India Movers: Adani Group, IDFC First, MSTC, Nykka, SJVN, Shapoorji Pallonji Group

Arun Goswami
20 Sep, 2024
Mumbai

Benchmark indexes in Mumbai advanced to new record highs and extended this year's string of multiple record highs amid solid demand from domestic and foreign investors. 

The Sensex index increased by 0.3% to 83,399.27, and the Nifty index edged up by 0.3% to 25,498.40. 

On the Mumbai stock exchange, 91 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 inched lower to 6.74%, and the Indian rupee strengthened to 83.61 against the U.S. dollar.

FSN E-commerce Ventures gained 0.7% to ₹201.09, and the cosmetic retailer said it has expanded its same-day or next-day delivery service to 110 cities. 

The cosmetic retailer added that about 60% of orders are fulfilled on the same day. 

Shapoorji Pallonji Group of companies is likely to receive an investment of ₹2,100 crore, arranged by Deutsche Bank, ahead of the company's debt repayments. The company is also preparing to list Afcons Infrastructure on Mumbai stock exchanges through a public offering as early as next year. 

The group companies include Eureka Forbes, Forbes & Company, Gokak Textiles, Vascon Engineers, and Sterling & Wilson Renewable Energy. 

SJVN increased 0.2% to ₹129.0, and the renewable power company announced better-than-expected quarterly results. 

Standalone revenue increased to 2,533.59, and after-tax profit rose to 908.40 crore. 

The company said it has expanded its project portfolio to a record 56.8 GW, driven by 89 projects and three transmission lines. 

The power projects include 5.1 GW hydropower projects in Arunachal Pradesh, 2.4 GW Darzo Lui Pumped Storage Project in Mizoram, and securing 16 renewable projects totaling 4.5 GW of power generation capacity. 

MSTC Ltd. increased 2.2% to ₹739.0, and the government approved the sale of the company's subsidiary Ferro Scrap Nigam to Japan's Konoike Transport Company for ₹320 crore. 

IDFC First Bank increased 0.7% to ₹74.34, and the Reserve Bank of India approved the reappointment of the company's managing director, V. Vaidyanathan, effective December 19.

Reliance Infrastructure increased 3.3% to ₹293.0, and the company's board approved its plans to raise 3,014 crore through a preferential issue.