NewsStocksRailTel, Chennai Petroleum and Other Stocks Among Top Nifty 500 Movers at Open

RailTel, Chennai Petroleum and Other Stocks Among Top Nifty 500 Movers at Open

Author: CNBC-TV18 Markets·

Key Takeaways

  • •The government approved an incentive scheme, effective September 1, to accelerate domestic piped natural gas connections, lifting Mahanagar Gas shares more than 4% at the open.
  • •Sammaan Capital shares rose over 3% after the company stated it is not an accused in any investigation arising from the Supreme Court probe into former promoter Sameer Gehlaut.
  • •Chennai Petroleum shares gained almost 5% after crude oil prices climbed amid geopolitical tensions in West Asia, touching a 52-week high of ₹1,476 in intraday trade.
  • •RailTel shares advanced more than 5% after receiving a work order worth ₹166.8 crore, including taxes, from the Employees Provident Fund Organisation, with volume at 19.39 times its 10-day average.
  • •Netweb Technologies, Finolex Cables, CESC and Bata India each opened lower by about 4-5%, with Bata India down more than 24% so far this year.
RailTel, Chennai Petroleum and Other Stocks Among Top Nifty 500 Movers at Open

Mahanagar Gas Ltd shares rose more than 4% at the market open after the government approved an incentive scheme to accelerate the expansion of domestic piped natural gas (PNG) connections. The scheme is set to take effect from September 1 this year. For city gas distributors, policy support like this can influence the pace of network rollout and household adoption, which is why investors often react quickly to such announcements. The stock is up almost 3% so far this year but has fallen more than 13% over the past year. It is down 18% from its 52-week high of ₹1,378 and is 29% above its 52-week low of ₹900. More than 8 lakh shares changed hands in early trade, or 3.61 times the stock's 10-day average.

Netweb Technologies India Ltd shares fell more than 4% at the open. Despite the decline, the stock has gained more than 66% since the beginning of the year and over 140% in the past year. It is currently 5% below its 52-week high of ₹5,396.40. More than 7 lakh shares were traded, equal to 0.44 times its 10-day average.

Finolex Cables Ltd shares slipped up to 4% at the open. The stock has risen 62% this year and 53% over the past year. It is now 7% below its 52-week high of ₹1,374. More than 3 lakh shares were traded, or 0.09 times its 10-day average.

CESC Ltd shares also fell up to 4% at market open. The company's stock has declined more than 3% so far this year and 2% in the past year. It is 16% away from its 52-week low of ₹138.12. More than 7 lakh shares were traded, representing 0.38 times its 10-day average.

Bata India Ltd shares dropped more than 5% at the open. The stock has fallen more than 24% this year and more than 37% in the past year. It is 18% above its 52-week low of ₹605. More than 2 lakh shares changed hands, or 0.27 times its 10-day average.

Sammaan Capital Ltd shares gained more than 3% after the company clarified that it is not an accused in any investigation arising from the ongoing Supreme Court probe into its former promoter Sameer Gehlaut. The statement eased investor concerns about direct regulatory exposure. The stock is up more than 8% this year and more than 26% over the past year. It is down 23% from its 52-week high of ₹192.95 and 33% above its 52-week low of ₹116.70. More than 1 crore shares were traded, equal to 1.07 times its 10-day average.

Chennai Petroleum Corporation Ltd shares rose almost 5% at the open after crude oil prices climbed amid geopolitical tensions in West Asia. The stock is up more than 73% this year and more than 124% in the past year. It touched its 52-week high of ₹1,476 in intraday trade. More than 19 lakh shares changed hands, or 0.59 times its 10-day average.

RailTel Corporation of India Ltd shares advanced more than 5% after the company received a work order worth ₹166.8 crore, including taxes, from the Employees Provident Fund Organisation (EPFO). The order adds to the stock's recent company-specific momentum even as it remains down more than 22% this year and more than 19% in the past year. It is 17% above its 52-week low of ₹245. More than 66 lakh shares were traded, or 19.39 times its 10-day average.