Six Stocks In News At Noon: Ola Electric, Senco Gold, Voltas Among Others
The NSE Nifty 50 rose as much as 0.79%, while BSE Sensex was up 0.75% as of 12:35 p.m.
Several stocks were making headlines on Thursday afternoon, driven by various corporate developments and market reactions, as both Sensex and Nifty 50 were trading in green.
The NSE Nifty 50 rose as much as 0.79%, while BSE Sensex was up 0.75% as of 12:35 p.m.
These stocks were contributing to changes in the benchmark indices:
Ola Electric
Ola Electric Mobility Ltd.'s stock fell as much as 4.16% during the day to Rs 51.6 apiece. The decline followed the Maharashtra government's expanded inspection of the company's stores. Officials from five regional transport offices conducted inspections at 26 Ola Electric stores in Mumbai and Pune.
The inspections were related to alleged violations of trade certification norms. A total of 36 Ola Electric scooters were confiscated.
Senco Gold
Senco Gold Ltd.'s share price was locked in the upper circuit at Rs 275. The surge came after promoters raised their stake in the company. Jai Hanuman Shri Siddhivinayak Trust, represented by Trustee Suvankar Sen, acquired 1,61,000 shares on March 17, representing a 0.01% stake in the company.
Voltas
Voltas Ltd.'s stock fell as much as 1.72% during early trade. Despite promising volume growth due to the warmest January and February on record in India, HSBC cut its target price on the stock by 15% to Rs 1,630 per share. It cited margin recovery concerns, rising costs, and competition for the move.
Both HSBC and Investec maintained a 'hold' rating, while UBS and Citi maintained their 'buy' rating.
KEI Industries
Shares of KEI Industries Ltd. fell sharply on Thursday, hitting a 10% lower circuit before revising the circuit limit to drop 15%. The decline followed UBS' comments on rising competition being a negative for the company. Shares of Havells and Polycab also fell significantly.
Mphasis
IT stocks advanced on Thursday after the US Federal Reserve projected two more rate cuts this year. Among the top gainers, Mphasis Ltd. saw the highest increase, with its share price rising by 3.66% to Rs 2,369.60.
The Fed's decision to keep interest rates unchanged while signaling future cuts boosted investor sentiment in the technology sector.
Indus Towers
Indus Towers Ltd.'s share price continued its upward trajectory for the second consecutive day, rising nearly 1% on Thursday, following a 1.78% increase on Wednesday. The surge came after Citi elevated Indus Towers to its top telecom pick, citing positive growth prospects and strategic acquisitions.
