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Indian Stocks Surge: Midday Rally Led by Key Players
23 Dec
Summary
- Shriram Finance shares climbed over 4% on board control news.
- Infosys shares surged 3% after clarifying ADR volatility.
- Vodafone Idea's infrastructure arm raised ₹3,300 crore.
Indian stock markets demonstrated stability during the midday trading session on Monday, with significant activity concentrated in specific company shares. Shriram Finance experienced a notable increase of over 4% after confirming the Shriram Group's sustained control over its board and management, bolstered by a substantial investment from MUFG Bank.
Infosys saw its share price jump more than 3% following a Saturday clarification regarding unusual volatility in its American Depositary Receipts (ADRs) on the New York Stock Exchange. This explanation helped alleviate investor concerns. Concurrently, Vodafone Idea's stock climbed 6.19% after its infrastructure arm completed a ₹3,300 crore fundraise via non-convertible debentures, aimed at meeting payment obligations and freeing up capital for expansion.
Other prominent movers included Vedanta, which hit a fresh 52-week high following the NCLT's approval of its demerger plan. GE Vernova T&D India advanced nearly 6% after securing a significant HVDC transmission project, while KEC International surged over 7% after a Delhi High Court ruling. Varun Beverages also rose as it announced the acquisition of South Africa-based Twizza.
