Market Movers: What’s driving rally in Gujarat Fluoro and Greaves Cotton

MUMBAI: While the correction in the market has mildly shaken investor confidence on some big themes of the past year and a half, the confidence in the future of the green economy is still going strong.
became the latest stock to come into the spotlight after it was seen as becoming a major beneficiary of the ongoing green revolution in the face of climate change. Shares of the company rallied nearly 13 per cent today as it received its first institutional broking coverage, from ICICI Securities.

The broker initiated coverage with a buy rating in anticipation of a 50 per cent upside in the stock in the coming year as it expected the company to benefit from a surge in demand for fluoropolymers from new-age sectors such as battery, solar panels and green hydrogen. As these new industries become increasingly mainstream, Gujarat Fluorochemicals could become another proxy play for investors to mint money.

on EV bandwagon

Continuing with the green economy theme, Greaves Cotton’s stock spiked nearly 13 per cent in trade today given the stellar performance of its e-mobility business in the September quarter and the management’s positive commentary.

While Greaves Cotton suggested that the company was seeing strong demand, it also laid out an aggressive plan to take its e-mobility business to the next level. The company has recently launched a large plant in Tamil Nadu to ramp up production of e-vehicles. Greaves Cotton said it was actively on the hunt for new investors to bring in capital to its e-mobility business. These should further accelerate growth.


Anticipation grows for NSE’s IPO

Rumours mills were at work today suggesting that the country’s largest stock exchange, the NSE, was on the cusp of receiving the green signal from the Securities and Exchange Board of India (SEBI) to proceed with its much-awaited initial public offering.

NSE’s IPO, which has been in the works for several years, kept hitting a roadblock or another because of an investigation into a co-location scam and other matters.

While the veracity of the rumours could not be checked, investors still jumped the gun and loaded up on shares of rivals BSE and MCX in anticipation of a rerating for the entire space.