homemarket NewsFII interest in M&M; OFS likely in Sterling & Wilson? What kept dealers busy on Monday?
market | Dec 19, 2022 4:33 PM IST

FII interest in M&M; OFS likely in Sterling & Wilson? What kept dealers busy on Monday?

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Sensex, and Nifty 50 recovered Friday's losses after ending a percent higher on Monday.

Shares of Mahindra and Mahindra ended among the top gainers on the Nifty 50 on Monday. Auto stocks were buzzing in trade after the GST council clarified on the definition of SUV and MUV on Saturday, leading to more clarity on the cess added to these vehicles.

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Sources within the dealing rooms tell CNBC-TV18 that foreign investors were buyers in the utility vehicles and tractor manufacturer on Monday, that took the stock higher.
Mahindra and Mahindra's stock has gained in four out of the last five trading sessions and has risen 55 percent this year, ranking among the top performers on the Nifty 50 index.
A Rebound After A Drop
Benchmark indices ended higher on Monday after a two-day drop, reclaiming Friday's losses. Both Sensex and the Nifty 50 ended with gains of a percent each. Reliance, HDFC, ITC were the top gainers while Infosys and TCS continued to drag the index lower.
Dealers say that the market ended higher but on lower volumes due to the lack of FII participation. Financials continue to be well bid while technology names continue to remain under pressure. Here's what Ajay Srivastava of Dimensions Corporate Finance Services had to say about these technology names.
What dealers also said that the quality of the midcap rally needs to be monitored with the focus moving to extremely small or microcaps.
Besides M&M, here are some other stocks that have been part of the dealing room chatter today:
DFM Foods: Shares have now gained in four out of the last five trading sessions. Today was the last day to tender shares in the company's delisting offer. The floor price to buy the shares was revised higher to Rs 263.80 earlier this month, in accordance with the delisting regulations in place. AI Global Investments (Cyprus) PCC, the sole promoter of DFM Foods, holds 37.05 million equity shares, which make up 73.70 percent of the paid-up equity share capital of the company.
Poonawalla Fincorp: The stock has been under pressure ever since it allowed the sale of its housing finance business to TPG. The stock has now declined in four out of the last five trading sessions. Dealers suggest that there is now buzz of a large block deal taking place in the stock where the erstwhile promoters of the company may end up selling stake.
Sterling & Wilson Renewables: Shares ended lower for the third day in a row on Monday. Dealing rooms indicate that there may be an offer for sale launched by the promoters to comply with the minimum public shareholding norms. Based on the September quarter shareholding pattern, promoters held 76.69 percent stake in the company, of which, Reliance New Energy Ltd. held a 40 percent stake.
Note To Readers

Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.

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