Gainers & Losers: 10 stocks that moved the most on February 23

Buying was seen in financials, metals and FMCG names while selling was seen in power and realty space.

Sandip Das
February 23, 2023 / 04:07 PM IST
BSE
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Indian benchmark indices ended in the red on February 23 amid volatility with Sensex closing 139.18 points lower at 59,605.80. Nifty shed 43 points lower at 17,511.30.
Mahindra CIE Automotive | CMP: Rs 387.05 | The stock ended in the green after the firm reported strong numbers for the December quarter. The company's net profit for the December quarter tripled on year to reach Rs 195 crore on strong operational performance and exceptional gain. The company recorded an exceptional gain of Rs 37.87 crore for the quarter, a significant improvement from the exceptional loss of Rs 12.8 crore in the same period last year. Revenue surged 35 percent to Rs 2,247 crore in the December quarter. Strong operations in India and cost pass-throughs in the EU contributed to revenue growth.
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Mahindra CIE Automotive | CMP: Rs 387.05 | The stock ended in the green after the firm reported strong numbers for the December quarter. The company's net profit for the December quarter tripled on year to reach Rs 195 crore on strong operational performance and exceptional gain. The company recorded an exceptional gain of Rs 37.87 crore for the quarter, a significant improvement from the exceptional loss of Rs 12.8 crore in the same period last year. Revenue surged 35 percent to Rs 2,247 crore in the December quarter. Strong operations in India and cost pass-throughs in the EU contributed to revenue growth.
Power Grid | CMP: Rs 213.20 | The share price ended in the red on February 23. JP Morgan has an upbeat outlook for the company. The foreign brokerage firm has an 'overweight' rating on shares of Power Grid and a target price of Rs 255 per share. India’s power demand growth and recurring spikes in deficit will drive an upcycle in capital expenditure. Plus, electrification can result in growth multiple of greater than 0.9 times GDP of the past, said JP Morgan.
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Power Grid | CMP: Rs 213.20 | The share price ended in the red on February 23. JP Morgan has an upbeat outlook for the company. The foreign brokerage firm has an 'overweight' rating on shares of Power Grid and a target price of Rs 255 per share. India’s power demand growth and recurring spikes in the deficit will drive an upcycle in capital expenditure. Plus, electrification can result in a growth multiple of greater than 0.9 times the GDP of the past, said JP Morgan.
HG Infra Engineering | CMP: Rs 723.60 | The stock price ended in the green after the company emerged as the lowest bidder for a Rs 466-crore Rail Vikas Nigam Limited (RVNL) project. The project involves the construction of foundations substructure and superstructure, along with river training/protection work, earthwork, and allied works in connection with Bhanupali-BilaspurBeri New Railway Line in the Bilaspur district of Himachal Pradesh. HG Infra Engineering bid Rs 466.11 crorr for the project, which is expected to be completed in 30 months.
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HG Infra Engineering | CMP: Rs 723.60 | The stock price ended in the green after the company emerged as the lowest bidder for a Rs 466-crore Rail Vikas Nigam Limited (RVNL) project. The project involves the construction of foundations substructure and superstructure, along with river training/protection work, earthwork, and allied works in connection with the Bhanupali-BilaspurBeri New Railway Line in the Bilaspur district of Himachal Pradesh. HG Infra Engineering bid Rs 466.11 crore for the project, which is expected to be completed in 30 months.
Rategain Travel Technologies | CMP: Rs 340 | The share price ended in the red despite announcing a partnership with HotelKey, a cloud-based property management platform for hotels. The partnership is expected to integrate RateGain’s global distribution, central reservations, and pricing capabilities with HotelKey’s PMS platform. The integration will roll out across HotelKey’s portfolio of more than 4,000 properties, with hundreds of properties already accessing the combined capabilities, the company said in an exchange filing.
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RateGain Travel Technologies | CMP: Rs 340 | The share price ended in the red despite announcing a partnership with HotelKey, a cloud-based hotel property management platform. The partnership will integrate RateGain’s global distribution, central reservations, and pricing capabilities with HotelKey’s PMS platform. The integration will roll out across HotelKey’s portfolio of more than 4,000 properties, with hundreds of properties already accessing the combined capabilities, the company said in an exchange filing.
Zee Entertainment Enterprises | CMP: Rs 199.20 | The stock declined over 3 percent on February 23. Analysts belive that insolvency proceedings against Zee Entertainment won't derail its merger with Sony Pictures Networks India, but would certainly delay the process, according to analysts. On February 22, the Mumbai bench of the National Company Law Tribunal allowed to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd. The order came on a petition filed by IndusInd Bank.
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Zee Entertainment Enterprises | CMP: Rs 199.20 | The stock declined over 3 percent on February 23. Analysts believe that insolvency proceedings against Zee Entertainment won't derail its merger with Sony Pictures Networks India, but would certainly delay the process, according to analysts. On February 22, the Mumbai bench of the National Company Law Tribunal allowed initiating of the insolvency proceedings against Zee Entertainment Enterprises Ltd. The order came on a petition filed by IndusInd Bank.
Shipping Corporation of India | CMP: Rs 125.80 | The share price jumped over 9 percent after Ministry of Corporate Affairs approved the revised demerger plan of Shipping Corporation of India (SCI). Under the revised plan, Rs 1000 crore will be transferred to the non-core assets. The moe will pave way for divestment of SCI, which is expected to be completed by FY24.
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Shipping Corporation of India | CMP: Rs 125.80 | The share price jumped over 9 percent after the Ministry of Corporate Affairs approved the revised demerger plan of the Shipping Corporation of India (SCI). Under the revised plan, Rs 1,000 crore will be transferred to the non-core assets. The move will pave the way for the divestment of SCI, which is expected to be completed by FY24.
GAIL (India) | CMP: Rs 98.15 | The stock price added over 2 percent driven probably by CLSA for retaining the 'buy' tag on the stock. According to reports, the global research firm has raised its target on GAIL India to Rs 125 per share, which represents an upside of over 30 percent from the current market price. This indicates that CLSA is optimistic about the future prospects of GAIL India and believes that the stock has significant potential for growth.
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GAIL (India) | CMP: Rs 98.15 | The stock price added over 2 percent driven probably by CLSA for retaining the 'buy' tag on the stock. According to reports, the global research firm has raised its target on GAIL India to Rs 125 per share, which represents an upside of over 30 percent from the current market price. This indicates that CLSA is optimistic about the future prospects of GAIL India and believes that the stock has significant potential for growth.
Sonata Software | CMP: Rs 731.70 | The scrip jumped 6 percent on February 23. The company's wholly owned subsidiary Sonata Software North America Inc signed a definitive agreement to purchase Quant Systems Inc. Sonata Software is to make an upfront payment of $65 million and $95 million achievement-based payment over the next two years. However, certain additional payments on achievement of additional targets, company said in its release. This acquisition is in line with Sonata’s strategy to accelerate the growth curve and build scale, it added. Quant Systems Inc, a Texas-based IT services corporation, is an enterprise data analytics and cloud modernisation service provider.
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Sonata Software | CMP: Rs 731.70 | The scrip jumped 6 percent on February 23. The company's wholly-owned subsidiary Sonata Software North America Inc signed a definitive agreement to purchase Quant Systems Inc. Sonata Software is to make an upfront payment of $65 million and a $95 million achievement-based payment over the next two years. However, certain additional payments on achievement of additional targets, the company said in its release. This acquisition is in line with Sonata’s strategy to accelerate the growth curve and build scale, it added. Quant Systems Inc, a Texas-based IT services corporation, is an enterprise data analytics and cloud modernisation service provider.
Tata Steel | CMP: Rs 112.20 | The share price added a percent on February 23. Tata Steel has acquired 4,68,75,000 equity shares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam Limited (NINL), an unlisted indirect subsidiary of the company, for an amount aggregating to Rs 300 crore, being Tranche 1 of the investment in the equity shares of NINL.
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Tata Steel | CMP: Rs 112.20 | The share price added a percent on February 23. Tata Steel has acquired 4,68,75,000 equity shares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam Limited (NINL), an unlisted indirect subsidiary of the company, for an amount aggregating to Rs 300 crore, being Tranche 1 of the investment in the equity shares of NINL.
Sarda Energy & Minerals | CMP: Rs 1,097.80 | The stock ended in the green on February 23. South Eastern Coalfields has issued a Letter of Acceptance to Sarda Energy & Minerals against its bid for the re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines, in Chhattisgarh on a revenue sharing of 4.5 percent basis. The necessary agreements will be executed in due course as per the terms of the Letter of Acceptance.
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Sarda Energy & Minerals | CMP: Rs 1,097.80 | The stock ended in the green on February 23. South Eastern Coalfields has issued a Letter of Acceptance to Sarda Energy & Minerals against its bid for the re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines, in Chhattisgarh on a revenue sharing of 4.5 percent basis. The necessary agreements will be executed in due course as per the terms of the Letter of Acceptance.
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Sandip Das
Tags: #Buzzing Stocks #Slideshow
first published: Feb 23, 2023 04:07 pm