Movers: Apollo Tyres, Devyani Intnl, INOX India, Kaynes Technology, Nestle India, Sun Pharma, Vakrangee, Vedanta

Arun Goswami
19 Dec, 2023
Mumbai

Stocks in Mumbai traded down, and investors reacted to a flood of domestic corporate news.

The Sensex index decreased 168.07 points to 71,144.04, and the Nifty index fell 57.75 points to 21,360.25.

On the Mumbai stock exchange, 181 stocks traded at their 52-week highs and 8 stocks traded at their 52-week lows.

Nestle India decreased 0.3% to ₹24,300.0, and the company set January 5, 2024, as the record date for its 1-to-10 stock split.

Vedanta Ltd. advanced 1.6% to ₹264.45 after the company announced a second interim dividend of ₹11 per share, or ₹4,089 crore, to shareholders on record on December 27.

Sun Pharmaceutical Industries increased 0.4% to ₹1,259.40, and the company agreed to acquire a 16.7% stake in the U.S.-based clinical-stage biopharmaceutical company Lyndra Therapeutics for $30 million.

Zee Entertainment Enterprises increased 1.1% to ₹281.10, and Sony India is not likely to accept the company's request to extend its merger deadline.

Apollo Tyres rose 3.1% to ₹464.50, and a Bloomberg report suggested that an affiliate of Warburg Pincus is looking to sell a 3% stake in the company for $100 million with a floor price of ₹440 per share.

Devyani International gained 7.5% to ₹196.50 after the company acquired 274 KFC stores in Thailand for ₹1,066.10 crore and approved an investment of 340 crore in its international markets-focused subsidiary, Devyani DMCC, Dubai.

Vakrangee Limited gained 0.5% to ₹19.40 after the company agreed to acquire 8.8% of Vortex Engineering from the International Finance Corporation.

Kaynes Technology India Limited rose 4.5% to ₹2,728.20 after the company launched an institutional offering to raise ₹1,400 crore at an offer price of ₹2,444 per share.

PNC Infratech jumped 2.4% to ₹351.0 after the company won a toll road project worth 1,174 crore from the road development authority in Madhya Pradesh.

INOX India, the maker of cryogenic storage and distribution equipment, had its initial public offering subscribed 61 times on the final day of subscription.

The offer price range is between ₹627 and ₹660 per share, and the institutional portion was subscribed to 148 times and the retail investment portion was subscribed to 15 times.

Annual revenue in the fiscal year ending in March 2023 increased to ₹984.20 crore, net income advanced to ₹152.71 crore, and diluted earnings per share rose to ₹16.83.