These stocks gain on the last trading session of the month!
Nxtdigital Ltd, Lemon Tree Hotels Ltd and Forbes & Company Ltd are today’s midday movers.
As May draws to a close, so has the recent market rally. The Indian stock market is in the red today after a release from the Asian peers. As of 1:03 a.m., the S&P BSE Sensex is at 55,777.17, down 0.27%. Today, the focus is on India’s official GDP data for the January-March period which will be announced in the second half of the day.
Amid these mixed feelings, the following stocks won:
Nxtdigital is the flagship media business of global Hinduja Group. It is India’s only integrated digital delivery platform that provides satellite, digital cable and broadband services. The company has signed a binding Memorandum of Understanding with Thaicom Public Company, Thailand to form a strategic partnership to enter the satellite broadband (BoS) market and related services in India. As of 1:03 p.m., the share price surged by 3.90% and the certificate is currently trading at Rs 381.40.
Lemon Tree Hotels is India’s largest hotel chain in the mid-priced hospitality sector. It has signed a licensing agreement for a 40-room hotel in Chirang, Assam under the company’s brand “Keys Select, by Lemon Tree Hotels”. The hotel is expected to be operational by June 2026. Carnation Hotels, a subsidiary and the hotel management arm of the company, will operate this hotel. As of 1:03 p.m., the share price rose by 5.10% and the certificate is currently trading at Rs 62.85.
Forbes & Company has three main businesses; namely engineering, shipping and logistics and business automation. The company has received approval for the sale of 25% equity and preferred shareholding of the company in Shapoorji Pallonji Forbes Shipping (SPFSL) to GS Enterprises, a partnership company and related party for a consideration of Rs 29 crore. The definitive agreement is expected to be signed in the first quarter of fiscal 2022-23 and the proposed transaction is expected to close in the second quarter of fiscal 2022-23. As of 1:03 p.m., the share price surged by 3.46% and the certificate is currently trading at Rs 392.15.