Markets fell sharply in late afternoon trade as foreign institutional investor (FII) outflows, global cues, and a weakening rupee weighed on investor sentiment.
2/11
Vodafone Idea (Rs 7.75, 3.75%) Shares of Vodafone Idea rose over 5 percent as government waived bank guarantees for past spectrum auctions. The telecom firm has been exempted from providing bank guarantees worth Rs 24,800 crore for spectrum auctions held before 2021 (2012, 2014, 2015, 2016). In a December 28 filing, the company termed the government reform as a "big relief for telecom companies".
3/11
Utkarsh Small Finance Bank (Rs 34.5, -0.09%) Utkarsh Small Finance Bank surged as much as 3 percent after it revealed plans to sell off Rs 355 crore worth of non-performing microfinance loans to asset reconstruction companies. The bank set a reserve price of Rs 52 crore for the assets it is putting up for sale, which would translate into a recovery of 14.64 percent.
4/11
JSW Energy (Rs 642.3, 2.6%) JSW Energy surged over 7 percent after its arm, JSW Neo, signed a definitive agreement with O2 Power to acquire 4,696 MW of renewable energy platform in a $1.47 billion deal. The transaction is expected to boost JSW Energy’s locked-in generation capacity to 24,708 MW.
Greaves Cotton (Rs 288.87, 2.5%) Greaves Cotton shares surged after 43.45 lakh shares, or 1.9 percent of equity, worth Rs 131 crore changed hands at an average price of about Rs 312 per share, as reported by CNBC-TV18. One of its subsidiaries, Greaves Electric Mobility had recently filed draft prospectus for a Rs 1,000 crore public issue. The IPO includes a fresh issue of Rs 1,000 crore and an Offer for Sale (OFS) of up to 18.94 crore shares by existing promoters and shareholders.
6/11
Adani Enterprises (Rs 2,585, 7.3%) Adani Enterprises shares were on fire, surging 7 percent to emerge as the top gainer on the list of Nifty 50 stocks. The sentiment for the stock bolstered after brokerage firm Ventura Securities assigned a price target of Rs 3,801 for the stock within a two-year time frame. The target price translates into an upside potential of nearly 58 percent from Friday's closing.
7/11
Ola Electric Mobility (Rs 85.07, -5.4%) Ola Electric Mobility shares slipped after the slew of high level exits in the company continued with the latest resignations of its Chief Marketing Officer and Chief Technology & Product Officer, whi have stepped down from their roles, effective December 27, citing personal reasons. Both top level executives initially joined Ola's ride-hailing business before transitioning to Ola Electric Mobility.
8/11
Cigniti Technologies (Rs 1,765, -4.6%) Shares of Cigniti Technologies were trading over 6% lower, days after the company announced the merger swap ratio of 1 share of Coforge for every 5 shares of Cigniti Tech. Share swap transaction will lead to 4% dilution in Coforge equity shares. The merged entity will create 3 new scaled-up verticals- Retail, Technology, and Healthcare.
Suzlon Energy (Rs 62.08, -1.9%) Suzlon Energy stock prices tumbled, despite an announcement of an income tax refund that is worth Rs 173 crore. As of 2024, Suzlon Energy's shares have gained over 60 percent despite a recent correction from its peak of Rs 86. Suzlon Energy has successfully overturned a Rs 172.76 crore penalty imposed by the National Faceless Penalty Centre of the Income Tax Department.
10/11
Gujarat Fluorochemicals (Rs 4,106.1, -6.7%) Shares of Gujarat Fluorochemicals tanked after the company reported an incident of gas leak at the Dahej plant on December 28 which resulted in four deaths, involving one employee and three contractual workers. The mishap took place at the CMS-1 plant in Dahej, Gujarat, and was immediately isolated but the operations have been temporarily disrupted, said the company.
11/11
Zinka Logistics Solutions (Rs 507.25, -5%) Global brokerage Morgan Stanley kicked off coverage on recently listed Zinka Logistics Solutions Ltd, giving it an underperform rating with a target price of Rs 450 per share. This indicates a downside potential of around 16 percent from the previous session's closing price. While the brokerage recognizes Zinka's niche position and strong competitive advantages in a fragmented market, it believes the stock's recent rally, which is up 105 percent since its November 2024 listing, makes it less attractive at current levels.
![Vodafone Idea (Rs 7.75, 3.75%) Shares of Vodafone Idea rose over 5 percent as government waived bank guarantees for past spectrum auctions. The telecom firm has been exempted from providing bank guarantees worth Rs 24,800 crore for spectrum auctions held before 2021 (2012, 2014, 2015, 2016). In a December 28 filing, the company termed the government reform as a "big relief for telecom companies".](https://images.moneycontrol.com/static-mcnews/2024/10/20241020172258_Vodafone-IDEA.jpg "Vodafone Idea (Rs 7.75, 3.75%) Shares of Vodafone Idea rose over 5 percent as government waived bank guarantees for past spectrum auctions. The telecom firm has been exempted from providing bank guarantees worth Rs 24,800 crore for spectrum auctions held before 2021 (2012, 2014, 2015, 2016). In a December 28 filing, the company termed the government reform as a "big relief for telecom companies".")
