Price Action: Transrail Lighting jumps 5% on stake acquisition; L&T Technology Services surges 12% post Q2 earnings

Stock-specific action remained in focus on Dalal Street on October 21, with investors reacting to corporate developments and quarterly earnings. Transrail Lighting share price rose 5 percent after the company’s board approved the proposed acquisition of a 49% stake in NOPL Pace Green Energy for Rs 20 crore. NOPL is developing a 990 MW solar power portfolio in Maharashtra under the government’s PM-KUSUM scheme. L&T Technology Services share price surged 12 percent after the company reported a 66.8% year-on-year surge in consolidated Q2 profit to Rs 548.2 crore, while revenue grew 12.1% to Rs 3,040.4 crore. EBIT margin expanded 220 basis points to 16.3%, and the company declared an interim dividend of Rs 20 per share. Hindustan Zinc share price rose 2.5 percent after the company reported a 142.1% year-on-year jump in consolidated Q2 profit to Rs 6,412 crore, while revenue surged 76.5% to Rs 15,093 crore. Waaree Renewable Technologies share price slipped 9 percent after the company reported a 30% year-on-year decline in consolidated Q2 profit to Rs 81.5 crore, despite a 36.5% rise in revenue to Rs 1,057.8 crore. Piramal Finance share price gained 3 percent after the company reported a 67% year-on-year surge in consolidated Q2 profit to Rs 545 crore, while net interest income jumped 35% to Rs 1,530 crore and pre-provision operating profit rose 64% to Rs 846 crore. Broader indices were trading flat with Nifty Midcap index up marginally, while smallcap index was largely unchanged. All the sectoral indices were trading in the green with IT index up more than 2%, while oil & gas, pharma, PSU Bank, Private Bank, Infra up 0.5% each. Market breadth on the BSE remained negative, with 1377 shares advancing, 1779 declining and 189 remaining unchanged.

Price Action: Transrail Lighting jumps 5% on stake acquisition; L&T Technology Services surges 12% post Q2 earnings

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