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Titan and Prime Focus Fall as Other Stocks Climb
Indian stock markets were lower on October 7, but some individual shares moved in the opposite direction.
Titan shares dropped after the company reported its latest quarterly performance.
Its jewellery sales grew, though the growth was below one brokerage firm's estimate.
Kalyan Jewellers shares rose after it reported higher revenue.
Kotak Mahindra Bank also gained, with an interest-rate increase and an analyst upgrade drawing attention to the stock.
PVR INOX climbed after positive comments from a brokerage.
Prime Focus shares fell after reports that tax officials searched its Mumbai office over foreign remittances.
The article does not say that the reported search resulted in any finding.
On October 7, the Nifty was down 0.8% near 22,600, while the Sensex lost more than 400 points, or 0.6%, to around 72,630.
Titan fell nearly 4% after reporting Q2 FY27 performance; jewellery sales growth was below a Nomura estimate, and JPMorgan cut its price target.
Kalyan Jewellers rose nearly 6% after reporting Q2 consolidated revenue growth of 26% year on year.
Kotak Mahindra Bank gained 2% after the RBI raised the repo rate by 25 basis points and HSBC upgraded its recommendation.
PVR INOX rose 10% following positive CLSA commentary, while Prime Focus fell 9% amid reports of an Income Tax Department search at its Mumbai office.
- Who
- Titan, Kalyan Jewellers, Kotak Mahindra Bank, PVR INOX, Prime Focus, and the wider Indian stock market.
- What
- Benchmark indices declined while the named stocks made significant midday moves in both directions.
- Where
- Indian stock markets; the reported search at Prime Focus was at its Mumbai office.
- When
- October 7; the article does not specify the year.
- Why
- Company quarterly updates, brokerage commentary and recommendation changes, the RBI repo-rate increase, and reports of a tax department search.
Key facts
- Nifty
- Down 0.8%, hovering near 22,600.
- Sensex
- Down more than 400 points, or 0.6%, around 72,630.
- Repo rate
- The RBI raised the policy repo rate by 25 basis points to 5.50%.
- Titan
- Shares fell nearly 4%; domestic jewellery sales, including CaratLane, grew 21% year on year.
- Kalyan Jewellers
- Shares rose nearly 6%; Q2 consolidated revenue increased 26% year on year.
- Kotak Mahindra Bank
- Shares rose 2% intraday; HSBC upgraded its recommendation.
- PVR INOX and Prime Focus
- PVR INOX rose 10%; Prime Focus fell 9% amid reports of a tax department search at its Mumbai office.
Sources
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