The markets are flat in afternoon trade with the Nifty at 25,938, down 75 points, while the Sensex stood at 84,844. The mid-day session was marked by strength in some recent listings’ and sharp reactions to block deals and corporate updates. Here are some of the biggest movers and shakers at this hour:
SBI
The share price of SBI drew attention after a comment from the bank’s managing director about talks with the government on a credit guarantee scheme for risky, new-age sectors. The stock jumped to a fresh high, testing Rs 976.70 intraday before the counter cooled off in the midday session. The bank is also advocating the inclusion of green finance under priority sector lending, a proposal that meets resistance because of potential crowding-out effects.
PhysicsWallah
PhysicsWallah share price made a stellar debut, listing at Rs 145 on the NSE, about 33.03% above the IPO price of Rs 109. The stock however, turned volatile after the strong listing. It has been see-sawing between 4% surge and a 2% downmove in intra-day trade. Most analysts said that the long-term outlook would depend on the company’s profitability outlook going forward.
Emmvee Photovoltaic
Emmvee Photovoltaic share price listed at par with the IPO issue price of Rs 217 on both exchanges, producing no immediate listing gains for allotment holders. The Rs 2,900 crore fundraising was sizable Rs 2,143.86 crore as a fresh issue and Rs 756.14 crore via OFS and included clear use of proceeds for loan repayment.
One 97 Communications
The share price of One 97 Communications (the Paytm parent firm) weakened after a large block deal saw 1.32 crore shares change hands at Rs 1,307, a transaction valuing the trade at roughly Rs 1,722 crore. Market reports linked the sellers to existing investors such as Saif III Mauritius, SAIF Partners and Elevation Capital.
Groww (Billionbrains Garage Ventures)
The share price of Groww continued its momentum after the listing run, spiking as much as 11% to Rs 193.80 and settling the midday session comfortably higher near Rs 187.50. The broker’s parent also scheduled its Q2 results board meeting, which added to the speculative volume.
WeWork India Management
WeWork India share price climbed over 7% after Jefferies initiated coverage with a buy rating and a target implying roughly 30% upside. The thesis rests on rising office demand and increasing flex-space penetration, with analysts forecasting steady seat additions and margin improvement as centres mature.
Emcure Pharmaceuticals
The share price of Emcure Pharmaceuticals began the session under pressure after reports of a large potential block deal by a Bain Capital affiliate. The stock opened weak and slid to roughly Rs 1,326, before settling slightly higher but still below the prior close.
