Market this week 8-9-2023

Market this week 2
Market this week 2

On stronger August sales and manufacturing statistics, Force Motors shares are trapped at a 5% upper circuit.

On September 7, Force Motors shares were stuck above a 5% upper circuit after the company reported higher sales and production in August than the previous month. There were 19,402 pending buy orders, but no sellers were available.

The company’s overall production rose to 3,032 units in August 2023 compared to 2,987 units in July 2023. In August 2023, overall sales increased to 2,601 units from 2,564 units, and exports increased to 675 units from 227 units, MoM.

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On September 28, 2023, there will be the company’s 64th Annual General Meeting (AGM). In contrast to its loss of Rs 16.61 crore in June 2022, the company reported a net profit of Rs 68.56 crore for the quarter that ended in June 2023.

Large trades of Rs. 155 crore are made in Tata Power, and the stock reaches a 52-week high.

According to Bloomberg statistics, Tata Power stock reached a 52-week high on September 8 at Rs 276.50 after 0.2 percent of its equity changed hands in a significant transaction worth Rs 155 crore. On the NSE, over 52.5 lakh shares of Tata Power were sold in a block trade for Rs 270 each.

The identity of the purchasers or sellers in the transaction was not immediately evident.

The company announced that its income from operations in Q1FY24 increased by 4.95 percent year over year (YoY) to Rs 15,213 crore. To Rs 1,141 crore, net profits for the quarter increased by 29.07 percent year over year. Operating profit margins increased by 600 basis points from the previous year to 18%.

Launch of AdSpark and Smart Service Operations by LTIMindtree for retail media; stock trades unchanged

After the technology consulting firm launched two industry solutions on September 8, shares of LTIMindtree were trading unchanged. The LTIMindtree stock was trading at Rs 5,455 at 11:08 a.m., down 0.24 percent.

AdSpark and Smart Service Operations are two market-specific solutions that LTIMindtree, a technology consulting and digital solutions company, has released to shorten the time-to-market for companies using the salesforce platform.

While Smart Service Operations combines the strength of Salesforce Service Cloud and the NxT Platform for clients in manufacturing, construction, transport, mining, electricity and utilities, etc., AdSpark assists retailers in accelerating the growth of their own Retail Media platforms.

With a robust growth outlook, Mazagon Dock, Garden Reach, and Cochin Shipyard all at record highs.

A solid growth outlook drove up the price of shipbuilding stock on September 8, with Garden Reach Shipbuilders & Engineers, Cochin Shipyard, and Mazagon Dock Shipbuilders setting new highs at Rs. 973.95, Rs. 1,258 and Rs. 1,258 respectively.

Shares of Cochin Shipyard, Garden Reach Shipbuilders & Engineers, and Mazagon Dock Shipbuilders increased 4–12% on the BSE.

According to reports, the US government’s NAVSUP Fleet Logistics Center Yokosuka and Mazagon Dock Shipbuilders have inked a master ship repair agreement.

After a subsidiary inks an agreement for a green hydrogen plant in Odisha, Tata Steel benefits.

The morning of September 8 saw Tata Steel Limited trading more than 1% higher following the company’s signing of a contract with AVAADA Group for a green hydrogen and ammonia producing complex in Odisha.

signed an agreement known as a Memorandum of Understanding (MoU) with Tata Steel Special Economic Zone Limited (TSSEZL), but kept the project’s financial information a secret. The project will be located at the Gopalpur Industrial Park in the Ganjam district.

Avaada Group is an integrated energy platform with interests in the production of renewable energy, green hydrogen, and green ammonia in addition to the manufacture of solar cells, modules, and electrolysers.

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