Mumbai: The stock prices of Hindustan Zinc, Hindalco and Adani Energy Solutions are in the news on Thursday, November 7. They are recording high search volumes as well.
In contrast to the 3 above-mentioned stocks, Waaree Renewables share price rose in early trade.
In early trade on November 7, the broader market index on BSE, Sensex declined about 450 points to reach 79,929.48, thereby registering a 0.56% drop. Nifty 50, the broad index on NSE also declined by about 150 points (or 0.61%) and reached 24,334.80. Both indices recorded gains at close of trading on Wednesday, November 6.
Hindustan Zinc share price
The Central government, which is the largest minority shareholder in the Vedanta Group firm and holds 29.54% stake in it, has put on sale more than 4.75 crore Hindustan Zinc Ltd (HZL) shares to institutional investors. According to reports, bids worth about Rs 3,400 crore flowed in following the offer. Reports indicated that on the first day of the OFS which will remain open for 2 days, bids were placed for 6.69 crore shares – 141% of the shares on offer.
Hindalco share price
The reason for the stock price of Hindalco moving down appeared to be the performance of its US-based subsidiary Novelis Inc. On November 6, it came up with quarterly results that showed 18% decline in net income to $128 million in the July-September period of FY25. Novelis is in the business of aluminium rolled products and in the corresponding period in FY24 reported net income of $157 million.
Waaree Renewable share price
Waaree Renewable share price rose more than 1.65% in early trade on Thursday and reached Rs 1,763.45, which marked a rise of Rs 28.70. The enthusiasm of the investors could be attributed to net profit of the company in Q2 of FY25 leaping to Rs 53.51 crore – a giant stride from the level of Rs 20.54 crore made in the corresponding quarter in 2023.
Adani Energy Solutions share price
The stock price of Adani Energy Solutions dropped by a massive 9.03% around 10:20 am and reached Rs 979.15. The drop could be explained by the fact that in its latest rejig the MSCI Global Standard index left out this stock.
