The stock market was in the green but off day's high in the noon deals on Monday, September 23. The S&P BSE SENSEX was trading 88.60 points, or 0.10%, higher at 84,632.91 levels, while the NSE's NIFTY50 was trading at 25,852.40 points, up 61 points, or 0.24%.
In the early trade, the 30-share index of the BSE hit a record high of 84,881.73 while the NSE NIFTY50 hit a peak of 25,925.80 levels.
Here is a list of stocks that made headlines today.
Fusion Finance: Shares of
Fusion Finance tumbled over 10% to hit a 52-week low of ₹274 apiece after the company hinted at a higher estimated credit loss (ECL) provisioning for the second quarter of FY25 as compared to Q1.
In an exchange filing, the company said it will make an ECL provision of up to ₹550 crore in Q2 FY25, up from ₹348 crore provision in Q1 FY25. The estimated credit loss provisioning, the lender said, may undergo revisions upon finalisation of the Q2FY25 results.
IT stocks: TCS, Wipro,
Infosys, and other IT stocks were trading in the red. The fall could be attributed to multiple factors such as profit-booking, jitters ahead of Accenture results, as well as thought around Fed's rate cut move.
A higher rate cut is also negative for IT services companies that earn a substantial amount of their revenue from the US market. The rate cut will likely weaken the US dollar, affecting the revenue growth of Indian IT players in the short term.
SBFC Finance: The stock hit a record high of ₹101.80 on the BSE after CARE Ratings upgraded the ratings on SBFC Finance's bank facilities. As per the company's exchange filing, CARE ratings upgraded SBFC Finance's long-term, fund-based term loan of Rs 2,100 crore to 'AA-' with a stable outlook, from 'A+' stable, earlier.
SpiceJet: Shares of the airline were trading over 5% higher at ₹69.49 apiece on the BSE as the company has raised ₹3,000 crore through the sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline.
Foreign entities, including Societe Generale - ODI, Goldman Sachs (Singapore) Pte - ODI, Nomura Singapore ODI, and Discovery Global Opportunity (Mauritius) Ltd., are among the investors who have been allotted shares under the airline's Qualified Institutional Placement (QIP) that were oversubscribed.
Vodafone Idea: Shares of
Vodafone Idea jumped 14% on Monday after the firm awarded contracts worth about ₹30,000 crore to Nokia, Ericsson, and Samsung for supply of 4G and 5G network equipment for three years. The stock surged 11.73% to ₹11.71 on the BSE. At the NSE, it soared 14% to ₹11.94. It is the largest deal awarded by any Indian telecom operator during this year.
HDFC Bank: Shares of banking behemoth HDFC Bank were trading in green after its board gave in-principal approval to the initial public offering (IPO) of its subsidiary HDB Financial Services.
BHEL: Bharat Heavy Electronics (BHEL)’s shares were trading higher by nearly 2% at ₹271 after the company announced that it has received a Notification of Award (NoA) from NTPC Limited for an 800 megawatt (MW) for the Sipat supercritical thermal power project stage-III. The order will be executed in Bilaspur, Chhattisgarh.
Adani Total Gas: Shares of Adani Total Gas Ltd surged more than 8% on Monday after the firm secured USD 375 million funding from global lenders for expansion of its business. The stock jumped 8.37% to ₹854.65 on the BSE. Shares of the firm at the NSE soared 8.40% to ₹855.
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