Market Fatafat-Stocks that made the buzz today

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Market Fatafat is designed for viewers to know what stocks are buzzing in trade today. We take up a handful of stocks that are showing sharp movements and discuss why they are the newsmakers for today.

The benchmark indices were under pressure today, with the Nifty down a tenth of a percent, similar levels for the Sensex, and Nifty Bank marginally in the green. In fact, Nifty Bank managed to touch the day-high levels too. On the sectoral front, all sectoral indices were in the red today barring Nifty Infra. Moving on to stock specific action, Tata Consumer, L&T, HDFC Life, Adani Enterprises held on to the greens today, while Nifty losers was made up of names like Titan, Apollo Hospitals, Tata Motors, Eicher, Maruti Suzuki and M&M.

Here are the stocks across the market that were buzzing in trade today:

A solid gainer in trade today, this stock saw a smart up move of about 20% in trade today. The company announced the setting up of a new manufacturing facility in Bharuch, Gujarat. this news was taken positively by the street, as Timken India saw its biggest ever single-day gain since June 1.

2. RIL, ONGC, OIL INDIA:

OMCs were in focus today after the government announced that it is increasing windfall tax on crude oil production from Rs 9,500 to Rs 10,200 per tonne. While Oil India lost its morning gains. RIL and ONGC held on to gains today.

3. R SYSTEMS:

Another solid gainer in trade today was R Systems, which beat the negativity in the overall markets, as it surged as high as 16% today. U.S.-based investment management company Blackstone Inc said it will buy a 52% stake in R Systems for Rs 29.04 billion. Blackstone will acquire the stake, which is currently held by Satinder Singh Rekhi and other promoters, at Rs 245 per share. The U.S. firm is looking for a regulatory approval from Securities and Exchange Board of India for delisting R systems, upon which it will decide on the course of action.

4, PAYTM:

This new-age tech stock took a sharp fall in trade today, down about 10% for multiple reasons. 4.5% of the company’s equity shares were traded in a bunch deal today. Besides, Softbank Group Corp. is selling 2.9 crore shares and will hold a 12.9% stake in the company post the sale. Bank of America is sole bookrunner for the deal.

5. SHRIRAM CITY UNION FINANCE:

NCLT has sanctioned the Scheme of Arrangement and Amalgamation between Shriram Capital Limited and Shriram City Union Finance Limited, which was taken positively by the street. The stock traded up about 4% higher in trade today.

6. TATA MOTORS:

A huge piece of news coming in for the company sent the stock tumbling in trade today. Tata Motors’ JLR said that CEO Bollore will resign from the post of Non-Executive – Non-Independent Director of the company w.e.f. Dec 31, 2022. Adrian Mardell will be taking over as the Interim CEO.

7. CMS INFO SYSTEMS:

This stock saw a gain of about 2.5% in today’s trading session. Sion Investment Holdings PTE Limited sold 30 lakh shares of the stock at Rs 333,05, and Smallcap World Fund Inc emerged as the buyer for the same.

8. TATA ELXSI:

Brokerage house Morgan Stanley came out with a note, maintaining its underweight rating on the stock, with a target price of Rs 5,800 as compared to the current market price of Rs 6,860. This difference in the target price sent the stock slipping in trade today, down almost 1.2%

9. BIKAJI FOODS:

This fledgling on Dalal Street Goldman Sachs bought 1.75 million shares at an average price of Rs 324.50. This sent the stock higher in trade today by almost 1.7%. Sweet gains for this namkeen stock indeed!

10. GLOBAL HEALTH:

Another stock which just listed on the bourses yesterday was up a healthy 4% in trade today. Motilal Oswal Mutual Fund Bought 36.3 lakh shares of the company at Rs 401, and Nomura India Investment Fund Bought 15 lakh shares at Rs 414.57. This buying activity aided the stock in trade today, helping it sit comfortably in the green.