A host of stocks are buzzing in Tuesday's trade amid company-specific developments. They included Route Mobile, Dhunseri Tea and Industries, Praveg Communications, JK Paper, Jubilant FoodWorks, Thomas Cook and Aarti Industries. Here's what is driving these stocks higher.
Shares of Route Mobile climbed 3 per cent in Tuesday's trade after the company said it will open a local sales office in Riyadh and operate as Route Mobile Arabia Telecom, further strengthening its presence in addition to the UAE and Kuwait market. The stock rose 2.71 per cent to hit a high of Rs 1,359.05 on BSE. Route Mobile said it obtained the “CITC License” from Saudi Arabia’s Communications and Information Technology Commission (CITC), which is responsible for regulating the information and communication technology sector in KSA.
Dhunseri Tea and Industries surged 5.93 per cent to hit a high of Rs 232.10 on BSE after the company entered into memorandum of understanding (MoU) with Warren Tea to acquire three tea estates in Assam -- Duamara Tea Estate, Tara Tea Estate and Deohall Tea Estate. The objective of acquisition is to enhance production, turnover and profitability of the company. Duamara Tea Estate’s cost of acquisition is Rs 32.95 crore, Tara Tea Estate’s consideration is Rs 36.50 crore and Deohall Tea Estate’s cost of acquisition is Rs 21.35 crore.
Shares of Praveg Communications (India) rose 3.19 per cent to hit a high of Rs 243.50 as the company received a work order from Department of Tourism, Dadra & Nagar Haveli and Daman & Diu for development, operation, maintenance and management of Tent City at Jampore Beach, Daman.
Shares of Thomas Cook rose 5.72 per dent to hit a high of Rs 77.60 on BSE after a wholly owned subsidiary, Sterling Holiday Resorts, unveiled its new wildlife resort in Pench National Park. Sterling Padam Pench, spread out across 5 acres, is strategically located near the Turiya Gate that is at the entrance of the tiger reserve of Pench National Park, the company said in a BSE filing.
Shares of JK Paper jumped nearly 4 per cent in Tuesday's trade, only to wipe out gains. The stock rose 3.77 per cent to hit a high of Rs 435.90 in early trade. The scrip was later trading flat at Rs 420 apiece. The company has entered into a share purchase and shareholders’ agreements (SPSHAs) for the acquisition of 85 per cent shares of Horizon Packs (HPPL) and Securipax Packaging (SPPL), and the balance 15 per cent within a period of 3 years as per the respective SPSHAs.
Shares of Aarti Industries rose 1.68 per cent to hit a high of Rs 680.65 on BSE after the company signed a binding term sheet with Deepak Fertilisers & Petrochemicals Corporation (DFPCL) for a 20 year period for offtake and supply of Nitric Acid. The parties plan to execute the formal agreement before the close of this calendar year. The supply arrangement comes into effect from April 01, 2023. DFPCL is the largest manufacturer of Nitric Acid in South East Asia and the company is one of the largest Nitric Acid consumers in India.
Shares of Jubilant FoodWorks rose 1.46 per cent to hit a high of Rs 544.45 on BSE after the company received approval to sell/ transfer its wholly owned subsidiary companies named Welspun Innovative Products and Easygo Textiles to MGN Agro Properties, a promoter group company. These WOSs presently don’t have any active business nor do have any plan for them and hence, the company has decided to exit.
Shares of Force Motors advanced over 1 per cent in Tuesday's trade after the company commenced the production of its next-generation shared mobility platform Urbania, developed at an investment of Rs 1,000 crore. The company showcased the new shared mobility platform, then code-named T1N, at the Auto Expo in 2020. However, its launch was postponed due to the pandemic. The stock rose 1.34 per cent to hit a high of Rs 1,503.40 on BSE.
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