Stocks making the biggest moves midday: PB Fintech, Welspun Corp, Meesho, and more

The benchmark indices traded flat by midday on September 25, with the Nifty hovering around 23,038 while Sensex was around 73,590. Banking stocks in the Nifty 50 traded mixed, with Axis Bank and HDFC Bank gaining slightly while Kotak Mahindra Bank and Axis Bank traded lower.

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

The PB Fintech share price extended its fall for the second straight session, dropping over 4% intraday today. If the changes by IRDAI are implemented as proposed, the insurance company’s earnings could take a major hit. Brokerage House Motilal Oswal has maintained its “Neutral” rating on the stock but revised the target price to Rs 1,150.

The Welspun Corp share price surged over 5% intraday after its wholly-owned subsidiary Welspun Tubular LLC secured a supply order worth $412.5 million for high-frequency induction welded pipes. The company has received significant orders in recent months, including a Rs 172 billion order to supply pipes from its manufacturing facility in the US.

The stock has gained over 19% in the last month and more than 92% in the last three months. The shares of Welspun Corp have more than tripled in the last one year.

The share price of Meesho plunged over 6% intraday after global brokerage house Nomura initiated coverage with a “Reduce” rating and a target price of Rs 167, nearly 24% lower than the current levels. Nomura flagged concerns over high valuation compared to peers Eternal and Swiggy.

The stock is up 6% in the last one month and over 46% in the last six months.

The share price of Engineers India was up around 5% intraday. The company recently extended its partnership with Nigeria’s Dangote Group to set up a greenfield refinery in Kenya. The group has signed an agreement worth more than $450 million with Engineers India.

The Ola Electric Mobility shares fell over 9% intraday, after rising for four consecutive sessions. The stock is down nearly 8% in the last three months but is up over 61% in the last six months. The company’s board will consider raising funds through a rights issue on September 28.