Gainers and Losers: 10 stocks that moved the most on September 1

The Sensex was up 555.75 points or 0.86 percent at 65,387.16, and the Nifty was up 181.50 points or 0.94 percent at 19,435.30. About 2,103 shares advanced, 1,456 shares declined, and 108 shares were unchanged.

BSE | CMP Rs 1,126 | Shares surged 6 percent after the company announced an increased buyback offer price of Rs 1,080, a significant 32 percent rise over the Rs 816 announced earlier. The recent surge in the stock’s price is being seen as the reason for the revised buyback offer price. The buyback price remains lower than the current market price. BSE’s revised buyback offer price amounts to a total consideration of Rs 374 crore. “The offer price is payable in cash, for an aggregate maximum amount not exceeding Rs 374 crore (excluding any Transaction Cost)” said the BSE filing. The shareholders eligible to participate in the buyback shall now be revealed on the set record date of September 14 2023.

ONGC | CMP Rs 181 | Shares of the company traded over 4 percent higher after Fitch Ratings affirmed a BBB rating (stable outlook) to the PSU. This rating shows that ONGC is considered to have a moderate level of creditworthiness. Additionally, Fitch has said that the future outlook for ONGC is stable. “We maintain ONGC’s Standalone Credit Profile (SCP) at ‘bbb+’, which reflects ONGC’s scale as the largest oil and gas (O&G) producer in India, its significant reserves and production, and its vertically integrated and geographically diversified business model, which are comparable with that of peers rated in the ‘A’ category by Fitch,” it said in a statement on August 31.

Navneet Education | CMP Rs 160 | Shares surged 4 percent after the company decided to make a slew of changes aimed at rationalising the group structure and achieving better synergies. “The company’s board of directors have approved the amalgamation of a step-down subsidiary and demerger of the ed-tech business of Navneet Futuretech Limited into Navneet Education Limited,” the company said in an exchange disclosure on August 31.

JSW | CMP Rs 806 | Shares traded over 3 percent higher following reports that the company was in early talks with Chinese automaker Leapmotor to licence the technology to build electric vehicles in India. Under the agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name, in an attempt to enter the growing business, news agency Reuters reported. While the report said that discussions were private, the company’s billionaire chairman Sajjan Jindal has publicly shown the steel-to-energy group’s desire to manufacture EVs in the country.

Five Star Business | CMP Rs 728 | Stock declined 5 percent after around 2.48 crore shares, or 8.5 percent stake, in the company changed hands in two bunch trades. The details of the buyers and sellers were not known, Bloomberg said. On August 31, CNBC-TV18 reported that private equity investors Matrix Partners, TPG Asia, and Norwest Ventures were likely to sell up to an 8.8 percent stake in Five Star Business Finance via block deals. The floor price for the block deals would likely be at Rs 724 a share, a 6.25 percent discount to the current market price, the report said. The total size of Five Star Business Finance, including base size, would be up to Rs 1,860 crore.

Sula Vineyards | CMP Rs 491 | Shares traded 0.5 percent higher after a large block deal involving the acquisition of 7.06 percent stake in the company by HDFC Mutual Fund, Morgan Stanley and other prominent market players. In a significant development within the beverage industry, prominent financial market players such as HDFC Mutual Fund, Morgan Stanley Asia Singapore Pte, Societe Generale, and Ghisallo Master Fund LP have collectively procured a noteworthy 7.06 percent stake in Sula Vineyards, the largest wine producer in India. The acquisition was facilitated through open market transactions on August 31. The stock erased it gains as it also touched the 2-percent mark in today’s session.

NCC | CMP Rs 170 | Shares traded 1 percent higher after the infra-company announced having received four contracts worth Rs 8,398 crore in the month of August. The company, in a regulatory filing on August 1, said its electrical division had bagged four contracts for executing electrical metering and distribution projects. “The first two orders, worth Rs 5,755 crore from the Maharashtra State Electricity Distribution Corporation along with the third order from the North Bihar Power Distribution Corporation, are related to advanced metering infrastructure projects. These are expected to be executed on design, build, finance, own, operate, transfer basis,” the company said. The fourth order, worth Rs 319 crore, it said, was from the Bangalore Electricity Supply Company for upgradation of its distribution automation system.

Mahindra and Mahindra | CMP Rs 1,591 | Stock price gained 1 percent on September 1 after the company reported auto sales of 70,350 vehicles in August, registering a growth of 19 percent from 59,000 units in the same month last year. M&M’s domestic passenger vehicle sales in August rose 25 percent in the month to 37,270 units from 29,852 units from the year-ago period, the company said in an exchange filing on September 1. In the Utility Vehicles segment, M&M sold its highest-ever SUVs 37,270 vehicles in the month, in the domestic market, and overall, 38,164 vehicles, including exports.

Maruti Suzuki | CMP Rs 10,331 | Shares zoomed over 3 percent after the country’s leading automobile manufacturer reported its highest-ever monthly wholesales at 1,89,082 units in August. The auto major’s dispatches to dealers last month were 14 per cent higher as compared to 1,65,173 units in August. Total domestic passenger vehicle sales were at 1,56,114 units as against 1,34,166 units in the year-ago month, a growth of 16 per cent, Maruti Suzuki India (MSI) said in a statement.

CONCOR | CMP Rs 687 | Share jumped over 2 percent in following the appointment of a new chairman and managing director. The government named Sanjay Swarup the chairman and managing director of the company, the public sector undertaking told exchanges on August 31. The director of international marketing and operations at Container Corporation, Swarup brings a wealth of experience to his new role. With this elevation, he will be responsible for overseeing the overall operations and management of the company.