India’s broader market is trading with gains, mirroring the benchmarks that have rebounded after five straight sessions of losses.
1,293 stocks on the National Stock Exchange were trading with gains, while 523 suffered losses as of 11:00 a.m.
Here are some of the broader market movers on Tuesday:
Muthoot Capital Services
- SAIF India VI FII Holdings acquired 4 lakh shares or a 2.43% equity of the financial services provider.
- Shares, according to data available on the exchanges, were purchased at Rs 397.5 apiece.
- According to shareholding as of December, SAIF India VI FII Holdings had a 7.1% stake in the company.
- Shares gained as much as 14.3% — the most since January 2020 — to Rs 450 a piece.
Zuari Agro Chemicals
- The board of the agrochemical maker approved the sale of its fertiliser plant in Goa and associated businesses to Paradeep Phosphates Ltd. as a going concern and on a slump sale basis, aiming to consolidate bulk fertiliser operations.
- The enterprise value for this deal is $280 million.
- Paradeep Phosphates plans to fund the acquisition through a public issue and a combination of loans and internal accruals.
- Shares of Zuari Agro gained as much as 18.2% — the most since January 2020 — to Rs 108 a piece.
- All stocks that are sensitive to change in oil prices are trading with gains on higher crude prices.
- Shares of HOEC gained as much as 12.1% — the most since August 2020 — to Rs 100.1.
- Brent crude prices are up 1.8% at $66.41 per barrel, while WTI crude is up 1.6% at $62.66 per barrel.
- According to Goldman Sachs, oil prices can top $70 per barrel in the near term. OPEC is set to meet on March 4 to discuss whether to supply more oil to the market from April onwards.
Aditya Birla Capital
- The financial services company is the second-best performer on the Nifty Midcap.
- The stock has gained in six of the last seven trading sessions, rallying more than 25% during the period.
- The stock’s volumes are more than triple its 20-day average, according to Bloomberg data. It is also trading in the overbought territory with the Relative Strength Index at 73. A reading above 70 indicates an overbought zone.
- Shares gained as much as 6.4% to Rs 112.9 apiece — the highest November 2018.