The Nifty 500 Index saw an array of performers on Wednesday, with Laxmi Organic Industries Limited emerging as the top gainer and Sterling and Wilson Renewable Energy Limited falling the hardest.
Leading the pack, Laxmi Organic Industries Limited saw a promising hike of 11.43%, trading at ₹302.20. The company, a specialty chemical manufacturer, provides acetyl and specialty intermediates used in various sectors from pharmaceuticals to electronics. Laxmi Organic Industries shares traded higher as the company’s board approved the issue and allotment of 96.25 lakh equity shares to qualified institutional buyers at ₹269.2/share, aggregating to ₹259.12 crore.
|Company||Current Price||Prev. Close||% Change|
|Laxmi Organic Industries Limited||₹302.2||₹271.2||11.43%|
|Vodafone Idea Limited||₹11.85||₹11.05||7.24%|
|Tanla Platforms Limited||₹1104.1||₹1030.95||7.1%|
|Welspun India Limited||₹124.35||₹117.25||6.06%|
|Alembic Pharmaceuticals Limited||₹810.3||₹766.95||5.65%|
|Stock||Current Price||Prev. Close||% Change|
|Sterling and Wilson Renewable Energy Limited||₹313.8||₹330.3||-5.0%|
|Bank of Baroda Limited||₹207.2||₹214.3||-3.31%|
|Infibeam Avenues Limited||₹21.6||₹22.25||-2.92%|
|ICICI Prudential Life Insurance Company Limited||₹524.9||₹540.15||-2.82%|
|JSW Energy Limited||₹397.35||₹408.55||-2.74%|
Following closely behind, Vodafone Idea Limited witnessed a 7.24% rise, with the stock being priced at ₹11.85. Also in the gainers list, Tanla Platforms Limited and Welspun India Limited saw an increase of 7.10% and 6.06% respectively.
On the flip side, Sterling and Wilson Renewable Energy Limited (SWSOLAR.NS) was the biggest loser, dropping 4.99% to ₹313.80. This decline comes as India Ratings and Research downgraded the company’s bank facilities’ ratings to IND D from IND BB-, while also resolving the Rating Watch with Negative Implications. Additionally, the company has postponed its board meeting, which was initially scheduled for October 12, to release the second-quarter results, with the new meeting date to be determined at a later time.
Get all the latest Share Market trends and news to set you up for the week ahead.
Bank of Baroda Limited also felt the heat with a decline of 3.31%, trading at ₹207.20. Shares of the lender slumped on Wednesday after the central bank prevented it from onboarding new customers to its mobile banking app.
Further down the list, Infibeam Avenues Limited, ICICI Prudential Life Insurance Company Limited, and JSW Energy Limited fell by 2.92%, 2.82%, and 2.74% respectively.
The broader markets continued to make gains for the second straight day on Wednesday with both benchmark indices ending the day in green. Nifty 50 closed at 0.62% higher, while Sensex ended the day with a gain of around 0.60%. The Nifty 500 also gained around 0.60% today.
Commenting on the movement today, Deepak Jasani, head of retail research, HDFC Securities said “Nifty held on to gains through October 11 to advance for the second day helped by positive global cues. At close. Global stocks edged higher on Wednesday, with investors cheered by Chinese stimulus hopes (based on a Bloomberg report) and a drop in bond yields, before the release of the latest Federal Reserve meeting minutes and U.S. inflation figures”.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.