Gainers & Losers: 10 stocks that moved the most on July 24

The equity benchmarks were trading flat on July 24, with the Sensex ending 0.45 percent lower at 66,384.78, and the Nifty ending 0.40 percent lower at 19,666.50. About 1,730 shares advanced, 1,874 declined and 147 remained unchanged.

Biocon Ltd. |CMP Rs 249.50 | Biocon shares were down 5.5 percent on July 24 after the company received six observations from the US Food and Drug Administration (USFDA). The US FDA conducted two cGMP inspections at Biocon Sdn. Bhd’s insulin manufacturing facility in Malaysia, encompassing biologics drug substances, drug product units and quality control laboratories, as well as the delivery devices unit.

NHPC Ltd. |CMP Rs 49.90 | Shares of NHPC rose 6 percent on July 24 as the Arunachal Pradesh government approved for allotment of Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW) to the company. NHPC commenced construction work on the Subansiri Lower hydroelectric project in January 2005 after obtaining forest clearance on October 12, 2004. However, due to agitations and protests by local stakeholders, the project construction work was stalled from December 2011 to October 2019. Construction resumed on October 15, 2019, after clearance from the NGT.

Power Finance Corporation Ltd. |CMP Rs 239.75 | Shares of Power Finance Corporation (PFC) gained over 5.5 percent on July 24 after the company signed 19 contracts worth Rs 2.37 lakh crore in the clean energy space. These agreements, part of the company’s plan to position itself as the leading funding agency for energy transition, were signed with companies in the solar, wind, green hydrogen, battery storage, and electric vehicles space as well as green energy equipment manufacturers. The stock also hit a 52-week high of Rs 244.00 on the same day.

Aarti Drugs Ltd. |CMP Rs 605.50 | Shares of Aarti Drugs shot up around 19 percent on July 24 after the board approved its first buyback plan. The floor price for the offer – a sharp premium to the stock’s current market price – has enthused investors, while its strong performance in the first quarter of FY24 also aided the sentiment. The company approved plans for a buyback of 6.65 lakh fully paid-up equity shares, representing a 0.72 equity. The floor price for the buyback is set at Rs 900 apiece, which is over 72 percent higher than the stock’s closing price on Friday. The stock hit a 52-week high of Rs 612.45 on the same day.

SJVN Ltd. |CMP Rs 57.10 | SJVN Ltd stock jumped 14 percent on July 24 after the company announced winning a Rs 7,000-crore contract from Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW solar power. SJVN Green Energy, a wholly owned subsidiary of SJVN, has secured a contract for developing and manufacturing 1,200 MW of solar energy worth Rs 7,000 crore from Punjab State Power Corporation.

Hikal Ltd. |CMP Rs 280.40 | Hikal stock price slipped more than 7 percent on July 24 after the Gujarat Pollution Control Board (GPCB) asked the pharma company to close operations at its plant in Bharuch for the alleged violation of environmental norms. GPCB directed Hikal to cease operations of the plant at GIDC Panoli within 15 days for the alleged violations of certain provisions of Environment (Protection) Act, 1986.

RITES Ltd. |CMP Rs 485.90 | The RITES stock was up nearly 7 percent on July 24 after the company received a Rs 500-crore order from Mozambique. The Indian company has emerged as the lowest bidder in the tenders for procurement of locomotives and wagons by CFM, Mozambique, it said. The order includes the supply of 10 locomotives and 150 wagons for Rs 500 crore. The stock also hit a 52-week high of Rs 502.00 on the same day.

Dodla Dairy Ltd |CMP Rs 838.50 | Dodla Dairy shares were up 9 percent on July 24 after the company achieved its quarterly revenue milestone of Rs 800 crore for the first time in the April-to-June quarter. Dodla Dairy’s Q1FY24 revenue rose 14.8 percent to Rs 823 crore, attributed to higher sales of value-added and fat products during an extended summer season. Net profit surged 40 percent YoY to Rs 35 crore, while operating profit margin improved by 104 basis points to 7.3 percent due to lower milk prices and raw material costs. The stock also touched an all-time high of Rs 898.90 on the same day.

Tejas Networks Ltd. |CMP Rs 776.60 | Shares of Tejas Networks slumped 8 percent on July 24 after the company’s net loss widened sequentially in the April-June quarter. The company posted a consolidated net loss of Rs 26.3 crore for the April-June period, surpassing a loss of Rs 11.5 crore recorded in the previous quarter. The company was Rs 6.6 crore into the red a year back. The company’s revenue dropped 37.2 percent sequentially to around Rs 188 crore, down from Rs 299.3 crore in the last quarter. On a year-on-year basis, however, the topline was up over 46 percent.

Indraprasta Gas Ltd. |CMP Rs 470.55 | Shares of Indraprastha Gas Ltd (IGL) slumped 5 percent on July 24 as the company’s growth was subdued during the April-June quarter of FY24. Even as brokerage firms recommended ‘buying’ IGL shares, adoption of electric vehicles is being seen as a looming threat to the company’s volume in the medium to long term. The company reported a 4 percent on-year rise in net profit to Rs 438.5 crore during Q1FY24 whereas revenue from operations was up 7 percent YoY at Rs 3,406.98 crore.