Global cues and a leadership resignation featured among the day’s triggers, with Graphite India tracking an overnight surge in US-listed GrafTech International even as Coforge fell after its chairperson’s abrupt exit and IT stocks came under broader pressure.
Top gainers at market open
Graphite India shares surged over 16% in early trade after US-listed GrafTech International’s stock surged 15% overnight on Wall Street, following the company’s announcement of a minimum 30% increase in graphite electrode prices to restore pricing to sustainable levels, coming on the heels of a recent 51,000 tonnes capacity reduction.
The company’s shares had risen over 28% since the beginning of the year and more than 59% in the past year. The stock hit its 52-week high of ₹832.20. Over 1 crore shares of the company were traded on the stock market at 11.92 times the stock’s 10-day average.
Reliance Power shares rose over 4.5% at market open. The company’s shares had fallen more than 34% since the beginning of the year and more than 51% in the past year. The stock was 12% away from hitting its 52-week low of ₹20.17. Over 3 crore shares of the company were traded at 2.60 times the stock’s 10-day average.
Chennai Petroleum shares rose up to 4% at market open after benchmark Brent crude neared $100 a barrel on renewed tensions in West Asia. The company’s shares had risen up to 78% since the beginning of the year and over 108% in the past year. The stock hit its 52-week high of ₹1,525.70 in early trade. Over 14 lakh shares of the company were traded at 1.20 times the stock’s 10-day average.
Top losers at market open
Coforge shares declined up to 8% at market open after Chairperson OP Bhatt resigned with immediate effect, with the board clarifying that the resignation followed concerns identified in an internal audit review over the manner in which “BER” had been dealt with under his chairmanship.
Vivek Sharma, non-executive independent director, was appointed interim chairperson. The company’s shares had risen more than 10% since the beginning of the year and up to 8% in the past year. The stock was at a 10.4% decline from its 52-week high of ₹2,021.20. Over 45 lakh shares of the company were traded at 2.21 times the stock’s 10-day average.
IFCI shares fell over 4% at market open. The company’s shares had risen more than 68% since the beginning of the year and up to 69% in the past year. The stock was at a 20.1% decline from its 52-week high of ₹107.50. Over 4 crore shares of the company were traded at 0.27 times the stock’s 10-day average.
Infosys shares fell over 3.5% at market open as IT stocks came under pressure on expectations of a Fed rate hike. JPMorgan maintained a Neutral call with a target price of ₹1,050 a share, noting that AI-led deflation continued to weigh on enterprise deals even as productivity gains could moderate over time, with growth acceleration hinging on stronger discretionary spending and easing deflation.
The brokerage flagged healthy demand in financial services and SURE, strong manufacturing, but soft telecom and retail, alongside rising competitive intensity in vendor-consolidation deals, with Infosys avoiding margin-dilutive wins.
The company’s shares had fallen almost 36% since the beginning of the year and over 30% in the past year. The stock was 6.2% away from hitting its 52-week low of ₹982.40. Over 3 million shares of the company were traded at 0.39 times the stock’s 10-day average.
BSE shares fell over 3% at market open after brokerage firm Bernstein initiated coverage on the stock with an “Underperform” rating and a target price of ₹2,820 a share, expecting the exchange’s market-share gains to peak in FY27, after which growth was likely to normalise.
The company’s shares had risen over 25% since the beginning of the year and over 39% in the past year. The stock was 35.2% away from its 52-week high of ₹4,446.80 and 62.6% away from its 52-week low of ₹2,021.50. Over 14 lakh shares of the company were traded at 0.30 times the stock’s 10-day average.
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