Stocks making the biggest moves midday: PB Fintech, HDFC Life, NSE, Allied Blenders and more

The benchmark indices plunged sharply by midday on September 24, with the Nifty hovering around 23,090 while Sensex was around 73,700. The shares of insurance companies plunged today after the Insurance Regulatory and Development Authority of India proposed commission limits for insurance distributors based on the complexity of sale and service.

Here are the top movers and shakers so far today:

The share price of PB Fintech, which sells insurance products through Policybazaar, slumped 28% intraday after the IRDAI’s proposed commission limits. Brokerage Emkay Global said the insurance company’s business model will be under question as it faces sharp reduction in health and porting commissions and first-year term life commissions.

The stock is down around 17% in the last three months and has lost over 25% in the last one year.

The share price of HDFC Life also fell over 8% intraday today. The stock has lost 12% in the last six months and 29% in the last one year.

The share price of Max Financial Services also plunged more than 10% intraday today, as IRDAI’s proposed commission limits weigh on market sentiment. Emkay said Max Financial will have to negotiate with its distributors to adjust to lower commission limits in retail products and credit life. The stock has fallen around 16% in the last 3 months.

The Allied Blenders and Distillers shares rose over 5% intraday today. SBI Mutual Fund and Abu Dhabi Investment Authority bought shares of the company through open market transactions on Wednesday. SBI Mutual Fund bought shares worth Rs 221 crores and Abu Dhabi Investment Authority bought worth Rs 97.7 crores.

The stock has gained around 14% in the last month and over 75% in the last six months.

The big listing today – NSE shares jumped 5% after a quiet debut. The shares listed at Rs 1,800 per share. Most brokerages see up to 15% upside for the share price on the back of strong growth runway for the capital market. Macquaries rated the stock ‘Outperform’.

The share price of Bharat Dynamics rose around 2% earlier in the session after it signed a contract with the Ministry of Defence worth Rs 811 crore. The company will source 160 new Satellite Smart Anti-Airfield Weapons (SAT-SAAW). Alongside, the company will also supply equipment to the Indian Air Force.