Produced by: Aseem Thapliyal
Jio Financial
The domestic equity market was trading lower on Monday. Sensex fell 305 points to 73,813 and Nifty lost 73 pts to 22,423. Market cap of BSE-listed firms slipped to Rs 391.51 lakh crore.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The dominant trend in the market in the near-term is likely to be the underperformance of the broader market, particularly the small cap space. Since restraint imposed by some mutual funds by stopping lump sum investment into their small cap schemes has failed to stem the flow of funds into the over valued small -cap segment, SEBI has stepped in with regulatory action asking the mutual funds to do stress tests in their mid and small cap schemes. More follow up actions are likely from the regulator to prevent a bubble formation in the broader market and its inevitable burst."
Shares of multibagger NLC India Ltd climbed 12 per cent after the non-retail portion of the company's ongoing offer for sale (OFS) saw 2.92 times subscription. The government decided to exercise the green shoe option which boosted investor sentiment. The stock rose 12.09% to Rs 244.60. Market cap of the firm rose to Rs 32,787 crore.
Tata Chemicals shares fell about 11 per cent to Rs 1172.50 amid reports Tata Sons was evaluating options to avoid an initial public offer (IPO), which Kotak Institutional Equities said should deflate speculation around value-unlocking at Tata Chemicals. It suggested a 'Sell' rating on the stock. Market cap of the firm fell to Rs 30,138.94 crore.
Shares of Jio Financial rose to their record high levels. The stock jumped 5.14 per cent to hit an all-time high of Rs 351. Market cap of the firm rose to Rs 2.20 lakh crore. Total 36 lakh shares changed hands amounting to a high turnover of Rs 124.61 crore on BSE.
Shares of Tata Power slipped over 4% today amid a correction in the benchmark indices. The stock slipped 4.69% to Rs 405 today It reached a record high of Rs 433.20 on March 7, 2024. Market cap of the firm fell to Rs 1.32 lakh crore. Total 17.66 lakh shares changed hands amounting to a high turnover of Rs 73.23 crore on BSE.
Shares of Titagarh Rail Systems rose nearly 8% after the company said it has won an order from the Railway Board for manufacture and supply of 4,463 BOSM Wagons for a value of Rs 1,909.04 crore. The railway stock rose to a high of Rs 968.20, gaining 7.67% on March 11, 2024. Market cap of the firm stood at Rs 12,293 crore. Total 1.07 lakh shares of the firm changed hands amounting to a turnover of Rs 10.03 crore.
Shares of KPI Green Energy rallied 5% in early deals today after the firm said it won a contract for a 305 MWac solar power project in Gujarat. Of this, Aditya Birla Renewables subsidiary has awarded 175 MW and ABREL (RJ) Projects has awarded 130 MW. Shares of KPI Green Energy rose 4.99% to Rs 1812 on March 11, 2024. The power stock opened higher at Rs 1803.60 against the previous close of Rs 1725.85 on BSE. KPI Green Energy shares have gained 84.67% in 2024 and risen 482.43% in a year.
Shares of Torrent Power hit their record high in early trade today after the power utilities firm said it has emerged as a successful bidder and received letter of award (LoA) from Maharashtra State Electricity Distribution (MSEDCL) for setting up of 306 MW grid-connected solar power project at Nasik in Maharashtra. Torrent Power shares zoomed 9.28% to a high of Rs 1249.80. Total 0.70 lakh shares of the firm changed hands amounting to a turnover of Rs 8.55 crore on BSE. The market cap of the firm rose to Rs 59,591 crore on BSE.
Shares of DB Realty tumbled 5.57 per cent to Rs 267 with a total market capitalization of more than Rs 13,500 crore. The company launched its qualified institutional placement (QIP) at a discounted price than its previous close. The company also announced plans to change its name through a separate exchange filing.
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