Benchmark indices were trading higher in early deals today (August 24). Sensex gained 258 points to 65,691 and Nifty added 80 pts to 19,524.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan 3’s successful soft landing on the moon boosting sentiments in India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.”
Shares of Coforge (erstwhile NIIT Technologies) gained over 4% to Rs 5140 on BSE after a report suggested that promoter Baring PE, through its affiliate Hulst BV, is likely to sell its entire stake in the IT services company through block deals today. The floor price for the deal is set at Rs 4,550 per share, which was at a 7% discount to Wednesday's closing price, as per the report. Market cap of the firm climbed to Rs 34,149 crore.
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Shares of Jio Financial Services hit the lower circuit limit for the fourth day in a row today, since its listing on Monday. On Thursday, Jio Financial shares were locked at Rs 215.90 on BSE, down 5%. The demerged business of Reliance Industries saw its m-cap falling Rs 31,194.62 crore to Rs 1,37,167.41 crore from Rs 1,68,362.03 crore at the time of listing.
Shares of Tata Communications hit a record high today after the firm said it plans to raise Rs 1,750 crore by issuing 1,75,000 non-convertible debentures (NCDs) of face value of Rs 1,00,000 each. Tata Communications shares hit a record high of Rs 1,838.65 against the previous close of Rs 1,820 on BSE. Market cap of the Tata Group firm climbed to Rs 52,055 crore.
Shares of Vascon Engineers zoomed 9% to Rs 65.57 after the company said it has received a Letter of Acceptance amounting to Rs 605.65 crore from Bihar Medical Services & Infrastructure Corporation Ltd for the construction of Lohia Medical College & Hospital including hospital and residential building, Supaul. Market cap of the firm climbed to Rs 1364.75 crore.
Shares of Torrent Pharma gained 1.70% to Rs 1,967.90 in early deals after the US health regulator allowed Voluntary Action Indicated classification to Torrent Pharmaceutical's manufacturing site in Dahej, Gujarat. Supaul. Market cap of the firm climbed to Rs 66,230 crore.
Bajaj Hindusthan Sugar shares rose 11% to a 52-week high of Rs 24.74 in early deals. Market cap of the firm climbed to Rs 3103 crore. Total 36.98 lakh shares of the firm changed hands amounting to a turnover of Rs 8.70 crore on BSE. The stock was the top gainer on BSE.
Federal Bank shares rose over 1% to a 52-week high of Rs 143.60 in early deals. Market cap of the bank climbed to Rs 33,405 crore. Total 3.09 lakh shares of the firm changed hands amounting to a turnover of Rs 4.40 crore on BSE.
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