Stock market update: The Indian stock market, after opening flat, slipped in the afternoon session on Thursday, September 25, dragged down by realty and auto stocks.
At 12:30 PM, the S&P BSE SENSEX was down 238.11 points, or 0.29%, at the 81,477.52 level, while NSE’s NIFTY50 was trading at the 24,980.10 level, declining 76.80 points, or 0.31%.
Tata Motors was the biggest losing stock, falling 2.80%, followed by Asian Paints (-2.22%), Trent (-2%), Dr Reddy’s (-1.64%) and Shriram Finance (-1.42%).
On the flip side, Bharat Electronics (2.25%), Hindalco (1.21%), Axis Bank (0.95%), Sun Pharma (0.82%), and ONGC (0.59%) were the top gainers on the 50-share index.
Buzzing stocks on September 25: Check list
Tata Motors
Shares of Tata Motors remained under pressure on Thursday following reports that the recent cyberattack on Jaguar Land Rover (JLR) could cost the carmaker billions of pounds in lost revenue and profits.
Citing people with knowledge on the matter, Financial Times reported that if JLR cannot produce vehicles until November, the carmaker might suffer a revenue hit of more than £3.5bn, or about £1.3bn in gross profits.
The report further stated that JLR may be unable to recover the losses-along with other costs related to the cyberattack-as it was still in talks with insurance broker Lockton about purchasing a policy at the time the breach occurred.
On September 23, JLR announced a further extension of its ongoing production shutdown until October 1, as the company continues to deal with the fallout of a cyber hack since the start of this month.
On Thursday, the stock tumbled over 4% to an intraday low of ₹655.30 apiece on the National Stock Exchange. At 12:21 PM, shares of the carmaker were trading at ₹663.65 apiece, declining 2.83%. It was the biggest laggard on the NIFTY50 index.
Hindustan Copper
Shares of Hindustan Copper, the country’s leading copper manufacturer, rose for a fifth straight session on Thursday. The stock has surged nearly 18% in the last five trading sessions, and it has been continuously gaining in 10 out of the last 12 trading sessions, the data from the National Stock Exchange showed. During the last 12 trading sessions, Hindustan Copper shares have gained a whopping 35%.
In intraday deals on Thursday, Hindustan Copper shares rose as much as 6.89% to hit an intraday high of ₹329.99 after reports suggested that copper prices in international markets surged to multi-month highs.
The sharp surge in copper price came after the world’s leading mining company-Freeport-McMoRan-declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, news agency Bloomberg reported.
KPI Green Energy
Shares of Gujarat-based renewable energy solutions provider KPI Green Energy gained as much as 5.05% to touch an intraday high of ₹488.70 apiece on NSE. The stock was trading 1.67% higher at ₹472.95 per equity share at 12:24 PM.
The surge in the share price comes after the company received a sanction of ₹3,200 crore from the State Bank of India, comprising both fund-based and non-fund-based facilities. The sanction will partially fund the development of two projects in Gujarat aggregating over 1 GWp of the company’s Independent Power Producer (IPP) portfolio.
The first is a 250 MW (AC) / 350 MWp (DC) solar power project. The second is a 370 MW hybrid power project, which includes a 557 MWp solar portion and a 124.20 MW wind portion. Both projects have secured 25-year power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) and are being developed in Bharuch and Surendranagar districts.
Newgen Software Technologies
Shares of Newgen Software Technologies, a Delhi-based information technology (IT) company, rose as much as 7.11% to hit an intraday high of ₹937.80 on NSE after the company, post-market hours on Wednesday, informed exchanges that its subsidiary received an order worth 4.2 million euro from a subsidiary of Tata Consultancy Services, the country’s largest IT company.
Newgen Software Technologies on Wednesday said that its UK-based wholly owned subsidiary, Newgen Software Technologies (UK) Limited, received an order worth 4.22 million euro from Tata Consultancy Services N.V., Belgium.
The company’s arm executed the master service agreement with TCS’s wholly owned subsidiary for cloud hosting, software licence, and implementation services for the end customer, Newgen Software said in a regulatory filing.
Meanwhile, in a separate announcement, Newgen Software Technologies said that it won an order worth ₹21.24 crore from Kshema General Insurance for software licence, implementation and annual support services.
At 12:26 PM, shares of Newgen Software were trading at ₹911.85 apiece, gaining 4.15%.
Lupin
Shares of Lupin Ltd soared 2.46% to an intraday high of ₹2,040 apiece on the NSE on Thursday. At around 12:27 PM, the stock was trading 0.51% higher at ₹2,001 per equity share.
This comes after the pharmaceutical company received tentative approval from the United States Food and Drug Administration (USFDA) for treatment drugs for human immunodeficiency virus (HIV) infection, it said in a regulatory filing on Wednesday.
The USFDA has approved the pharma major’s abbreviated new drug application for Bictegravir, Emtricitabine, and Tenofovir Alafenamide tablets, available in strengths of 50 mg/200 mg/25 mg.
The medicines, which will be manufactured at Lupin’s Nagpur facility, are the bioequivalents of Gilead Sciences’ Biktarvy tablets, 50 mg/200 mg/25 mg, the drugmaker added.
Bictegravir, Emtricitabine, and Tenofovir Alafenamide Tablets (RLD Biktarvy) had estimated annual sales of $16,237 million in the US, according to IQVIA MAT.
Bharat Electronics
Shares of Bharat Electronics (BEL) gained 3% to an intraday high of ₹406.45 apiece on Thursday, a day after L&T announced that it has formed a strategic partnership with the Navratna firm to support the Advanced Medium Combat Aircraft (AMCA) programme of the Indian Air Force.
The consortium will participate in the Expression of Interest notice issued by the Government of India’s (GoI) Aeronautical Development Agency by way of submitting a response in the coming weeks, the press release said.
The partnership, the press release added, will leverage L&T’s expertise in developing strategic defence and aerospace platforms, along with BEL’s experience in defence electronics and systems, to jointly contribute to India’s 5th-generation fighter aircraft.
At 12:30 PM, BEL shares were trading at ₹404.65 apiece on NSE, climbing 2.33%. It was one of the biggest contributors to the 50-share index.