Prestige Estates, Power Mech, KPI Green among buzzing stocks as SENSEX jumps over 500 pts; NIFTY trades above 23,750

The Indian benchmark indices, SENSEX and NIFTY50, were trading in positive territory on Wednesday, September 30, amid buying in railway PSU and defence stocks.

The SENSEX surged as much as 0.74% to an intraday high of 73,062.23. Meanwhile, the NIFTY50 soared as much as 0.41% to touch the session’s peak of 22,809.35.

At 12:58 PM, the S&P BSE SENSEX advanced by 446.22 points, or 0.62%, to trade at 72,975.29, while NSE’s NIFTY50 stood at 22,791.85, marking a 75.65-point, or 0.33% jump.

The top gainers in the NIFTY50 index included ICICI Bank, Kotak Mahindra Bank, Tata Consultancy Services (TCS), Axis Bank and InterGlobe Aviation (IndiGo).

On the contrary, the top losers were Apollo Hospitals Enterprise, Max Healthcare Institute, BSE, Eternal and SBI Life Insurance Company.

Buzzing stocks on September 30: Check list

Shares of KSB rallied as much as 9.11% to touch an intraday high of ₹900 apiece on the National Stock Exchange (NSE) on Wednesday, September 30, as investors reacted to the company securing a ₹118 crore order from Dangote Projects Free Zone Enterprise, a Dangote Group entity based in Nigeria.

In an exchange filing, KSB disclosed that the company received a significant export order from Dangote Projects Free Zone Enterprise for the supply of a boiler feed pump package to the Nigerian entity.

As per the order details, KSB will export around 18 boiler feed pump packages to Dangote Projects Free Zone Enterprise, worth $12,400,051 or $12.4 million, which is approximately ₹118 crore.

The stock of Power Mech Projects climbed as much as 5.7% to hit the session’s peak of ₹2,535 per equity share on the NSE, as it bagged a ₹549.37 crore operation and maintenance order from Adani Group company Moxie Power Generation.

The scope of work includes "providing complete operation and maintenance services at 2x600 MW Moxie Power Generation Ltd. Tuticorin TPP", the firm said in a regulatory filing. The contract period shall be of five years, effective October 1, according to a regulatory filing.

Avalon Technologies shares declined as much as 5.2% to touch an intraday low of ₹2,180 apiece on Wednesday’s market, as investors focused on reports of the company's promoters selling their stake via a block deal transaction during the morning window.

In response to the stock exchanges, Avalon Tech issued an official clarification on Sept. 30, after noting the media reports, which claimed that Bhaskar Srinivasan and his promoter group, comprising BBS Family Trust and KBS Family Trust, sold some stake in the company.

NSE data showed that Avalon Technologies shares dropped 5.2% to touch an intraday low of ₹2,180 apiece on Wednesday’s market, in comparison to ₹2,302 apiece at the previous equity market close.

A report from the news portal CNBC-TV18, citing people aware of the development, said that Bhaskar Srinivasan, BBS Family Trust and KBS Family Trust are likely to sell up to a 6% stake via a block deal transaction valued at around ₹861.9 crore.

KPI Green Energy stock climbed as much as 4.21% to hit an intraday high of ₹371.25 per equity share on the NSE, after the company signed a binding offer to acquire 100% of the equity of Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL), at an enterprise value of approximately ₹2,410 crore.

According to a regulatory filing, the two companies own an aggregate 507.9 MW of operational wind projects at Bhuj, in Gujarat’s Kutch wind corridor.

“The transaction marks a significant step-up in KPI Green’s wind presence. Upon completion, it will bring fully operational, revenue-generating assets with long-term contracted revenues onto the company’s balance sheet, adding scale immediately without construction or commissioning risk,” it said.

Prestige Estates Projects shares advanced as much as 4.9% to reach the session’s peak of ₹1,468.50 apiece, as its hospitality unit raised ₹3,000 crore from the Canada Pension Plan Investment Board (CPPIB) by diluting a 27% stake.

According to a regulatory filing, CPPIB will acquire approximately a 27% stake in Prestige Hospitality Ventures Limited (PHVL) with the investment.

The majority of the capital would be used for continued expansion of the platform, the firm further stated. PHVL owns and operates a portfolio of luxury and premium hotels in key cities across India.

Shares of Adroit Industries India were listed at ₹235, a premium of 75.37% over the IPO issue price of ₹134 per share. On the BSE, the stock debuted at ₹250 per share, up 86.57% from the issue price.

The initial public offering was subscribed 176.85 times, as it got bids for 1,39,22,95,200 shares versus 78,72,900 shares on offer, as per the NSE data.

Recently, Prestige Estates shelved plans to launch an IPO of PHVL due to uncertain market conditions and some other factors.

The stock of power engineering & infrastructure company Swastika Infra opened at ₹200 per share on the NSE and the BSE, reflecting a premium of 8.11% over the issue price of ₹185.

The IPO was subscribed 7.60 times, with bids for 4,81,51,260 shares against 63,35,001 shares on offer. The quota for NIIs was subscribed 18.50 times, while the retail investors' portion got 5.39 times subscription. The QIBs category was booked 3.22 times.

The ₹160.88 crore issue was a fresh issue worth ₹128.50 crore and an OFS component of up to 17,50,000 shares totalling ₹32.38 crore by promoters and existing shareholders.

Shares of IT infrastructure and IT-managed services firm ArMee Infotech were listed at par with the issue price of ₹375 on the NSE. On the BSE, the shares of the company debuted at ₹368.85 per share, a 1.64% discount.

The issue was subscribed 2.44 times. The initial share sale received 1.79 times subscription. The quota for QIBs fetched 2.52 times the subscription, while the category for retail investors was subscribed 1.01 times. The portion for NIIs was booked at 84%.

Shares of IT infrastructure and IT-managed services firm ArMee Infotech were listed at par with the issue price of ₹375 on the NSE. On the BSE, the shares of the company debuted at ₹368.85 per share, a 1.64% discount.

The issue was subscribed 2.44 times. The ₹300 crore IPO was only a fresh issuance of 80 lakh shares. The money raised will be used for expansion of business by procuring new government and PSU projects, working capital needs, debt clearance and general corporate purposes.