Indian Stocks Update: Waaree Energies, PB Fintech, Lemon Tree Hotels and More

Indian equity markets witnessed a significant downturn on Thursday, with the NSE Nifty 50 index dropping sharply and breaching multiple support points. The index closed at 23,063.10, marking a decline of 383.70 points or 1.64%. This slide extended the morning’s initial losses, reflecting broad-based selling pressure across sectors.

Technical analysts from LKP Securities, including Rupak De, point to a critical support level for the Nifty at 23,000. If this level is breached, the index could potentially slide further to around 22,700. Resistance is identified near 23,200, which the index failed to hold earlier in the session.

Amid this market backdrop, several companies attracted investor attention due to notable corporate developments and trading activity.

PB Fintech Sees Bulk Purchase Amid Regulatory Concerns

Shares of PB Fintech, the parent company of popular digital insurance platforms Policybazaar and Paisabazaar, experienced a sharp 36% drop following regulatory announcements by the Insurance Regulatory and Development Authority of India (IRDAI) regarding new insurance distribution rules. On the same day, HDFC Mutual Fund purchased 2.5 million shares of PB Fintech at an average price of Rs 1,282.30 per share, totaling approximately Rs 321 crore, according to NSE bulk deal data.

Waaree Energies Enters Specialty Gases Sector

Waaree Energies announced that its wholly owned unit Waaree Clean Energy Solutions Ltd (WCES) is venturing into the specialty gases market in India. The subsidiary aims to supply ultra-high-purity gases and chemicals to semiconductor and solar cell manufacturers nationwide. This move aligns with growing demand in India’s expanding semiconductor and renewable energy industries.

Laser Power & Infra to Establish Manufacturing Facility in West Bengal

Laser Power & Infra revealed it has secured a provisional Letter of Intent and in-principle approval from the West Bengal Industrial Development Corporation (WBIDC) for the allocation of roughly 40 acres at Vidyasagar Industrial Park, Kharagpur. The company plans to build a facility focused on producing integrated power cables and conductors at this location.

Dr Lal PathLabs Approves Major Acquisition

Diagnostic services provider Dr Lal PathLabs received board approval to acquire a 70% stake in SN Genelab Private Ltd. The transaction involves a cash payment of up to Rs 168 crore, supplemented by a performance-based earn-out capped at Rs 31.5 crore. This acquisition is expected to expand Dr Lal PathLabs’ footprint in the diagnostics sector.

Lemon Tree Hotels Expands Presence in Telangana

Lemon Tree Hotels announced the signing of a new property in Patancheru, Telangana. The hotel will be operated by Carnation Hotels Private Limited, a fully owned subsidiary of Lemon Tree Hotels, contributing to the company’s growing portfolio in key regions.

Other Noteworthy Corporate Updates

• JSW Cement received a show-cause notice from the Additional Commissioner of Central Tax, Belagavi Audit Commissionerate, proposing a Goods and Services Tax (GST) demand of Rs 229.85 crore, with interest and a 10% penalty.
• Sterlite Technologies expanded its Neuralis data center product range by launching new ready-made fiber optic cables available in sizes from 48 to 6,912 optical fibers.
• Birlasoft’s bank facilities were reaffirmed by CARE Ratings, with the long-term facilities rated at CARE AA+ and a stable outlook.
• Interarch Building Solutions inaugurated a heavy structural steel manufacturing plant in Attivaram, Andhra Pradesh, with an initial capacity of 24,000 metric tons annually.
• Inox Green Energy began its qualified institutional placement (QIP) with a floor price set at Rs 174.36 per share, offering a discount of up to 5%.
• JSW Dulux received a show-cause notice from the West Bengal GST Department regarding a liability of Rs 56.72 lakh, covering tax, interest, and penalty.
• Acutaas Chemicals’ board approved the acquisition of Enchem Ami Organics Private Limited, making it a direct wholly owned subsidiary.

These developments come amid a volatile phase in Indian markets, influenced by regulatory changes and strategic corporate activities. Investors will watch closely how these factors affect sectoral trends and individual company performances going forward.

Disclosure: This article was authored by Kumar Gaurav, who is not registered as a Research Analyst or Investment Adviser with SEBI. Neither the author nor their relatives hold financial interests in the mentioned companies as of publication. The views presented reflect those of the respective registered analysts or brokerages cited and are not endorsements by The Economic Times Digital or the journalist. Readers should consult original research reports and exercise their own judgment before making investment decisions.