Movers: CONCOR, IRB Infra, NTPC, Olectra Greentech, REC, Sugar Stocks, Zomato

Arun Goswami
08 Dec, 2023
Mumbai

Two popular benchmark indexes are set to close higher for the sixth week in a row, with a weekly gain of about 1.9%.

In a widely anticipated decision, the Reserve Bank of India held its key lending rates, lifted its view on economic growth, but left its inflation forecast intact for the fiscal year 2024, citing multiple food price shocks.

The Sensex index increased 164.08 points to 69,685.77, and the Nifty index rose 55.60 points to 20,956.75.

On the Mumbai stock exchange, 200 stocks traded at their 52-week highs and 12 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds held firm at 7.24%, and the Indian rupee hovered near ₹83.34 against the U.S. dollar.

Container Corporation of India added 0.5% to ₹846.75 after the company signed an agreement with NTPC Vidyut Vyapar Nigam for setting up solar power projects at CONCOR terminals.

NTPC jumped 1.9% to ₹289.25.

REC jumped 2.2% to ₹403.50 on reports that the company is looking to raise as much as ₹6,000 crore through two bond offerings.

Zomato Ltd. gained 1.4% to ₹122.15 on a report that Japan-based Softbank is looking to sell a 1.1% stake in the delivery service company.

Olectra Greentech advanced 2.2% to ₹1,255.10 after the company signed a contract to deliver 40 electric buses.

Spicejet declined 1.3% to ₹51.68 on a report that the company is looking to raise additional capital, including a stock offering.

Sugar stocks declined after the government barred companies from making ethanol using sugarcane juice but permitted the use of molasses.

The sugarcane crop is down this year after uneven monsoon rains, and the government issued the directive as sugar supply is barely expected to meet the annual demand of 28 million tons.

About 25% of sugarcane juice production is used to make ethanol, and sugar production in the first two months of this crop cycle ending in November declined by 10.5%.

Shree Renuka fell 5.7% to ₹45.15, Bajaj Hindusthan declined 6.8% to ₹27.15, Balarampur Chini Mills dropped 2.7% to ₹397.80, and Dalmia Bharat Sugar and Industries decreased 1.2% to ₹403.65.

Power sector stocks surged after the rate decision by the Reserve Bank of India.

IREDA soared 12% to ₹72.10, REC added 2.2% to ₹405.0, Power Finance Corporation advanced 1.8% to ₹383.90, Power Grid jumped 0.3% to ₹230.85, but Torrent Power declined 3.3% to ₹968.70.

IRB Infrastructure Developers jumped 3.6% to ₹39.85 after the company said toll revenue soared 20% from a year ago to ₹437 crore in November.