NIFTY50 reclaims 25K level, SENSEX up 212 pts in noon deals; Ola Electric, Regaal Resources, Nazara Tech among buzzing stocks

The Indian stock market rebounded in the afternoon session after opening negative on Wednesday, August 20, amid a rally in FMCG and IT stocks.

Infosys was the most contributing stock in the midday session, rising 3.13%, followed by Hindustan Unilever (2.45%), Eternal (2.27%), Tata Consultancy Services (2.11%) and Wipro (2.04%).

Buzzing stocks on August 20: Check list

Ola Electric shares continued to rally for the second consecutive session on Wednesday. Shares of the company have gained 25% in two sessions as investors were confident in the positive outlook.

Founder Bhavish Aggarwal had shared plans for upcoming launches and growth strategy in the following quarters.

Last seen, Ola Electric shares were trading at ₹51.45 apiece, soaring 14.77% on the National Stock Exchange.

In an interview with Moneycontrol, Aggarwal said products with the 4,680 cell will reach customers by Navratri. The EV maker’s Tamil Nadu plant is in full production ahead of the launch.

Shares of Hindustan Aeronautics (HAL) rallied on Wednesday after news reports suggested that in a major push for Make in India, the government cleared a proposal to buy a second tranche of 97 LCA Mark 1A Tejas fighter jets from HAL for the Indian Air Force in a deal worth ₹62,000 crore.

Following this, the stock rallied as much as 3.42% to ₹4,605 on the NSE.

The Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, has given its final approval — marking the last step before the formal signing of the deal. The jets will be built by Bengaluru-headquartered HAL, a Maharatna public sector undertaking under the Ministry of Defence.

Shares of One 97 Communications, the parent company of fintech firm Paytm, zoomed over 0.96% to hit a 52-week high of ₹1,238 apiece on NSE.

The surge in the stock comes after Motilal Oswal Mutual Fund acquired additional shares in One 97 Communications, which increased its total shareholding to over 5%.

According to a regulatory filing on Tuesday, various schemes of Motilal Oswal Mutual Fund acquired 2,631,244 shares of One 97 Communications through open market transactions on August 11, 2024.

This adds a 0.41% stake in Motilal Oswal MF's holding in Paytm. The filing did not disclose the valuation of the transaction.

Shares of Bharti Airtel gained 2.16% to a day’s high of ₹1,951 on Wednesday. At 12:33 AM, the stock was seen trading 0.87% higher at ₹1,926.40 apiece on NSE.

The gain in share price followed reports that the company discontinued its ₹249 prepaid plan offering 1 GB of daily data. The change, effective immediately, raises the minimum data usage threshold to 1.5 GB per day, now priced at ₹319, ET reported.

The step mirrors Reliance Jio’s recent move to withdraw its 1 GB per day plan, replacing it with a 1.5 GB daily pack at ₹299, nearly 17% costlier. Analysts expect Vodafone Idea, India’s third-largest telecom operator, to adopt a similar strategy.

Shares of online gaming companies such as Delta Corp, Nazara Technologies, and OnMobile Global were seen under pressure on Wednesday. At the time of writing the piece, shares of Nazara Tech slipped 6.89% to ₹1,303.20 apiece on the NSE.

However, later in the trade, Delta Corp trimmed morning losses. It was trading at ₹95.35 apiece on NSE, gaining 2.66% in the afternoon session.

The shares declined because the proposed promotion and regulation of online gaming bill, cleared by the Union Cabinet on Tuesday, prohibits online money gaming or its ads and prescribes imprisonment or a fine, or both, for those offering or advertising them, as it seeks to differentiate such games from eSports or online social games, according to a PTI report.

Aurobindo Pharma shares slipped 4.6% to hit an intraday low of ₹1,039 apiece on Wednesday, August 20, after the company denied reports of closing a deal to buy out Prague-based generic drugmaker Zentiva.

However, Aurobindo Pharma had denied the report. “…at present, no binding agreement or definitive decision has been made by the Board of Directors of the Company in relation to the transaction referred to in the said article(s). Accordingly, the said news item is premature and should not be relied upon,” the drugmaker said in a regulatory statement on Wednesday.

Following this, shares of Aurobindo Pharma were trading at ₹1,052.40 per share, declining 3.42% on NSE.

Shares of leading agro-processing company Regaal Resources made a strong debut on the stock exchanges on Wednesday.

On the National Stock Exchange (NSE), the stock started trading at ₹141. This reflects a premium of 38.24% above the issue price of ₹102 per share. It started trading at ₹141.8, up 39.02% on the BSE (formerly Bombay Stock Exchange).

The initial public offering was booked 159.88 times, securing bids for 33,573,745,44 shares as against 20,999,664 shares on offer, according to the consolidated data on the BSE website.

The portion kept aside for non-institutional investors (NIIs) was subscribed 356.73 times, while the part for qualified institutional buyers (QIBs) got booked 190.97 times. The retail investors' quota secured 57.75 times subscription.