The markets are under pressure today, and some stocks have seen deep cuts, as much as 10% in intra-day trade. IEX plunged over 28%. However, there are some stocks that also bucked the trend and clocked strong gains. Here is a look at the big buzzers in trade today—
A look at the movers and shakers this afternoon—
IEX
The IEX shares plunged over 28% in trade today and was also locked in 20% lower circuit after the Central Electricity Regulatory Commission (CERC) approved market coupling in Day-Ahead Market (DAM). This will be implemented in a phased manner from January next year. The move is seen as a big negative for IEX.
Coforge
Coforge shares slumped in trade today. The share price is down 8% after the company’s sequential earnings performance slipped below street expectation. The fall in the Coforge share price is the single biggest day fall since April.
Persistent Systems
The other big loser from the tech space, Persistent Systems share price plunged to their single biggest day losses since early April, down over 8%. This is after the company declared its Q1FY26 numbers. Though the company saw a sharp jump in its profit, the investors are worried about the uncertain demand environment and the delayed salary hike cycle. The demand environment is uncertain because of the potential threat of recession from the world’s largest economies. The rising subcontracting cost and cross-currency headwinds may impact operating margins negatively.
Nestle India
Nestle share price slumps after Q1FY26 profit slipped over 13%. The FMCG major highlighted the impact of higher operation costs on the numbers. “The quarter was impacted by elevated consumption prices across the commodity portfolio. In addition, we witnessed higher operations costs as a result of significant expansion in manufacturing in the last seven to eight months,” said Nestle India Chairman and Managing Director Suresh Narayanan.
Borrowings from commercial banks to fund temporary operational cash-flow requirements resulted in higher finance costs in the quarter.
Reliance Power, Reliance Infrastructure
The Anil Ambani Group stocks are under pressure today. Reliance Power has slumped over 5% on news that the Enforcement Directorate (ED) conducted searches at over 35 locations linked to Anil Ambani’s companies and Yes Bank in the alleged Rs 3,000 crore fraud. The company has issued a statement clarifying, “The said actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power.”
Reliance Infrastructure shares, which were also down 5% also issued a similar statement distancing the company from Reliance Communication. “Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL,” they stated.
IPCA Labs
IPCA Labs, quite contrary to the broad market trend, is in the green. The share price of IPCA Labs is up 4%. Nomura has a Buy rating on the share price and expects outperformance from this pharma entity given its relatively large earnings contribution from domestic formulations and low US exposure.