2 hrs ago
Indian Stocks Shift Lower as Coal India, Meesho Surge
Indian stock markets opened higher but moved lower by midday on September 22.
The Nifty was above 23,350, while the Sensex was around 74,650.
Technology stocks continued to fall, while Adani-group companies gained slightly.
Coal India shares rose after Morgan Stanley improved its rating of the company.
Meesho shares also jumped after a brokerage upgraded the stock.
Pace Digitek gained because its subsidiary received a large battery-storage order.
Transrail Lighting rose after expanding its ability to manufacture electrical conductors.
These price moves describe what happened in the market and are not recommendations to buy or sell stocks.
Benchmark indices fell into intraday losses by midday on September 22 after opening higher.
Coal India shares rose more than 3% following a Morgan Stanley rating upgrade.
Meesho shares climbed more than 11% after a brokerage upgrade, extending recent gains.
Pace Digitek jumped more than 13% after a subsidiary won a Rs 488.46 crore NTPC GE Power Services order.
Transrail Lighting gained more than 15% after increasing conductor-manufacturing capacity by 70% to 40,800 kilometers annually.
- Who
- Coal India, Meesho, Pace Digitek, Transrail Lighting and the broader Indian stock market.
- What
- Benchmark indices slipped into intraday losses while several individual stocks recorded sharp gains.
- Where
- Indian stock exchanges; specific company operations mentioned include Silvassa.
- When
- September 22, by midday; the year is not specified.
- Why
- Coal India and Meesho rose after rating upgrades, Pace Digitek gained after a major order, and Transrail Lighting advanced after expanding manufacturing capacity.
Key facts
- Market position
- The Nifty was hovering above 23,350 and the Sensex was around 74,650 by midday.
- Coal India move
- Shares surged more than 3% intraday after a Morgan Stanley rating upgrade.
- Meesho move
- Shares soared more than 11% intraday after a brokerage upgrade.
- Meesho users
- Annual transacting users reached 264 million, up 33% year over year.
- Pace Digitek order
- Lineage Power Private Limited received a Rs 488.46 crore letter of award from NTPC GE Power Services.
- Transrail capacity
- Conductor-manufacturing capacity increased 70% to 40,800 kilometers per year.
- Coal India divestment
- Coal India aims to divest stakes in eight subsidiaries by fiscal year 2030.
Sources
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