India Movers: Bank of India, Coromandel Intnl, HDFC Bank, KRP Mill, Piramal Pharma, Reliance Power, Spiecejet, Shriram Finance, Vedanta

Arun Goswami
26 Sep, 2024
Mumbai

Benchmark indexes in Mumbai crossed another record high amid positive market sentiment driven by improving macroeconomic outlook and earnings optimism.

The Sensex index increased by 0.3% to 85,390.20, and the Nifty index rose by 0.2% to 26,060.40.

On the Mumbai stock exchange, 137 stocks traded at their 52-week highs, and 22 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 83.68 against the U.S. dollar.

Vedanta Limited declined 1% to ₹479.35, and the company's board is scheduled to meet on October 8 to discuss a potential fourth interim dividend. 

The mineral resource company has declared a total dividend of ₹13,474 crore in the current fiscal year, despite the company's lackluster quarterly results. 

The mining company is also looking to repay its international debt by $3 billion over the next three years. 

Piramal Pharma increased 1.5% to ₹229.90, and the company's chairman, Nadini Piramal, said that the company is targeting an annual sale of $2 billion by the end of 2030 amid rising demand for its contract development and manufacturing services. 

HDFC Bank decreased 0.3% to ₹1,773.80, and UBS Group acquired 30.72 lakh shares at an average price per share of ₹1,768.08, totaling ₹543 crore. 

Spicejet advanced 1.2% to ₹63.14, and the company's chairman, Ajay Singh, said the company is planning to increase its aircraft fleet to 100 by 2026 following the ₹3,000 crore secondary offering.

Coromandel International declined 1.3% to ₹1,622.70, and the company increased its stake in the Senegal-based rock phosphate company. 

The company increased its stake to 53.8% by acquiring an additional stake of 8.82% for $3.84 million in Baobab Mining and Chemicals Corporation. 

Shriram Finance increased 0.4% to ₹3,538.95, and the company completed its $500 million bond offering with a fixed rate of 6.15%. 

Reliance Power surged 4% to ₹44.15, and the company's subsidiary, Rosa Power, repaid ₹850 crore of debt to Varde Partners. 

The company said it plans to be debt-free by the end of the current financial year. 

KPR Mill Ltd. decreased 1.8% to ₹988.65, and the Coimbatore-based textile mill operator's promoter KP Ramaswamy sold 3.1% stake in the company for ₹971.4 crore at an average price of ₹925.12 per share. 

After the transaction, SBI Mutual Fund increased its stake in the company to 7.74%. 

Bank of India decreased 0.3% to ₹110.14, and the company said it raised ₹2,500 crore through the sale of tier II bonds paying an interest rate of 7.49%.