Delta Corp Surges 2% & More on Today’s Market

Delta Corp surges 2%

On September 4, Delta Corp witnessed a notable surge in its stock price, with shares spiking by more than 2 percent during afternoon trading. This surge in value was accompanied by a significant trading activity, as shares worth Rs 45.6 crore were exchanged. As of 2:15 p.m. on the NSE, Delta Corp's stock was quoted at Rs 186.60, with a trading volume of 7.5 million shares. Notably, this transaction represented approximately 1 percent of Delta Corp's total equity, although the identities of the buyers and sellers involved in the deal remained undisclosed at the time.

Coal India tops Nifty50 with 5%

On September 4, Coal India emerged as the leading performer in the Nifty50 index, experiencing a notable 5 percent surge in its stock price. This impressive stock performance was propelled by the company's announcement of a 13 percent year-on-year increase in coal production, reaching 52.3 million tonnes in August. Furthermore, Coal India reported that coal supplies in August 2023 had risen to 59 million tonnes, up from 51.2 million tonnes the previous year, marking a substantial 15.3 percent increase. Notably, in the fiscal year 2023-24 up to that point, the state-run mining company had produced 281.5 million tonnes of coal, reflecting a noteworthy 11 percent year-on-year growth. Over the period from April to August, the total coal off-take also saw a substantial 8 percent increase, reaching 305.5 million tonnes.

Hindalco shares rally 3%

On September 4, Hindalco's stock experienced a notable 3 percent surge in morning trading following the company's announcement of a power purchase agreement with Seven Renewable Power. At 10:12 am, the stock was trading at Rs 488.15 on the National Stock Exchange, representing a 3.14 percent increase. Hindalco Industries Limited entered into a shareholder's agreement and power purchase deal with Seven Renewable Power, through which it will acquire a 26 percent stake in SRPPL for Rs 32.5 lakh. Their collaborative goal is to establish and oversee a captive power facility aimed at consistently providing 100 MW of renewable energy to Hindalco's smelter in Odisha. Additionally, the Aditya Birla Group company has ambitious investment plans, earmarking Rs 2,000 crore for a copper and e-waste recycling facility in India and a similar amount for the Vande Bharat trains project in collaboration with the Indian Railways.

ICICI Lombard stake up by 4%

ICICI Bank has obtained regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) to raise its ownership stake in ICICI Lombard General Insurance by an additional 4 percent, with the flexibility to do so in one or more tranches by August 31, 2024. On September 4, ICICI Bank's stock price experienced a marginal 0.5 percent decline, trading at Rs 964 at 10.10 am in a relatively flat benchmark market, while ICICI Lombard General Insurance shares initially surged by 4 percent in morning trading but later settled for a 1 percent increase at Rs 1,354. ICICI Bank had previously disclosed its board's approval in May for a gradual stake increase in the insurance company, and as of June 2023, the bank held a 48.01 percent stake in ICICI Lombard General Insurance. This forthcoming additional stake acquisition will result in ICICI Lombard becoming a subsidiary of the bank, marking a strategic move in light of ICICI Bank's earlier reduction in its stake in the insurer to 48.08 percent in 2021, following ICICI Lombard's acquisition of Bharti AXA General Insurance and the allocation of equity shares to Bharti AXA's existing shareholders. The Reserve Bank of India (RBI) granted approval for the bank's proposal to increase its shareholding on August 4, 2023.

Conclusion

In conclusion, the stock market on September 4 saw a mix of notable developments among prominent companies. Delta Corp witnessed a significant surge in its stock price, while Coal India emerged as the top performer in the Nifty50 index, fuelled by impressive growth in coal production and supplies. Hindalco Industries also experienced a substantial rally following a power purchase agreement, reflecting its commitment to renewable energy and ambitious investment plans. Additionally, ICICI Bank received regulatory approval to increase its stake in ICICI Lombard General Insurance, marking a strategic move in the financial sector. These events illustrate the dynamism and diverse activities within India's financial and corporate landscape, shaping the trading day's outcomes for investors and market participants.

Source - Moneycontrol