MSP Steel & Power, Desco Infratech Rise Amid Market Dip
By Sivam
MSP Steel & Power surges on a 10MWp solar deal, while Desco Infratech gains on a Rs 15.06 crore order, defying the broader Indian market decline.
Market Movers Defy Downturn
MSP Steel & Power shares hit their upper circuit, surging 4.99% after securing a 10MWp solar power purchase agreement. Desco Infratech also saw a 1.22% gain following a significant Rs 15.06 crore Letter of Intent, even as broader Indian markets dipped.
Company Highlights
- MSP Steel & Power: Touched upper circuit limit at Rs. 44.22.
- Entered Power Purchase Agreement (PPA) with Elevate Solar Energy for 10MWp (DC) electricity annually.
- Current market capitalization stands at Rs. 2505.81 crore.
- Desco Infratech: Shares traded at Rs. 219.00, up 1.22%.
- Received Letter of Intent (LoI) from Sabarmati Gas, valued at Rs 15.06 crore inclusive of GST.
- Current market capitalization is Rs. 169.64 crore.
Broader Market Struggles
Despite these individual gains, the broader Indian equity markets remained in deep red during late morning deals. Significant selling pressure from funds and retail investors impacted key sectors.
- Major Drags: Infosys, TCS, Tech Mahindra, HCL Technologies, and HDFC Bank.
- Index Levels: Sensex and Nifty fell below psychological levels of 76,600 and 23,950, respectively.
- Currency Impact: Rupee weakened by 10 paise to 94.50 against the US dollar.
- Resilient Sectors: Traders were observed piling up positions in Telecom, Power, Capital Goods, Utilities, and Healthcare.