India Movers: Cyient, NBCC, NTPC, Rail Vikas Nigam, Torrent Power, TVS Motor, Wockhardt

Arun Goswami
21 Mar, 2024
Mumbai

Stocks in Mumbai rebounded after two days of lackluster trading and participated in a global market rally following the U.S. Federal Reserve's rate decisions. 

The central bank held its key lending rates steady, signaled as many as three interest rate cuts before the year's end, and lifted the economic growth outlook sharply higher to 2.1% from the previous estimate of 1.4%. 

The Sensex index increased 0.8% to 72,667.97, and the Nifty index edged up 0.8% to 22,020.35. 

On the Mumbai stock exchange, 26 stocks traded at their 52-week highs and 25 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds increased to 7.07%, and the Indian rupee edged lower to ₹83.07 against the U.S. dollar.

TVS Motor increased 1.1% to ₹2,055.55 after the company's board approved a 4-to-1 bonus plan of non-convertible and redeemable preference shares worth up to ₹1,900 crore. 

Torrent Power jumped 0.5% to ₹1,226.0 after the company agreed to acquire a Solapur transmission for ₹7 crore from Power Finance Corporation. 

After the acquisition, the company plans to link renewable power projects in Maharashtra with the national transmission grid. 

Rail Vikas Nigam increased 2.5% to ₹245.20 after the company's bid for a 167 crore project for the Southeastern Railway was deemed to be the lowest bid. 

NBCC India gained 5% to ₹114.80 after the company was selected by the Consulate General of India in Jeddah for project management consultancy service for a residential construction project worth $30 million of ₹249 crore. 

The consultancy project is expected to generate fees of ₹11 crore. 

Wockhardt rose 2.2% to ₹558.50 after the company launched its institutional offering with a floor price of ₹544.02 per share. 

The company did not indicate the size of its offering. 

Cyient Ltd. increased 0.2% to ₹2,003.75, and the information outsourcing company's joint venture with Hindustan Aeronautics Limited initiated corporate insolvency proceedings. 

NTPC advanced 2.2% to ₹323.55 after the company said it plans to raise ₹1,500 crore through the sale of two-year unsecured bonds.