Price Action: Marine Electricals shares gain 3% on order win, GE Shipping up 4% after Nomura initiates…

The latest market report highlights that Stock-specific action remained in focus on Dalal Street on September 28, with market participants reacting to corporate developments and research firms view.

Shares of Marine Electricals (India) further noted 3.5% after firm received orders totaling Rs 250.78 crores , including order from Digital Edge DC (India) Socomec India and STT Global Data Centres India Private Limited for supply of Power Distribution System.

Shares of GE Shipping rose 4% after research house Nomura initiated a Buy rating with a target price of ₹1,965 per share, citing the firm’s firm cash pile as a key source of funding for the next leg of fleet expansion. The brokerage noted that management has consistently bought tonnage at attractive prices, sold into resilience, maintained low leverage and returned surplus cash to shareholders.

Morepen Laboratories stock price jumped 2% after firm submitted its first Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration for Sitagliptin Tablets USP in 25 mg, 50 mg and 100 mg strengths. The submission extends the Firm’s established API and CDMO expertise into integrated finished dosage development and regulatory filing.

All the sectoral indices were trading weak, with auto, bank, infra, metal and realty down 1 percent each.

The broader market traded in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling more than 1% each.

Market breadth on the BSE remained negative, with 1166 shares advancing, 2553 declining and 170 unchanged.