Market Update for September 22, 2023

Stocks in the news today:

• IdeaForge Technology: IdeaForge Technology’s stock price opened 3.38% higher on the NSE on September 22 after the company announced a Rs 58 crore order to supply 400 Surveillance Copter with accessories to Strategic Marketing.
• Rail Vikas Nigam Limited (RVNL): RVNL’s stock price was trading 2.9% higher on September 22 after the company 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.
• JSW Steel: JSW Steel’s stock price opened 0.4% higher on September 22 after the company’s subsidiary, Caretta Minerals LLC, entered into an agreement to sell property, equipment, and mineral rights to West Virginia Properties for $24 million.
• ICICI Lombard: ICICI Lombard’s stock price opened 1.6% lower on September 22 after Bhargav Dasgupta resigned as MD & CEO of the general insurance company.
• ICICI Bank: ICICI Bank’s stock price dropped nearly 1% in early trade on September 22 after the bank entered into an agreement for the investment of nearly Rs 5 crore in healthcare services platform Quantum CorpHealth.
• NHPC: NHPC’s stock price gained around 1.3% at open on September 22 after the Government of India extended Rajeev Kumar Vishnoi’s additional charge as Chairman and Managing Director of NHPC by 6 months.
• Kalyani Forge: Kalyani Forge’s stock price opened 3.19% higher on September 22 after the company’s shareholders approved the appointment of Viraj Gaurishankar Kalyani as the Managing Director.
• IRB Infrastructure Development: IRB Infrastructure’s stock price opened 2.5% higher on September 22 after the company’s 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.

• 22 Sep

  NBCC shares trade higher on Rs 100 crore work order from SAIL

  NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.

• 22 Sep

  Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences

  Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.

• 22 Sep

  Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus

  Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.

• 22 Sep

  Lux Industries Shares Down 3% After Income Tax Raid

  Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.

• 22 Sep

  HDFCB Clarifies on Merged Financials

  HDFCB has clarified certain aspects relating to merged financials, which are likely to have a mixed impact on the company's performance in the near term. However, the outlook for HDFCB remains positive in the medium to long term, with core earnings growth expected to revive.

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