Gainers & Losers: 10 stocks that moved most on March 24 Nifty Auto and Bank Nifty shed over 3 percent each. The Nifty has failed the setup of higher lows of last two trading sessions and broken its 50 DEMA. Weakness swept across the Street and the index settled the day with losses of over 250 points.
March 24, 2021 / 05:09 PM IST
The Indian stock market ended in the red on March 24 with Sensex tumbling 871.13 points or 1.74 percent to 49180.31, and the Nifty shedding 265.40 points or 1.79 percent to 14549.40. All sectoral indices barring pharma ended in the red with the metal index tumbling over 3 percent. Nifty Auto and Bank Nifty shed over 3 percent each. The Nifty has failed the setup of higher lows of the last two trading sessions and broken its 50 DEMA. Weakness swept across the Street and the index settled the day with losses of over 250 points. “The Nifty needs to cross and hold above 14,675 zones to witness an up move towards 14,800 and 14,900 zones, while on the downside immediate support exists at 14,450 then 14,350 zones,” said Chandan Taparia of Motilal Oswal Financial Services.
Rail Vikas Nigam | CMP: Rs 27.65 | The share price fell over 9 percent as the government said it will sell 208,502,010 equity shares (or 10 percent of total paid-up equity) of Rail Vikas Nigam via offer for sale route on March 24-25. In case of oversubscription, the government will sell additional 104,251,005 equity shares (or 5 percent shareholding) in the company. The floor price for the offer has been fixed at Rs 27.50 per share. "Offer for Sale in RVNL opens on March 24 for Non Retail investors. Retail investors can bid on Thursday. The government will divest 10 percent equity with a 5 percent Green Shoe option," Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said in a tweet on March 23.
Adani Green | CMP: Rs 1,297.10 | The scrip ended in the red on March 24. The company signed a share purchase agreement for the acquisition of a 100 percent stake in two SPVs. ".... today announced that it has signed a share purchase agreement for the acquisition of 100 percent stake in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company," the company said in the release.
Glenmark Pharma | CMP: Rs 458.80 | The share ended in the red on March 24. The company received USFDA approval for Chlorpromazine Hydrochloride tablets. "... has received final approval by the United States Food & Drug Administration (USFDA) for Chlorpromazine Hydrochloride Tablets USP, 10 mg, 25 mg, 50 mg, 100 mg, and 200 mg, the generic version of Thorazine Tablets, 10 mg, 25 mg, 50 mg, 100 mg, and 200 mg, of GlaxoSmithKline," the company said in a release. Glenmark has been granted a competitive generic therapy (CGT) designation for Chlorpromazine Hydrochloride Tablets USP, therefore, with this approval, Glenmark is the first approved applicant for such competitive generic therapy and is eligible for 180 days of CGT exclusivity upon commercial marketing, it added.
Adani Ports | CMP: Rs 708.75 | The scrip shed 4 percent on March 24 amid profit booking. The country's largest private multi-port operator said last week that it will acquire a controlling interest in Gangavaram Port (GPL) from DVS Raju and family for Rs 3,604 crore taking its stake in GPL to 89.6 percent. “Adani Ports and Special Economic Zone (APSEZ), India's largest private ports and logistics company, is acquiring the 58.1 percent stake held by DVS Raju and family in Gangavaram Port Limited (GPL),” the company said in a statement.
Hero MotoCorp | CMP: Rs 3,032 | The share price ended lower by a percent on March 24. The 2-wheeler manufacturer announced an increase in ex-showroom prices of its motorcycles and scooters with effect from April 1. The price hike has been necessitated to partially offset the impact of increased commodity costs, the company said in a BSE filing. The price increase across the range of two-wheelers will be up to Rs 2,500, and the exact quantum of the increase will vary on the basis of the model and the specific market.
Adani Enterprises | CMP: Rs 1,021.55 | The stock fell over 3 percent on March 24. Adani Road Transport a wholly-owned subsidiary of Adani Enterprises announced the award of one more Hybrid Annuity Mode (HAM) Road Project from the National Highways Authority of India (NHAI). The project includes four-laning of NH-365A from Kodad to Khammam in the state of Telangana under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM).
Rossari Biotech | CMP: Rs 1,070.10 | The stock price fell 3 percent. The company's board approved the issuance of 3,012,046 equity shares on a preferential basis at a price of Rs 996 per equity share. The company raised nearly Rs 300 crore through the preferential allotment to SBI Mutual Fund, Ramesh Siyani, Arpit Kbandelwal, Malabar Select Fund, Malabar India Fund, Malabar Value Fund and India Acom Fund. SBI Mutual Fund's shareholding in the company increases to 7.04 percent from 5.51 percent post the preferential allotment, Malabar India Fund's stake rises to 1.66 percent from 1.23 percent, Malabar Value Fund (up at 0.26 percent from 0.10 percent) and India Acom Fund (up at 1.28 percent from 0.68 percent), while Ramesh Siyani and Arpit Khandelwal's shareholding stood at 0.82 percent each and Malabar Select Fund's at 0.71 percent.
Cadila Healthcare | CMP: Rs 426 | The stock price ended a percent lower on March 24. Cadila Healthcare Limited and its subsidiary Zydus Pharmaceuticals (USA) Inc. (Zydus Cadila) announced it has reached an agreement with Celgene Corporation (Celgene), a wholly-owned subsidiary of Bristol Myers Squibb relating to patents for REVLIMID (lenalidomide).
Grasim Industries | CMP: Rs 1,387.60 | The scrip shed a percent on March 24. The Board of Directors of Grasim Industries at its meeting held on March 24 approved raising of funds by availing of term loans or by an issue of debt securities including but not limited to the issuance of foreign currency-denominated bonds or debentures or any other securities which may be issued in one or more tranches, in India or overseas, within the overall borrowing limit of Rs 10,000 crore on a private placement basis or otherwise.
India Glycols | CMP: Rs 449 | The share price ended down over 3 percent on March 24. India Ratings & Research has placed India Glycols' Long-term Issuer Ratings of 'A-' on Rating Watch Positive (RWP) on account of a likely improvement in the company's financial profile and liquidity after the divestment of its bio-ethylene oxide derivatives business. The Rating Watch Positive indicates the ratings may be affirmed or upgraded upon resolution. India Ratings will resolve the watch on completion of the divestment and receipt of further clarity on the post-divestment profile.