Movers: Adani Group, Aster DM Healthcare, PCBL, Siemens, TCS, Tata Power, Zomato

Arun Goswami
29 Nov, 2023
Mumbai

Stocks in Mumbai advanced for the second day in a row and extended the previous week's gains.

The Sensex index increased 262.28 points to 66,436.58, and the Nifty index rose 122.95 points to 20,012.60.

On the Mumbai stock exchange, 105 stocks traded at their 52-week highs and 6 stocks traded at their 52-week lows.

Tata Power Company added 1.7% to ₹275.05 after SJVN awarded the company a 200 MW renewable energy project.

Tata Consultancy Services increased 1.1% to ₹3,509.75, and the company set its ₹17,000 crore stock buyback period between December 1 and December 7.

PCBL jumped 4.3% to ₹265.35 after the company's board approved the purchase of Pune-based specialty chemical maker Aquapharm Chemicals Pvt Ltd  for ₹3,800.

Siemens declined 0.7% to ₹3,617.50, and the industrial engineering company reported its latest quarterly results.

Revenue in the quarter rose 25% from a year ago to ₹5,808 crore, but net income declined 12% to 571 crore.

Zomato added 3.8% to ₹118.10, and China-based Alipay is preparing to sell its stake in the delivery service provider.

Alipay is looking to sell a 3.4% stake in the company for about $400 million through block deals on Indian stock exchanges.

The stock sale news was first reported by Reuters. 

Adani Group stocks advanced for the second day in a row after the Supreme Court concluded its hearing in the Adani-Hindenburg case.

Adani Enterprises jumped 0.5% to ₹2,435.0, Adani Ports & Special Economic Zone added 0.5% to ₹839.55, Adani Power gained 1.1% to ₹451.50, Adani Wilmar increased 2.6% to ₹357.50, and Adani Total Gas soared 13.8% to ₹732.40.

Aster DM Healthcare jumped 9.7% to ₹365.0 after the company approved the sale of its Middle East business to an entity controlled by promoters for $1.01 billion.

The deal will separate the India operation from its Middle East or Gulf Cooperation Council businesses.

In a carve-out transaction, Alpha GCC Holdings agreed to acquire the network of hospitals, pharmacies, and other medical facilities owned by Aster DM in the Middle East.

Alpha GCC is 35% controlled by the promoter group Aster DM Healthcare and 65% by funds managed by the private equity group Fajr Capital Advisors Limited.

The current market cap of the combined India and GCC businesses is valued at $2.0 billion.

The current transaction values the GCC business at an enterprise value of $1.7 billion, or ₹13,540 crore, and an equity value of $1.0 billion, or ₹8,215 crore.