At 12:47 PM, NBCC (National Buildings Construction Corporation) saw a significant surge of 12% in its stock price following the announcement of a massive order win worth Rs 15,000 crore. The company secured a work order from the Srinagar Development Authority for the development of a satellite township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar in Jammu and Kashmir. This news sent the stock soaring as investors reacted positively to the substantial contract secured by NBCC.
In another development at 12:42 PM, Granules India announced the approval of its Abbreviated New Drug Application (ANDA) for Trazodone tablets by the US Food & Drug Administration (USFDA). Trazodone tablets are used for the treatment of major depressive disorder in adults, and the approval opens up a significant market opportunity for Granules India in the US pharmaceutical market.
Oil India also made headlines at 12:34 PM as its stock rallied 7% and hit a record high post its Q1 results. The company reported earnings before interest, tax, depreciation, and amortization (Ebitda) of Rs 2,540 crore, which was in line with analysts‘ estimates. The increase in stock price was driven by higher gas sales volume and realization, offsetting lower crude sales volume and realization.
At 12:22 PM, the Association of Mutual Funds in India (Amfi) released its data update for July 2024, showing a monthly Systematic Investment Plan (SIP) of Rs 23,332 crore compared to Rs 21,262 crore in the previous month. The total Mutual Fund Assets Under Management (AUM) stood at Rs 64.7 trillion, reflecting a positive trend in the mutual fund industry.
Market analysts were also weighing in on the recent stock market correction at 12:19 PM, with opinions divided on whether the worst was over for the stock markets. While some analysts believed that the correction was driven by technical factors and fund flows rather than fundamental reasons, others cautioned that the worst may not be over yet.
Zydus received final approval from the USFDA for Valbenazine Capsules at 12:15 PM, leading to a surge in its stock price to a 52-week high. Valbenazine Capsules are indicated for the treatment of adults with tardive dyskinesia, presenting a significant market opportunity for Zydus in the US pharmaceutical market.
Nifty IT soared 2% at 12:07 PM amid positive US job data and a rebound in global markets. Several IT stocks, including Mphasis, LTTS, Tech Mahindra, and Infosys, saw significant gains, reflecting the positive sentiment in the IT sector.
In the corporate earnings space, India Cements reported a turnaround in Q1 with a consolidated net profit of Rs 58.5 crore, compared to a loss of Rs 87.4 crore in the previous year. The company attributed the profit to an exceptional credit worth Rs 240.7 crore, signaling a positive performance in the quarter.
Metro Brands stock surged 7% at 11:44 AM following a business pact with New Era, bringing the stock close to its 52-week high. Metro Brands, one of India’s largest footwear and accessories specialty retailers, has shown strong growth potential in the market.
Suzlon Energy’s stock hit a market cap of Rs 1 trillion at 11:33 AM, marking a significant milestone for the company. The stock has surged 90% in the last three months, reflecting investor confidence in the renewable energy sector.
LIC’s share price surged 3% at 11:23 AM after reporting strong Q1FY25 results, including a rise in net premium income and improvement in solvency ratio. The insurer’s performance indicated resilience in the face of challenging market conditions.
Cochin Shipyard rallied 8% at 11:12 AM on the back of strong Q1 results, with the company reporting a 76.6% year-on-year increase in profit. The positive financial performance boosted investor confidence in the company’s growth prospects.
Overall, the market dynamics at 12:47 PM reflected a mix of positive developments, including significant order wins, regulatory approvals, strong corporate earnings, and sector-specific rallies. Investors were closely monitoring these developments to make informed decisions in a dynamic market environment.