Power stocks rise, Apollo Hospitals gains on new acquisition & more

NIFTY50: 19,716 ▲ 51 (+0.2%) 
SENSEX: 66,009▲ 173 (+0.2%)

• Benchmark indices rose marginally due to last-hour buying
• In all, 33 of the NIFTY50 stocks closed in the green
• Household bank lending in the Eurozone rose by 1% in August 2023, which is the lowest growth rate since August 2015

Among the NIFTY sectoral indices, Pharma (+1.1%) and PSU Bank (+0.8%) were the top gainers, while Financial Service (-0.1%) and Bank (-0.08%) saw minor losses.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ PFC and REC jump on robust sector outlook 

Shares of state-run power finance companies like Power Finance Corporation and REC rose more than 6% each. This comes after REC signed an agreement with Punjab National Bank to co-finance power projects worth ₹55,000 crore over the next three years. To know more about why power stocks are rallying, click here.  

⭐ Apollo Hospitals gains on new acquisition 

Shares of Apollo Hospitals gained more than 1% today after it acquired 1.4 acres of land in Kolkata, which has a partially constructed hospital building. The hospital has a total capacity of 325 beds. Meanwhile, total transaction value is ₹102 crore. 

⭐ Grasim Industries trades lower 

Grasim Industries shares closed 1.3% lower today after the Department of Industrial Safety and Health ordered a temporary closure of the refining section at the company’s Century Rayon plant in Maharashtra. This order came after a fatal explosion at the company's plant on 23 September. 

⭐ Ahluwalia Contracts bags two new orders 

The infrastructure firm has secured two orders worth ₹832.3 crore. This new order involves expansion of Max Super Specialty Hospital in Punjab and construction of another Max Super Specialty Hospital in Haryana. The company's total order inflow stands at ₹5,259 crore for the current fiscal year. 

⭐ Amber Enterprises rises on upbeat growth prospects 

Amber Enterprises shares gained nearly 2% after company’s management said it expects sustainable margins in the range of 4-4.5% in the ongoing fiscal year. The company expects the next phase of growth to come from wearables and hearables manufacturing with a projected revenue of ₹1,000 crore in the next fiscal year.

IPO Corner

⭐ The ₹152 crore IPO of Valiant Laboratories opened for subscription today. The company focuses on bulk drug manufacturing, especially paracetamol API in various grades and sizes. The IPO was subscribed 33% on Day 1. To know more and apply for this IPO, click here.

⭐ The ₹2,800 crore IPO of JSW Infrastructure received strong investor response with an overall subscription of 37.3 times on the last day. Company’s shares will be listed on 6th October. Meanwhile, Updater Services IPO sailed through on the last day with a total subscription of 2.9 times. Listing will be on 9th October. 

⭐ Signatureglobal made a decent listing today with a 15% premium over its issue price. Shares of the real estate developer started trading at ₹444 per share on the NSE, well above the issue price of ₹385. Meanwhile, Sai Silks (Kalamandir) listed at ₹231 on the NSE, indicating a premium of 4% over the issue price of ₹222.

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