Gainers and Losers: 10 stocks that moved the most on September 7

The market shrugged off weak global cues to end higher for the fifth session on September 7.  The Sensex was up 385.04 points, or 0.58 percent, at 66,265.56 and the Nifty was up 116 points or 0.59 percent at 19,727.00. About 2,140 shares advanced, 1,420 declined and 124 were unchanged.

HCL Tech | CMP Rs 1,254 | The share closed 1.5 percent higher after the company said it has signed a multi-year managed public cloud services agreement with German technology and high-tech industry giant Siemens AG. HCL Tech will focus on automating the public cloud environment while adhering to Siemens’ high-security standards, it said in an exchange filing on September 7. “HCLTech will migrate and operate Siemens’ infrastructure on AWS and Azure and ensure its cloud resources are optimized, secure and scalable, allowing the company to focus on its core business,” it added. This is the second deal announcement by the company in two days. On September 6, HCL Tech said it has been selected by Elders, a leading Australian agribusiness, to accelerate digital transformation across the latter’s business operations.

United Breweries | CMP Rs 1,662 | The share jumped over 5 percent after the alcoholic beverages maker announced the appointment of Vivek Gupta as the new managing director and chief executive officer. Gupta, who was chief business officer at B2B platform Udaan, will begin his five-year tenure from September 25, 2023, the company told exchanges. 

Strides Pharma | CMP Rs 476 | The stock rose 4 percent on September 7 after the company’s board approved the acquisition of 100 percent shareholding in Strides Pharma Services Private Limited (SPSPL). SPSPL is a wholly owned subsidiary (WOS) of Arco Lab Private Limited, which is a WOS of the company. After the acquisition, SPSPL shall be a direct WOS of the company. As part of internal restructuring, the company will acquire SPSPL from Arco Lab Private Limited, a wholly-owned subsidiary. The transaction is to be completed by September 15, 2023.

Force Motors | CMP Rs 3,629 | The share was locked in a 5 percent upper circuit after the company reported better sales and production in August than the previous month. There were pending buy orders of 19,402 shares, with no sellers available. In August, the company’s production increased to 3,032 units versus 2,987 units in July. Total sales for August were up at 2,601 units against 2,564 units and exports rose to 675 units from 227 units, MoM..

L&T | CMP Rs 2,846 | The stock traded over 4 percent higher following a report that the Indian infrastructure player was likely to bag an order worth $2.9 billion (around Rs 24,000 crore) from Saudi Aramco’s Jafurah unconventional onshore gas development project. Saudi Aramco has planned a $110 billion Jafurah gas project in the eastern province. A CNBC-TV18 report said that L&T is the preferred contractor for a $2.9 billion contract to develop a gas processing plant and main process units for the project. The company is yet to respond to the report.

Tata Consumer | CMP Rs 859 | The stock traded 2.3 percent lower after the company denied a report that it was in talks to buy a stake in Indian food snack chain Haldiram’s. The stock surged over 4 percent in the previous session after Reuters said it was in talks to buy at least 51 percent in Haldiram’s.  “The company is not in negotiations as reported in the above-referred news article,” Tata Consumer Products said in the filing. Haldiram’s, too, denied the same on CNBC-TV18.

TCS | CMP Rs 3,455 | The stock traded 1 percent higher after the country’s largest software services firm announced a strategic partnership to transform Jaguar Land Rover’s (JLR’s) digital estate. The partnership is valued at £800 million (around Rs 8,300 crore) over the next five years. The collaboration aims to help JLR develop a forward-looking technology infrastructure that aligns with its “Reimagine” strategy, the company said.

Responsive Industries | CMP Rs 298 | The share zoomed 16 percent after the vinyl-flooring maker announced receiving an order from the Indian Railways for its Garib Rath trains. The company, however, is yet to disclose the amount and the product it is expected to supply along with other details. In a regulatory filing in August, the company in a similar annoucenment said it bagged an order from the Indian Railways for its Vande Bharat trains.

RHI Magnesita | CMP Rs 762 | The stock zoomed 5 percent after the Competition Commission of India (CCI) cleared Rhone Capital’s proposed acquisition of a 29.9 percent stake in RHI Magnesita NV. Ignite Luxembourg Holdings, owned by US-based Rhone Capital. RHI Magnesita NV operates through its subsidiary RHI Magnesita India Ltd, specialising in refractories and related products. 

Kaynes Technology | CMP Rs 1,954 | The stock closed 2.3 percent higher, leading gains in Electronics Manufacturing Services (EMS) firms on strong growth prospects for the sector. Foreign broking firm CLSA expects India’s EMS industry to deliver a 22 percent revenue CAGR over the next decade. It expects mid-teens CAGR over FY30-40, with the industry size reaching $372 billion by FY40. For Kaynes Tech, CLSA has an “outperform” rating with the target at Rs 2,230 per share, which is 11 percent higher than the current levels.