Key domestic benchmark indices ended mixed on Wednesday, ahead of a key decision on interest rates, following a 2-day US Fed policy. Markets which began on a buoyant note in early morning trades, turned cautious and gave-up most gains of the morning session.
However, there were many stocks that were in the news and most of which rallied in trade, following the news. These shares clearly bucked the subdued trend of the markets and saw strong gains.
The 30-share benchmark index ended trade lower by 15.78 points to end at 28,507.42; Nifty ends at 8,777.15 up by 1.25 points.
Here are a few stocks that were in the news today and gained from that news:
Shares in Gokaldas Exports surged 17 per cent in trade and ended the day higher at Rs 84.50 The board of Gokaldas Exports is to meet on September 26 to consider merger of some of its subsidiaries with itself.
This is what prompted a huge surge in the share price of Gokaldas Exports.
The company is the largest manufacturer and exporter of Apparels from India, with a turnover of $200 million. It has 23 manufacturing units. The face value of the shares is Rs 5
Shares of Vardhman Textiles rallied after the company said that its board would consider proposal to buy-back the fully paid-up equity shares.
"The board of directors of the company will be held on September 24, 2016, inter alia, to consider proposal to buy-back the fully paid-up equity shares of the company," Vardhman Textiles said in a filing to BSE.
Vardhman Textiles shares ended trade at Rs 1023, higher by 6.65 per cent on BSE. It touched an intraday high and 52-week high of Rs 1116 during trade.
Vardhman Textiles is one of the largest vertically integrated textile producers of India with large capacities encompassing everything from fiber to garmenting. It has expansive manufacturing setup spanning 22 units across 6 states in India.
The company also has a captive power plant, to ensure that there is no disruption to its manufacturing by frequent power failures.
Shares of Teamlease rose more than 5 per cent on Wednesday after the company announced the acquistion of Bangalore-based Nichepro Technologies Private Limited ("Nichepro").
"TeamLease will acquire Nichepro for an enterprise value of Rs. 29.5 crores through its wholly owned subsidiary, TeamLease Staffing Services Private Limited", the company said in the BSE filing.
Teamlease shares ended trade at Rs 1152, higher by 4.82 per cent on BSE, after surging to an intraday high of Rs 1167 during trade.
Teamlease had come-up with an IPO earlier this year and the shares have soared, since the IPO price of Rs 860. According to CRISIL, Teamlease is one of the largest temporary staffing company in India in terms of revenues and number of associate employees in 2014.
Shares of Shriram EPC rose after it said that it has bagged order worth Rs 74.26 crore from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), Chennai.
"Our proven track record continues to resonate well with our clients and our capabilities and technological Collaborations ensure that we remain at the forefront in our chosen areas of operations. The strengthened order book gives us the confidence to maintain an optimistic view going forward", T Shivaraman, Managing Director said.
Shriram EPC shares ended trade at Rs 25.55, higher by 10.13 per cent, while hitting an intraday high of Rs 27.80 in trade.
Shriram EPC is a US $240 million company, providing turnkey solutions in procurement, construction, design and engineering. It caters to power, water infrastructure, mining and process and metallurgy etc.
IRB Infrastructure shares rose after the company said that it had bagged a road project for six-laning of 125 km long in Rajasthan.
"The company has emerged as a preferred bidder for the 125 km long project, which is to be constructed on design, build, finance, operate and transfer (DBFOT) basis under the National Highways Development Project's phase V (package-V)," the company said in a filing to the Bombay Stock Exchange.
IRB Infrastructure shares ended trade at Rs 249, higher by 0.60 per cent on the BSE. It touched an intraday high of Rs 255 during trade, but, saw profit booking at higher levels.
IRB Infra is a key player in the road sector and has completed several prestigious projects, including some major highways.