The NSE Nifty 50 and BSE Sensex pared most gains from the day's high. Both the indices were trading almost flat around noon.
Dixon Technologies India Ltd., Hindustan Aeronautics Ltd., Multi Commodity Exchange of India, Newgen Software Technologies Ltd., and Zomato Ltd.'s share prices were in news around noon.
Dixon Technologies India ⬇️
Shares of Dixon Technologies India Ltd. fell more than 9% on Tuesday, despite the company posting a robust third-quarter update for fiscal 2025. However, Dixon Technologies is facing several headwinds that are dragging down its performance. Brokerages have lowered their FY25 estimates, with Motilal Oswal and Nuvama both trimming their forecasts by 8%.
The scrip fell as much as 9.04% to Rs 15,972 apiece
HAL ⬇️
Hindustan Aeronautics Ltd. declined in Tuesday's session, as news report stated that a deal with General Electric hit a road block. Indian Defense Research Wing reported that General Electric demanded an increase in the contract price to incorporate 805 transfer of technology. The deal is to manufacture 99 F-414 engines in India.
Hindustan Aeronautics share price declined as much as 3.59% to Rs 4,037.05 apiece.
Multi Commodity Exchange Of India
Multi Commodity Exchange Ltd.'s share price fell nearly 8% in early trade on Tuesday after it reported third quarter financial results that clouded outlook on valuations.
Morgan Stanley said the commodity trading bourse's current valuation is stretched, given low conviction on sustainability of revenues. The stock trades at 42.5 times its earnings projection, compared to 23 times for comparable companies, according to Bloomberg data.
Newgen Software Technologies⬇️
Shares of Newgen Software Technologies Ltd. tumbled over 17% on Tuesday, following a downgrade by Jefferies from a 'buy' to 'underperform'. The brokerage firm cited weaker-than-expected results for the third quarter of FY25 and concerns over the company's valuations.
Newgen's Q3 revenues of Rs 380 crore, reflecting an 18% year-on-year growth, missed estimates. While the company reported strong revenue growth from new license sales, a key negative surprise was the slower growth in its annuity revenues, which grew only 9% year-on-year.
Tata Steel ⬆️
Tata Steel Ltd.'s share price rose 0.56% to Rs 132.40 apiece, the highest level since Jan 9. The stock erased losses from day's low after its 18.65 lakh shares were traded in a block deal on National Stock Exchanges.
Earlier in the session, Tata Steel Ltd.'s share price fell 1.47% to Rs 129.72 apiece.
Zomato ⬇️
Zomato share price declined to the lowest level in nearly six months as its profitability is expected to remain subdued in current and next financial year, as Blinkit expands aggressively. In three months to December 2024, the food delivery business' profit was impacted due to Blinkit's rapid expansion plan.
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