Cyient, Hindustan Copper, Adani Energy among buzzing stocks as NIFTY falls below 24,300; SENSEX trades flat

The Indian benchmark indices, SENSEX and NIFTY50, were in negative territory during the afternoon session on Wednesday, August 26, with the SENSEX trading flat amid a sell-off in information technology (IT) and infrastructure stocks. While the markets opened in the green, they pared their early gains.

At 1:02 PM, the S&P BSE SENSEX was trading flat at 77,625.83, down by 30.27 points, or 0.04%,, while NSE’s NIFTY50 stood at 24,271.15, marking a 63.40-point, or 0.26% decline.

Buzzing stocks on August 26: Check list

Shares of oil-linked stocks and oil marketing companies (OMCs) were trading higher during the morning market hours on Wednesday, August 26, as investors focused on the third consecutive day of declining crude oil prices in the global market amid mixed cues from the West Asia conflict.

NSE data showed that the sectoral benchmark index, Nifty Oil & Gas, recorded key support from downstream oil-linked stocks, gaining 0.3% to touch an early market high of 11,248.40 points on Wednesday, compared to 11,214.90 points at the previous equity market close.

While oil downstream companies, aviation stocks, and paint stocks were gaining momentum, on the other hand, oil upstream companies like ONGC and Oil India were among the losers during the trading session on August 26.

The stocks of maritime companies (shipping and shipbuilding theme) such as Shipping Corporation of India (SCI), The Great Eastern Shipping Company (GE Shipping), Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers Ltd (GRSE) were trading in the green zone on Wednesday, August 26.

The shares came under buying interest as the government plans to add 100 more new vessels to its merchant fleet over the next five years to cut $75 billion in freight bills, Shipping Minister Sarbananda Sonowal said on Tuesday.

The plan, discussed at the National Shipping Board’s (NSB) first ‘Sagar Samvad’ event on Tuesday, is part of a broader five-pillar roadmap aimed at making Indian-flagged shipping more competitive and helping the country emerge as one of the world’s top five ship-owning nations by 2047.

Shares of Cyient soared as much as 7.7% to hit an intraday high of ₹1,054.85 apiece on the National Stock Exchange (NSE) on Wednesday, August 26, as the Competition Commission of India (CCI) on Tuesday gave approval to the global engineering services provider for its proposed acquisition of TAO Digital Solutions Inc.

The approval came after Hyderabad-based Cyient Ltd, in May this year, announced that it had entered into a definitive agreement to acquire TAO Digital Solutions Inc, an AI-native data and product engineering solutions firm headquartered in Santa Clara, California.

"The proposed combination envisages the acquisition of 100% of the share capital from the existing shareholders of TAO Digital Solutions Inc (target), by Cyient Ltd (acquirer)," the regulator said in a release.

"CCI approves the acquisition of 100% of the share capital of Tao Digital Solutions Inc by Cyient Limited," the regulator said in a post on the microblogging platform X (formerly Twitter).

The stock of Hindustan Copper gained as much as 3.59% to hit a high of ₹551.80 apiece on Wednesday, August 26, a day after the stock witnessed a sharp slide following the launch of the government’s offer for sale (OFS).

Institutional investors on Tuesday oversubscribed Hindustan Copper share sale by putting in bids worth over ₹4,600 crore.

As against the 2.61 crore shares reserved for them, institutional investors put in bids for over 8.91 crore shares, oversubscribing the issue 3.41 times. At an indicative price of ₹520.35 per share, the bids are valued at over ₹4,600 crore.

The government is selling over 5.80 crore shares, or up to a 6% (including 3% green shoe option) stake in Hindustan Copper through a two-day Offer-for-Sale (OFS) at a floor price of ₹514 apiece.

Adani Energy Solutions shares gained as much as 3% to touch an intraday high of ₹1,637 apiece on Wednesday, August 26, after the company bagged a transmission project in Maharashtra.

The Adani Group firm, in a regulatory filing, said it has secured a project that involves key transmission work for evacuation of renewable energy generated in Karnataka to major load centres in Maharashtra. Worth approximately ₹4,700 crore, the project will also support the growing pumped storage ecosystem in the Satara, Pune and Mumbai Metropolitan Region (MMR).

Adani Energy said that the project, called “Network Expansion Scheme in Western Region to Cater to Pumped Storage Potential near Satara (up to 4500 MW) - Part A”, was won through the Tariff Based Competitive Bidding (TBCB) process, where AESL emerged as the lowest bidder.

KPI Green Energy stock advanced as much as 1.4% to hit the session’s peak of ₹323.65 per equity share on the NSE, as the company achieved its highest-ever capacity energization of more than 630MW DC across IPP and EPC/CPP businesses in the June-August quarter.

“It marks yet another step forward in the Company’s journey toward its stated ambition of scaling capacity in line with KP Group’s broader target of over 10 GW of renewable capacity by 2030 and reinforces its position as one of India’s fastest-growing renewable energy platforms,” the company said in a regulatory filing.

SEPC stock rallied as much as 8.5% to hit an intraday high of ₹6.26 per unit on the NSE, as its board approved a restructuring of the equity and capitalisation reserves of its wholly owned UAE subsidiary, SEPC FZE, Sharjah, enabling the acquisition of a UAE petroleum trading business entirely through non-cash consideration.

The existing share capital of SEPC FZE, comprising one share of AED 150,000, will be subdivided into 1,500 shares of AED 100 each. A further 38,500 shares of AED 100 each will be issued out of capitalisation of reserves, creating a total equity pool of 40,000 shares, according to a regulatory filing. Of this enlarged pool, only 1,700 shares (4.25%) have been earmarked as non-cash consideration for the share swap. The balance 38,300 shares will be issued to SEPC Limited as fully paid-up shares by capitalisation of reserves, leaving the parent with a post-issue holding of 95.75% in SEPC FZE, Sharjah.

Shares of Welspun Corp declined after, according to news reports, the company's promoter group, Welspun Investments and Commercials, and MD & CEO Vipul Mathur have proposed to sell up to 6.3 million shares, or around 2.4% of the company’s equity, through a block deal.

The offer price has been set at ₹2,250 per share, implying a discount of up to 4.1% to the prevailing market price, with the transaction valued at around ₹1,418 crore ($149 million).

Shares of Gaja Alternative Asset Management Ltd listed at ₹185 per unit on the NSE. This reflects a premium of 15.63% over the IPO issue price of ₹160 per share. On the BSE, the stock started trading at ₹185.20 per equity share, up 15.75% from the issue price.

A lot consisted of 93 shares and cost ₹14,880. Investors who received Gaja Alternative Asset Management IPO allotment made ₹2,325 per lot, taking the value of their investment to ₹17,205, as per the listing price on the NSE.

The ₹550 crore initial public offering consisted of a fresh issuance of ₹450 crore as well as an offer for sale (OFS) component of ₹100 crore by existing investors.