upfront payment and earnouts.

Sealmatic India | CMP: Rs 620 | Shares surged nearly 3 percent after the company bagged an order from Bharat Heavy Electricals. The order is for engineered mechanical seals for super critical power plant for the DVC Raghunathpur Thermal Power Station Phase. Sealmatic is the only approved vendor for such super-critical applications for the 660 MW power plants at BHEL, other than a few foreign vendors.

Metal Stocks | Metal stocks surged as much as 6 percent after China's central bank announced a slew of measures to boost its ailing economy. The country has been long suffering from a property sector debt crisis, youth unemployment, and faltering demand. The People's Bank of China (PBOC) introduced key initiatives, including plans to lower the reserve requirement ratio, reduce the policy interest rate, and drive down the market benchmark interest rate to stimulate growth. The announcement of these economic measures has sparked optimism for a recovery, especially benefiting metal stocks that depend on a demand rebound in the world's largest importer.

Fusion Finance | CMP: Rs 249.65 | The stock tumbled over 9 percent after international brokerage Investec downgraded Fusion Finance. Global broking firm CLSA followed suit, downgrading the NBFC to 'underperform' from 'outperform' earlier. The microfinance player recently disclosed higher credit costs for the second quarter so far, which indicates that the collection efficiency has not improved over the past two months, after falling towards the end of the first fiscal quarter in FY25.

PB Fintech | CMP: Rs 1,840.20 | Shares of the Policybazaar parent fell more than 4 percent as investors rushed to book profits after a stellar run. The stock has been on a remarkable upward trajectory in recent months, consistently breaking record highs and delivering impressive returns to shareholders. So far this year, the stock has risen 128 percent, more than doubling investors' capital.

Punjab National Bank | CMP: Rs 107.89 | Shares dropped 3.2 percent after the company launched a Qualified Institutional Placement (QIP) where it offered shares at a discount to its current market price. The PSU lender set a floor price of Rs 109.16 per share for its QIP program, launched on September 23. This price reflects a 2 percent discount from the closing market price of PNB shares, which stood at Rs 111.49 apiece on the same date.

IEX | CMP: Rs 211.80 | Shares of the electricity trading platform tumbled 11.5 percent, retreating from their 52-week highs after a news report suggested that the Centre is planning on implementing market coupling for power exchanges. Market coupling is a model where buy bids and sell bids from all power exchanges in India will be aggregated and matched, to discover a uniform market clearing price (MCP).