Gainers and Losers: 10 stocks that moved the most on September 21

Indian shares extended losses for the third straight session on September 21, as a hawkish Fed and FII selling weighed heavy. The 30-pack Sensex closed 570.60 points, or 0.85 percent, down at 66,230.24 and the broad-based Nifty ended 159.10 points, or 0.80 percent, lower at 19,742.30.

SJVN | CMP Rs 71 | The stock tanked 13 percent after the government launched an offer for sale (OFS) for up to 4.92 percent equity stake at a deeply discounted floor price. The government announced an OFS to sell 9.67 crore equity shares, or 2.46 percent equity stake in SJVN, with an option to sell another 2.46 percent by retaining an oversubscription.

Cipla | CMP Rs 1,206 | The stock slumped 3 percent after Cipla’s wholly-owned US subsidiary, InvaGen Pharmaceuticals, received 5 inspectional observations from the United States Food and Drug Administration (USFDA). “We notify that the inspection was conducted at the manufacturing facility of InvaGen located in Central Islip, Long Island, New York, USA, from 11th September 2023 to 19th September 2023”, the company said in an exchange filing on September 20.

MCX | CMP Rs 1,749 | The stock closed 2 percent higher. The increase was attributed to reports suggesting the launch of a new trading platform by the end of the month. Trading volumes more than doubled, indicating a surge in investor interest and activity surrounding MCX shares. Over 9 lakh shares exchanged hands on both exchanges. On a 1-month average, meanwhile, around 4 lakh shares exchanged hands at the bourses.

Syrma SGS | CMP Rs 538 | The share darted over 3 percent following a favourable rating initiation by brokerage firm Morgan Stanley. The foreign brokerage firm initiated “overweight” ratings for the company and assigned a target price of Rs 671, as it sees the transformation of global supply chains, leading to substantial shifts in the technology sector.

Electronics Mart | CMP Rs 150 | The stock zoomed 5 percenr after 96.2 lakh shares changed hands in a block deal worth Rs 137.6 crore. A total of 96.2 lakh shares, representing 2.5 percent equity, were bought and sold. The buyers and sellers could not be immediately ascertained.

Apollo Tyres | CMP Rs 368 | The stock slumped nearly 3 percent after the company announced a temporary halt of its bias off-the-road (OTR) tyre production at its manufacturing facility in Limda, Gujarat. The suspension of work comes amid concerns from shop floor employees over the renewal of a long-term settlement agreement. “The company is in discussions and negotiations with the labour union representatives to address their concerns and find an amicable resolution,” Apollo Tyres said in an exchange filing.

Sheela Foam | CMP Rs 1,128 | The stock declined 3.5 percent after the company launched its proposed QIP to fund its acquisition of Kurlon. Sheela Foam, the PU foam maker, opened its qualified institutional placement on September 21. The floor price for the QIP is Rs 1,133.99 a share. “As per the company’s prevention of insider trading code of conduct to regulate, monitor and report trading by Designated Persons (“Code”), the trading window for dealing in the securities of the company shall be closed from 21st September 2023 till 48 hours after determination of issue price for all ‘Designated Persons’ as defined in the code,” the notification said.

Glenmark | CMP Rs 827 | Shares tanked 3.5 percent following a CNBC Awaaz report that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company. The report, which Moneycontrol couldn’t verify the development independently, didn’t share the details. As of June 30, Glenmark Pharmaceuticals held an 82.84 percent stake in the company. Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said in an earnings conference call for Q1FY24, “We have a 7-8 percent sell-down requirement by law and we are working on it.”

West Coast Paper | CMP Rs 673 | The stock gained 0.5 percent higher after the paper-maker announced getting the approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). “Our consultant, Lagrange Point Advisors LLP, an investment banking firm based in Mumbai, informed us that the resolution plan to acquire Uniply Decor has been approved verbally by the Chennai Bench of the NCLT.

Vedanta | CMP Rs 226 | The stock slumped 2.3 percent ahead of a board meeting during in which the member will discuss issuing non-convertible debentures (NCDs) privately, as part of routine refinancing. A recent report by ET said Vedanta Resources is in advanced discussions with global private credit funds like Bain Capital, Davidson Kempner, Ares SSG Capital, and Cerberus Capital to arrange a $1 billion short-term loan.