Sula Vineyards jumps 2% & More on Today’s Market

Eicher Motors August auto sales zoom 29%

On September 1, Eicher Motors witnessed a 2 percent surge in its stock price following the release of its August auto sales report, which revealed a substantial year-on-year growth of 29.4 percent, amounting to 6,476 vehicles sold. The company's core business division, 'Eicher Trucks and Buses,' also experienced a robust 27.5 percent YoY growth, selling 6,239 vehicles in the preceding month. In terms of market segments, domestic sales exhibited a significant 30.4 percent YoY increase, reaching 5,907 vehicles, while exports recorded an 8.5 percent decline YoY with 332 vehicles sold. Furthermore, the joint venture with Volvo resulted in a remarkable 115.5 percent YoY growth, as Eicher sold 237 vehicles for 'Volvo Trucks and Buses' in the same period.

IDFC Bank trades lower after 4.5%

In the afternoon trading session on September 1, IDFC First Bank's stock saw minor declines after a substantial block deal amounting to Rs 2,526 crore. This block deal involved the exchange of 28.1 crore shares, equivalent to a 4.5 percent equity stake, at a price of Rs 90 per share, as indicated by exchange data. The identities of the buyers and sellers involved in this transaction remained undisclosed. It's worth noting that IDFC First Bank recently entered the MSCI Global Standard Index on August 31, a development expected to bolster fund inflows into the bank's stock.

Sula Vineyards jumps 2%

In early trading on September 1, Sula Vineyards' shares experienced a nearly 2 percent increase following a significant block deal, where HDFC Mutual Fund, Morgan Stanley, and other notable market participants acquired a combined 7.06 percent stake in the company. As of 9:42 am, Sula Vineyards' stock was trading at Rs 497.02 on the NSE, representing a gain of 1.87 percent.

M&M August auto sales zoom 19%

On September 1, Mahindra and Mahindra Limited (M&M) saw a nearly 2 percent increase in its shares, reaching Rs 1600, following the company's announcement of robust auto sales in August. M&M reported the sale of 70,350 vehicles during the month, marking an impressive 19 percent growth compared to the 59,000 units sold in the same period the previous year. Additionally, the company disclosed that its domestic passenger vehicle sales for August surged by 25 percent, reaching 37,270 units, up from 29,852 units in the corresponding month of the previous year, as detailed in an exchange filing on September 1.

Conclusion

In conclusion, the market had a positive day with significant gains across major indices. The Nifty 50 and Sensex continued their upward trajectory for the third consecutive session, while the Nifty Bank also closed higher, driven by strength in the banking and financial sectors. Eicher Motors reported robust auto sales growth in August, contributing to a 2 percent increase in its stock price. IDFC First Bank experienced minor declines after a substantial block deal, and Sula Vineyards saw a 2 percent jump in its shares following a significant stake acquisition by prominent market players. Meanwhile, Mahindra and Mahindra Limited (M&M) reported impressive auto sales growth, leading to a nearly 2 percent increase in its stock price. Overall, it was a day marked by positive market sentiment and noteworthy developments in various sectors.

Source - Moneycontrol