Movers: Adani Ports, Axiscades, Bharat Electronics, Bharti Airtel, Delta Corp, IDFC First Bank, IRCON, Paytm, Kothari Petrochemicals

Arun Goswami
07 Dec, 2023
Mumbai

Stocks in Mumbai turned lower after rallying for three days in a row this week, and investors awaited the rate decision from the Reserve Bank of India on Friday.

The Sensex index decreased 251.11 points to 69,402.62, and the Nifty index fell 58.65 points to 20,880.0.

On the Mumbai stock exchange, 159 stocks traded at their 52-week highs and 15 stocks traded at their 52-week lows.

Paytm dropped 20% to ₹650.45 after the company said it plans to slow approvals of loans under ₹50,000 after the Reserve Bank of India tightened lending rules last week.

Axiscades Technologies jumped 4% to ₹584.55 after the company acquired a 100% stake in Hyderabad-based Epcogen, the provider of engineering services for petroleum and power companies.

Delta Corp. increased 2.7% to ₹142.70 after the Calcutta High Court issued an order to a unit of the company not to act on the demand by the Goods and Services Tax authorities for the collection of ₹6,834 crore.

Bharti Airtel declined 1.4% to ₹1,010.05, and Warburg Pincus is looking to sell 17.5 million, or 1.75 crore, shares in a block deal for $211 million, or about ₹1,760 crore, at a floor price of ₹1,005 per share.

IDFC First Bank declined 3.2% to ₹87.50, and a fund controlled by Warburg Pincus is looking to sell a 1.3% stake in the bank for $100 million, with a floor price of ₹85.70 per share.

Bharat Electronics increased 1.6% to ₹159.05 after the company won a ₹580 crore order for supplying artificial magnetic conductors for radars from the Indian Army.

IRCON International declined 7.8% to ₹158.60 after the central government launched an offer to sell up to an 8% stake in the company over a two-day period starting Thursday.

Adani Ports & Special Economic Zone added 2% to ₹1,037.25, and the company is in advanced talks with Shapoorji Pallonji to acquire Gopalpur Ports in Odisha for as much as ₹1,200 crore.

Kothari Petrochemicals dropped 0.8% to ₹158.95 after the company said its operations located in Manali Industrial Area, Chennai, were temporarily disrupted by Cyclone Michaung.