Gainers and Losers: 10 stocks that moved the most on August 28

The Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.20 points or 0.21 percent at 19,306. About 1,992 shares advanced, 1,635 shares declined, and 156 shares were unchanged.

Saint Gobain Sekurit | CMP Rs 116 | Shares traded 5 percent higher after reports that its parent company Saint-Gobain India (SGI) said it intends to invest nearly Rs 8,000 crore in its business operations in India. Chairman B Santhanam told news agency PTI, “The company will invest 90 percent of the said amount towards funding capital expenditure and the remaining on acquisitions.” The glass and building materials-making conglomerate, which has been expanding its business operations in India recently, acquired stone wool manufacturer Rockwool India and glass wool maker Twiga.

Patel Engineering | CMP Rs 57 | Shares were locked in a 5 percent upper circuit as the company along with its joint venture received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh. The order is for the construction of head race tunnels, including intake, pressure shafts, penstocks, powerhouse and transformer cavern, tail race tunnels, pothead yard, adits etc. for the multi-purpose project. The total value of the contract is Rs 3,637.12 crore. “The company being 50 percent partner in the JV, our share in the project is Rs 1,818.56 crore,” said Patel Engineering in an exchange filing.

Manappuram Finance | CMP Rs 143 | Shares gained 3 percent after the company informed exchanges that the Kerala High Court has quashed the Enforcement Directorate’s case (ED) against its Managing Director and Chief Executive Officer VP Nandakumar. On August 25, 2023, after the final hearing of both parties, the High Court of Kerala quashed the report registered by the Enforcement Directorate on September 6, 2022, the company stated in an exchange filing.

Man Infraconstruction | CMP Rs 152 | Shares rose 10 percent after the company bagged a redevelopment project in the western suburbs of Mumbai. MICL Group announced, on August 28, the development of one of the largest redevelopments in the western suburbs of Mumbai, with a carpet area of approximately 17 lakh square feet for sale. The company stated that it has the potential to generate revenue of Rs 4,000 crore in the next five years.

CCL Products | CMP Rs 595 | Stock fell nearly 2 percent after one of the company’s key equipment broke down in Vietnam. The breakdown is said to impact about 6 to 10 percent of CCL Products’ net profit on a consolidated basis as production will be interrupted during the quarter. “The exact loss or impact of the said breakdown can only be assessed and intimated in due course upon normalization of operations,” said CCL Products in an exchange filing on August 25, adding that the damage to the equipment and loss of profit are covered under insurance.

Indostar | CMP Rs 183 | Shares traded nearly 5 percent higher on opening after it announced on August 25 that it had sold a significant portion of its corporate loan book to Phoenix ARC. The sale by IndoStar consists of certain accounts “categorised under Stage 2”, which amount to around Rs 915 crore in dues outstanding. According to a regulatory filing, Phoenix ARC will establish a trust to oversee the progress of real estate projects and may provide funding for their completion. This will allow IndoStar’s management team to concentrate on expanding its core retail lending business.

Garden Reach Shipbuilder | CMP Rs 803 | Shares rallied 2 percent after the company entered into a deal with DEMPO Group to launch a collaboration model to build commercial vessels in three premier shipyards in Goa and Bhavnagar. This is GRSE’s maiden attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic as well as international. The stock pared gains as it touched the 52-week high after rallying 4 percent in today’s session.

Vodafone Idea | CMP Rs 9 | Shares traded 3.5 percent higher after Vodafone Idea Limited and American Tower Corporation (ATC) agreed to extend the period of redemption of 8,000 Optionally Convertible Debentures (OCDs), the telecom major said in an exchange filing on August 28. In February, Vodafone Idea’s shareholders approved a preferential issue to raise up to Rs 1,600 crore through Optionally Convertible Debentures through vendor ATC. The timeline has been extended from six months from the date of allotment of the first tranche of OCDs to 18 months from the date of allotment.

IRCTC | CMP Rs 678 | Shares traded 3 percent higher after the PSU railway company announced a further dividend of Rs 2 per share for FY23. With the final dividend instalment, the total payout for FY23 is Rs 5.5 per equity share of the face value of Rs 2. IRCTC announced its dividend in its 24th Annual General Meeting held on August 26. Seema Kumar, chairman and managing director, IRCTC, said at the AGM, “The post-pandemic scenario of global tourism is gradually converging to the pre-pandemic one. India’s tourism sector is showing signs of revival.” She further said that foreign tourist arrivals in India in FY23 have been growing month-on-month with the resumption of scheduled international flights and the easing of COVID-19 regulations.

Paytm | CMP Rs 882 | Shares dropped nearly 2 percent after Ant Group sold more stakes in Vijay Shekhar Sharma’s fintech company. Antfin (Netherlands) Holding BV, an investment entity affiliated with Chinese billionaire Jack Ma’s Ant Group, sold 3.59 percent stake from its remaining holding in Paytm, for Rs 2,039 crore. Antfin sold 2.27 crore equity shares of Paytm in open market transactions at an average price of Rs 895.20 per share. On the other hand, Societe Generale and Morgan Stanley acquired a combined 1.57 percent stake in the company. Societe Generale purchased 59.87 lakh shares of Paytm, while Morgan Stanley Asia Singapore Pte bought 39.96 lakh shares. Both acquisitions were made at the same average price of Rs 895.20 per share.