Shrewd above the 17,500 level, auto stocks rise



Domestic stock barometers traded with minor gains in morning trade. The Nifty traded above the 17,500 level. Auto stocks witnessed beneficial buying after falling for the past four sessions.

As of 10:25 a.m. IST, the barometer index, the S&P BSE Sensex, was up 98.83 points or 0.17% at 58,872.70. The Nifty 50 index gained 33.80 points or 0.19% to 17,524.50.

In the broader market, the S&P BSE Mid-Cap Index gained 0.65% while the S&P BSE Small-Cap Index rose 0.48%.

The scale of the market was strong. On the BSE, 2,078 shares rose and 1,004 shares fell. A total of 143 stocks remained unchanged.

Foreign Portfolio Investors (REITs) sold shares worth Rs 453.77 crore, while Domestic Institutional Investors (DII) were net sellers worth Rs 85.06 crore in the stock market Indian on August 22, according to preliminary data.

Zoom Index:

The Nifty Auto Index gained 1.07% to 12,832. The index has been on a bargain hunt after falling 4.18% in the past four trading sessions.

Eicher Motors (+2.7%), Mahindra & Mahindra (+2.69%), TVS Motor Company (+1.96%), Escorts Kubota (+1.85%), Ashok Leyland (+1.69%) ), MRF (+1.34%), Bosch (up 1.31%), Maruti Suzuki India (up 1.16%), Hero MotoCorp (up 1.02%) and Balkrishna Industries ( up 0.9%) increased slightly.

Actions in the spotlight:

TVS Electronics jumped 11.60%. The hardware and equipment company has signed a business transfer agreement with GTID Solutions Development to acquire their commercial and intellectual property rights for Rs 2.25 crore. TVS Electronics has acquired the commercial and intellectual property rights of GTID Solutions Development. The acquisition cost is Rs 2.25 crore. With this deal, TVS entered the space of mobile POS software solutions and authentication solutions. It will offer hardware along with required applications, digital payment solutions, cloud computing software solutions, and more. to segments such as retail, banking and government.

RBL Bank rebounded 3.21% after the bank said its board had approved the issuance of debt securities on a private placement basis, from time to time, up to an amount of Rs 3,000 crore, subject to necessary approvals.

Sterling and Wilson Renewable Energy gained 2.63% after the company announced it had placed an order worth around Rs 2,200 crore with NTPC. The company has become the L-1 bidder for the BOS package comprising 4 blocks of NTPC Renewable Energy’s proposed solar PV power plant at Khavda RE Power Park, Rann of Kutch, Gujarat with a total capacity of approximately 1570 MW DC. The total value of the tender including operation and maintenance (O&M) for 3 years would be around Rs 2,200 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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