The markets are trading lower in Thursday’s session, with the Sensex down 0.28% and the Nifty 50 slipping 0.31%. But beneath the headline numbers, a few pockets of the market are buzzing with sharp moves. Some stocks are surging on the back of positive triggers, while others skid on fresh setbacks.
From commodity-linked plays riding on global supply shocks to companies hit by overseas disruptions, here are the big movers and shakers in today’s trading session.
Hindustan Copper
The share price of Hindustan Copper has surged 6.9% intraday today. The rally in the stock price is primarily on the back of the supply constraints in the copper market globally and the resultant uptick in prices. Supply pressures in global markets deepened after major producer Freeport-McMoRan confirmed its Grasberg mine in Indonesia. Adding to that, China had announced a 5% cut in copper production in early September, cutting the supply of about 5 lakh tonnes of refined copper from the global market.
Bharat Electronics
Bharat Electronics’ share price rose 2.8% to an intraday high of Rs 406.45 on the National Stock Exchange. The stock was the top gainer in the Nifty 50. BEL’s shares have fallen 1.9% in the past five trading sessions. The stock has given a return of almost 9% in the past one month and over 35% in the last six months.
Tata Motors
Tata Motors shares declined 2.4% to an intraday low of Rs 666.60 on the BSE after reports indicated that Jaguar Land Rover (JLR) may be staring at a £2 billion financial blow due to the ongoing cyberattack. According to a Financial Times report quoted by CNBC TV-18, the losses stem from a cyberattack that forced JLR to halt production across key facilities. JLR has not yet commented on the reports. Financial Express.com has not been able to independently confirm the report.
Fineotex Chemicals
Fineotex Chemicals’ share price increased as much as 16% after the company announced that its board will meet to consider a bonus issue of shares and a stock split. The company said that the board of directors will meet on Saturday, September 27, to consider these proposals. This is the first time in 10 years that Fineotex Chemicals will consider a bonus issue and a stock split.