< -5%

-5% to -3%

Hind Motors

-3% to 0%

Hyundai Motor

Maruti Suzuki

Mercury Ev-Tech

0% to 3%

3% to 5%

The shares of several midcap companies tumbled in trade on November 18 as investors may have resorted to profit booking at elevated levels. The sharp fall in the share prices pushed the <a href="https://www.moneycontrol.com/indian-indices/nifty-midcap-100-27.html">Nifty Midcap index</a> down around 0.6 percent to close at 60,822.

This comes after the midcap index hit a fresh record high of 61,220.25 earlier during the day on Tuesday. The profit-booking comes after the index recorded gains in six out the past seven sessions.

Broader markets underperform benchmarks:

<a href="https://www.moneycontrol.com/indian-indices/nifty-smallcap-100-53.html">Nifty Smallcap 100</a> index dropped further, falling more than 1 percent to close at 18,154.75. The broader markets have underperformed benchmark indices today.

Nifty 50 fell 0.40 percent (over 103 points) to close at 25,910. Sensex meanwhile fell 0.33 percent (278 points) to 84,673.02. Markets have now <a href="https://www.moneycontrol.com/news/business/markets/sensex-down-300-pts-nifty-below-25-950-weak-global-cues-among-key-factors-behind-market-rise-13682209.html">snapped a six-session gaining streak</a> as weak global cues and profit-taking weighed on investor sentiment.

The drop was further fuelled by heavy selling in IT and metal stocks, along with weekly derivatives expiry and weak rupee.

Top midcap losers today:

<a href="https://www.moneycontrol.com/india/stockpricequote/online-services/one97communicationspaytm/OC03">Paytm</a> shares closed 3 percent lower on Tuesday, emerging as the top loser on the Nifty Midcap index. This comes after 1.32 crore shares, representing 2.07 percent of the company’s equity, changed hands in a <a href="https://www.moneycontrol.com/news/business/stocks/paytm-stock-marginally-down-after-rs-1-722-crore-block-deal-as-saif-elevation-likely-behind-2-stake-sale-13682028.html">large block deal</a>. The transaction was carried out at Rs 1,307 apiece, taking the total deal value to about Rs 1,722 crore.

Cummins India shares followed, dropping nearly 3 percent. <a href="https://www.moneycontrol.com/india/stockpricequote/finance-term-lending/sbicardspaymentservices/SCP02">SBI Cards</a>, PI Industries, Oberoi Realty and Bharat Dynamics (<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/bharatdynamics/BDL01">BDL</a>) shares fell more than 2 percent each, while Steel Authority of India (<a href="https://www.moneycontrol.com/india/stockpricequote/steel-large/steelauthorityindia/SAI">SAIL</a>), Godfrey Phillips, Muthoot Finance, Glenmark Pharmaceuticals, Rail Vikas Nigam (<a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/railvikasnigam/RVN">RVNL</a>), Prestige Estates Projects, <a href="https://www.moneycontrol.com/india/stockpricequote/power-generationdistribution/indianrenewableenergydevelopmentagency/IREDAL">IREDA</a>, Fortis Healthcare, <a href="https://www.moneycontrol.com/india/stockpricequote/telecommunication-service-provider/vodafoneidea/IC8">Vodafone Idea</a>, Godrej Properties and <a href="https://www.moneycontrol.com/india/stockpricequote/power-generationdistribution/suzlonenergy/SE17">Suzlon Energy</a> shares fell nearly 2 percent each.

Indraprastha Gas (<a href="https://www.moneycontrol.com/india/stockpricequote/oil-drillingexploration/indraprasthagas/IG04">IGL</a>), Coforge, ITC Hotels, Indus Tower, MRF, National Aluminium (NALCO), IDFC First Bank, Tata Communications, IRCTC, Tata Tech, NMDC and Mankind Pharma shares meanwhile fell more than 1 percent each.

<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/mphasis/MB02">Mphasis</a> shares were down around 1 percent after a <a href="https://www.moneycontrol.com/news/business/stocks/mphasis-shares-fall-today-after-1-8-crore-shares-sold-in-block-deals-blackstone-seen-as-likely-seller-13682236.html">large block deal</a> involving 1.8 crore shares, representing nearly 9.5 percent of the company’s total equity, changed hands on the BSE. Promoter Blackstone was likely the seller.

HDFC AMC, <a href="https://www.moneycontrol.com/india/stockpricequote/diamondjewellery/kalyanjewellersindia/KJI01">Kalyan Jewellers India</a>, Dabur India, The Phoenix Mills, NTPC Green, Marico, Yes Bank, L&amp;T Finance, <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/indusindbank/IIB">IndusInd Bank</a>, APL Apollo Tubes, PB Fintech, Colgate Palmolive, Union Bank and others were also among the top losers, falling nearly 1 percent each.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/sensex-target-107-000-by-2026-says-morgan-stanley-indian-markets-set-to-regain-mojo-for-multi-year-rebound-13682706.html">Sensex target 107,000 by 2026-end, says Morgan Stanley; markets set to ‘regain mojo’ for multi-year rebound</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Nifty Midcap index sees profit booking after hitting fresh record high; Paytm, SBI Card, BDL fall up to 3%

The shares of several midcap companies tumbled in trade on November 18 as investors may have resorted to profit booking at elevated levels. The sharp fall in the share prices pushed the Nifty Midcap index down around 0.6 percent to close at 60,822.

This comes after the midcap index hit a fresh record high of 61,220.25 earlier during the day on Tuesday. The profit-booking comes after the index recorded gains in six out the past seven sessions.

Broader markets underperform benchmarks:

Nifty Smallcap 100 index dropped further, falling more than 1 percent to close at 18,154.75. The broader markets have underperformed benchmark indices today.

Nifty 50 fell 0.40 percent (over 103 points) to close at 25,910. Sensex meanwhile fell 0.33 percent (278 points) to 84,673.02. Markets have now snapped a six-session gaining streak as weak global cues and profit-taking weighed on investor sentiment.

The drop was further fuelled by heavy selling in IT and metal stocks, along with weekly derivatives expiry and weak rupee.

Top midcap losers today:

Paytm shares closed 3 percent lower on Tuesday, emerging as the top loser on the Nifty Midcap index. This comes after 1.32 crore shares, representing 2.07 percent of the company’s equity, changed hands in a large block deal. The transaction was carried out at Rs 1,307 apiece, taking the total deal value to about Rs 1,722 crore.

Cummins India shares followed, dropping nearly 3 percent. SBI Cards, PI Industries, Oberoi Realty and Bharat Dynamics (BDL) shares fell more than 2 percent each, while Steel Authority of India (SAIL), Godfrey Phillips, Muthoot Finance, Glenmark Pharmaceuticals, Rail Vikas Nigam (RVNL), Prestige Estates Projects, IREDA, Fortis Healthcare, Vodafone Idea, Godrej Properties and Suzlon Energy shares fell nearly 2 percent each.

Indraprastha Gas (IGL), Coforge, ITC Hotels, Indus Tower, MRF, National Aluminium (NALCO), IDFC First Bank, Tata Communications, IRCTC, Tata Tech, NMDC and Mankind Pharma shares meanwhile fell more than 1 percent each.

Mphasis shares were down around 1 percent after a large block deal involving 1.8 crore shares, representing nearly 9.5 percent of the company’s total equity, changed hands on the BSE. Promoter Blackstone was likely the seller.

HDFC AMC, Kalyan Jewellers India, Dabur India, The Phoenix Mills, NTPC Green, Marico, Yes Bank, L&amp;amp;T Finance, IndusInd Bank, APL Apollo Tubes, PB Fintech, Colgate Palmolive, Union Bank and others were also among the top losers, falling nearly 1 percent each.

Also read: Sensex target 107,000 by 2026-end, says Morgan Stanley; markets set to ‘regain mojo’ for multi-year rebound

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Indian Renewable Energy Development Agency (<a href="https://www.moneycontrol.com/india/stockpricequote/power-generationdistribution/indianrenewableenergydevelopmentagency/IREDAL">IREDA</a>) is planning to raise up to Rs 3,000 crore through a Qualified Institutional Placement (QIP), CNBC-TV18 reported citing people familiar with the matter. The shares of the company closed nearly 2 percent lower on November 18.

The stock has now snapped a two-day gaining streak, closing at Rs 148.14 on Tuesday.

QIP likely to be priced at 5% discount to current market price:

The QIP of the state-run renewable energy financier is likely to be priced at a discount of 5 percent to the current market price, the report added. Motilal Oswal, SBI Cap, IDBI Capital, and Emkay are the likely bankers to the QIP issue, the business news channel quoted sources as saying.

Moneycontrol couldn't independently verify the report.

IREDA's plans to raise Rs 5,000 crore through the QIP:

IREDA had in January announced <a href="https://www.moneycontrol.com/news/business/markets/ireda-shares-drop-2-as-rs-5-000-cr-qip-floor-price-disappoints-investors-13101398.html">plans to raise Rs 5,000 crore through the QIP</a> in one or more tranches at a floor price of Rs 173. IDBI Capital Market Services, BNP Paribas, SBI Capital Markets, Emkay Global Financial Services and Motilal Oswal Investment Advisors were appointed as the merchant bankers managing the QIP process.

In June this year, the company announced that it has <a href="https://www.moneycontrol.com/news/business/markets/ireda-raises-rs-2-006-crore-from-qip-lic-picks-50-shares-at-rs-1-003-crore-13109631.html">raised Rs 2,005.90 crore through a QIP</a> of shares at an issue price of Rs 165.14 apiece. Life Insurance Corporation of India (<a href="https://www.moneycontrol.com/india/stockpricequote/lifehealth-insurance/lifeinsurancecorporationindia/LIC09">LIC</a>) was allotted 50 percent of the total offer size, worth nearly Rs 1,003 crore at the issue price.

In an exchange filing, IREDA announced that LIC, Societe Generale, Morgan Stanley Asia (Singapore) PTE and Vikasa India EIF I Fund were the entities who were allotted more than 5 percent of the total offering. Nearly 12.15 crore equity shares were issued at an issue price of Rs 165.14 per share via the QIP, marking a discount of over 4.5 percent from the floor price of Rs 173 apiece.

What IREDA management said about reported QIP:

The reported QIP would mark the <a href="https://www.moneycontrol.com/news/india/ireda-plans-to-raise-rs-2-500-3-000-crore-through-qip-this-fiscal-13305310.html">second tranche</a> of the already-planned issue. “We are planning to raise another Rs 2,500 -3000 crore in the second tranche within this fiscal,” IREDA Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporters in July this year.

This will give the company a further borrowing power worth Rs 30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, “We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost.”

IREDA share price:

IREDA shares have dropped over 2 percent in the past five days, and more than 3 percent in the past one month. The stock fell over 15 percent in the past six months, and is down over 33 percent in 2025 so far.

The stock's P/E ratio currently stands at over 27.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-18-11-2025-liveblog-13681720.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

IREDA looking to raise up to Rs 3,000 crore via QIP, reports CNBC-TV18; shares down 2%

Indian Renewable Energy Development Agency (IREDA) is planning to raise up to Rs 3,000 crore through a Qualified Institutional Placement (QIP), CNBC-TV18 reported citing people familiar with the matter. The shares of the company closed nearly 2 percent lower on November 18.

The stock has now snapped a two-day gaining streak, closing at Rs 148.14 on Tuesday.

QIP likely to be priced at 5% discount to current market price:

The QIP of the state-run renewable energy financier is likely to be priced at a discount of 5 percent to the current market price, the report added. Motilal Oswal, SBI Cap, IDBI Capital, and Emkay are the likely bankers to the QIP issue, the business news channel quoted sources as saying.

Moneycontrol couldn't independently verify the report.

IREDA's plans to raise Rs 5,000 crore through the QIP:

IREDA had in January announced plans to raise Rs 5,000 crore through the QIP in one or more tranches at a floor price of Rs 173. IDBI Capital Market Services, BNP Paribas, SBI Capital Markets, Emkay Global Financial Services and Motilal Oswal Investment Advisors were appointed as the merchant bankers managing the QIP process.

In June this year, the company announced that it has raised Rs 2,005.90 crore through a QIP of shares at an issue price of Rs 165.14 apiece. Life Insurance Corporation of India (LIC) was allotted 50 percent of the total offer size, worth nearly Rs 1,003 crore at the issue price.

In an exchange filing, IREDA announced that LIC, Societe Generale, Morgan Stanley Asia (Singapore) PTE and Vikasa India EIF I Fund were the entities who were allotted more than 5 percent of the total offering. Nearly 12.15 crore equity shares were issued at an issue price of Rs 165.14 per share via the QIP, marking a discount of over 4.5 percent from the floor price of Rs 173 apiece.

What IREDA management said about reported QIP:

The reported QIP would mark the second tranche of the already-planned issue. “We are planning to raise another Rs 2,500 -3000 crore in the second tranche within this fiscal,” IREDA Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporters in July this year.

This will give the company a further borrowing power worth Rs 30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, “We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost.”

IREDA share price:

IREDA shares have dropped over 2 percent in the past five days, and more than 3 percent in the past one month. The stock fell over 15 percent in the past six months, and is down over 33 percent in 2025 so far.

The stock's P/E ratio currently stands at over 27.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/consumer-food/devyaniinternational/DI06">Devyani International</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/hotel-resortrestaurants/sapphirefoodsindia/SFI05">Sapphire Foods</a> jumped in trade on November 18. This comes as Indian Railways may soon allow 'Premium Brand Catering Outlets' to operate at railway stations.

The two companies operate KFC and Pizza Hut outlets in India. Sapphire Foods India shares surged more than 5 percent to trade at Rs 264 apiece, while Devyani International shares rose around 4 percent to trade at Rs 147.99 apiece.

Indian Railways may soon allow these outlets at railway stations:

The Ministry of Railways, in a circular dated November 13, said that South Central Railway in a letter had stated that there is need to permit Premium Single Brands, such as McDonald's, KFC, Pizza Hut, Baskin Robbins, Haldirams, Bikanerwala and others, at stations to bring them at par with similar facilities available to passengers at airports.

Railway Board examined the request and concluded that Zonal Railways can operate 'Premium Brand Catering Outlets' (single-brand, company-owned/operated/franchise), if there is a demand and justification by suitably incorporating the same in the station plan or blueprint.

Thereby, 'Premium Brand Catering Outlet’ was added as a new and fourth type of catering stall which can be operated at a railway station. "Allotment of 'Premium Brand Catering Outlet' will be done as per governing e-Auction policy in vogue. A dedicated segment may accordingly be created under the e-Auction module," the circular read.

These outlets will have a tenure of 5 years, like any other stalls at the railway stations. "All other instructions, including fixation of Minimum License Fee, shall be governed as per extant Catering Policy," the circular further read.

Devyani International and Sapphire Foods India:

Both Devyani International and Sapphire Foods India operate KFC and Pizza Hut outlets in India as franchisee partners of American conglomerate Yum! Brands. The mention of these two names in the circular boosted investor sentiment for the two stocks, pushing them higher up.

Sapphire Foods operated 529 outlets of KFC and 338 outlets of Pizza Hut at the end of the July-September quarter of FY26. Devyani International's KFC and Pizza Hut store count in India meanwhile stood at 734 and 621 respectively, at the end of the quarter.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-18-11-2025-liveblog-13681720.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Devyani, Sapphire Foods rise up to 5% as KFC and other popular food brands may arrive at railway stations soon

The shares of Devyani International and Sapphire Foods jumped in trade on November 18. This comes as Indian Railways may soon allow 'Premium Brand Catering Outlets' to operate at railway stations.

The two companies operate KFC and Pizza Hut outlets in India. Sapphire Foods India shares surged more than 5 percent to trade at Rs 264 apiece, while Devyani International shares rose around 4 percent to trade at Rs 147.99 apiece.

Indian Railways may soon allow these outlets at railway stations:

The Ministry of Railways, in a circular dated November 13, said that South Central Railway in a letter had stated that there is need to permit Premium Single Brands, such as McDonald's, KFC, Pizza Hut, Baskin Robbins, Haldirams, Bikanerwala and others, at stations to bring them at par with similar facilities available to passengers at airports.

Railway Board examined the request and concluded that Zonal Railways can operate 'Premium Brand Catering Outlets' (single-brand, company-owned/operated/franchise), if there is a demand and justification by suitably incorporating the same in the station plan or blueprint.

Thereby, 'Premium Brand Catering Outlet’ was added as a new and fourth type of catering stall which can be operated at a railway station. &quot;Allotment of 'Premium Brand Catering Outlet' will be done as per governing e-Auction policy in vogue. A dedicated segment may accordingly be created under the e-Auction module,&quot; the circular read.

These outlets will have a tenure of 5 years, like any other stalls at the railway stations. &quot;All other instructions, including fixation of Minimum License Fee, shall be governed as per extant Catering Policy,&quot; the circular further read.

Devyani International and Sapphire Foods India:

Both Devyani International and Sapphire Foods India operate KFC and Pizza Hut outlets in India as franchisee partners of American conglomerate Yum! Brands. The mention of these two names in the circular boosted investor sentiment for the two stocks, pushing them higher up.

Sapphire Foods operated 529 outlets of KFC and 338 outlets of Pizza Hut at the end of the July-September quarter of FY26. Devyani International's KFC and Pizza Hut store count in India meanwhile stood at 734 and 621 respectively, at the end of the quarter.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/renewables/emmveephotovoltaicpower/EPP01">Emmvee Photovoltaic Power</a> jumped nearly 5 percent on November 18 to its day's high after making a flat market debut on stock markets. Analysts have suggested the investment strategy investors should take with the newly-listed stock.

The shares of the company made a muted debut on stock markets earlier today, listing flat at the IPO price at Rs 217 apiece on NSE. The stock then jumped nearly 5 percent to hit an intraday high of Rs 227.71 apiece.

Emmvee Photovoltaic shares then pared most of the gains, closing 0.83 percent higher than IPO price at Rs 218.80 apiece. The company's market capitalization at the end of the debut day stood at Rs 15,148.51 crore.

Should you buy, sell or hold?

Emmvee Photovoltaic Power is India's second-biggest pure-play integrated solar PV module and cell maker renowned for reliable products with advanced technology, Master Capital Services noted. It added that the company has an early mover advantage in high-efficiency TOPCon cells, integrated operations across the value chain supportive of productivity and sustainability, and strong client relationships which underpin a growing order book.

'Keep an eye on Q3 results':

The brokerage advised investors to keep an eye on Q3 FY26 results for sustained margins amid competitive pressures on pricing. It added that liquidity may build up gradually and therefore, the stock will fit into growth-oriented portfolios seeking solar exposure.

'Flat listing signals steady but cautious market response':

Kalp Jain, Research Analyst at INVasset PMS, noted that the flat listing signals a steady but cautious market response. "The listing comes at a time when India's solar manufacturing ecosystem is benefitting from tailwinds such as the PLI scheme, ALMM revival, and the country’s broader target of achieving 500 GW of non-fossil energy capacity by 2030. Emmvee’s focus on advanced technologies like Mono PERC and TOPCon strengthens its competitive positioning as global module efficiencies improve," he said.

While the <a href="https://www.moneycontrol.com/news/business/ipo/emmvee-photovoltaic-shares-make-muted-market-debut-list-flat-at-ipo-price-13682050.html">muted listing</a> shows that a meaningful portion of optimism was already factored into the valuation, the company enters the market with strong sectoral momentum, Jain said. He noted that post-listing, investor attention will naturally shift to execution—timely commissioning of new capacities, stabilisation of operating margins, diversification of its customer base, and the ability to navigate price volatility in solar components. These elements will shape Emmvee’s trajectory in the quarters ahead.

The flat listing of Emmvee was not surprising, as subdued subscription and a sharp fall in GMP indicated that investors are wary of the near-term demand and not the solar story for the long term, said Siddharth Maurya, Founder &amp; Managing Director at Vibhavangal Anukulakara.

'Stock best treated as a cautious hold rather than a conviction buy'

“While scale, integration, and order book growth are all positives for the company, its balance sheet needs further strengthening, and profit margins are significantly influenced by module pricing cycles. For Emmvee, execution of capacity expansion without stretching leverage will constitute value creation. Till the numbers stabilize, this is best treated as a cautious hold rather than a conviction buy,” he added.

Planned capacity expansion to 16.3 GW modules by H1 FY28 positions Emmvee to capture significant market share in India's renewable manufacturing opportunity, said Abhinav Tiwari, Research Analyst at Bonanza.

Shravan Shetty, Managing Director at Primus Partners, expects Emmvee Photovoltaic to perform well if it maintains its current guidance and pair of debt. "Even though the trailing P/E is high at 40, its forward P/E (at 20) is relatively lower, even compared to forward P/E trends of peers, indicating scope for higher returns," he said.

Emmvee Photovoltaic listing vs grey market estimates:

The market debut of the company is at par with grey market estimates. Ahead of listing, the unlisted shares of the company were trading flat at the IPO price at Rs 217 apiece, suggesting zero percent grey market premium (GMP) over the IPO price, according to Investogain and IPO Watch.

The Rs 2,900-crore initial public offering of Emmvee Photovoltaic was fully subscribed (102 percent) during its three days of public bidding. Retail investors fully booked (116 percent) their reserved portion.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-18-11-2025-liveblog-13681720.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Emmvee Photovoltaic shares jump up to 5% after flat listing: Should you buy, sell or hold?

The shares of Emmvee Photovoltaic Power jumped nearly 5 percent on November 18 to its day's high after making a flat market debut on stock markets. Analysts have suggested the investment strategy investors should take with the newly-listed stock.

The shares of the company made a muted debut on stock markets earlier today, listing flat at the IPO price at Rs 217 apiece on NSE. The stock then jumped nearly 5 percent to hit an intraday high of Rs 227.71 apiece.

Emmvee Photovoltaic shares then pared most of the gains, closing 0.83 percent higher than IPO price at Rs 218.80 apiece. The company's market capitalization at the end of the debut day stood at Rs 15,148.51 crore.

Should you buy, sell or hold?

Emmvee Photovoltaic Power is India's second-biggest pure-play integrated solar PV module and cell maker renowned for reliable products with advanced technology, Master Capital Services noted. It added that the company has an early mover advantage in high-efficiency TOPCon cells, integrated operations across the value chain supportive of productivity and sustainability, and strong client relationships which underpin a growing order book.

'Keep an eye on Q3 results':

The brokerage advised investors to keep an eye on Q3 FY26 results for sustained margins amid competitive pressures on pricing. It added that liquidity may build up gradually and therefore, the stock will fit into growth-oriented portfolios seeking solar exposure.

'Flat listing signals steady but cautious market response':

Kalp Jain, Research Analyst at INVasset PMS, noted that the flat listing signals a steady but cautious market response. &quot;The listing comes at a time when India's solar manufacturing ecosystem is benefitting from tailwinds such as the PLI scheme, ALMM revival, and the country’s broader target of achieving 500 GW of non-fossil energy capacity by 2030. Emmvee’s focus on advanced technologies like Mono PERC and TOPCon strengthens its competitive positioning as global module efficiencies improve,&quot; he said.

While the muted listing shows that a meaningful portion of optimism was already factored into the valuation, the company enters the market with strong sectoral momentum, Jain said. He noted that post-listing, investor attention will naturally shift to execution—timely commissioning of new capacities, stabilisation of operating margins, diversification of its customer base, and the ability to navigate price volatility in solar components. These elements will shape Emmvee’s trajectory in the quarters ahead.

The flat listing of Emmvee was not surprising, as subdued subscription and a sharp fall in GMP indicated that investors are wary of the near-term demand and not the solar story for the long term, said Siddharth Maurya, Founder &amp;amp; Managing Director at Vibhavangal Anukulakara.

'Stock best treated as a cautious hold rather than a conviction buy'

“While scale, integration, and order book growth are all positives for the company, its balance sheet needs further strengthening, and profit margins are significantly influenced by module pricing cycles. For Emmvee, execution of capacity expansion without stretching leverage will constitute value creation. Till the numbers stabilize, this is best treated as a cautious hold rather than a conviction buy,” he added.

Planned capacity expansion to 16.3 GW modules by H1 FY28 positions Emmvee to capture significant market share in India's renewable manufacturing opportunity, said Abhinav Tiwari, Research Analyst at Bonanza.

Shravan Shetty, Managing Director at Primus Partners, expects Emmvee Photovoltaic to perform well if it maintains its current guidance and pair of debt. &quot;Even though the trailing P/E is high at 40, its forward P/E (at 20) is relatively lower, even compared to forward P/E trends of peers, indicating scope for higher returns,&quot; he said.

Emmvee Photovoltaic listing vs grey market estimates:

The market debut of the company is at par with grey market estimates. Ahead of listing, the unlisted shares of the company were trading flat at the IPO price at Rs 217 apiece, suggesting zero percent grey market premium (GMP) over the IPO price, according to Investogain and IPO Watch.

The Rs 2,900-crore initial public offering of Emmvee Photovoltaic was fully subscribed (102 percent) during its three days of public bidding. Retail investors fully booked (116 percent) their reserved portion.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of IT stocks declined on November 18, pushing the Nifty IT index down for the third out of four sessions. IT stocks are among the top losers on the market today, along with metal and realty stocks.

The <a href="https://www.moneycontrol.com/indian-indices/nifty-it-19.html">Nifty IT index</a> declined over 1 percent to hit an intraday low of 36,001.90 in the morning of Tuesday. Here are four reasons behind the sharp decline in IT stocks today:

Lower chances of Fed rate cut:

A growing number of Federal Reserve policymakers are now showing willingness to not ease rates further. Market expectations for a 25 basis-point rate cut in December fell to nearly 46 percent from 50 percent earlier this week, CME Group's FedWatch tool showed, as reported by Reuters.

Short-term interest rate futures now show much lower chances of the rate-setting Federal Open Market Committee (FOMC) lowering its borrowing costs on December 10, when the Fed wraps up its last policy meeting of 2025. Earlier last week the contracts indicated a 67 percent likelihood of a cut.

A rate cut in the US is expected to increase the discretionary spending limit, which in turn benefits IT companies which derive a significant portion of their revenue from the North American market. Hence, the rising expectations of no rate by the Federal Reserve despite earlier hopes may have affected investor sentiment.

Global worries around possible AI bubble:

Earlier last week, SoftBank sold stake worth $5.8 billion in Nvidia, igniting fears that the frenzy around artificial intelligence may have peaked. Recently, Morgan Stanley and Goldman Sachs CEOs warned that stock markets could be heading to a drawdown, while hedge fund manager <a href="https://www.moneycontrol.com/news/business/markets/michael-burry-doubles-down-against-ai-bubble-with-billion-dollar-shorts-revives-dot-com-era-memories-13680920.html">Michael Burry, known for shorts on the US housing market ahead of the 2008 crash</a>, bet against Nvidia and Palantir.

Wall Street and global stock markets fell following the rising fears. Nasdaq is down nearly 1 percent to 22,708.07, while South Korea's Kospi declined over 3 percent and China's Shanghai Composite was down over 1 percent.

Indian IT companies while releasing their Q2 results highlighted rising investments in AI-driven technology and tools. Hence, the worries around the AI bubble having reached its peak may have dampened investor sentiment for these stocks.

Investors await US data:

The sharp fall in the IT stocks also comes as investors actively await key US data, which includes the delayed September jobs report. This comes after the end of the US government shutdown last week.

Several of these government reports on key US data were delayed during US federal government shutdown that began in the beginning of October and ended on November 12, marking the longest government shutdown in US history.

IT companies earn a significant share of revenue from the US.

Profit-booking:

The decline in the IT stocks may have also been fuelled by profit-booking after strong gains. The Nifty IT index gained nearly 5 percent while extending gains during the three sessions from November 10 and November 12.

The index has now corrected more than 2 percent since then.

Top IT losers today:

<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/techmahindra/TM4">Tech Mahindra</a> shares dropped nearly 2 percent, while LTI Mindtree, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/infosys/IT">Infosys</a> and Coforge shares fell over 1 percent each. <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/wipro/W">Wipro</a>, <a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/hcltechnologies/HCL02">HCLTech</a> and Mphasis shares meanwhile fell nearly 1 percent each.

Tata Consultancy Services (<a href="https://www.moneycontrol.com/india/stockpricequote/computers-software/tataconsultancyservices/TCS">TCS</a>) and Persistent Systems shares were trading in the red with marginal losses.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-18-11-2025-liveblog-13681720.html">Our LIVE blog on stock market updates</a>

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

TechM, Infosys, Wipro shares fall up to 2%, IT index falls for 3 out of 4 sessions: Here are 4 reasons why

The shares of IT stocks declined on November 18, pushing the Nifty IT index down for the third out of four sessions. IT stocks are among the top losers on the market today, along with metal and realty stocks.

The Nifty IT index declined over 1 percent to hit an intraday low of 36,001.90 in the morning of Tuesday. Here are four reasons behind the sharp decline in IT stocks today:

Lower chances of Fed rate cut:

A growing number of Federal Reserve policymakers are now showing willingness to not ease rates further. Market expectations for a 25 basis-point rate cut in December fell to nearly 46 percent from 50 percent earlier this week, CME Group's FedWatch tool showed, as reported by Reuters.

Short-term interest rate futures now show much lower chances of the rate-setting Federal Open Market Committee (FOMC) lowering its borrowing costs on December 10, when the Fed wraps up its last policy meeting of 2025. Earlier last week the contracts indicated a 67 percent likelihood of a cut.

A rate cut in the US is expected to increase the discretionary spending limit, which in turn benefits IT companies which derive a significant portion of their revenue from the North American market. Hence, the rising expectations of no rate by the Federal Reserve despite earlier hopes may have affected investor sentiment.

Global worries around possible AI bubble:

Earlier last week, SoftBank sold stake worth $5.8 billion in Nvidia, igniting fears that the frenzy around artificial intelligence may have peaked. Recently, Morgan Stanley and Goldman Sachs CEOs warned that stock markets could be heading to a drawdown, while hedge fund manager Michael Burry, known for shorts on the US housing market ahead of the 2008 crash, bet against Nvidia and Palantir.

Wall Street and global stock markets fell following the rising fears. Nasdaq is down nearly 1 percent to 22,708.07, while South Korea's Kospi declined over 3 percent and China's Shanghai Composite was down over 1 percent.

Indian IT companies while releasing their Q2 results highlighted rising investments in AI-driven technology and tools. Hence, the worries around the AI bubble having reached its peak may have dampened investor sentiment for these stocks.

Investors await US data:

The sharp fall in the IT stocks also comes as investors actively await key US data, which includes the delayed September jobs report. This comes after the end of the US government shutdown last week.

Several of these government reports on key US data were delayed during US federal government shutdown that began in the beginning of October and ended on November 12, marking the longest government shutdown in US history.

IT companies earn a significant share of revenue from the US.

Profit-booking:

The decline in the IT stocks may have also been fuelled by profit-booking after strong gains. The Nifty IT index gained nearly 5 percent while extending gains during the three sessions from November 10 and November 12.

The index has now corrected more than 2 percent since then.

Top IT losers today:

Tech Mahindra shares dropped nearly 2 percent, while LTI Mindtree, Infosys and Coforge shares fell over 1 percent each. Wipro, HCLTech and Mphasis shares meanwhile fell nearly 1 percent each.

Tata Consultancy Services (TCS) and Persistent Systems shares were trading in the red with marginal losses.

Also read: Our LIVE blog on stock market updates

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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