Indian equities remained firmly in the green territory by midday on July 29, with the Nifty 50 hovering around 24,229 and the Sensex around 77,589 as buying in information technology stocks gathered pace following the latest earnings announcements.
Apart from earnings, company-specific developments, management commentary and fresh business announcements kept several stocks in focus during the session.
Here are the top movers and shakers at this hour:
Tech stocks: Infosys, TCS and more
Tata Consultancy Services Ltd. share price gained around 3% by midday, extending its recent rally as investors continued to reward the company’s June-quarter performance, growing artificial intelligence business and healthy deal momentum. The company reported a 5% year-on-year rise in net profit to Rs 13,349 crore and a 14% increase in revenue to Rs 72,275 crore, while AI-related revenue reached an annualised run-rate of $2.6 billion. The company also expanded its AI initiatives through new Gemini Experience Centres and the launch of its Autonomous Engineering Lab powered by NVIDIA, adding to positive sentiment around the share. Meanwhile, Infosys Ltd. rallied 4.1%, HCL Tech rose 2.3% and Wipro edged 2.2%.
Coforge
Coforge Ltd. share price advanced around 5% by midday after the company reported a strong June-quarter performance. Revenue rose 49% year-on-year to Rs 5,527.7 crore, while profit increased 63% and the company maintained healthy margins. The board also declared an interim dividend of Rs 4 per share, while management said the strong order pipeline and growing demand for AI-led services positioned the company for another year of industry-leading growth.
Hindustan Unilever
Hindustan Unilever share price rose nearly 4% by midday after management commentary improved sentiment following the previous session’s sharp decline. Chief Financial Officer Niranjan Gupta said, “We will continue to take some calibrated, measured steps on pricing and we will continue to drive savings as well,” while reiterating a 2% to 5% sequential inflation outlook. The company reported a 3% decline in June-quarter net profit to Rs 2,673 crore, although total income increased 10% to Rs 17,341 crore.
Larsen & Toubro
Larsen & Toubro share price surged more than 3% by midday after the engineering major reported a healthy June-quarter performance and strong order inflows. The company secured fresh orders worth more than Rs 1.08 lakh crore during the quarter, while investors also tracked management commentary on margin trends as the earnings season gathered pace.
Tata Capital
Share price of Tata Capital climbed around 2% by midday after the NBFC reported a 56% year-on-year jump in June-quarter net profit to Rs 1,547.38 crore. Net interest income increased 25% to Rs 3,571 crore, while assets under management grew 22% to Rs 2.91 lakh crore. Managing Director and CEO Rajiv Sabharwal said, “We commenced FY27 on a strong note, with healthy business momentum across our core franchises,” adding that asset quality continued to improve on the back of prudent underwriting and healthy collection efficiencies.
Suzlon Energy
Suzlon Energy Ltd. share price declined more than 4% by midday after the company’s June-quarter earnings weighed on sentiment despite healthy revenue growth. Revenue increased 22.3% year-on-year to Rs 3,830 crore, but net profit slipped 5.9% to Rs 305 crore, while EBITDA margin narrowed to 15.6% from 19.1% a year earlier. Investors remained focused on the decline in operating profitability even as the company’s long-term order pipeline stayed strong.
Swiggy
Swiggy Ltd. share price jumped more than 7% by midday after the company appointed former Myntra Chief Executive Officer Nandita Sinha as the new Chief Executive Officer of Instamart with effect from August 3. The share also extended gains for the third straight session as expectations of a more disciplined competitive environment in the quick commerce segment continued to support sentiment.
Vedanta Power
Share price of Vedanta Power slipped around 2% by midday ahead of its first quarterly earnings announcement as a standalone listed company. The board is scheduled to consider the June-quarter results later in the day, while an earnings conference call has been planned for July 30. Investors also tracked the company’s long-term expansion plans after its recent demerger and name change from Talwandi Sabo Power Limited to Vedanta Power Limited.
Laurus Labs
The share price of Laurus Labs gained around 2% by midday and touched a fresh record high after the company reported strong June-quarter earnings driven by its CDMO business. The rally also helped Laurus Labs overtake Dr Reddy’s Laboratories in market capitalisation. Brokerages turned more positive on the share, citing a healthy order pipeline, higher-margin business mix and continued investments in manufacturing capacity, with several raising their earnings estimates and target prices following the results.
Varun Beverages
Varun Beverages Ltd. share price climbed nearly 4% by midday despite reporting India volume growth of 14.4% during the quarter, lower than market expectations. Management attributed the moderation to weather-related disruptions in April and said volumes had grown above 20% during the remaining months of the summer season. Investors appeared encouraged by the company’s explanation that demand remained healthy outside the temporary weather-related impact.