Gainers & Losers: Top Stocks That Moved the Most on September 11, 2024

On September 11, 2024, benchmark indices ended in the red due to profit-booking. The Sensex dropped by 329.72 points or 0.40% to close at 81,591.57, while the Nifty fell by 90.30 points or 0.36% to 24,950.80. Among the stocks, 1,551 shares advanced, 2,242 declined, and 98 remained unchanged.

Top Gainers of the Day

1. Prism Johnson

   • CMP: ₹227.80
   • Movement: +9%
   • Details: The stock surged over 9% to hit a fresh record high of ₹246 on the NSE due to a significant spike in volume. A total of 10 crore shares changed hands on the BSE and NSE combined, compared to the one-month average trading volume of 37 lakh shares.

2. Century Textiles and Industries

   • CMP: ₹2,600
   • Movement: +7%
   • Details: The stock soared over 7% to reach a new all-time high of ₹2,689 on the NSE and ended the day 4% higher. The surge followed the company’s acquisition of ownership rights for an approximately 10-acre leasehold land parcel in Worli, Mumbai, from Wadia Group chairman Nusli Wadia for ₹1,100 crore.

3. Suzlon Energy

   • CMP: ₹81.95
   • Movement: +5%
   • Details: Suzlon Energy extended its gains, rising 5% to hit the upper circuit. The stock gained traction after Morgan Stanley reaffirmed its ‘overweight’ rating, following the company’s win of India’s largest wind energy order from NTPC Green Energy Ltd, a subsidiary of NTPC Ltd.

4. Goa Carbon

   • CMP: ₹802.50
   • Movement: +3%
   • Details: Shares rose over 3% after the company announced the resumption of operations at its Goa unit, which had been shut down since July 29 for maintenance work.

5. Paint Stocks

   • Movement: +1% to +3%
   • Details: Shares of paint companies like Indigo Paints, Shalimar Paints, Kansai Nerolac, Asian Paints, and Berger Paints rose between 1% to 3% after crude oil prices hit their lowest point in nearly three years. Lower raw material costs are expected to boost profit margins for these businesses.

6. Shoppers Stop

   • CMP: ₹886
   • Movement: +8%
   • Details: The stock climbed over 8% to record a fresh lifetime high. Approximately 20 lakh shares were traded on the bourses, significantly higher than the one-month daily average of 76,000 shares.

Top Losers of the Day

1. Infibeam Avenues

   • CMP: ₹29.35
   • Movement: -8%
   • Details: The stock fell as much as 8% as it traded ex-date for the spin-off of its digital marketing arm, Odigma Consultancy Solutions. The stock ended 3.5% lower. September 11 is also the record date to determine shareholder eligibility for the issuance and allotment of equity shares of Odigma Consultancy Solutions.

2. Tata Motors

   • CMP: ₹976.40
   • Movement: -5.7%
   • Details: Shares of Tata Motors dropped 5.7% after UBS Securities retained its ‘sell’ rating, citing further downside risk from margin slippage at the company’s luxury arm Jaguar Land Rover and within the domestic passenger vehicles segment. UBS maintained its price target at ₹825, implying a potential downside of over 20% from the previous close.

3. SAMIL (Samvardhana Motherson International)

   • CMP: ₹184.13
   • Movement: -3%
   • Details: The shares fell almost 3% following a downward revision of BMW Group’s 2024 guidance. Since BMW contributes around 5% to SAMIL’s revenue, the market reacted negatively to the news. BMW Group announced that its earnings before tax are expected to decrease significantly in 2024.

4. Oil India and ONGC

   • Movement: -6%
   • Details: Shares of state-owned upstream oil companies Oil India and ONGC dipped up to 6% on profit booking as crude oil prices traded near a three-year low amid concerns over a weak demand outlook.

Despite the overall market downturn, several stocks exhibited significant movements influenced by company-specific news and global market trends. Investors should stay vigilant and consider these developments when making investment decisions.

Tags: stock market, gainers and losers, Sensex, Nifty, Prism Johnson, Century Textiles, Suzlon Energy, Goa Carbon, Paint Stocks, Shoppers Stop, Infibeam Avenues, Tata Motors, SAMIL, Oil India, ONGC, September 11 2024