Morning Trade Stock Reactions: JSW Steel, IdeaForge, RVNL gain while ICICI Lombard, ICICI Bank slip

Order wins to appointments, here’s how these stocks reacted to the company updates at the open on September 22.

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Here is a roundup of stock reactions in early trades on September 22.

IdeaForge Technology: Shares of IdeaForge Technology opened at Rs 965, up 3.38 percent on the NSE on September 22. Earlier, the company said that it had received an order worth about Rs 58 crore to supply 400 Surveillance Copter with accessories to Strategic Marketing. At 11 am, the stock continued to trade in the green, slightly lower at Rs 947.60, up 1.4 percent from yesterday’s close.

RVNL: Shares of Rail Vikas Nigam Limited (RVNL) were trading at Rs 163.5, up by 2.9 percent from the previous close. On September 21, RVNL signed an MoU with the National Highways Authority of India (NHAI) for the construction of a six-lane Greenfield Varanasi Ranchi-Kolkata Highway in Jharkhand. The project worth Rs 1271.98 crore will be executed in partnership with Chatra Expressways Private Limited, a joint venture formed by RVNL. As of 11.06 am, the shares were trading at Rs 161.80, up by 1.8 percent from yesterday’s close.

JSW Steel: According to a regulatory filing, on September 20, Caretta Minerals LLC, a West Virginia-based subsidiary of JSW Steel, entered into an agreement to sell property, equipment, and mineral rights to West Virginia Properties for $24 million. The subsidiary operates coal mines in West Virginia. The stock opened at Rs 781.20, up 0.4 percent from the close on September 21. At 11:19 am, the stock was trading at Rs 780.20.

ICICI Lombard:  Shares of ICICI Lombard opened at Rs 1,337.25, down 1.6 percent on the NSE on September 22. Bhargav Dasgupta resigned as MD & CEO of the general insurance company to pursue opportunities outside the country. As of 11:44 am, the stock was trading at Rs 1,347.25, lower by 0.6 percent from yesterday’s close.

ICICI Bank: Shares of ICICI Bank dropped nearly 1 percent in early trade on September 22. On September 21, India’s second-largest private lender entered into an agreement for the investment of nearly Rs 5 crore in healthcare services platform Quantum CorpHealth via equity shares and compulsorily convertible preference shares (CCPS). Post investment, the bank will hold 9.99 percent shareholding in Quantum CorpHealth through a subscription of 100 equity shares and 3,33,200 (CCPS). At 11:40 am the ICICI Bank stock was trading 0.13 percent lower at Rs 958.05 on NSE due to the overall weak sentiment in the market.

NHPC: Shares of NHPC gained around 1.3 percent at open on September 22. The stock was trading at Rs 53, up from yesterday’s close of Rs 52.3. On September 21, according to a regulatory filing, the Government of India extended Rajeev Kumar Vishnoi’s additional charge as Chairman and Managing Director of NHPC by 6 months. This change was effective September 1.

Kalyani Forge: Shares of Kalyani Forge, a manufacturer of close tolerance precision forging, were trading at Rs 563.45, 3.19 percent up at open on September 22, higher than yesterday’s close. By mid-day, the stock was trading in red at Rs 561.85, 2 percent lower than the close on September 21. On September 21, according to a regulatory filing, the appointment of Viraj Gaurishankar Kalyani as the Managing Director of the company had been approved by shareholders.

IRB Infrastructure Development: At opening on September 22, shares of IRB Infrastructure were trading 2.5 percent higher than yesterday’s close. According to a regulatory filing, the special purpose vehicle Samakhiyali Toll way achieved financial closure for the implementation of the Rs 2,092 crore project of upgradation to six lanes with paved shoulder of NH-27 in Gujarat on design, build, finance and transfer BOT (Toll) mode. As of mid-day, the shares were trading at Rs 30.15, 2.2 percent higher than yesterday’s close of Rs 29.50.