Adani Power rallied 11 per cent to Rs 69, surpassing its previous high of Rs 67 touched on July 4, in intra-day trade. The counter has seen huge trading volumes with a combined 46 million shares changing hands on the BSE and NSE so far.
In the past month, the stock zoomed 42 per cent against 2.4 per cent decline in the benchmark index.
Last week, Adani Power’s board approved acquisition of the entire stake of Korba West Power Company limited's (KWPCL) and GMR Chhattisgarh Energy Limited (GCEL). The company said, the successful acquisition and implementation of the resolution plan will consolidate the company's position as India's leading private sector thermal power producer, with a combined thermal power capacity of 12,410 MW (inclusive of the proposed acquisition of the 1,370 MW power plant of GCEL). The transaction is expected to be completed by end of July, 2019.
Just Dial moved higher by 5 per cent to Rs 814, bouncing back 8 per cent from intra-day low on the BSE. The stock surpassed its previous high of Rs 807 hit on June 3, 2019. In past five months, it has zoomed 74 per cent, on the back of financial and operational performance and the buyback exercise. In comparison, the Sensex was up 6 per cent during the same period.
Varun Beverages (VBL) hit new high of Rs 975, up 2 per cent on the BSE in intra-day trade. Brokerage firm YES Securities initiate coverage on VBL with 12-month price target of Rs 1,214 per share.
“VBL recent acquisition of PepsiCo franchise Southern and Western territory rights would lead to capture around 83 per cent of PepsiCo’s beverage sales volumes in India (currently around 51 per cent), access to low penetrated regions, reduce seasonality, lower capex requirement and improve revenue and earnings visibility. The Rs 1,800 crore acquisitions are likely to be funded via equity/debt and internal accrual,” the brokerage firm said in company report.
The company's board of directors, at their meeting held on June 17, had recommended a bonus issue of equity shares in the proportion of 1 equity share for every 2 equity shares held as on the record date.