Six Stocks In News At Noon: Gensol, IndusInd, Adani Green, MTNL And More

The NSE Nifty 50 and BSE Sensex gave up gains after opening higher, as realty and IT stocks continued to weigh on Thursday. The Nifty 50 opened 0.38% higher at 22,556 after it ended in red in the previous session and Sensex opened 0.50% up at 74,401.11 snapping its three-day losing streak.

By 12:39 p.m., the 50-stock benchmark was trading 0.11 lower, whereas the Sensex was flat.

Gensol Engineering Ltd., IndusInd Bank Ltd., Adani Green Energy Ltd., Tata Steel Ltd., Mahanagar Telephone Nigam Ltd. and SEPC Ltd. were among the buzzing stocks in trade around midday.

Gensol Engineering hits lower circuit for the fourth day and extends its fall for the sixth day. The company faced credit rating downgrades to default status by ICRA and Care Ratings, while promoter stake sales further dented investors' sentiment.

The warrants were converted into 4.43 lakh equity shares at a price of Rs 871 per share, according to the exchange filing on Monday. The stock was trading 5% lower against a 0.19% decline in the Nifty 50 as of 12:06 p.m.

IndusInd Bank Ltd. stock received another large target price cut, this time from CLSA, on lingering uncertainty over management continuity and persistent investor pessimism.

Analysts at the brokerage drew parallels from similar events at banks like RBL Bank Ltd. and Yes Bank Ltd., pointing out that in the near-term sentiments may drive the stock, but in the long-term fundamentals do. The stock was trading 0.35% lower against a 0.13% decline in the Nifty 50 as of 12:08 p.m.

Macquarie Equity Research initiated an Outperform rating for Adani Green Energy Ltd. with a scenario-weighted target price of Rs 1,200 per share, and a bull-case target price of Rs 2,600 apiece, if the company successfully meets its targets.

The bull case implies a 200% upside from the current level. The scrip was trading 2.92% higher against a 0.17% decline in the benchmark Nifty 50 as of 12:10 p.m.

Tata Steel Ltd.'s share price rose in Thursday's session as JPMorgan raised the target price after reiterating 'overweight' rating on the stock. The brokerage raised the target price to Rs 180, which implied 20% upside potential.

The reason behind JPMorgan's positive view on the Nifty 50 constituent is visible positive catalysts to earning growth of European business. The stock rose as much as 5.09% during trade on Thursday.

Troubled telecom operator Mahanagar Telephone Nigam Ltd.'s share price surged over 18% during early trade on Thursday, after a senior minister signalled the government is not privatising the state-run firm.

Minister of State for Rural Development and Communications Pemmasani Chandra Sekhar, said that last month, the government had approved an additional capital expenditure plan of Rs 6,982 crore for BSNL Ltd. MTNL is a wholly owned subsidiary of BSNL.

The stock rose as much as 18.36% on Thursday. The scrip was trading 13.21% higher against a 0.12% decline in the Nifty 50.

SEPC Ltd.'s share price extended its gains for the second day, rising over 14% on Thursday, hitting over one-month high. The civil construction firm announced a framework agreement with Riyadh-based ROSHN Group to carry out infrastructure works in the Middle East country.

The stock rose as much as 14% during trade today. The counter was trading 7.76% higher against a 0.13% decline in the Nifty 50 as of 12:21 p.m.