Top stock movers — GVK, Future Enterprises, Future Retail, RIL, IOC, Wipro, Adani Ports, ONGC and more
- The Sensex was trading 1.32% higher, while the Nifty50 was up 1.21%.
- The rally was led by banking and financial stocks.
- Check out the latest news and updates on Business Insider.
The Sensex was trading 1.32% higher, while the Nifty50 was up 1.21%.
*as of August 31, 10:15 am
|Top Nifty Gainers||Top Nifty Losers|
|Adani Ports||JSW Steel|
|Indian Oil||Eicher Motors|
These are the top stocks that are buzzing in trade today:
Future Retail shares gain nearly 18%
Share of Future Retail gained nearly 18% during the morning trade hours on August 31. The surge came after RIL acquired the retail, wholesale, logistics and warehousing business of Future Group for ₹24,713 crore.
This also bought a rally in other Future subsidiaries. All the other three subsidiaries — Future Enterprises gained, Future Lifestyle Fashions, Future Consumer — were trading flat after hitting a 5% upper-circuit set by stock-exchanges. RIL also gained 2%.
GVK Power and Infrastructure gained nearly 10%
GVK Power and Infrastructure shares gained nearly 10% after it informed stock-exchanges that it along with its subsidiaries, GVK Airport Developers Limited and GVK Airport Holdings Limited, have agreed to cooperate with Adani Airport Holdings for its airports business. Post this deal Adani group will acquire all debt from various GVK lenders including a Goldman Sachs led consortium and HDFC, the stock-filing said.
Adani ports also gained 4% after this.
Indiabulls Ventures was down 8%
Indiabulls Ventures shares lost nearly 8% on early trading hours after the company told investors that it would raise nearly ₹588 crore via share sale to a clutch of investors.
ONGC gained 5% ahead of the board meet
State-owned ONGC gained nearly 5% as its board is slated to meet on September 1 to consider raising funds of up to ₹45,000 crore.
According to the stock-exchange filing, the board will also consider and approve the company’s financial results for the quarter ended June 30.
Indian Oil Corporation gained 4%
Indian Oil Corporation shares gained 4% on August 31 after the company said it is investing ₹14,800 crore in expanding the capacity of its Barauni refinery in Bihar.
This is the part of over 2,800 projects being executed under the government’s Atma Nirbhar Bharat campaign to boost domestic production and create jobs.
SEE ALSO: Top stocks to watch in trade— RIL, Future Enterprises, HCL Technologies, Future Retail, ITC, Indiabulls Ventures, RBL Bank, Inox Wind and more
Here’s why Reliance Retail with almost 12,000 stores bought Future Retail which has just 1500 outlets