India Movers: Avantel, Bajaj Auto, CG Power, Dilip Buildcon, L&T, Mahindra & Mahindra, Tips Industries

Arun Goswami
01 Mar, 2024
Mumbai

Stocks in Mumbai rebounded after the economy expanded at a faster pace in six quarters in the December quarter. 

The Sensex index increased 0.9% to 73,121.61, and the Nifty index rose 0.9% to 22,182.20. 

On the Mumbai stock exchange, 102 stocks traded at their 52-week highs and 18 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds increased to 7.07%, and the Indian rupee strengthened to ₹82.87 against the U.S. dollar.

Larsen & Toubro rose 2.5% to ₹3,565.0 after the company commissioned its first hydrogen electrolyser at the green hydrogen plant in Hazira, Gujarat. 

CG Power and Industrial Solution advanced 7.1% to ₹475.0 after the company received approval to set up a semiconductor manufacturing unit in Gujarat. 

The company, in partnership with Japan's Renesas Electronics, plans to invest ₹7,600 crore.

Tips Industries declined 2.2% to ₹504.40 after the company signed a music distribution agreement with Warner Music on all streaming applications. 

Avantel increased 1% to ₹113.50 after the company won an order worth ₹5.5 crore from Garden Reach Shipbuilders. 

Dilip Buildcon advanced 4% to ₹451.90 after the company's unit won a construction order worth ₹1,955 from the National Highway Authority of India. 

Oil companies were in focus after the central government hiked its windfall tax on petroleum crude. 

The government increased its windfall tax on petroleum crude to ₹4,600 per ton from ₹3,300 effective March 1, but the tax on diesel fuel was cut to zero from ₹1.50 per liter. 

Reliance Industries increased 0.9% to ₹2,947.45, Oil India soared 6.2%, and ONGC gained 2.5% to ₹271.30. 

Mahindra & Mahindra increased 0.7% to ₹1,945.05 after the vehicle maker reported unit sales increased 24% to 72,923 units in February. 

Domestic utility vehicle sales increased 40% to 42,401 vehicles and commercial vehicle sales rose to 22,825 units. 

Bajaj Auto added 1.8% to ₹8,047.55 after the vehicle maker reported total vehicle sales in February increased 24% to 346,682 units from 280,226 units a year ago. 

Exports of 2- and 3-wheeler vehicles increased 10% to 139,768 from 126,935 units, and domestic sales surged 35% to 206,894 units from 153,291 units a year ago. 

Escorts Kubota increased 1.9% to ₹2,911.15 and the company said farm equipment sales dropped 17% to 6,481 from 7,811 a year ago.