Benchmark indices Sensex and Nifty took a breather on September 1, closing in green after three consecutive sessions of recording losses. Sensex gained nearly 555 points (over 0.7 percent) to end the session at 80,364.49, while Nifty 50 rose nearly 200 points (over 0.8 percent) to close above the 24,600-mark.
2/10
Ola Electric: Shares of EV two-wheeler makers sharply surged, with Ola Electric shares rising more than 16 percent on positive outcome from the Shanghai Cooperation Organization (SCO) summit in China, and the tailwind from proposed GST reforms that could drive sales. Ola Electric shares closed at Rs 16.5 apiece.
3/10
BSE: The shares of capital market stocks surged amid a broader uptrend in the markets. After three consecutive sessions of closing in the red, benchmark indices Sensex and Nifty were trading in green as strong GDP numbers and other key factors boosted investor sentiment. BSE shares jumped more than 4% to close at Rs 2,187 apiece.
4/10
Bajaj Auto: Shares of Bajaj Auto Ltd climbed 4% on following a 5% year-on-year rise in total sales for August, marking the company's strongest monthly growth in three months. Notably, two-wheeler sales saw their first increase in that period, driven solely by export demand, while domestic shipments declined for the third month in a row. In August, Bajaj Auto dispatched 341,887 two-wheelers, reflecting a 2% annual increase. However, sales within India dropped by nearly 12% to 184,109 units. In contrast, exports surged by 25% to 157,778 units, the highest since November, when overseas sales reached 164,465 units. Exports made up 46% of the total two-wheeler sales in August—higher than the 38% share a year earlier, but lower compared to 53% in July and 50% in May.
Mphasis: IT stocks took the spotlight, as shares of major players including Mphasis, Coforge, Infosys, Tech Mahindra, Persistent Systems, TCS, and Wipro gained. The rally came after India’s GDP grew 7.8 percent in the June quarter, lifting overall market sentiment on Dalal Street. Analysts believe micro factors are aligning in favor of Mphasis, and any macro support from interest rate cuts would provide additional tailwinds for growth. Morgan Stanley expects Mphasis to narrow its valuation gap with mid-cap peers as revenue growth picks up.
6/10
Premier Energies: Shares of Premier Energies gained as much as 4%, as the one-year lock-in on a large chunk of its shares comes to an end, unlocking stock worth more than Rs 18,000 crore. According to Nuvama Alternative and Quantitative Research, nearly 185.2 crore shares, or 41 percent of the company’s equity, will become eligible for trade. Based on Friday’s close, this works out to Rs 18,347 crore.
7/10
Suzlon Energy: Shares of Suzlon Energy rose around 3%, extending gains for a second session on Monday after Motilal Oswal reiterated its bullish stance on the wind turbine maker, setting a target price of Rs 80, implying a 42 percent upside from the last close of Rs 56.43. The brokerage hosted Suzlon’s Group CEO J.P. Chalasani, who reaffirmed his long-term commitment to the company, noting that his role carried no defined sunset clause and was driven by the goal of scaling up the business. He also said the appointment of a new CFO is in its final stages.
8/10
PG Electroplast: Shares of PG Electroplast surged 4% after its subsidiary, Next Generation Manufacturers, entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra. The agreement entails setting up a Rs 1,000 crore greenfield consumer electronics facility at Kamargaon in Ahilyanagar. This upcoming project is part of the state’s Magnetic Maharashtra initiative and aims to develop integrated manufacturing capacities for air conditioners, washing machines, refrigerators, and related products.
Torrent Power: Shares of Torrent Power rose 3% after the company got order to develop coal power plant in Madhya Pradesh. On August 30, Torrent Power announced it has received Letter of Award (LoA) from MP Power Management Company Limited (MPPMCL) for long-term procurement of power from 1,600 MW new coal-based power plant. The LoA is received pursuant to the company’s participation in the competitive bidding process, conducted by MPPMCL, at a tariff of 5.829 Rs/kWh.
10/10
Sterlite Tech: Optical fiber cables company Sterlite Tech's shares dropped around 6 percent, after an exchange filing said an American company - Prysmian Cables - has filed a lawsuit against STL's US subsidiary over breach of non-compete and confidentiality agreements. Prysmian Cables and Systems USA, LLC sued the company and Stephen Szymanski, an employee of Sterlite Tech Inc over violation of 'certain non-compete and confidentiality agreements', which have provided Sterlite Tech with an 'alleged unjust competitive advantage', an exchange filing said.
