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Stock market live: Tata Communications, VIP Industries, and Ideaforge hit 52-week low; here’s why
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3 min read | Updated on January 29, 2025, 13:26 IST
SUMMARY
Shares of Tata Communications slipped 0.6% to hit a 52-week low of ₹1,550 apiece on the NSE on Wednesday. This marks the seventh consecutive session of decline for the stock, with the share price falling almost 10% cumulatively during this period. Shares of drone manufacturing company Ideaforge Technology plunged over 14% to hit their 52-week low of ₹413.95 apiece on the NSE after dismal Q3 figures.
Stock list
Tata Communications, Ideaforge, VIP Industries and 80 other stocks hit 52-week low today; check full list | Image: Shutterstock
As many as 83 stocks hit their lowest level in 52 weeks on the National Stock Exchange of India (NSE) on Wednesday, January 29, despite positive broader markets.
At 1:15 pm, the NIFTY 50 index traded at 23,143, up 185 points, or 0.1%. The BSE SENSEX was, meanwhile, up 559 points, or 0.74%, to 76,461.
India’s volatility index, or India VIX, was up 3.16% to 18.77. All the sectoral indices were trading in the green, except the NIFTY FMCG Index. The Media, IT and Auto indices were the top gainers, rising 1.7-2.1% each.
Tata Communications (52-week low: ₹1,550)
The selloff has been triggered after the company reported its December quarter (Q3FY25) numbers last week. Tata Communications said that its gross revenue stood at ₹5,798 crore in the December 2024 quarter, up 2.9% from ₹5,633.3 crore in the year-ago period.
Net profit came in at ₹236 crore for Q3FY25, which was a whopping 423.86% higher compared with ₹45.05 crore in Q3FY24. However, the company’s operating profit, or earnings before interest, tax, depreciation and amortisation (EBITDA) grew by only 4.1% to ₹1,181 crore in Q3FY25 compared to ₹1,134 crore during the same quarter of the preceding fiscal.
Ideaforge Technology (52-week low: ₹413.95)
The company reported a net loss of ₹24.02 crore in the quarter ended December 2024 as against net profit of ₹14.8 crore during the year-ago period. Its revenue from operations declined 80.6% to ₹17.6 crore in Q3FY25 against ₹90.9 crore in Q3FY24.
Ideaforge made its stock market debut in July 2023 at ₹1,300 apiece on the NSE, at 93.45% premium over its IPO price of ₹672 per share. Since then, the stock has lost 68% of its value.
VIP Industries (52-week low: ₹350.05)
On Tuesday, VIP Industries reported a net loss of ₹12.4 crore for Q3FY25 against a net profit of ₹7.2 crore in the year-ago period. The company's revenue from operations fell 8.3% to ₹501 crore during the December quarter against ₹546.4 crore in the corresponding period a year ago.
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