It's not just Zomato — From Happiest Minds to CDSL, some of India's hottest stocks are melting too

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It's not just Zomato — From Happiest Minds to CDSL, some of India's hottest stocks are melting too
  • Benchmark indices BSE Sensex and Nifty 50 are trading lower mirroring the losses in other Asian markets.
  • Moreover, some of the hottest stocks in the Indian stock market are currently melting.
  • Stocks like Central Depository Services (India), Dixon Technologies, Happiest Minds Technologies, IndiaMART, Navin Fluorine International, Shree Renuka Sugars, Intellect Design Arena are witnessing a decline.
After a year of exceptional performance by most of the companies as even BSE Sensex surged 35% in the last one year, finally investors seem to be booking profits now. Benchmark index BSE Sensex and Nifty 50 have been trading lower by 1.3% each at 11:04 a.m., on July 28.

Some of the hottest stocks in the Indian stock market have been witnessing a meltdown. Stocks like Zomato, Central Depository Services (India), Dixon Technologies, Happiest Minds Technologies, IndiaMART, Navin Fluorine International, Shree Renuka Sugars, Intellect Design Arena are witnessing a sharp decline.

Recent stock change in some of the hottest stocks

Recent stock change in some of the hottest stocks
BCCL
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Central Depository Services (India)

Central Depository Services (India)
BCCL

Shares of Central Depository Services (CDSL) have seen a four fold increase (296%) since March 2020 because the number of small investors in the country has grown sharply in the last year. The depository’s demat account has currently reached 40 million.

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Dixon Technologies

Dixon Technologies
BCCL

Shares of Dixon Technologies were among hit stocks as it surged 61% so far this year. The stock is trading lower as investors seem to be booking a profit. This week, the company reported a consolidated net profit of ₹18.22 crore in the June quarter FY22 that jumped over 1,035% year-on-year.

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Navin Fluorine International

Navin Fluorine International
BCCL

Navin Fluorine International stock has surged 91% in the last one year and 34% in 2021 so far. And now the investors seem to be grabbing the profits by selling the stocks since the last 5 days. In the June quarter, the company’s net sales rose 51% to ₹326.51 crore while net profit declined 0.2% to ₹55.92 crore.

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Happiest Minds Technologies

Happiest Minds Technologies
BCCL

The shares of the company were under investors’ radar for buying this year as it surged significantly i.e 311% in 2021 so far. Reportedly, the company had posted a significant rally after it announced that it is among India's top 25 best companies to work for in 2021 in June. Like other information technology companies that have been gaining traction on growing demand for digital shift, Happiest Minds Technologies also became a buzzing stock. Further, investors will watch out for the company’s June quarter results that are scheduled on Wednesday, July 28.

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Shree Renuka Sugars

Shree Renuka Sugars
BCCL

Renuka Sugars, another favourite stock of investors, had gained almost 200% in 2021. It became the most valuable sugar producing company in terms of market capitalisation.

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Zomato

Zomato
BCCL

Shares of Zomato had gained 26% till July 27, and on Wednesday the stock was down 5.3% at 11:21 a.m. Some experts still doubt the fundamentals of the company to have bagged a huge valuation during the listing, which was about ₹1 lakh crore.

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Intellect Design Arena

Intellect Design Arena
BCCL

Shares of the software company have zoomed 151% in the year so far. Analysts at Sharekhan have reportedly maintained a buy rating on the company’s stock with a target price of ₹900 (the stock is currently at ₹767). Analysts at Sharekhan reportedly believe Intellect Design has invested well in its product portfolio and platforms over time, which positions it to capture opportunities across segments.

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