Havells shares fall 4% as Nomura keeps its 'neutral' rating

what happened

Indian stocks traded mostly lower on October 23, with investors focused on brokerage calls and quarterly earnings, according to TradingView. Havells India shares dropped 4% after Nomura maintained a Neutral rating and a target price of Rs 1,232 per share. The brokerage said Q2FY27 EBITDA beat its estimates and price increases support growth, but rising competition threatens a margin recovery. The stock trades at 32 times FY28 earnings, which Nomura views as fair value.

Nuvoco Vistas shares fell 2% after consolidated Q2 profit jumped 79.2% year on year to Rs 65.3 crore, while revenue rose 13.5% to Rs 2,790 crore. BlueStone Jewellery and Lifestyle shed 3% as its consolidated Q2 net loss narrowed to Rs 3.2 crore from Rs 51.7 crore a year earlier, and revenue climbed 45% to Rs 745 crore. CreditAccess Grameen shares slid 6% after standalone Q2 profit surged 299% to Rs 501.6 crore and revenue grew 31.3% to Rs 1,350.7 crore.

Market breadth on the BSE stayed negative, with 565 shares advancing, 3,078 declining and 147 unchanged. The Nifty Midcap index lost 2.4%, while the smallcap index fell 3.2%.

why it matters

For investors in Indian equities, the session shows that earnings and brokerage calls are driving individual stocks more than the broader market, while weakness in mid and small caps stands out in the wider indices. Part of the reaction is already reflected in prices, so the next moves will depend on margins and competitive pressure.

tags

instruments