Centum Electronics jumps 9% & More on Today’s Market Update

Jio Financial Services down 5% for fourth day

On August 24, Jio Financial Services witnessed its share price plunging by 5 percent, marking the fourth consecutive session in which it hit the lower circuit. The company's shares have been experiencing a downward trajectory since their initial listing, largely attributed to the sale of shares by passive funds. This divestment is seen as a preemptive move in anticipation of Jio Financial Services being removed from the Nifty and Sensex indices.

Gujarat Ambuja Exports up 7%

On August 24, the stock of Gujarat Ambuja Exports surged by 7 percent following the company's announcement of obtaining clearance from the Gujarat Pollution Control Board to establish a new environmentally friendly corn wet milling plant in Himmatnagar, Gujarat. The planned facility, with a processing capacity of 900 tonnes per day (TPD), is set to significantly enhance the company's total maize processing capability across its five plants to 6,000 TPD, according to the exchange filing.

Centum Electronics jumps 9%

During the morning session of August 24, the stock of Centum Electronics experienced a notable surge of close to 9 percent. This increase followed the successful lunar landing of Chandrayaan-3. Notably, Centum Electronics played a significant role as a crucial industrial collaborator with ISRO for the mission, contributing essential modules and systems in the realm of electronics.

Snowman logistics gains 3.4%

On August 24, Snowman Logistics saw its shares rise by 3.4 percent following a disclosed acquisition of more shares by its promoter, Gateway Distriparks, based on NSE bulk deal data. Gateway Distriparks, the promoter of Snowman Logistics, purchased an additional 11 lakh shares, equivalent to a 0.66 percent shareholding, in the logistics firm, with an average share price of Rs 53.36. As of June 2023, Gateway already held a 41.75 percent stake in Snowman Logistics. Notably, in the same month, Gateway had previously acquired 14 lakh more shares in the company through open market transactions, at an average price of Rs 43.32 per share.

Conclusion

In conclusion, the Indian stock market exhibited a mixed performance today, with the Nifty 50 and Sensex declining by 0.29% and 0.28% respectively, while the Nifty Bank managed a slight 0.04% gain. The day's trading saw widespread selling, impacting all sectors except IT, with metals, realty, and auto sectors facing the most significant losses. The market sentiment remained cautious due to impending key economic data releases and concerns about mounting inflation and geopolitical tensions. Notable market movements included Jio Financial Services enduring a fourth consecutive 5% decline, Gujarat Ambuja Exports surging 7% following its greenfield plant approval, Centum Electronics experiencing a remarkable 9% jump linked to its role in the Chandrayaan-3 mission, and Snowman Logistics gaining 3.4% as a result of increased promoter stake acquisition.

Source - Moneycontrol