Benchmark indices were trading higher in early deals today (August 29). Sensex gained 85 points to 65,082 and Nifty rose 24.35 pts to 19,330.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The highly anticipated Jackson Hole meeting didn’t bring much surprise, as the Fed chair expressed satisfaction with the progress of policy measures and reiterated its commitment to managing inflation within target bounds. This has raised expectations of a rate hike during the November Fed meeting. Global markets traded positively, led by Asian peers, as China's measures to support the property sector boosted sentiment. Domestically, all major sectors, along with mid and small caps, remained positive, except for the IT sector, which faced concerns related to potential rate hikes."
Finolex Industries shares hit a fresh 52-week high of Rs 240.80, rising 9.45% on BSE. Market cap of the firm rose to Rs 14,748 crore. Total 3.10 lakh shares of the firm changed hands amounting to a turnover of Rs 7.30 crore on BSE
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Shares of Gokaldas Exports gained 20% to a fresh 52-week high of Rs 736.30 in early deals. Gokaldas Exports’ market cap climbed to Rs 4465.77 crore. Total 1.45 lakh shares of the firm changed hands amounting to a turnover of Rs 10.03 crore on BSE. The rally came after the firm said it inked an agreement to acquire Atraco Group (Atraco), a leading manufacturer of apparel with a strong market position and customer relationships across US and Europe.
Shares of Zomato rose 1.5% to Rs 93.72 in early deals a day after Tiger Global, via its affiliate Internet Fund III Pte, exited the food delivery platform by selling its entire stake through bulk deals. Tiger Global sold the 1.4% stake it got as a result of the Blinkit merger for $136 million. The lock-in expiry for those shares was Monday. Market cap of the firm rose to Rs 80,442 crore on BSE.
Shares of APL Apollo Tubes slipped 3.22% to Rs 1,614 today after a media report that suggested promoter may sell up to 26.3 lakh shares, or 0.85 per cent equity, via block deals. The base size of the block deal is likely at Rs 303 crore and greenshoe option of selling another Rs 116 crore shares.
NBCC shares neared their 52-week high of Rs 52.05 today after the public sector construction company won a significant contract worth Rs 66.3 crore from the Indian Medical Association (IMA). The project involves the planning, designing, and execution of the IMA Indian Medical House, which will be located at Indraprastha in the IP estate of New Delhi. The stock climbed to Rs 52 on BSE. Market cap of the firm rose to Rs 9,271 crore.
Shares of SJVN rose 5% to Rs 63.80 in early deals as the company's arm SJVN Green Energy has secured a Letter of Awards from Assam Power Development Corporation Ltd for three solar power projects with a cumulative capacity of 320 MW. These projects were won through competitive bidding tenders conducted by APDCL. These three solar power projects shall be developed on a Build Own and Operate basis.
Shares of renewable energy firm Suzlon Energy Ltd zoomed to a fresh 52-week high in early trade today. Suzlon Energy stock rose 5% to Rs 24.65 on BSE against the previous close of Rs 23.49. Market cap of Suzlon Energy climbed to Rs 33,340 crore.
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