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

The Sensex was up 3.94 points or 0.01 percent at 65,220.03, and the Nifty was down 4.10 points or 0.02 percent at 19,389.50. About 2,159 shares advanced, 1,385 shares declined and 120 shares were unchanged.

Patel Engineering | CMP Rs 55 | Shares tumbled 1 percent to hit a 52-week high after a joint venture bagged an urban infrastructure development project from Madhya Pradesh Jal Nigam. The Government of Madhya Pradesh Undertaking declared Patel Engineering as the lowest bidder in a joint venture (JV) deal a for Rs 1,275.30-crore contract for engineering, procurement, construction, testing, commissioning, trial run and operation and maintenance for 10 years of Narmada-Gambhir, District Ujjain and Indore multi-village drinking water supply scheme in a single package on a turn-key basis. The stock erased all gains as it traded over 3 percent in today’s session.

SJS Enterprises | CMP Rs 641 | Shares traded over 3 percent on August 22 after nearly 5.07 million shares (31 percent stake) of the company changed hands in two tranches, Bloomberg reported. However, the details of the buyers and sellers were not known. According to a report by CNBC-TV18 earlier, Evergraph Holdings will likely sell 29.53 percent of its total holding of 34.15 percent in the company, while Sanders Consulting may sell 0.56 percent of its 1.11 percent stake through block deals. The stock price was also trading 4 percent lower during the session.

Adani Power | CMP Rs 347 | Shares traded almost 7 percent higher after the announcement of the growth objectives of the company during an investor presentation. The Gautam Adani-group power company has a target to raise the thermal generation capacity up to 21,110 MW by FY29, including 1,100 MW through an inorganic route. Adani Power expects its net senior debt to rise to Rs 26,690 crore in FY24, from Rs 24,350 crore in FY23. But, it expects net senior debt to EBITDA to fall from 1.7x to 1.6x during the same period, according to a filing with the BSE on August 21.

Coffee Day Enterprises | CMP Rs 44 | Shares rallied over 6 percent in today’s session. The National Financial Reporting Authority (NFRA) levied a Rs 1.10 crore fine on auditors in a case about the diversion of funds from a subsidiary of the company. The NFRA slapped the penalty on three entities, including two individual auditors, for lapses in the auditing of Coffee Day subsidiary Tanglin Developments Ltd (TDL). The penalty includes a Rs 1 crore levy on audit firm Sundaresha & Associates, which has also been barred from serving as auditors or internal auditors of any company for four years.

Paytm | CMP Rs 858 | Shares of One 97 Communications Limited, the parent company of Paytm, were trading over 2 percent higher on August 22 morning after the mobile payments giant shared plans to invest in AI to build an artificial general intelligence software stack. In the annual report for FY23, CEO Vijay Shekar Sharma said Paytm, which pioneered mobile payments in India, was building an artificial general intelligence system which would help various financial institutes in capturing possible risks and frauds, while also protecting them from new risks arising out of advances in AI.

Bharat Forge | CMP Rs 1,006 | Shares rose 3 percent to hit a new high with the recent order wins brightening the company’s export order outlook. Kalyani Strategic Systems, a wholly owned defence subsidiary of Bharat Forge, bagged two export orders aggregating to about Rs 850 crore from “friendly countries” for the supply of components and armoured vehicle chassis over 18 months. The company commenced defence exports, of both systems and components, in Q1 FY24 and said new orders worth Rs 280 crore during the quarter resulted in its combined defence order book reaching Rs 2,200-2,300 crore.

Eveready Industries | CMP Rs 419 | Shares rose over 12 percent after a period of consolidation seen from May 30 to August 18. The stock has a high trailing P/E of 96x, the highest among its peers. In its results for Q1FY24, the company reported an 8.65 percent year-on-year (YoY) rise in its revenue from operations at Rs 364 crore. Profit after taxes increased 13.63 percent YoY to Rs 25 crore. Meanwhile, the operating profit margins for the April-June quarter contracted by 100 basis points to 12 percent.

Ramkrishna Forgings | CMP Rs 651 | Shares traded 0.28 percent higher after the company announced that its plan to acquire JMT Auto had been approved ‘verbally’ by the principal bench of the National Company Law Tribunal. JMT Auto, an auto components manufacturer, has been under corporate insolvency process since February 2022 over failure to repay debt amounting to Rs 60.27 crore to its creditor Axis Bank. The stock pared losses as it was also trading 3 percent higher in today’s session.

CarTrade Tech | CMP Rs 508 | Shares rose 4.5 percent after analysts suggest that the OLX acquisition is an attractive proposition. Meanwhile, the management plans to continue to operate the acquired businesses under the OLX brand (licence agreement in place for 20 years) and sees limited cannibalization of existing CarTrade businesses. Further, The C2B transaction business is asset-light (carries the vehicle only for 2-3 days), and management will focus on improving its profitability over growth.

Tata Power |CMP Rs 243 | Shares traded 2 percent higher after subsidiary Tata Power Renewable Energy Limited (TPREL) signed a power purchase agreement (PPA) for a 9MWp on-campus solar plant with Tata Motors Limited Pantnagar plant in Uttarakhand. This solar plant will be the largest on-campus solar facility in the state, the company said. The project will be commissioned within six months from the PPA execution date and will utilise both rooftop and ground-mounted units for installation.