NIFTY50 at 25,101, SENSEX down 257 pts in noon deals; Minda Corp, L&T, Bajaj Electricals among buzzing stocks

The Indian stock market continued to remain under pressure in the afternoon session on Wednesday, September 24, dragged down by realty and auto stocks amid weak global cues.

Tata Motors was the biggest losing stock, falling 2.05%, followed by Wipro (-1.94%), Bharat Electronics (-1.8%), Hero MotoCorp (-1.31%) and IndusInd Bank (-1.29%).

On the flip side, Hindustan Unilever (2.08%), Power Grid (1.61%), NTPC (1.53%), L&T (1.13%) and Nestle India (1.11%) were the top gainers on the 50-share index.

Minda Corporation shares surged 10% to an intraday high of ₹588 on Wednesday after the company unveiled its Vision 2030 roadmap, projecting revenue to more than triple by calendar year 2030.

The auto component maker expects its revenue to grow 3.5 times to ₹17,500 crore by FY30. The firm had reported revenue of ₹5,056 crore in FY25. Its EBITDA margin is also expected to increase to ₹2,100 crore by FY30 from 11.4% in FY25, marking a growth of around 12.5%.

Under its Vision 2030 roadmap, Minda Corporation aims to become nearly debt-free, with its net debt-to-equity ratio expected to halve to 0.3x, while Return on Capital Employed (ROCE) is projected to exceed 25%.

Following the updates, shares of Minda Corp rallied on Wednesday. At 12:58 PM, the stock was trading at ₹579.10 apiece on the National Stock Exchange, surging 8.34%.

Kaynes Technology India shares rallied 4% to an intraday high of ₹7,527 apiece on Wednesday after the firm appointed Dr Muthukumar Narayanaswamy as an Additional Director and Managing Director of the Company.

Narayanaswamy has been appointed for a term of five years effective from September 24, 2025, to September 23, 2030, subject to the approval of the shareholders, the company informed in a regulatory filing.

Further, the Board of Directors has also approved the redesignation of Ramesh Kunhikannan from Managing Director to Executive Vice Chairman (Whole Time Director) for the remainder of his existing term, effective from September 24, 2025, to March 31, 2029.

At 12:50 PM, Kaynes Technology shares were trading at ₹7,476 apiece on NSE, gaining 3.23%. Over a month’s time, the stock has zoomed 19%, while for six months’ time, it has climbed over 47%.

Larsen & Toubro (L&T) shares advanced 1.26% to an intraday high of ₹3,704 apiece on Wednesday as the infrastructure major formed a strategic partnership with Bharat Electronics Limited (BEL) to support the Advanced Medium Combat Aircraft (AMCA) programme of the Indian Air Force.

The consortium will participate in the Expression of Interest notice issued by the Government of India’s (GoI) Aeronautical Development Agency by way of submitting a response in the coming weeks, L&T said in a filing.

"The partnership will leverage L&T’s expertise in developing strategic defence and aerospace platforms, along with BEL’s experience in defence electronics and systems, to jointly contribute to India’s 5th-generation fighter aircraft," the infrastructure major said.

At 1 PM, the stock was trading at ₹3,701.10 per share on the NSE, surging 1.19%. It was one of the top gainers on the 50-share index in the afternoon session.

Shares of HCLTech surged 1.03% to an intra-day high of ₹1,444.60 apiece on the NSE on Wednesday, a day after it said that it renewed its long-standing digital transformation agreement with a leading commercial vehicle manufacturing company headquartered in Sweden.

At around 1:05 pm, the stock was trading 0.79% higher at ₹1,441.10 per equity share.

Expanding upon the scope of services, the new multi-year contract will involve HCLTech enhancing and modernising the Gothenburg-based manufacturer’s IT infrastructure and transforming its digital foundation services, it said in a regulatory filing on Tuesday.

Under the contract, HCLTech will leverage its proprietary GenAI-led service transformation platform, such as AI Force, to deliver platform-based managed services, hyper automation, and full-stack observability.

Shares of Mumbai-based consumer products maker Bajaj Electricals rose as much as 13.15% to hit an intraday high of ₹653.80 on NSE, a day after the company's board approved acquiring home appliances maker Morphy Richards.

In the afternoon session, the stock was trading 7.71% higher on NSE at ₹621.60 per share.

Bajaj Electricals post-market hours on Tuesday informed exchanges that its board of directors has given its consent to a proposal for the acquisition of Morphy Richards and its related intellectual property rights in India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka for a total consideration of ₹146 crore from Glen Electric.

The company further added that the transaction will be subject to negotiation and execution of definitive agreements between the parties and the receipt of necessary statutory and regulatory approvals.

Morphy Richards is a known consumer appliances brand which makes hand blenders, steam irons, ovens, coffee makers, juicers, mixers, and other products.