Indian equities held a steady footing through the midday session on Monday, even as stock-specific triggers dominated trading screens. The Nifty 50 hovered around the 26,100 level, while the Sensex moved near 85,350, up close to 0.5%. The benchmark indices were stable but the real action was clearly in individual names.
Here are the top movers and shakers at this hour:
Shriram Finance
Indian financial conglomerate Shriram Finance share price rose over 4% after the news of Shriram Group continuation to hold control over the board and management of Shriram Finance was released. India’s second largest non-banking finance company by assets managed, after Japan’s MUFG Bank completes its $4.4 billion investment for a 20% stake in the Chennai-headquartered business, company executives on both sides said on Monday.
Infosys, IT stocks
Shares of Infosys surged a little over 3 per cent on Monday after the IT major issued a clarification over sharp movements in its American Depositary Receipts, helping ease investor concerns.
The rally followed a clarification released by the company on Saturday regarding unusual volatility in its ADRs listed on the New York Stock Exchange. The ADR jumped nearly 40 per cent in early trade on Friday.
Shares of Indian IT firms surged today, pushing the Nifty IT index into the green for the fourth consecutive session.
The index gained 1.35% to 39,214.90 and has gained over 1,150 points (over 3%) during its four-session gaining streak so far.
Vodafone Idea
Vodafone Idea share price jumped 6.19% in midday trade after its infrastructure arm completed a Rs 3,300 crore fundraise through non-convertible debentures. The stock climbed to Rs 12 on the NSE, as investors reacted to the funding clarity.
The company said the proceeds raised by Vodafone Idea Telecom Infrastructure will be used to meet payment obligations to Vodafone Idea, which in turn frees up room for capital expenditure and operational support. Management stressed that the fundraise strengthens the balance sheet at a time when liquidity has remained a pressing concern.
GE Vernova T&D India
GE Vernova T&D India share price jumped nearly 6%, extending a sharp intraday rally after the company secured a large HVDC transmission project from AESL Projects. Brokerage firm Nuvama reiterated a Buy rating and maintained a 12-month target of Rs 3,680, citing improved medium-term earnings visibility.
KEC International
KEC International share price jumped over 7% after the Delhi High Court put Power Grid Corporation’s bidding ban in abeyance. The stock touched a high of Rs 764.80, its strongest level since late March, before cooling slightly.
Volumes surged sharply, with about 0.30 million shares changing hands against a two-week average of 0.05 million. The rally extended into a second session.
Vedanta
Vedanta share price jumped 2.21%, hitting a fresh 52-week high of Rs 594.50 as confidence around the group’s restructuring plans strengthened further. The stock has now gained more than 7.5% in five sessions and nearly 19% over the past month.
The rally followed the NCLT’s approval of Vedanta’s demerger into five listed entities. Chairman Anil Agarwal said the structure is designed to unlock value while keeping cash returns flowing and capital expenditure uninterrupted.
Varun Beverages
Varun Beverages Beverages share price rose up to 2% after the company announced the acquisition of South Africa-based Twizza through its local subsidiary. The stock traded around Rs 476 as the market digested the overseas expansion.
Twizza operates three manufacturing units with a combined annual capacity of 100 million cases. Varun Beverages said the deal values the company at ZAR 2,095 million, or Rs 1,118.7 crore, payable in cash. The acquisition adds a branded non-alcoholic beverage portfolio and strengthens the company’s Africa presence.
Knowledge Marine & Engineering Works
Knowledge Marine & Engineering Works share price surged 17%, hitting a new record high of Rs 1,939 on the BSE. The rally stood out even in an otherwise positive session.
The stock turned ex-split in a 1:1 ratio, with December 22 fixed as the record date. Over the past month, the stock has rallied 46%, and from its September low of Rs 860, it has climbed more than 125%.
