Benchmark indices ended lower for the fourth consecutive session on February 22 with Nifty around 17,550. At close, the Sensex was down 927.74 points or 1.53 percent at 59,744.98 while the Nifty ended 272.40 points or 1.53 percent lower at 17,554.30.
Voltas | CMP: Rs 914.20 | The scrip gained over 2 percent on February 22. The Indian Meteorological Department has warned of ‘abnormal’ temperatures starting from February itself which is good news for consumer electronics company Voltas, believes Jefferies. As temperature rises, demand for cooling products is expected to go up leading to margin and volume improvement for the company. “Dealers are highlighting that lower commodity prices have not been passed on in product pricing. This points to improved volume and margin outlook for Voltas (28 percent 1-year underperformance to Nifty) ahead,” the foreign brokerage said in a note.
Cyient | CMP: Rs 973.15 | The share price gained 2 percent after the company announced it will partner with Thingtrax. The company, which announced the partnership on Tuesday, said it will enable manufacturers to increase efficiency and reduce costs. Thingtrax is a UK-based technology firm which assists manufacturers in reducing downtime and increasing operational efficiency. As per a company filing, the partnership will enable global manufacturers to drive higher performance across their entire manufacturing operation through AI-powered data.
ITI Limited | CMP: Rs 98.40 | The stock ended in the green after Rajesh Rai took over as the chairman and managing director of the company. The Government of India appointed Rai as the CMD of the telecom solutions provider for five years with effect from February 21. He will continue till his superannuation, or until further orders, whichever comes first.
Bharat Electronics | CMP: Rs 94.90 | The scrip ended in the negative territory on February 22. The company had signed a deal with the Aeronautical Development Agency (ADA) and the Defence Research and Development Organisation (DRDO) for an advanced medium combat aircraft (AMCA) programme. The deal outlines a collaboration between the companies to design, develop, and produce the Internal Weapon Bay Computer and other LRUs for the AMCA, with the aim of providing lifetime product support to the Indian Air Force.
Patel Engineering | CMP: Rs 13.85 | The stock price ended in the green on February 22. City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam Ltd (VJNL) have declared Patel Engineering as the lowest bidder for works including the design and construction of a long treated water tunnel from Sai Village to Vindhane Village in Raigad District. The work included survey, designing, supplying, installing, testing and commissioning a micro irrigation system under the Tumkur Branch Canal in the state of Karnataka.
Zensar Technologies | CMP: Rs 286.90 | The share price slipped over 2 percent in weak market conditions. Nippon Life India Trustee acquired an additional 1.7529 percent stake in Zensar Technologies via open market transactions. With this, its stake in the company increased to 5.2275 percent, up from 3.4745 percent earlier.
Wockhardt | CMP: Rs 195.20 | The stock price ended in the green after the pharmaceuticals major, during its investor meeting on February 21, stated it plans to restructure the United States business to shave off $12 million of annual expenses, according to its filing with the exchanges. The restructuring entails shutting down the company’s manufacturing facility at Morton Grove (MGP Chicago – Illinois, US), and handing off the manufacturing of a few high-margin products to third parties.
Bajaj Steel Industries | CMP: Rs 1,063.65 | The scrip shed over 4 percent on February 22. Bajaj Steel Industries has executed a slump sale agreement with the buyer VSA Business Solutions (based in Nagpur) and the rest of the transactions pertaining to the such sale are expected to be completed on or before March 31, 2023. The company intimated exchanges on February 14 about the sale of its super pack division on a slump sale basis to VSA Business Solutions.
Visaka Industries | CMP: Rs 382.05 | The share price ended in the red amid weak market conditions. Visaka Industries approved the sub-division of one equity share of the face value of Rs 10 each fully paid up into five equity shares of Rs 2 each fully paid up, subject to the approval of the members of the company. The record date for the sub-division of equity shares shall be decided by the Board / Management Committee of the Board and will be intimated to the exchanges.
Peninsula Land | CMP: Rs 14.05 | The stock price surged 10 percent after the company received board approval for the issuance of 1.45 crore equity shares, and 1.53 crore warrants exchangeable into equity shares, at a price of Rs 14 per share and warrant respectively, by way of preferential allotment on a private placement basis, for Rs 41.72 crore.