December 22, 2023 / 04:46 PM IST
The Indian equity benchmarks closed in green on December 22, Sensex was up 0.34 percent at 71106.96, and the Nifty was up 0.44 percent at 21349.40. About 2163 shares advanced, 1457 shares declined, and 114 shares remained unchanged.
Adani Green Energy Ltd. | CMP Rs. 1533.10 | Adani Green Energy gained nearly 1 percent on December 22, a day after it was reported that the parent group was planning to invest $1 billion into the renewable arm, driving the stock up 4 percent. This move is a part of the group’s aim to reach “ambitious green goals while facing maturing bonds next year”. The company aims to reach 45 gigawatts of green energy capacity by 2030. According to a Bloomberg report, Adani Green Energy Ltd is also looking to issue preferential shares to the company’s founders to meet expansion and refinancing needs.
GMR Airports Infrastructure Ltd. | CMP Rs. 74.65 | Shares of GMR Airport Infrastructure gained nearly 2 percent on December 22, a day after the company announced that its subsidiary GMR Airports Limited had entered into an agreement with NIIF to develop and operate the Bhogapuram International Airport. In a regulatory filing, GMR Airports Infrastructure Limited said that GMR Airports Limited (GAL) and NIIF (National Investment and Infrastructure Fund) had entered into binding agreements for NIIF to invest up to Rs 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.
Life Insurance Corporation of India Ltd. | CMP Rs. 792.80 | LIC shares zoomed nearly 4 percent to hit a 52-week high on December 22 after the government granted a one-time exemption to the insurer to achieve 25 percent minimum public shareholding (MPS) within 10 years. This removes a key overhang from the stock because its earlier deadline to achieve MPS was May 2027, as per the Sebi regulation, which would have meant share sales by the government. The government holds 96.5 percent stake in LIC.
SBI Card & Payment Services Ltd. | CMP Rs. 773.15 | Amidst the festive season, the SBI card stock gained nearly a percent due to an increase in credit card spends. Credit card spends grew 40 percent year-on-year to Rs 1.6 lakh crore in November, compared to 38 percent YoY growth in October. Meanwhile, SBI Cards saw a 50 percent YoY increase in spends in the month gone by, surpassing the industry average, noted Jefferies, citing RBI data. SBI Cards’ spends came in at Rs 31,400 crore for the month.
Polycab India Ltd. | CMP Rs. 5359.30 | Polycab India shares tanked nearly 5 percent on December 22 amid reports that the income tax department is conducting searches at 50 locations of Polycab across India. The residences and offices of the top management linked to the firm were also being raided, reported CNBC TV18. The reasons behind the Income Tax Department’s searches and the nature of the investigation are not yet clear. The stock has risen over 100 percent so far in 2023, doubling investors’ money. In comparison, the benchmark Nifty 50 has risen around 15 percent.
AstraZeneca Pharma Ltd. | CMP Rs. 5329.10 | AstraZeneca Pharma shares surged over 12.5 percent to a 52-week high on December 22. The rise comes a day after the company announced that it will launch Trastuzumab Deruxtecan, also known as Enhertu, which is used in the treatment of HER2-positive breast cancer, in January 2024.
Allcargo Gati Ltd. | CMP Rs. 120.80 | Despite the demerger announcement by Allcargo Logistics, the ACLGATI share closed in the red on December 22, ending 12.5 percent lower. According to the company release, the direct shareholding will eliminate inefficient complex corporate structure. Shareholders of Allcargo Gati will get 63 shares in demerged Allcargo Logistics for every 10 shares held in Allcargo Gati. Allcargo Logistics completed its acquisition of GATI in the year 2000 for around Rs 416 crore as a means to enter the express logistics space. Allcargo Logistics however ended in the green, up 8 percent as against the previous close.
Piramal Pharma Ltd. | CMP Rs. 140.50 | Piramal Pharma zoomed 9 percent to hit a 52-week high on December 22. It has surged 16 percent so far, largely in line with the benchmark Sensex. The rise comes in the wake of a fresh spate of Covid cases. India recorded 640 COVID-19 infections by the new sub-variant called JN.1 on December 22, bringing the total active cases to 2,997. ICICI Securities has re-initiated coverage on the stock with a ‘buy’ rating and set the target price at Rs 180.
Railtel Corporation of India Ltd. | CMP Rs. 296.35| Railtel shares rallied nearly 2 percent on December 22 after the company received a Rs 66.83-crore work order from NF Railway Construction. The order is for the supply, installation, testing, and commissioning of an integrated tunnel communication system, emergency call arrangements in tunnels, and Integrated Passenger Information System (IPIS) at stations in Bhairabi – Sairang New Single line Section of the Lumding Division. The order has to be executed within one year from the date of Letter of Acceptance (LOA), Railtel stated in a regulatory filing.
V-Guard Industries Ltd. | CMP Rs. 293.20 | Shares of V-Guard Industries soared over 2 percent on December 22 after a block deal worth Rs 100 crore took place on the exchanges. Around 35 lakh shares of the company changed hands at a floor price of Rs 286 apiece which represents a slight discount from the stock’s closing price of Rs 287.15 in the previous session.