STOCK MARKET – 10 stocks that shook the new economic sector 

Benchmark indices ended lower on January 4 amid selling across the sectors. At close, the Sensex was down 636.75 points or 1.04% at 60,657.45, and the Nifty was down 189.50 points or 1.04% at 18,043.

Avenue Supermarts : CMP: Rs 3,931. The stock ended lower by over 3 per cent on January 4. The company’s October-December (Q3) quarter business update failed to meet analyst expectations. The hypermarket chain operator reported standalone revenue from operations at Rs 11,304.58 crore for the quarter ended December FY23, increasing 25 per cent from Rs 9,065 crore in the same period last year. 

IndusInd Bank : CMP: Rs 1,220.95. The stock ended in the red despite global research firm CLSA upgrading IndusInd Bank to buy from outperform and has raised the target to Rs 1,500 per share. 

Radiant Cash Management :  CMP: Rs 104.70. The stock ended higher by over 5 per cent against the open price and over 11 per cent against the issue price. The issue was subscribed just 53 per cent during December 23-27, but the IPO sailed through after the company significantly reduced its offer-for-sale component. The total offer size was reduced to Rs 250.76 crore, comprising fresh issuance of shares worth Rs 51.27 crore and an OFS of Rs 199.5 crore. Earlier, the IPO size was Rs 388 crore, consisting of a fresh issue of Rs 60 crore and an offer-for-sale of Rs 328 crore by promoter and investor.

Vedanta : CMP: Rs 308.25. The stock price shed over 3 per cent after alumina production at the Lanjigarh refinery of Vedanta for the quarter ended December FY23 fell by 6 per cent YoY to 443kt due to maintenance activities in calciners, while zinc international production increased by 32 per cent YoY to 70kt.

Allcargo Logistics : CMP: Rs 406.50. The scrip ended in the green after the company’s wholly-owned step-down subsidiary viz, AGL N.V. entered into a share purchase agreement with Atlas Global Trading F.Z.C. (UAE) to acquire a 100% stake in Asiapac Equity Investment Ltd (Hong Kong).

Gland Pharma : CMP: Rs 1,588. The share price ended in the green after the firm informed that following the pre-market Inspection covering the US FDA’s Quality System/Current Good Manufacturing Practice regulations for Medical Devices at the company’s Dundigal Facility at Hyderabad from August 22, 2022, to August 25, 2022; the Company has received the Establishment Inspection Report (EIR) from the Office of Product Evaluation and Quality Center for Devices and Radiological Health, US FDA indicating closure of the inspection.

Satin Creditcare :  CMP: Rs 161.60. The stock shed a per cent on January 4. Satin Creditcare Network’s board of directors will meet on January 6 to consider raising funds through the private placement of non-convertible debentures. 

RPP Infra Projects : CMP: Rs 43.25. The scrip jumped over 3 per cent after RPP Infra Projects Limited – M/s. RPPInfrastructures (JV) received a letter of acceptance for a new project viz,” Ground Water Based Mini Piped Water Supply Scheme (Maximum 100 Household) from 295 Nos. villages within 08 Nos. Blocks namely Balurghat, Hili, Kumarganj, Tapan, Gangarampur, Kushmandi, Banshihari & Harirampur in the district of Dakshin Dinajpur under Balurghat Division at a contract price of Rs 104.55 crore, the firm said in an exchange filing.

Ramco SystemsCMP: Rs 252 | The stock ended in the red amid weak market conditions. Ramco Systems announced it will provide its next-gen Enterprise Resource Planning (ERP) software to Addison & Co., Ltd., strengthening its 25-year association with India’s leading manufacturer and exporter of metal cutting tools.

PNC Infratech : CMP: Rs 302.95. The stock ended in the red on January 4. PNC Infratech’s subsidiary Akkalkot Highways received an appointed date, from the National Highways Authority of India, for the construction of 6 lanes with access-controlled greenfield highway on hybrid annuity mode under Bharatmala Pariyojna. The construction period for the road project is 912 days from the appointed date.

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