NIFTY50 above 24,700, SENSEX up 327 points in noon deals; RIL, Ashok Leyland, Coal India among buzzing stocks

The Indian stock market continued to trade positive in the afternoon session on Tuesday, September 2, led by a rally in media, oil and gas and realty stocks.

Power Grid was the most contributing stock, gaining 2.59%, followed by Nestle India (1.98%), Reliance Industries (1.85%), NTPC (1.8%) and Coal India (1.64%).

On the contrary, Dr Reddy’s (-0.88%), Mahindra & Mahindra (-0.65%), Maruti Suzuki (-0.47%), Asian Paints (-0.46%) and ICICI Bank (-0.33%) were the biggest losing stocks on the 50-share index.

Buzzing stocks on September 2: Check list

In China, “involution” refers to cutthroat competition with minimal returns, while “anti-involution” marks efforts by companies and policymakers to counter it. Beijing’s focus on curbing overcapacity, particularly in polysilicon, is expected to support global players like Reliance.

Morgan Stanley estimates that Reliance’s fully integrated solar supply chain in India could help cut its energy costs by up to 40% by 2030 and lift the contribution of new-energy earnings to 13% by 2027.

At the time of writing the piece, RIL shares were trading at ₹1,377.70 per share, rising 1.76% on the National Stock Exchange.

Ashok Leyland shares surged as much as 4% after the commercial vehicle maker entered into an agreement with CALB (HK) Co. Ltd for the development and manufacturing of batteries for both automotive and non-automotive applications, including energy storage systems.

The company had also said that it will invest ₹5,000 crore over the next ten years in the development of next-generation batteries for both automotive and non-automotive applications, including energy storage systems.

Meanwhile, Ashok Leyland on Monday had reported a 5% year-on-year increase in total sales at 15,239 units in August. Its domestic sales grew 2% to 13,622 units as against 13,347 units in the year-ago month.

Last seen, shares of Ashok Leyland were seen up 3.29% at ₹132.24 apiece on NSE.

Shares of Puravankara rallied nearly 7% on Tuesday as the company bagged a project to redevelop a housing society in Mumbai's Malabar Hill. The real estate developer is expecting a revenue of around ₹2,700 crore from the saleable area.

In a regulatory filing on Monday, the company said its subsidiary Purva Blue Agate Private Limited has received a Letter of Award (LoA) for redevelopment of the society belonging to Samrat Ashok Co-operative Housing Society Ltd.

Following this, Purvankara shares gained, and last seen, it was trading at ₹292.10 apiece on NSE, gaining 2.31%.

Coal India shares surged as much as 2% to an intraday high of ₹385 apiece as the state-owned firm’s production declined 3.5% to 280.2 million tonnes (MT) in the April-August period of the current financial year.

The company witnessed a decline in production even as the government aimed to raise the output to reduce the import dependence. The dip in production can also be attributed to monsoon-related disruptions, which can hinder mining operations and dispatch to power plants.

Coal India (CIL) output was 290.4 MT in the April-August period of the previous fiscal year. The state firm is targeting a production of 875 million tonnes and an offtake of 900 MT in the 2025-26 fiscal year.

Following this, shares of Coal India were trading higher on Tuesday. Last seen, the stock was trading at ₹384.80 per share on NSE, rising 1.83%. It was one of the top-performing stocks on the NIFTY50 index.

Shares of Indraprastha Gas Ltd (IGL) surged 3.11% to an intra-day high of ₹217.50 apiece on the NSE on Tuesday as it entered into a joint venture agreement to set up a solar plant in Rajasthan.

At around 12:20 PM, the stock of IGL was trading 2.66% higher at ₹216.54 per equity share.

The natural gas distributor will form a joint venture (JV) with the state-owned Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) in an equity participation in the ratio of 74:26, the company said in a regulatory filing on Monday evening.

While IGL will hold a 74% stake in the JV, RVUNL will have a 26% shareholding. Furthermore, the solar JV’s board will comprise six directors, which includes four nominated by the former and two by the latter.

Shares of One Mobikwik Systems zoomed over 15% to an intraday high of ₹273.60 apiece on Tuesday after Abu Dhabi Investment Authority (ADIA) exited its stake in the company via block deals.

According to block deal data on NSE, ADIA sold 16.44 lakh equity shares of Mobikwik on Monday at an average price of ₹238.45 per share, taking the total deal value to ₹39.21 crore.

As per news reports, the number of shares offloaded represents 2.1% of Mobikwik’s outstanding equity, which matches ADIA’s stake as per the June quarter shareholding pattern.

At the time of writing the piece, shares of Mobikwik were trading at ₹269.75 apiece on NSE, climbing 13.62%.

Shares of sugar companies such as Dhampur Sugar Mills, Balrampur Chini Mills, Shree Renuka Sugars, and Triveni Engineering, among others, were trading with massive gains on Tuesday.

The sharp rally in the stocks could be attributed to the fact that the government on Monday permitted sugar mills and distilleries to produce ethanol without any quantitative restrictions in the 2025-26 marketing year starting in November.

Ethanol Supply Year (ESY) runs from November to October.

Shares of Dhampur Sugar Mills were trading 12.4% higher on NSE, Balrampur Chini Mills rose 6.5%, Triveni Engineering and Industries was trading above 4.5%, while Shree Renuka Sugars soared over 15% in the afternoon session.