Benchmark stock market indices may have lost heavily on Wednesday tracking global cues, but select stocks bucked the trend and ended with gains in the range of 4 to 12 percent. The top gainer was Zensar Technologies, which ended 12.57 percent higher at Rs 1,048.40 on the BSE on acquiring UK-based design agency Foolproof for an undisclosed sum.
"Foolproof's market leadership in experience design and the strong management team at its helm, are strategic to Zensar's plan to increase market share in this increasingly pertinent space. The integrated proposition of the two companies will augment the value Zensar delivers to clients," Harsh Goenka, Chairman of RPG Enterprises and Zensar said in a statement.
The addition of Foolproof's 100 consultants, with knowledge and understanding in Strategy and Planning, Design Research, Design and Development and Creative Technologies will strengthen Zensar's Digital capabilities, the company said in the statement.
MOIL rallied 4.75 percent to end at Rs 377.90 after the company said that it has raised manganese ore prices in various categories from 25 to 30 percent, barring electrolytic manganese dioxide.
SKF India closed with gains of 5.56 percent at Rs 1,491.15 after reporting upbeat September quarter (Q2) numbers. Revenues rose to Rs 712.5 crore in Q2 from Rs 649.3 crore YoY, while net profit grew 20 percent to Rs 60 crore from Rs 50 crore in the corresponding period last year.
"The continued conducive development in economic environment coupled with a few challenges kept the momentum on an even keel. Positive momentum and expected GST rollout are likely to create momentum in near to mid-term," Shishir Joshipuria, MD and Country Head, SKF India said.
The BSE Sensex closed 349 points lower at 27,527, while the NSE Nifty lost 112 points to end at 8,514.
Foreign institutional investors (FIIs) were net sellers of Indian equities worth Rs 667 crore according to provisional data given by the NSE.