Six Stocks At Noon: Vishal Mega Mart, Senco Gold, SBI Among Others
India's benchmark indices were trading lower on Wednesday as US tariffs came into effect.
The NSE Nifty 50 was down 0.49% at 22,424.55 while the BSE Sensex was 0.47% lower at 73,881.79 as of 12:30 p.m.
Several stocks are making notable moves in the market. Among them are Vishal Mega Mart Ltd., Senco Gold Ltd., Muthoot Finance Ltd., State Bank of India, Infosys Ltd., and Ipca Laboratories Ltd.
These stocks have been influenced by various factors, including analyst ratings, regulatory announcements, and global trade policies.
Here's a closer look at the key highlights and performance of these stocks at noon.
Vishal Mega Mart
Vishal Mega Mart Ltd. saw its share price surge over 1% after it got mixed reactions from analysts on Wednesday. Jefferies initiated coverage with a 'buy' rating and a target price of Rs 125, while Bernstein started with an 'underperform' rating and a target of Rs 90.
Earlier in January, JPMorgan and Morgan Stanley had given 'overweight' calls with target prices of Rs 125 and Rs 161 respectively, following Vishal Mega Mart's premium debut on the exchanges.
Senco Gold
Shares of Senco Gold Ltd. hit the upper circuit on Wednesday after the company reported its highest-ever fourth-quarter revenue. The stock surged by 5% to Rs 318.25 apiece, reaching an over one-month high driven by high trading volumes.
Muthoot Finance
Muthoot Finance Ltd. shares declined by 10% after the Reserve Bank of India announced plans to issue comprehensive regulations on prudential norms for gold loans.
SBI
State Bank of India shares saw a significant decline among banking stocks on Wednesday. Despite an initial positive reaction where banking stocks reduced their losses to trade 0.33% lower, compared to a 0.54% decline before the MPC meet, the recovery was short-lived. Banking stocks resumed their downward trend, crossing the day's low to trade 0.94% lower.
Infosys
Infosys Ltd. was the worst-performing IT stock, declining over 2% on Wednesday after a Jefferies' note said rising demand and high global uncertainty was expected to limit the upside for IT stocks.
Ipca Lab
Ipca Laboratories shares fell the most among pharma stocks, trading over 6% lower. The index dropped in early trade on Wednesday after US President Donald Trump on Tuesday reiterated tariffs on pharmaceutical imports. Speaking at an event at the National Republican Congressional Committee, Trump announced that the US would soon impose a "major" tariff on pharma imports.
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