The Indian stock market experienced notable fluctuations on October 18, with gains and losses across sectors. The S&P BSE Sensex and NSE Nifty 50 turned positive by the afternoon, indicating a recovery, while select stocks like Axis Bank and Wipro emerged as top buzzing stocks due to earnings reports.
City gas companies, including IGL, MGL, and Gujarat Gas, faced significant declines after government policy changes, making them the top buzzing stocks on the downside. Manappuram Finance and Zomato also saw sharp sell-offs driven by regulatory issues and fundraising announcements, further highlighting the day’s market volatility.
Axis Bank
Shares of Axis Bank rose over 4% in Friday morning trade following the announcement of a 19.29% year-on-year increase in consolidated net profit for the September quarter, reaching ₹7,401.26 crore. However, the lender reported challenges in its unsecured lending segment. As of Friday afternoon, the stock was trading positively on the back of its solid earnings report.
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Wipro
Wipro’s shares climbed nearly 6% on Friday after the company reported a 21.2% year-on-year increase in consolidated net profit to ₹3,208.8 crore for Q2 FY25, driven by higher operating profits. Despite the strong profit growth, the company issued weaker revenue guidance for the upcoming quarter, leading to mixed investor sentiment.
Indraprastha Gas Ltd. (IGL), Mahanagar Gas Ltd. (MGL), and Gujarat Gas
City gas distribution companies saw their shares tumble by up to 15% following the government’s announcement of slashing gas supplies by up to 20%. IGL, MGL, and Gujarat Gas all faced significant declines as the reallocation of gas supplies forced these companies to turn to costlier imported fuel, which could reduce their EBITDA margins.
Polycab India
Polycab India’s shares dropped over 1% to ₹7,006 on Friday after the company reported a lower-than-expected Q2 profit. Polycab’s consolidated net profit rose by 3.4% to ₹440 crore, driven by a 30.4% increase in revenue to ₹5,498 crore. However, increased competition and rising expenses pressured margins, resulting in lower profitability than expected.
Also read: Tata Chemicals Q2 Profit Falls 46%, Beats Estimates!
Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders’ stock soared nearly 10% to ₹4,653 apiece after the company announced that its board of directors will meet on October 22 to discuss two critical matters. These include the declaration of an interim dividend for FY25 and a potential stock split or sub-division of equity shares, boosting investor interest.
Tata Chemicals
Tata Chemicals’ shares were trading 0.5% lower at ₹1,068.25 after the company posted a sharp 54.67% decline in consolidated net profit to ₹194 crore for Q2 FY25. Revenue remained flat year-on-year at ₹3,999 crore, as the company grappled with weakening demand in overseas markets.
Manappuram Finance
Manappuram Finance shares plummeted 15% on Friday after the Reserve Bank of India barred its subsidiary, Asirvad Micro Finance, from sanctioning and disbursing new loans. This regulatory action sent the company’s stock sharply lower as investors reacted to the news.
Infosys
Infosys shares fell 4.5% to ₹1,881.30 apiece on Friday after its Q2 FY25 results failed to meet investor expectations. Although the IT giant posted a 5% rise in net profit and raised its full-year revenue guidance, the market reacted negatively, leading to a sharp drop in share price.
Zomato
Shares of Zomato dropped 5% after the company announced that its board would consider a potential fundraising initiative via qualified institutional placement (QIP) on October 22. This news came a day after the announcement, prompting concerns among investors about potential dilution of share value.
Tejas Networks
Tejas Networks’ stock rose as much as 8.12% to ₹1,215.85 in Friday trade ahead of its Q2 FY25 results announcement. The broadband and networking company saw heightened investor interest as it prepared to release its earnings later in the day.
