1 hr ago
Indian Stocks Mixed as PB Fintech and Meesho Slide
India’s main stock indexes were mostly unchanged by midday on September 25.
Some individual companies moved much more sharply.
PB Fintech shares fell because proposed insurance rules could hurt its earnings.
Welspun Corp shares rose after receiving a large pipe-supply order.
Meesho shares dropped after Nomura said the stock looked expensive compared with some competitors.
Engineers India shares gained after extending a refinery-related partnership.
Ola Electric Mobility shares fell after several days of gains.
Its board will discuss raising money through a rights issue.
These moves show that company news and analyst opinions can affect individual stocks even when the wider market is flat.
Benchmark indices traded flat by midday on September 25, with the Nifty near 23,038 and Sensex around 73,590.
PB Fintech fell more than 4% after proposed IRDAI changes raised concerns about insurance-sector earnings; Motilal Oswal retained its Neutral rating.
Welspun Corp gained over 5% after Welspun Tubular LLC secured a $412.5 million pipe-supply order.
Meesho dropped more than 6% after Nomura initiated coverage with a Reduce rating and a ₹167 target price.
Ola Electric Mobility fell over 9%, while its board is scheduled to consider a rights issue on September 28.
- Who
- PB Fintech, Welspun Corp, Meesho, Engineers India, Ola Electric Mobility, and their related analysts or business partners.
- What
- Indian stocks showed mixed performance at midday, with major moves in five companies.
- Where
- The Indian stock market.
- When
- Midday on September 25; Ola Electric Mobility’s rights-issue proposal is scheduled for board consideration on September 28.
- Why
- Shares moved in response to proposed insurance changes, new orders, analyst ratings, partnership news, and a possible fundraising plan.
Cautious Market View
Growth and Business Momentum View
PB Fintech outlook
Cautious Market View
Motilal Oswal kept a Neutral rating and said proposed IRDAI changes could significantly hurt insurance-company earnings.
Growth and Business Momentum View
The article reports that PB Fintech has business exposure to the insurance market, but does not provide a specific company defense or alternative forecast.
Meesho valuation
Cautious Market View
Nomura initiated coverage with a Reduce rating, citing high valuation compared with Eternal and Swiggy, and set a ₹167 target.
Growth and Business Momentum View
Meesho shares were still up 6% over the last month and more than 46% over the last six months, indicating recent market gains despite the downgrade.
Welspun Corp performance
Cautious Market View
The company’s share price can remain sensitive to individual orders and business developments.
Growth and Business Momentum View
Welspun Corp rose more than 5% after a $412.5 million order, had gained over 19% in a month and more than 92% in three months, and had more than tripled over the past year.
Key facts
- Nifty level
- Around 23,038 at midday on September 25
- Sensex level
- Around 73,590 at midday on September 25
- Welspun order
- Welspun Tubular LLC secured a $412.5 million supply order for high-frequency induction welded pipes
- Meesho target
- Nomura assigned a Reduce rating and a ₹167 target price
- Engineers India agreement
- An agreement with Dangote Group related to a greenfield refinery in Kenya is worth more than $450 million
- Ola Electric plan
- The board will consider raising funds through a rights issue on September 28
- PB Fintech brokerage view
- Motilal Oswal maintained a Neutral rating and revised its target price to ₹1,150
Sources
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