Top Gainers and Losers: Ola, ITI, Meesho Surge; CCL, Jain, Poonawalla Fincorp Decline

Top Gainers

Ola Electric

Among the stocks belonging to the Nifty 500 indices, Ola Electric Mobility Ltd, which specializes in manufacturing electric two-wheelers, became one of the prominent gainers, with its stock price jumping up by 16% on 9th April. The rally saw robust trading volume with 54.96 crore of stocks being traded on the NSE exchange as against its 30-day average of 11.58 crore.

The main reason behind this upsurge in stock prices was the news regarding its in-house Lithium Iron Phosphate (LFP) battery cell becoming operational. It is considered significant for the firm as it would help cut down costs and make operations more efficient. In addition, there has been a recovery in operations at Ola Electric. There were 10,117 unit registrations for vehicles in March, which marked a 150% month-on-month increase from February's 3,973 registrations.

Moreover, Ola's strategy of vertical integration, pricing cuts of popular models, and success under PLI scheme has boosted investor confidence.

ITI

Another top gainer was ITI Ltd, a state-owned telecommunications equipment manufacturer, whose stock gained 12% on April 9. High volumes of trades were witnessed for this stock, with trade volumes of 5.61 crore compared to an average of 79 lakh in the last 30 days.

Meesho

Meesho, a commerce platform that primarily emphasizes social commerce and the enabling of small businesses, witnessed an increase in its stock price by 10%. The stock’s volume has spiked tremendously to 4.83 crore units from a 30-day average of 73 lakh units.

In the past three days, the stock has appreciated in value in two out of the three trading periods. Although there is no apparent news at hand, which could be attributed to the surge, it is possible that the launch of “Vaani,” the country’s first Gen-AI conversational voice shopping assistant, might have boosted the stock’s performance.

Top Losers

CCL Products

Another major loser was CCL Products (India) Ltd, which deals in the production and export of instant coffee. Its share price fell by 4.40%, closing at ₹1,073.80. The share price opened at ₹1,104.50 and rose to ₹1,106.80, but later fell to ₹1,071.00.

The total number of shares traded was 3.78 lakh, which gave a turnover of ₹40.86 crore. The share price currently trades below its previous day’s closing price of ₹1,123.20 and continues to face downward pressure. No news-based factor has prompted this fall; rather, this is mostly a result of weak market performance.

Jain Irrigation Systems

The share price of Jain Irrigation Systems Ltd., dealing in irrigation systems, agriculture products, and piping systems, declined by 4.37% to ₹425.35. The intraday high was ₹449.60, while the intraday low was ₹424.20, against its last closing of ₹444.80.

The volumes were 9.59 lakh shares valued at ₹42 crore. The share price, despite being very near its all-time high of ₹476.90, had been subjected to selling pressures on that day..

Poonawalla Fincorp

Shares of Poonawalla Fincorp Ltd, an NBFC that conducts loans to consumers and MSMEs, fell by 2.97% to ₹402.50. The stock started the day at ₹418.00 and reached a high of ₹421.85 but fell to as low as ₹399.75.

A total of 20.75 lakh stocks have been traded, and the turnover is ₹84.60 crore. Shares are far from their 52-week high of ₹5

Conclusion

The session that followed on Thursday revealed that there were notable differences between the actions taken in individual stocks against the background of weak performances by the overall market. The stocks whose performances were among the best included those of Ola Electric, ITI, and Meesho, which gained from high volumes of trade and the prevailing positive sentiments. Ola Electric’s strong performance was due to its technical progress and business performance. On the contrary, CCL Products, Jain Irrigation Systems, and Poonawalla Fincorp performed poorly owing to their profit-taking nature.