Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

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Indian stock market index Sensex and Nifty opened on a cautious note tracking mixed cues from global markets ahead of the US Federal Reserve's policy outcome.

The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%.

These were the top losers and gainers in the Nifty pack:
Top Nifty GainersTop Nifty Losers
M&MHCL Tech
Bajaj AutoZee Entertainment Limited
Tata Motors UPL
GrasimAxis Bank
HindalcoWipro
*as of September 16, 9:50 am

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Mahindra and Mahindra shares gain 5% on September 16

The shares of automobile manufacturer Mahindra and Mahindra opened 5% higher after Korean news reports surfaced claiming that M&M subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings.

SpiceJet shares shed 2% post earnings

The shares of India’s largest cargo operator lost nearly 2% on Wednesday a day after the company reported a net loss of ₹593.4 crore for the first quarter ended June 30. The overall revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year.
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Indiabulls Housing trade 3% higher

The shares of Indiabulls Housing gained 3% after the company said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing.

Lakshmi Vilas Bank locked in 10% upper circuit
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The shares of Lakshmi Vilas Bank were locked in a 10% upper circuit after the bank said the Clix Group have substantially completed the due diligence on a proposed amalgamation of the financial services company with the bank.

In June, Lakshmi Vilas bank had signed a preliminary, non-binding letter of intent (LoI) with Clix Capital Services Private Limited and Clix Finance India Private Limited, collectively the Clix Group, in relation to the proposed amalgamation of Clix Group with the Bank.

NMDC trades 4% higher

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The share price of National Mineral Development Corporation (NMDC) gained over 4% a day after the Karnataka Cabinet cleared the NMDC’s application to start mining operations at Donimalai following the intervention of Union Mines Minister, Prahlad Joshi.

Sterlite Technologies gains over 5%

The shares of Sterlite Technologies was trading over 5% higher after it partnered with telecom giant Airtel to build an optical fibre network across 10 telecom circles.

SEE ALSO: India’s COVID-19 tally crosses 5 million mark — with an addition of one million cases in just 11 days

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more
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