Gainers & Losers: Key Stock Movements on August 30

Indian benchmark indices continued their bull run for the ninth consecutive day on August 30. The Sensex closed by 321.64 points, or 0.39 percent, at 82,456.25, while the Nifty gained 83.90 points, or 0.33 percent, to close at 25,235.90. The market saw 2,115 shares advance, 1,630 shares decline, and 117 shares remain unchanged.

This article will explore the top gainers and losers who made significant moves.

Top Gainers of the Day

Sugar Stocks | Government Policy Boost

Sugar stocks surged on August 30, thanks to a new government policy allowing sugar mills to produce ethanol from cane juice or syrup for the upcoming Ethanol Supply Year (ESY) 2024-25. Leading the pack were Dalmia Bharat Sugar, Shree Renuka Sugar, Triveni Engineering, and Bajaj Hindusthan, which saw their shares climb up to 16 percent.

Fortis Healthcare | CMP: Rs 551

Fortis Healthcare soared 4.5 percent to an all-time high of Rs 563. This surge was driven by a significant spike in trading volumes, with 26 lakh shares changing hands, well above the one-month daily traded average of 20 lakh shares.

Bharti Airtel | CMP: Rs 1,586

Bharti Airtel’s stock rose close to 3 percent, reaching a record high of Rs 1,608.40. The rise followed the Supreme Court’s review of curative petitions filed by Bharti Airtel and Vodafone Idea in the Adjusted Gross Revenue (AGR) case.

Tata Elxsi | CMP: Rs 7,960

Tata Elxsi continued its upward trajectory, adding another 5 percent on August 30, bringing its gains to 15 percent over five sessions. Heavy trading volumes fueled the surge.

Lupin | CMP: Rs 2,245

Lupin shares surged 3 percent to Rs 2,257, a fresh all-time high. International brokerage firm Nomura recommended a ‘buy’ call and raised the target price to Rs 2,427, indicating a 9 percent upside. Nomura expects improved growth and profitability across key markets.

Top Losers of the Day

SpiceJet | CMP: Rs 62

SpiceJet’s stock fell sharply by 6 percent after the Directorate General of Civil Aviation (DGCA) placed the airline under ‘enhanced surveillance.’ The measure includes frequent spot checks and night surveillance to ensure operational safety.

City Union Bank | CMP: Rs 171

City Union Bank shares jumped up to 4 percent on August 30 amid heavy trading volumes. The Tamil Nadu-based lender recently opened a new branch in Trichy, bringing the total number of branches to 807.

Patel Engineering | CMP: Rs 57

Patel Engineering saw a 6 percent jump on August 30 after announcing that it signed a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL) for future collaboration.

ITI | CMP: Rs 302

ITI Limited, a telecom equipment company, surged over 4 percent after securing its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal.

Garden Reach Shipbuilders and Engineers | CMP: Rs 1,813

The stock of Garden Reach Shipbuilders and Engineers jumped over 7 percent on August 30 after signing an MoU with National Highway Infrastructure Development Corporation. The agreement involves the fabrication, supply, and launching of Double-Lane Class 70 Modular steel & Bailey bridges.

The stock market on August 30 witnessed significant movements, with sugar stocks leading the gains due to favourable government policies, and SpiceJet experiencing a decline due to regulatory actions. Investors should keep an eye on these stocks as market conditions evolve.