Price Action: Neogen Chemicals shares fall 4% on QIP launch; Shankesh Jewellers surges 12% after Q1 profit…

According to fresh market updates, Stock-specific action remained in focus on Dalal Street on September 11, with market participants reacting to corporate developments and research firms view.

Neogen Chemicals stock price declined 4% after firm rolled out its qualified institutional placement (QIP) and set the floor price at Rs 2,189.73 per share. It may offer a discount of up to 5 percent on the floor price.

Shares of Shankesh Jewellers further noted 12% after firm's Q1 standalone earnings doubles to Rs 43.2 crore Vs Rs 21.6 crore and topline jumped 55.1% to Rs 423.6 crore Vs Rs 273.2 crore, YoY.

KEI Industries shares declined 3% following research house Jefferies maintained ‘buy’ but cuts target price to ₹6,150 from ₹6,920/share, noting that the stock has corrected 21% from its peak and 16% since Q1FY27 results.

On the sectoral front, barring IT, which advanced 0.4%, all other sectoral indices were trading softer. Metal, PSU banks, auto and consumer durables declined 1-3%, while infrastructure, media, oil & gas and pharma indices declined around 0.5% each.

The broader market additionally remained under pressure, with Nifty Midcap and Smallcap indices down 1.4% each.

Market breadth on the BSE remained negative, with 820 shares advancing, 2,471 declining and 146 unchanged.