Movers: Bank of India, Kalyani Steel, Manappuram Finance, Maruti Suzuki, Polycab, Phoenix Mills, Spicejet

Arun Goswami
11 Jan, 2024
Mumbai

Stocks in Mumbai traded higher ahead of the release of quarterly results from the leading tech services exporters.

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, 225 stocks traded at their 52-week highs and 3 stocks traded at their 52-week lows.

Polycab plunged 20% to ₹3,929.50 after the Income Tax Department said it found unaccounted cash sales of ₹1,000 crore.

The company reiterated in a statement that it has not received any communication from the tax authorities since the government agency's raid last month.

"Preliminary analysis suggests that the flagship company indulged in unaccounted cash sales, cash payments for unaccounted purchases, non-genuine transport, and subcontracting expenses for suppression of its taxable income," the Central Board of Direct Taxes alleged in a statement released on December 22, 2023.

Maruti Suzuki added 0.4% to ₹10,048.50 after the company announced its plan to double its production capacity in Gujarat and build a new production plant.

The company currently manufactures about one million vehicles each in Gujarat and Haryana.

Spicejet edged down 0.2% to ₹65.44, and the company is looking to raise 2,250 crore through a secondary offering of stocks and warrants to lighten its heavy debt load.

Bank of India increased 2.5% to ₹121.10 after the company said its total deposits rose 8.6% from a year ago to ₹7.10 lakh core or trillion, and domestic deposits advanced 7.6% to ₹6 lakh crore or trillion at the end of the December quarter.

Manappuram Finance advanced 3.5% to ₹173.65, and the company's proposed public offering of its unit, Asirvad Micro Finance, was temporarily placed on hold by SEBI.

CESC Ltd. increased 1.3% to ₹138.75 after the company's subsidiary, Noida Power Company, received an order for 95 MW per annum for five years from the Uttar Pradesh Electricity Regulatory Commission.

Phoenix Mills dropped 4.7% to ₹2,456.75 after the company said gross retail collection at the end of the December quarter rose 30% to ₹700 crore.

The company said total retail store consumption at stores located in its malls jumped 24% to ₹3,287 crore.

The company said occupancy at new retail malls rose in Pune to 60%, in Amdavad to 78%, and in Indore to 91%.

Kalyani Steels soared 17.7% to ₹609.0 after the company won an auction to acquire assets of the recently liquidated Kamineni Steel and Power India for a payment of ₹450 crore to be paid before April 7.