Price Action: Meesho down 4% as Nomura keeps ‘reduce’ rating; LCC Projects jumps 4% on project win

New business data points to the fact that Stock-specific action remained in focus on Dalal Street on September 25, with market participants reacting to corporate developments and research firms view.

Dr Lal PathLabs stock price declined 1% after the firm's board approved the acquisition of a 70% stake in SN Genelab for up to ₹168 crore. Following the acquisition, SN Genelab will become a subsidiary, with the transaction anticipated to be completed by November 30, 2026.

Meesho shares declined 4% following Nomura initiated coverage with a 'reduce' rating and a target price of ₹167, viewing the firm as a direct play on India's fast-growing online value-commerce market. The brokerage anticipates 23% NMV CAGR over FY27-30, fuelled by increasing adoption, while highlighting Meesho's asset-light model, AI-led innovation and improving free cash flow as key positives.

Sterlite Technologies stock price advanced 3% after the firm strengthened its Neuralis Data Center portfolio with pre-terminated fibre trunk assemblies ranging from 48F to 6,912F, targeting hyperscale and enterprise data centres amid rising AI, cloud and HPC demand.

LCC Projects stock price advanced 4% after the firm emerged as the L-1 bidder for the Chhoti Kalisindh Medium Irrigation Project in Rajasthan, with an estimated value of ₹653.34 crore.

Among sectors, except metal and pharma, all other sectoral indices were trading softer with Information Technology index shed 1%.

The broader market traded in the red, with the Nifty Midcap 100 index falling 0.4% and the Nifty Smallcap 100 index shedding 0.2%.

Market breadth on the BSE remained negative, with 1531 shares advancing, 1700 declining and 198 unchanged.