Gainers and Losers: 10 stocks that moved the most on September 12

The Sensex was up 94.05 points or 0.14 percent at 67,221.13, and the Nifty was down 3.10 points or 0.02 percent at 19,993.20. About 689 shares advanced, 2,882 shares declined, and 118 shares were unchanged.

Laurus Labs | CMP Rs 384 | Shares tumbled 6 percent after Kotak Institutional Equities downgraded the stock to ‘sell’ from ‘reduce’ with an unchanged target price of Rs 300. This comes after the brokerage firm said, “After a washout 1Q FY24, Laurus’ stock rallied 20 percent likely on the ‘worst is behind’ narrative, led by anticipated traction in Synthesis”. Laurus’ Synthesis segment is currently trading at a premium of more than 25 percent higher than Syngene.

Spice Jet | CMP Rs 41 | Shares soared 2.5 percent after the repayment of Rs 100 crore to the former promoter by the airline. The airline said it would complete the payment of Rs 100 crore to former promoter Kalanithi Maran by September 12. It would also make a payment of $1.5 million i.e., Rs 124,420,425 in the Credit Suisse case in accordance with a court directive.

TVS Supply Chain | CMP Rs 229 | Share price slumped 7 percent after the company’s consolidated net loss widened to Rs 65.3 crore during the first quarter of the current financial year. The company had posted a net loss of Rs 1.8 crore in the year-ago period, and a loss of Rs 12.34 crore in the preceding quarter ended March 2023. The company’s revenue from operations during the quarter came in at Rs 2,342.4 crore, down 12.4 percent.

ICICI Bank | CMP Rs 990 | Shares traded over a percent higher after the Reserve Bank of India (RBI) granted its approval for the reappointment of Sandeep Bakhshi as the Managing Director & CEO of ICICI Bank. This reappointment is set to take effect from October 4, 2023, and will be in force until October 3, 2026, the bank informed through an exchange filing dated September 11.

L&T Finance | CMP Rs 126 | Shares traded 3 percent lower after 7 crore shares or a 2.8 percent stake changed hands in a block deal on the bourses. The block deal was executed at an average floor price of Rs 130 apiece which took the transaction value at Rs 910 crore. Moneycontrol could not immediately ascertain the parties involved in the transaction. However, CNBC-TV18 had earlier reported citing sources that Bain Capital, which holds a stake in the non-bank lender under the name of BC Asia Growth Investments and BC Investments Vi was reportedly considering paring a 2.62 percent stake.

L&T | CMP Rs 2,944 | Shares jumped nearly 2 percent a day after the company raised the floor price of its Rs 10,000-crore mega-buyback programme by nearly 7 percent to Rs 3,200 apiece. Previously, the floor price was set at Rs 3,000 per share. The revision of the floor price came on the back of a surge in L&T’s share price since the announcement of the buyback programme back on July 25.

Lupin | CMP Rs 1,138 | Shares traded over a percent higher a day after the company announced plans to enter into a business transfer agreement with its subsidiary Lupin Manufacturing Solutions (LMSL). Under the business transfer agreement, pharma major Lupin will move the two active pharmaceutical ingredients (APIs) manufacturing sites at Dabhasa and Visakhapatnam to the subsidiary. Additionally, they also plan to carve out select R&D operations, including fermentation, at Lupin Research Park, Pune.

KIMS | CMP Rs 2,065 | The share price of the hospital chain slumped 3.5 percent a day after it made a Rs 20-crore investment by further acquiring an equity stake of 13.24 percent in Kondapur Healthcare Limited. The stake in Kondapur Healthcare stands at 19.86 percent. Kondapur Healthcare is yet to commence its operations.

Uno Minda | CMP Rs 605 | Shares traded 3.5 percent lower after the company’s board of directors approved the acquisition of the remaining 3.81 percent stake in Uno Minda Europe Gmbh to make it a wholly-owned subsidiary. According to the exchange filing, the company will purchase the remaining stake held by George Hutter in Uno Minda Europe Gmbh, a step-down subsidiary of the company, at a consideration of Euro 1.3 million or about Rs 11.5 crore.

Dalmia Bharat Sugar | CMP Rs 411 | Shares traded 6.5 percent lower on reports that India has requested that sugar traders and authorised dealers linked to mills submit information regarding all transactions conducted from May to August 2023 by Tuesday, September 12. This is an attempt to guarantee an abundant supply of sugar at affordable rates for the upcoming festive season, said a report by CNBC-TV18. The drop in price comes a day after all sugar stocks traded in green on Prime Minister Narendra Modi’s biofuel alliance during the G20 Summit.