5 midcap stocks that are buzzing on the bourses on August 17

Check out the midcap companies making headlines in Wednesday’s session. 

Among the midcap companies, Power Finance Corporation, ICICI Securities Ltd, Adani Power Ltd, Honeywell Automation India Ltd and Container Corporation of India Ltd are among the stocks in the news on Wednesday. Let us see why!

Power Finance Corporation

The shares of Power Finance Corporation are buzzing on the bourses today. PFC Projects (PPL), an equal joint venture of Power Finance Corporation (PFC) and REC, is planning to rope in technical or strategic investor partners through competitive bidding to operate and maintain acquired stressed or non-performing assets (NPA) next year. The first such bid is likely to be floated next year.

The joint venture has been set up for taking over stressed assets or NPA in the power sector. Earlier this month, the boards of PFC and REC approved a subscription of 50% equity each not exceeding Rs 50 crore each in the PPL. The PPL will explore both options of technical as well as strategic partners for running the acquired stressed power plants. It will select a technical or strategic partner for each acquired stressed project through competitive bidding.

ICICI Securities Ltd  

ICICI Securities Ltd, a part of the S&P BSE MidCap index, is surging on the bourses today. This surge comes ahead of the ex-dividend day of the company, which is tomorrow. The company shall provide a dividend of Rs 12.75, which is 255% of the face value of the share (Rs 5). To give a perspective, a person purchasing a stock before the ex-date, and holding the position before the market opens on the ex-date, is entitled to receive the benefit of the corporate action.

Adani Power Ltd

The shares of Adani Power Ltd, a BSE MidCap index constituent, have locked in the upper circuit in Wednesday’s session. Owing to this, the trading of Adani Power Ltd's shares was halted. Till the trade halted, 15,35,092 were traded on BSE today.

Honeywell Automation India Ltd 

The shares of Honeywell Automation India Ltd, which is also a part of the S&P BSE MidCap index are surging on the bourses today. On Saturday, 13 August, the company reported its results for the quarter ended June 2022. As per the exchange filing, the company’s topline grew 15.5% YoY to Rs 815.37 crore. The bottom line grew 11.4% YoY to Rs 101.97 crore.

Container Corporation of India Ltd 

The shares of Container Corporation of India Ltd (CONCOR) tumbled on the bourses in today’s session. This decline has come on account of the ex-dividend date, which is today. The company had declared a dividend of Rs 2 per share, which is 40% of the face value of Rs 5 per share.