India Movers: Delta Corp, Power Grid, Power Finance, IRCTC, Shyam Metallics, Steel Strips Wheels, Vedanta

Arjun Pandit
10 Jan, 2024
Mumbai

Stocks in Mumbai lacked direction in choppy trading, and tech services companies were in focus ahead of the release of quarterly results.

The Sensex index increased 570.02 points to 71,925.24, and the Nifty index rose 176.65 points to 21,688.75.

On the Mumbai stock exchange, 230 stocks traded at their 52-week highs and 8 stocks traded at their 52-week lows.

Vedanta declined 2.5% to ₹255.45 after Moody's downgraded corporate group rating to Caa3 from Caa2 and rating on unsecured bonds to Ca from Caa3. The rating agency maintained a negative outlook on the company's debt.

Power Grid Corporation decreased 0.5% to ₹241.20, and the power distribution company is set to raise as much as ₹2,200 crore in a bond offering today.

Power Finance Corporation fell 2.2% to ₹385.80, and the company received approval from the Reserve Bank of India for setting up a finance company in GIFT city, Gujarat.

Shyam Metallics and Energy gained 0.6% to ₹641.65 after the company raised ₹1,385 crore through an institutional offering.

The company's offering attracted bids of ₹4,055 crore, about 3.5 times the offering size.

The company sold 24.05 lakh shares priced at ₹576 per share to 38 institutional investors.   

Delta Corp. decreased 2.4% to ₹146.95 after the casino operator reported quarterly results.

Revenue in the December quarter rose 15% from a year ago to ₹231.7 crore, and net profit decreased 59% to ₹34.5 crore.

KIOCL fell 2.7% to ₹358.80 after the company temporarily suspended operations at its Mangalore plant because of the lack of iron ore fines.

Polycab India rose 0.8% to ₹4,906.30 after the company refuted recent media speculation about tax evasion.

The company said it has not received any communication from the Income Tax Department following the recent property searches conducted by the government agency.

IRCTC fell 0.9% to ₹912.85 after the railway ministry nominated Sanjay Kumar Jain as the chief managing director. 

Steel Strips Wheels rose 0.7% to ₹257.25 after the company's plan to invest ₹138 crore in AMW Autocomponent Ltd was approved by the National Company Law Tribunal.