The earnings season has picked up pace and market sentiment finds support midweek, several large and mid-cap stocks are making notable moves in Wednesday’s midday trade. While the broader market turned green after a muted start, some individual counters stood out due to corporate developments, technical triggers, and more.
Let’s take a look at the key movers and what is driving their action today –
Ashok Leyland
Ashok Leyland created a buzz for what seemed like a dramatic crash but there is no need to panic. The automaker’s stock plunged 50% today, but not because of any bad news. The sharp fall is a technical adjustment due to the company’s 1:1 bonus share issue, which came into effect today.
The shares opened at Rs 125. The record date for the bonus issue is July 16, and eligible shareholders will receive their bonus shares on July 17. These bonus shares will start trading from July 18. The market reaction is purely mechanical.
Dixon Technologies
Shares of Dixon Technologies gained close to 4% in intraday trade. This surge in the share price follows after the announcement made on July 15 that the company will acquire a 51% stake in Kunshan Q Tech Microelectronics (India).
According to the exchange filing, the acquisition is aimed at collaboration in the manufacturing and sale of camera and fingerprint modules for mobile phones, IoT devices, and automotive systems.
Paytm
Paytm’s parent company, One97 Communications, continued its upward momentum, rising nearly 3% intraday and touching Rs 1,014, crossing the Rs 1,000 mark for the first time in six months.
This marks the fifth straight day of gains for the stock, adding up to a 9% rise in July so far.
Page Industries
In contrast, Page Industries saw a 4% drop in today’s session. The stock has declined about 3% over the past five days, although it remains up 4% for the month and 16% in the past year.
The stock’s 52-week high is Rs 50,590, and the low is Rs 38,850.
Shriram Finance
Shriram Finance shares were down nearly 3% in intraday trade. In the past five days, the stock has slipped about 2.5%.The pressure comes ahead of its board meeting scheduled for July 25, where the company will review Q1FY26 financials.
