Synopsis : Indian markets traded with modest gains by midday on September 3, with the Nifty 50 near 23,930 and the Sensex around 76,685. Realty stocks remained strong, while Welspun Corp, RBL Bank and Lumino Industries gained on company-specific developments. Godrej Consumer Products, Hexaware Technologies and Swiggy, meanwhile, came under pressure following business and index-related triggers.
The domestic equity market traded with modest gains by midday on September 3, with the Nifty 50 hovering around 23,930 and the BSE Sensex hovering near 76,685.
Realty stocks remained among the stronger pockets of the market, while RBL Bank gained after reporting sizeable FCNR-B deposit mobilisation. At the same time, Hexaware Technologies, Godrej Consumer Products and Swiggy came under pressure following company-specific developments.
Here are the top movers and shakers at this hour.
Godrej Consumer Products falls 5% on India business concerns
Godrej Consumer Products share price fell 5% by midday on September 3 after the company’s latest analyst meeting raised concerns over its near-term India business outlook.
Management said it plans to reduce India general trade inventory by Rs 125-150 crore over the next three quarters while increasing spending on research and development, go-to-market initiatives and marketing.
The company also acknowledged weaker performance in core categories and India and Indonesia profitability. New MD and CEO Aasif Malbari is focusing on reviving core categories and expanding the product portfolio.
The comments raised concerns around the pace of the company’s near-term recovery and profitability.
Realty stocks gain as buying emerges across the sector
Realty stocks remained among the strongest performers during Thursday’s session.
Anant Raj share price gained 7.25% by midday, while Aditya Birla Real Estate rose 3.70%, Brigade Enterprises advanced 3.32% and Prestige Estates Projects gained 3.38%.
DLF, Godrej Properties and Sobha also traded higher, with the Nifty Realty index gaining 2.52% by midday after rising as much as 3.05% during the session.
Brigade Enterprises had recently incorporated two wholly owned subsidiaries, Celebrations Property Private Limited and Tetrarch Estates Private Limited, for real estate project development.
Prestige Estates Projects also gained after adding a 17.14-acre land parcel in Sector 109, Gurgaon, to its residential development portfolio. The proposed project has an estimated saleable area of 2.8 million sq. ft. and a Gross Development Value of around Rs 5,600 crore.
Welspun Corp hits 52-week high after Jefferies Buy call
Welspun Corp share price hit a 52-week high and was trading nearly 5% higher by midday.
The move came after global brokerage Jefferies initiated coverage on the company with a ‘Buy’ rating and set a price target of Rs 3,250 per share.
Welspun Corp is the world’s largest welded line pipe producer. Jefferies believes the company is well positioned to benefit from a multi-year upcycle in oil and gas infrastructure spending in the US and Middle East.
The brokerage also highlighted Welspun’s local manufacturing presence in both regions as a key advantage.
Jefferies expects strong earnings growth to be supported by capacity expansion, a large order book and an improving contribution from overseas markets.
RBL Bank gains 4.2% after $3.4 billion FCNR-B mobilisation
RBL Bank share price gained 4.20% by midday after the private sector lender said it had mobilised $3.4 billion, or around Rs 32,472 crore, through FCNR-B deposits under the Reserve Bank of India’s special swap facility.
Loans provided by the bank’s international banking unit against these deposits stood at $1.08 billion.
Citi estimated that the additional deposits could increase absolute net interest income by around 7% and pre-provision operating profit by 10% in FY27.
However, the additional deposits could also put pressure on net interest margin in the near term.
The market appeared to focus on the potential earnings benefit from the significant deposit mobilisation.
Lumino Industries gains strongly on stock market debut
Lumino Industries made a strong stock market debut on September 3, with its NSE listing at a 34.15% premium to the IPO issue price.
The Rs 700 crore IPO comprised a Rs 500 crore fresh issue and a Rs 200 crore offer for sale. The issue was subscribed 118.12 times.
The company plans to use Rs 337 crore of the fresh proceeds for debt repayment and Rs 15.01 crore for machinery, equipment, civil works and interior development of a manufacturing unit.
Lumino Industries manufactures power cables, conductors, electrical wires and high-temperature low-sag conductors for the power transmission and distribution industry.
The strong listing reflected the substantial demand the IPO attracted from investors.
Hexaware Technologies falls 3.85% after CEO resignation
Hexaware Technologies share price fell 3.85% by midday on Thursday after CEO and Whole-Time Director Srikrishna Ramakarthikeyan resigned.
He is set to step down on October 28, 2026, after 12 years with the company.
Vivek Jetley has been appointed CEO designate and will take over on the same date. Ramakarthikeyan will continue as a senior advisor during the leadership transition.
The development comes shortly after Hexaware outlined an ambitious growth plan, including its expectation to double revenue to $3 billion by 2029 from around $1.5 billion.
The company expects AI-led transformation, West Asia expansion, growth in the technology vertical and private equity partnerships to support that target.
Investors will now watch whether the leadership transition affects execution of the company’s growth strategy.
Inox Wind gains after Rs 755 crore repeat order
Inox Wind share price gained 1.66% by midday after the company announced a Rs 755 crore repeat order from Indian Oil Corporation for a 100 MW turnkey wind power project.
The order covers wind turbine generator supply, engineering, procurement and construction, project execution and post-commissioning operations and maintenance services.
Inox Wind reported consolidated net profit of Rs 97.34 crore for the June quarter, compared with Rs 41.59 crore a year earlier.
Its order book stood at around 4.4 GW as of July 2026.
The repeat order adds to the company’s existing order visibility as India continues to expand renewable energy capacity.
Swiggy falls after MSCI index deletion
Swiggy share price fell around 1.2% by midday on Thursday, extending losses for the third consecutive session after MSCI announced the company’s deletion from its Global Standard indices.
The deletion is scheduled to take effect from September 7 and is linked to Swiggy’s foreign ownership limit.
The change could lead passive ETFs and global institutional portfolios to adjust their holdings, potentially creating additional selling pressure on the stock.
Swiggy had secured shareholder approval in August to cap aggregate foreign ownership at 49.5%, allowing it to qualify as an Indian-owned and controlled company.
The market is now assessing the impact of the index change and the resulting potential portfolio adjustments.
What investors should watch
Thursday’s trading session once again highlighted how company-specific developments can drive significant stock movements even when the broader market remains relatively stable.
Welspun Corp benefited from Jefferies’ bullish coverage, while RBL Bank gained after its sizeable FCNR-B deposit mobilisation. Lumino Industries also attracted attention after a strong market debut.
On the other hand, Godrej Consumer Products came under pressure following concerns around its India business, while Hexaware Technologies fell after its CEO resignation.
Swiggy was also under pressure following its MSCI index deletion, while the realty sector remained strong on project and development-related triggers.
Conclusion
The midday action remained highly stock-specific, with investors responding to brokerage calls, corporate announcements, leadership changes, index rebalancing and project wins.
Welspun Corp stood out after Jefferies initiated coverage with a ‘Buy’ rating and a Rs 3,250 target, while RBL Bank gained on the potential earnings impact of its FCNR-B deposit mobilisation.
Realty stocks also remained in focus, led by Anant Raj, Prestige Estates Projects and Brigade Enterprises.
Meanwhile, Godrej Consumer Products, Hexaware Technologies and Swiggy faced selling pressure on concerns ranging from business performance to management changes and index-related flows.
Disclaimer : This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell or hold any security. The views, target prices and estimates mentioned are based on company announcements, market data and brokerage research where applicable. Investors should conduct their own independent research and consult a SEBI-registered financial adviser before making investment decisions. Stock market investments are subject to market risks, and past or projected performance does not guarantee future returns.
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