Stocks making the biggest moves midday: Dr Reddy’s, Dixon, Manappuram, Vodafone and more

The benchmark indices plunged by midday on September 28, with the Nifty hovering around 22,844 while Sensex was around 72,955. Both the indices were trading 1.3% lower due to higher crude oil prices and US treasury yields.

Here are the top movers and shakers of the day so far:

The only Nifty 50 stock to trade with intraday gains today, the Dr. Reddy’s Labs’ share price was up 2% in a falling market. Global brokerage Nomura retained its ‘Buy’ rating on the stock with a target price of Rs 1,740. Nomura said the company is awaiting US FDA clearance for the biologics plant in the near term and approval of biosimilar Abatacept (Intravenous).

The stock has gained 3.5% in the last one month but has lost 11% in the last three months. This year, Dr. Reddy’s shares have lost more than 2%.

The Dixon Tech shares were up 2% intraday even as market sentiment remained weak. The company recently acquired 51% stake in newly incorporated Adivistar Electronics India, which will undertake original equipment manufacturing of electronic devices, including smartphones, for Vivo.

Brokerage JM Financial had said the company is on track to achieve its ex-Vivo volume guidance of around 32 million smartphones in FY27. Dixon Tech could end the year with 38 million to 40 million units and aims to scale to 60 million to 62 million smartphones in FY28, the brokerage said.

The Manappuram Finance share price fell over 6% intraday today. The gold financier’s stock was under pressure after prices of the precious metal plunged over 2% due to concerns about higher interest rates in the US.

The stock has lost over 10% in the last one month but has gained 23% in the last six months.

The Vodafone Idea share price was down 5% intraday today. The shares are in focus as the National Stock Exchange is set for a rebalancing of stocks on Tuesday, September 29 as part of its semi-annual review.

The stock has declined over 7% in the last one month but is up 52% in the last six months. The Vodafone Idea share price is up 26% in the last one year.

Brokerage Kotak Institutional Equities said the sharp rise in the stock may be partly linked to the government’s decision in April to reduce its adjusted gross revenue dues by Rs 22,700 crore and allow repayment over a longer period.

The share price of Adani Enterprises is down nearly 3% today and is among the worst hit in the Nifty 50. The stock has lost more than 10% in the last month but has gained around 26% in the last year.