Mazagon Dock hits 52-week low after HSBC cuts target; Tata Capital rises on profit jump

what happened

According to TradingView, investors on Dalal Street on October 28 focused on brokerage calls, corporate developments and quarterly earnings. Mazagon Dock shares fell to a 52-week low after HSBC kept its 'reduce' rating and lowered its target price to Rs 1,680 per share. The bank pointed to weak second-quarter results, with revenue, margins and profit after tax falling well short of expectations. The P75I submarine order is expected in FY27, but HSBC sees revenue contribution taking two to three years to materialise and earnings staying weak through FY27-29.

Tata Capital shares rose 3% after consolidated Q2 profit climbed 51.3% year on year to Rs 1,659.9 crore, with revenue up 20.7% to Rs 9,341.8 crore. Exide Industries also gained 3% after investing Rs 150 crore in its subsidiary Exide Energy Solutions to fund a lithium-ion battery plant in Bengaluru. Steel Authority of India shares dropped 3% despite a 318.1% jump in Q2 profit to Rs 1,750.5 crore.

why it matters

For the broader market the moves were stock-specific: the Nifty Midcap index slipped 0.3% while the smallcap index added 0.7%, IT shed more than 3% and oil and gas fell about 1%. Market breadth on the BSE stayed slightly negative, with 1588 shares advancing and 1621 declining.

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