As the trading day progresses, several key stocks are making notable moves. Here's a look at how shares of Asian Paints Ltd., Apollo Micro Systems Ltd., Swiggy Ltd., Tata Power Co., Titan Co., and Nestle India Ltd. were faring at midday.
Asian Paints
Asian Paints Ltd. saw its share price fall nearly 5%, after posting disappointing third-quarter results. Citi Research cut its earnings per share estimates by 3% and expressed concerns about the near-term growth outlook. The brokerage maintained a ‘sell' rating with a target price of Rs 2,300, implying a 2.1% upside from Tuesday's closing price.
Apollo Micro Systems
Apollo Micro Systems Ltd.'s share price surged over 7% on Wednesday, following a significant increase in net profit for the October-December period. The company's consolidated net profit rose 83.5% year-on-year to Rs 18.3 crore from Rs 10 crore. The consolidated topline increased by 62.5% to Rs 148 crore, while operating profit grew by 58.1% to Rs 37.9 crore.
Swiggy
Shares of Swiggy Ltd. tumbled 4.5% on Wednesday, ahead of its third-quarter results. The company is expected to report continued losses amid fierce competition. Swiggy's share price has fallen over 30% from its peak on Dec. 23 last year, with few buyers showing interest.
Tata Power
Tata Power Co. shares rose 3.13%, as the company received positive sentiment from leading brokerages. Both Motilal Oswal and Nuvama expressed bullish outlooks on Tata Power's future performance, highlighting strong financial results in the third quarter and growth potential in the renewable energy sector.
Titan
Titan Co.'s third-quarter earnings led analysts to retain their bullish ratings on the stock. Macquarie maintained its ‘outperform' call with a target price of Rs 4,150, indicating a potential upside of 15.35%.
Morgan Stanley also kept its ‘overweight' rating with a target price of Rs 3,876.
Despite these positive ratings, Titan's share price declined by 3.4% in Wednesday's trade.
Nestle
Nestle India Ltd.'s shares traded lower by 3.23% on Wednesday, following the release of third-quarter earnings. Concerns about inflation and an urban slowdown led Nuvama to cut its target price while maintaining a ‘buy' rating. Anand Rathi maintained a ‘hold' rating, and Macquarie kept its ‘neutral' rating. The brokerages expect e-commerce growth and expansion across segments to support future growth.
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