Vodafone Idea stock up 2% & More on Today’s Market

Poly Medicure shares jump 4 %

Poly Medicure's shares experienced a 4% increase in value at the opening of the market on August 23. This rise followed the initiation of coverage by brokerage firm Investec, which gave the stock a "Buy" rating and set a target price of Rs 1,690. By 9:35 am, the shares were trading at a high of 1,555.40, marking an 8% increase from the previous day's closing price.

Vodafone Idea stock up 2%

Vodafone Idea Limited saw a 2% surge in its stock price on August 23, reaching Rs 8. This uptick came after the company's announcement that it intended to settle approximately Rs 2,400 crore of dues to the government by September. The payment covered dues for the June 2023 quarter and spectrum installment with applicable interest. The company had obligations of Rs 770 crore for a license fee due in July and Rs 1,680 crore as the first installment for spectrum obtained in the previous year's auctions.

Himadri Specialty hits 52-week high

Himadri Speciality Chemical's shares rose over 4% on August 23, hitting a 52-week high of Rs 190.90. The upswing was attributed to the approval of the company's resolution plan in collaboration with Dalmia Bharat Refractories for Birla Tyres by the committee of creditors. As of 11:02 am, the stock was trading at Rs 188.5 on the BSE, reflecting a 3.4% increase from the previous closing price. The stock had gained 35% in the past month, 61% in the past three months, and 90% year-to-date.

Jio Financial Services hits 5% lower circuit

Conversely, Jio Financial Services Ltd experienced its third consecutive session of a 5% decline on August 23. Around 11 am, the stock was trading at Rs 227.25 on the BSE, marking a 5% drop from the previous close. Analysts suggested that this decrease might be attributed more to technical factors rather than fundamental ones.

Conclusion

To summarize, the Indian stock market displayed positive momentum today, with major indices – Nifty 50, Sensex, and Nifty Bank – closing higher. Nifty 50 gained 0.25% (48.70 points) to close at 19445.20, while Sensex closed at 65441.20, up 0.34% (221.17 points). Nifty Bank recorded a significant 1.10% (483.00 points) increase, ending at 44476.30.

Key individual stocks also saw noteworthy movements. Poly Medicure surged 4% on favorable Investec coverage. Vodafone Idea gained 2% due to its plans to clear substantial dues. Himadri Speciality Chemical reached a 52-week high with a resolution plan approval. In contrast, Jio Financial Services sustained a third consecutive 5% decline due to technical factors.

Source - Moneycontrol