Indian Market Muted: Tata Steel Surges on Upgrade, Bata India Tumbles on Profit Slump

The Indian stock market experienced muted trading conditions midday, with both the Nifty 50 and Sensex registering losses. Selling pressure was evident across most sectoral indices. However, select sectors like metals and public sector banks (PSU banks) saw active buying, and midcap stocks performed relatively better.

Tata Steel's share price surged by 3% intra-day after Motilal Oswal upgraded the stock to 'Buy' with a target price of Rs 210, indicating a potential 19% upside. The firm cited a strong long-term outlook, anticipating continued performance from its Indian operations and improvement in European business.

Conversely, Supreme Industries plunged over 4% following a disappointing second quarter, reporting a 7% year-on-year drop in EBITDA due to volatile PVC prices, a lower value-added product mix, and weak demand.

Bata India shares fell sharply by 6.81% after reporting a steep 73% year-on-year decline in net profit for the September quarter to Rs 13 crore, with revenue also dropping. The company blamed deferred distributor purchases amid GST rationalization and a warehouse disruption.

Kirloskar Oil Engines' share price jumped over 7% amidst unusually heavy trading volumes.

Vodafone Idea saw profit booking, down nearly 4% after a recent surge. This occurred despite an upgrade by Motilal Oswal to 'Neutral' and a positive Supreme Court decision regarding AGR dues.

Suzlon gained 3.6% on the back of localization efforts in wind energy components and data centers, supported by strong order books from major energy players. Ola Electric's shares rose nearly 2% after securing ARAI certification for its new vehicle and battery technology.

MCX faced a severe technical disruption, delaying trading and causing frustration among traders, impacting commodity volumes.

Impact: This news significantly impacts the Indian stock market by influencing investor sentiment and highlighting performance variations across key companies and sectors. The company-specific news, analyst ratings, and market sector movements provide crucial insights for investment decisions. The rating for the impact on the Indian stock market is 7/10.

Difficult Terms: EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization, a measure of a company's operating profitability. PVC: Polyvinyl Chloride, a type of plastic widely used in various industries. GST: Goods and Services Tax, an indirect tax applied to the supply of goods and services in India. AGR dues: Adjusted Gross Revenue dues, referring to statutory payments by telecom operators to the government. ARAI: Automotive Research Association of India, a certification and research body for vehicles. DR site: Disaster Recovery site, a backup location to restore IT operations in case of a primary site failure.