Category: Stocks

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.

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.

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.

IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure

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.

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.

Electronics Mart India stock fell 5% on September 22 after promoter Pavan Kumar Bajaj sold a 2.5% stake in the company. Motilal Oswal Mutual Fund picked up a 1.57% stake in the company at the same time. The company's revenue and net profit rose in the April-June quarter, and operating profit margins expanded.

Hindalco is investing heavily in its businesses that make aluminum products for things like cars, trucks, and packaging. The company is doing this because it believes that the demand for these products will continue to grow in the coming years. Despite some challenges in the near term, Hindalco is confident in its long-term outlook. The company is adding new capacity to make more of these products, and it expects to be profitable from doing so.

Kaynes Technology India and Syrma SGS stocks gained on September 21 after Morgan Stanley initiated “overweight” ratings for these two companies. The brokerage firm sees India's increasing potential in the electronic manufacturing landscape and forecasts a 21 percent compound annual growth rate (CAGR) in revenue from FY22 to FY32.

Glenmark Life Sciences shares were up over 1% in the afternoon trade on September 21 after reports that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company. Glenmark Pharmaceuticals is required to reduce its stake to 75% by August 2024 to comply with SEBI regulations. Nirma and ChrysCapital have both submitted binding bids for Glenmark Pharmaceuticals' stake in Glenmark Life Sciences. In the April-to-June quarter, Glenmark Life Sciences reported an 18% YoY growth in revenue and a 24% YoY increase in net profit.