Market this week 15-9-2023

Market this w
Market this w

5% decline in Electronics Mart India following promoter selling of 2.5% interest

After its promoter, Pavan Kumar Bajaj sold a 2.5 percent stake in the electronics retailer, shares of Electronics Mart India fell 5% on September 22.

According to the NSE’s bulk data, on September 21 Pavan Kumar Bajaj sold 96.18 lakh equity shares in the company through open market transactions. The shares were sold for an average price of 143.03 rupees apiece, bringing the total transaction value to 137.56 crore rupees.

At the same time, 1.57 percent of the company was acquired by Motilal Oswal Mutual Fund. It spent Rs 86.37 crore on the acquisition of 60.4 lakh shares at an average price of Rs 143 per.

Gaining the Mumbai twin-tunnel project benefits NCC and J Kumar

After their joint venture won the Rs 6,301.08 crore Mulund-Goregaon twin tunnel project in Mumbai, NCC, and J Kumar Infraprojects shares were trading 4 and 1% higher on September 22 afternoon.

The businesses informed the exchanges that J Kumar Infraprojects would handle the remaining 49 percent of the contract while NCC would complete the works totaling 51% of the total.

Both businesses are anticipated to “design, construct and operate twin tunnels from Film City Goregaon to Khindipada in Mulund, including a box tunnel at Film City, Electrical, Mechanical, and associated works,” according to the documents.

The twin-tunnels’ construction is anticipated to drastically shorten the distance between Mumbai’s western and eastern suburbs. Additionally, it is anticipated that this will ease traffic on the Ghodbunder and Jogeshwari-Vikhroli Link Roads.

PNB Gilts stock rises 20% amid high volume and a boost from bond inclusion.

PNB Gilts shares touched a 20 percent upper circuit on September 22 to reach Rs 81 per share on the BSE in intra-day trade due to high volumes, as billions of dollars are expected to flood into the market as a result of India’s inclusion in JPMorgan’s bond index. The stock also exceeded the Rs 71.6 per share prior 52-week high established on July 21, 2023.

To quote at 66,116 levels, the S&P BSE Sensex was down 113 points, or 0.1 percent.

PNB Gilts’ main activities include supporting government borrowing programs by underwriting the issuance of government securities and trading in a variety of fixed-income instruments like government securities, treasury bills, state development loans, corporate bonds, interest swaps, and different money market instruments.

When searches are conducted at Lux Industries’ offices in Kolkata, the stock price drops by more than 3%.

After learning that searches were being conducted at the company’s headquarters in Kolkata by the Income Tax department, shares of Lux Industries fell 3.18 percent to Rs 1,471 at 14.07 IST.

According to reports, the corporation allegedly evaded taxes in the amount of Rs 200 crore. A nationwide search is currently being conducted at locations connected to the corporation, including Kolkata. According to sources cited by news agency ANI, the raids also included prominent officials’ offices and homes.

The IT Dept. is conducting searches at Lux Industries’ facilities, the company has acknowledged. Additionally, Lux Industries stated that it is providing total support. According to Lux Industries, the survey has not yet been completed, thus an evaluation of its impact is not yet possible.

Due to the ex-bonus status, Berger Paints increased by 6% to a 52-week high.

After the stock turned ex-bonus on September 22, shares of Berger Paints rose 6% to a 52-week high of Rs 665 per share in intraday trade. The S&P BSE Sensex, in contrast, was unchanged at 66,250 levels as of 11:50 am.

The stock of this paint and coating producer has increased 12 percent over the past month, outpacing the benchmark Sensex’s 1 percent gain.

The corporation set September 23 as the record date earlier this month to determine if stockholders were eligible to receive bonus equity shares in the ratio of 1:5, or one equity share for every five equity shares worth one rupee each.

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