GMDC shares fell after a three-day surge as traders booked profits, following strong gains driven by a government incentive to boost rare earth magnet production. The stock faced short-term technical resistance, though long-term trends remain positive. Profit taking set in after optimism around GMDCs role in Indias strategic minerals push.
Patel Engineering shares fell nearly 5% to Rs 35.58 on Friday after a sharp two-day rally. The stock had surged nearly 20% earlier in the week following the award of coal excavation and transportation contracts worth Rs 798.19 crore for the Jhiria West OCP in Chhattisgarh by SECL, with a nine-year execution period.
The UAE has unofficially stopped issuing regular visas to Pakistani nationals, citing concerns over criminal activities by visitors. This move, confirmed by an Islamabad official, follows repeated incidents of unlawful behavior by Pakistani travelers. The restrictions impact Pakistan's overseas labor plans and add worry for families reliant on Gulf earnings.
Thyrocare Technologies shares slumped 66.7% to 492 on Friday as they began trading ex-bonus for the recently announced 2:1 bonus issue. The sharp drop is a normal adjustment due to the bonus issue and doesnt indicate any deterioration in fundamentals.
Mahindra & Mahindra shares surged following Nomura's Buy rating and a Rs 4,335 price target, driven by the launch of the feature-rich XEV 9S at a disruptive price. The brokerage anticipates strong SUV growth and sees the new vehicle as a catalyst for Mahindra's electric era, with bookings opening in January 2026.
Vidya Wires is launching its Rs 300-crore IPO on December 3 with a price band of Rs 4852. The issue includes fresh shares and an OFS, valuing the firm at a discount to industry peers. With strong FY25 revenues and solid profitability, the IPO offers attractive sector-linked growth potential.
Vedanta's ESL Steel is set to raise 2,000 crore via non-convertible debentures. This fundraising follows a previous 5,000 crore raise earlier this year. Vedanta's leverage remains a focus due to dividend outflows to its parent, Vedanta Resources. The company's net leverage has seen a reduction. Vedanta Resources has also reduced its debt significantly.
