Gainers and Losers: 10 stocks that moved the most on September 22

The Indian market closed in the red again on September 22, with the Sensex was down 221.09 points or 0.33 percent at 66,009.15, and the Nifty 68 points or 0.34 percent lower at 19,674.30. About 1,747 shares advanced, 1,779 declined and 143 remained unchanged.

Glenmark Pharma | CMP Rs 802 | The stock declined over 3 percent after the pharma company agreed to sell 75 percent of its stake in subsidiary Glenmark Life Sciences to Nirma. According to a regulatory filing, Glenmark Pharmaceuticals entered into a definitive agreement with Nirma to divest a 75 percent stake in Glenmark Life Sciences for Rs 5,651.5 crore at a price of Rs 615 a share. After the sale, Glenmark Pharma will own 7.84 percent in Glenmark Life Sciences.

NBCC | CMP Rs 58 | The share darted up 2 percent after the state-owned infra consultant announced having bagged a work order worth Rs 1,00 crore from SAIL. The order entails carrying out several developmental works in the steel company’s township and mines in Chhattisgarh’s Bhilai. “The company would be providing project management consultancy on a deposit work basis,” it said in a regulatory filing. This is the fourth order-win announced by the company this month, with the total value at Rs 450 crore.

Wipro | CMP Rs 418 | The share fell over 2 percent after the resignation of the company’s long-serving CFO Jatin Dalal amid a spate of high-level exits. Jatin Pravinchandra Dalal resigned as Chief Financial Officer (CFO) of the company, with effect from November 30, to pursue other career opportunities, the IT services company said in a BSE filing on September 21. The company has appointed company veteran Aparna C Iyer as Chief Financial Officer, effective immediately.

Maruti Suzuki | CMP Rs 10,535 | The stock gained over 2 percent after Citi and Morgan Stanley reiterated their bullish stance on the company. “Maruti’s business is turning around on expected lines. The sport utility vehicle (SUV) market share gains and volume recovery are now more vivid. Earnings before interest, tax, depreciation and amortisation (Ebitda) margin could rise to 11 percent in the July-September quarter of fiscal year 2023-24 (Q2FY24) from 10 percent in Q1FY24,” Morgan Stanley added.

Berger Paints | CMP Rs 669 | The stock slumped over 11 percent after turning ex-bonus. In the past month, the paint and coating manufacturer has surged 12 percent. Earlier this month, the company fixed September 23 as the record date to ascertain the eligibility of shareholders for the issue of bonus equity shares in the ratio 1:5, that is, one equity share of Re 1 for every five shares of Re 1 each.

PNB Glits | CMP Rs 81 | The scrip was locked in a 20 percent upper circuit on the back of heavy volumes, as India’s inclusion in JPMorgan’s bond index is seen driving billion of dollars of inflows. Gilts primary activities entail supporting government borrowing programmes via underwriting of government security issuances and trade in a gamut of fixed-income instruments.

Concord Biotech | CMP Rs 983 | The stock gained 2 percent after Kotak Institutional Equities and Antique Broking initiated coverage with a positive outlook. Kotak Institutional Equities, based on strong discounted cash flows and the company’s expertise in high entry barrier fermentation active pharmaceutical ingredients (API) segment, sees a 15 percent upside potential from the current price. It has an “add” rating on the company’s stock and a target price of Rs 1,110 per share.

Union Bank of India | CMP Rs 101 | The share ended over 5 percent higher after JPMorgan’s decision to include Indian bonds in its emerging-market index boosted investor sentiment. The decision has significant implications for India’s debt market and global investors, with India’s weight in the index limited to a maximum of 10 percent and eligible government bonds valued at $330 billion, analysts said.

HCL Tech | CMP Rs 1,273| The stock declined 0.5 percent despite ANZ, one of Australia’s four largest banks and the largest banking group in New Zealand and the Pacific, signing a deal with the IT firm to “transform ANZ’s digital employee experience across 33 countries.” HCLTech will provide ANZ with digital workplace services and experience management across end user devices and applications including laptops, mobile phones and tablets, the company said in a press release.

Canara Bank | CMP Rs 383 | The shares traded nearly 5 percent higher after JPMorgan’s decision to include Indian bonds in its emerging-market index boosted investor sentiment. The decision has significant implications for India’s debt market and global investors, with India’s weight in the index limited to a maximum of 10 percent and eligible government bonds valued at $330 billion, analysts said.