JSW Energy Drops 3% & More on Today’s Market

Bata India surges over 5% on possible tie-up with Adidas

On August 17, at 12.49 pm, Bata India's shares surged by 5.46 percent, reaching Rs 1,737.05 following reports of the company's ongoing discussions with Adidas regarding a potential collaboration aimed at the Indian market. Although the stock remains notably below its 52-week peak of Rs 1,989 achieved exactly one year ago on the same date, the recent news prompted heightened trading activity, with approximately 15 lakh shares being exchanged on the market, a volume five times greater than the firm's average monthly trade. According to CNBC-TV18, undisclosed sources suggest that Bata India and Adidas are currently engaged in advanced negotiations for a strategic partnership in the footwear sector.

JSW Energy drops 3%

On August 17, JSW Energy experienced a 3 percent decline in its morning trading session as a response to JSW Investments, its promoter, selling a 1.28-percent stake for Rs 717.57 crore in open market transactions on the previous day, August 16. Notably, 2.1 crore equity shares were offloaded at a rate of Rs 341.7 per share, as indicated by the Bombay Stock Exchange's bulk trade data. Concurrently, GQG Partners Emerging Markets Equity Fund, led by Rajiv Jain, acquired a 0.62 percent stake worth Rs 351 crore in JSW Energy, purchasing 1.03 crore shares through open market transactions at an average price of Rs 341.7 per share. This marks the investment firm's second block deal of the month, following its earlier procurement of 1.19 crore shares at an average price of Rs 345 per share.

Shares of IIFL Securities gain after bulk deal

On August 17, shares of IIFL Securities saw a minor uptick of less than 1 percent in early trading, following a recent move by Fairfax Financial Holdings to divest its 5.9% stake in the brokerage firm through open market transactions. The ownership transition involved the acquisition of these shares by entities including Aalidhra Textool Engineers, Zafar Ahmadullah, and Theleme India Master Fund.

Power Grid’s North East project commissioned, shares down 1.2%

Following the successful commissioning of a project in the North-East, Power Grid's shares experienced a decline on August 17. By 12:07 pm, the company's stock had traded 2.22 percent lower at Rs 242.55 on the NSE. The state-owned electric services provider effectively activated assets as part of the North-Eastern Region Strengthening Scheme-VI, with notification for commercial operation received on August 16, as reported in an official exchange filing.

Conclusion

In conclusion, today's market report reflects a mixed and dynamic trading session. The broader market sentiment was largely negative, as indicated by the declines in major indices such as the Nifty 50 and Sensex. However, amidst this overall downward trend, there were notable instances of individual stock movements. Bata India's shares surged over 5% due to reports of potential collaboration with Adidas, which sparked increased trading activity. This demonstrated investors' keen interest in strategic partnerships and expansion opportunities within the footwear sector. On the other hand, JSW Energy witnessed a 3% drop as a result of a stake sale by its promoter, JSW Investments. This move was accompanied by the acquisition of a stake in the company by GQG Partners Emerging Markets Equity Fund, showcasing the dynamic nature of investment activities within the market.

Source - Moneycontrol