Top Gainers & Losers: MMTC, Nava, GSPL Rally; Kalyan, Afcons Fall

Top Gainers: MMTC, Nava, GSPL Rally on Strong Triggers

MMTC Drives Rally with Policy Tailwind

One of the major gainers in the day was MMTC Ltd., which is a public sector company involved in trading precious metals and other commodities. Its share price witnessed a 15 percent rise on April 17 due to speculation about the government ordering banks to stop importing gold and silver. This would automatically make MMTC the authorized importer of gold and silver.

Such an initiative by the government is likely to lead to an increased volume of business for MMTC. It will be able to earn revenues from the extra volume of transactions. Moreover, such an initiative by the government would also be instrumental in bridging the trade deficit and maintaining the value of the Indian currency, thereby creating a favorable environment for the company’s stocks.

Nava Gains on Easing Geopolitical Concerns

The share price of Nava Ltd, which deals in the production of manganese alloys and power generation, rose by 12% with trading volumes reaching up to 82 lakh compared to the 30-day moving average of 5.82 lakh shares.

This was mainly due to rising optimism in the international environment, especially due to the resolution of conflicts in the Middle East. Given that more than 30% of Nava's exports are destined for areas such as the Middle East, Southeast Asia, and Europe, there could be a possibility that the resolution of geopolitical conflicts would boost business demand.

GSPL Rises on Gas Supply Optimism

In the case of Gujarat State Petronet Ltd (GSPL), the company that runs the natural gas transmission network, there was an increase in the value of its stock by 9%. Trading volumes rose substantially to 1.78 crore stocks relative to the 30-day moving average of 11.96 lakh stocks.

There is likely to be a positive reaction to the statement made by the president of the United States, Donald Trump, suggesting that there will be a more rapid solution to the Iranian situation.

Top Losers: Kalyan Jewellers, Afcons, Gallantt Steel Under Pressure

Kalyan Jewellers Declines Amid Weak Sentiment

The stock price of Kalyan Jewellers India Ltd, one of the largest jewelery retailers, dipped by almost 5% on the day, with trading volumes at 85.24 lakh shares. The company’s share price continues to be weighed down amid overall weakness in jewelery stocks and the volatility of the gold price.

The shares of Kalyan Jewellers India Ltd declined following reports that Indian banks have stopped importing gold and silver.

As per a report, “large amounts of precious metals remain held up at customs as no official order from the government for importing bullion has come.”

Afcons Infrastructure Slides on Profit Booking

Afcons Infrastructure Ltd, an engineering and construction company focused on large infrastructure projects, declined over 4% in today’s trade with moderate volumes.

Gallantt Steel Sees Selling Pressure

Gallantt Ispat Ltd, a manufacturer of steel and iron products, fell around 3.7% despite high trading volumes exceeding 1.11 crore shares.

Conclusion

Trading saw the impact that stock-related triggers can have on the performance of stocks. Although indices traded on a positive note amid good global signals, MMTC, Nava, and GSPL performed well with their gains being supported by solid news-related catalysts. At the same time, the losses registered by Kalyan Jewellers, Afcons Infrastructure, and Gallantt Steel indicate the influence that sectoral pressure, poor performance, and profit-taking can have on stocks.