Synopsis : Vedanta tumbled after a large block deal, pharma stocks rallied on reports of a potential US cancer-drug supply opportunity, while Meesho, JSW Infrastructure, Syrma SGS and Sterling & Wilson Renewable Energy gained on fresh developments. IT stocks remained the biggest drag on benchmark indices.
Indian benchmark indices traded under pressure by midday on June 23, with the Nifty 50 hovering near 23,870 and the Sensex around 76,379. While the broader market remained weak, several stocks witnessed sharp moves driven by block deals, order wins, fundraising plans, strategic partnerships and sector-specific developments.
Here are the key stocks making headlines in midday trade:
Vedanta slides after large block deal
Vedanta shares fell nearly 9% during the session after a major block deal hit the market.
Around 7.3 crore shares worth approximately Rs 2,149 crore reportedly changed hands at Rs 292 per share. Market participants linked the transaction to reports that promoter entity Twinstar Holdings planned to offload up to 6.5 crore shares through block deals at a floor price of Rs 291 per share.
The large supply of shares created selling pressure and weighed heavily on the stock.
IT stocks remain under pressure
Information technology stocks continued to drag the market lower, with the Nifty IT index falling around 2%.
Infosys, TCS, Tech Mahindra, Wipro, LTIMindtree, Mphasis, HCL Technologies, Coforge and Persistent Systems all traded in negative territory. Oracle Financial Services Software was the lone gainer within the index.
The weakness followed a negative overnight session for US technology stocks, where Alphabet declined sharply alongside other major tech names. Indian IT companies remain highly sensitive to global technology spending trends and US demand outlook.
Pharma stocks surge on US cancer-drug supply reports
Pharma counters emerged as one of the strongest sectors after reports suggested that the US Food and Drug Administration had approached Indian pharmaceutical manufacturers regarding potential cancer-drug supplies.
The development triggered broad-based buying across the sector.
Piramal Pharma surged as much as 10%, while Gland Pharma, Cipla, Alkem Laboratories and Zydus Lifesciences also posted solid gains. Other pharma names including Laurus Labs, Wockhardt, Dr Reddy’s Laboratories, Biocon and Mankind Pharma attracted investor interest.
Market participants viewed the development as a potential opportunity for Indian drug manufacturers to strengthen their presence in the US market.
Meesho gains after Citi initiates coverage
Meesho shares climbed nearly 5% after global brokerage Citi initiated coverage on the stock with a Buy rating.
The brokerage highlighted Meesho’s strong positioning in India’s rapidly growing value-commerce segment and its potential to benefit from increasing online penetration in smaller cities and towns.
The positive coverage boosted investor sentiment toward the recently listed e-commerce platform.
Sterling and Wilson Renewable Energy rallies on Egypt project
Sterling and Wilson Renewable Energy jumped over 7% after reports indicated that the company, along with Hassan Allam Holding, secured a $560 million EPC contract for a large solar power project in Egypt.
The project includes 1,000 MWac of solar generation capacity along with a 600 MWh battery energy storage system.
The order is viewed as a significant international win and strengthens the company’s position in the global renewable energy EPC space.
Apar Industries rises on Saudi partnership
Apar Industries moved higher after announcing that its wholly-owned subsidiary, APAR Industries Middle East Limited, Saudi Arabia, signed an agreement with Saudi Aramco Base Oil Company (Luberef).
The partnership aims to strengthen industrial localisation and improve local content initiatives within Saudi Arabia’s lubricant and industrial ecosystem.
The agreement will provide APAR access to base oil supplies through the LubeHub Value Park in Yanbu.
JSW Infrastructure gains on QIP fundraising plan
JSW Infrastructure shares rose after the company approved a qualified institutional placement (QIP) to raise fresh capital.
The fundraising will consist of a fresh issue of up to 23 crore equity shares along with an offer-for-sale component by a promoter entity.
Investors are evaluating how the proceeds will support future expansion plans while assessing the impact of equity dilution.
Info Edge rises on AI startup portfolio update
Info Edge gained around 4% after sharing fresh details about its investments in artificial intelligence, deep-tech and technology startups.
The company disclosed that it has invested Rs 614 crore across 28 AI startups, with the portfolio now valued at approximately Rs 1,268 crore.
The update highlighted strong returns on invested capital and reinforced investor confidence in Info Edge’s startup investment strategy.
Syrma SGS Technology hits record high
Syrma SGS Technology climbed over 6% to a fresh record high after announcing a joint venture with Japan’s Kaga Electronics.
The new venture will focus on manufacturing solutions for Japanese clients, with Syrma holding a 60% stake and Kaga Electronics’ Indian subsidiary holding the remaining 40%.
The partnership is expected to strengthen Syrma’s position in electronics manufacturing services and expand its international client base.
Vedanta Power hits upper circuit
Vedanta Power, one of the recently demerged Vedanta group companies, hit its 5% upper circuit limit.
Investor interest remained strong as the company outlined plans to expand beyond thermal power into battery storage, hydroelectric projects and potentially nuclear energy over the longer term.
The stock continues to attract attention following the Vedanta group restructuring and separate listing.
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