Trending Stocks Today: Swiggy, PC Jeweller, Vodafone Idea, Zetwerk Manufacturing Business

Mumbai, October 23: Shares of Swiggy, PC Jeweller and Vodafone Idea were among the stocks in focus on the NSE on Friday, October 23, amid stock-specific developments and heightened investor activity. Swiggy fell to a record low after widening losses at its quick-commerce business Instamart raised concerns over profitability, while PC Jeweller extended its decline despite reporting strong September-quarter profit growth. Vodafone Idea continued to slide for a fourth consecutive session as investors tracked competition in the telecom sector amid the Jio Platforms IPO. Zetwerk Manufacturing Business also came under pressure on its listing day, slipping below its IPO price after an initially positive debut.

PC Jeweller Limited (down 4.15%)

Shares of PC Jeweller Ltd continued to decline on Friday, extending their reversal a day after the company reported a 58% year-on-year increase in net profit for the September quarter. The stock had rallied sharply on Thursday before falling, indicating profit-booking despite the strong earnings growth.

PC Jeweller has been among the market’s standout performers in 2026, with the stock gaining 86% so far this year. The substantial rally has put the jewellery maker in focus as investors track its financial recovery and efforts to strengthen its balance sheet.

The company’s improving financial position has been a key factor driving investor interest. PC Jeweller has declared itself debt-free following a one-time settlement with its lender banks, marking a significant step in its efforts to reduce liabilities and improve financial stability.

Market participants will now watch whether PC Jeweller can maintain its earnings momentum, sustain its financial recovery and benefit from demand in the jewellery sector.

Vodafone Idea Limited (down 3.21%)

Shares of Vodafone Idea Ltd declined for a fourth consecutive trading session on Friday as investors tracked Jio Platforms’ Rs 30,213-crore initial public offering (IPO), which entered its third and final day of subscription.

Reliance Industries’ digital and telecom subsidiary opened its IPO on Wednesday. The offering carries a price band of Rs 1,065-1,119 per share and is the largest public issue in India to date, marking Reliance’s return to the IPO market after two decades.

Jio’s proposed listing comes against the backdrop of intense competition in India’s telecom sector. Since entering the market in 2016 with aggressively priced data and voice services, the company has expanded its subscriber base and established itself as a major player, competing with Vodafone Idea and Bharti Airtel.

For Vodafone Idea, the IPO has brought renewed attention to the competitive landscape and the financial challenges facing telecom operators. Investors will track subscriber additions, revenue growth, funding requirements and the company’s ability to invest in its network while competing with better-capitalised rivals. The stock’s continued decline also comes amid broader market volatility, with the sustainability of any recovery likely to depend on the company’s operational performance and financial position.

Zetwerk Manufacturing Businesses Limited (down 9.04% over issue price)

Shares of Zetwerk Manufacturing Business made a subdued debut on the stock exchanges on Friday, October 23, listing at Rs 159 apiece on the BSE and NSE, a premium of 5% over the issue price of Rs 151. The initial gains proved short-lived, however, with the stock slipping below its IPO price soon after listing.

Zetwerk is a manufacturing services firm backed by Peak XV Partners and Accel India.

The Rs 5,012.33-crore initial public offering (IPO) comprised a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares by existing shareholders, valued at around Rs 2,182 crore at the upper end of the price band.

Zetwerk had fixed the IPO price band at Rs 143-151 per share. The issue, which opened for subscription on October 15 and closed on October 19, was subscribed around three times overall, with institutional investors driving demand. The qualified institutional buyer category was subscribed 4.73 times, while the non-institutional investor portion was subscribed 1.40 times. Retail investors’ portion received bids for 0.73 times the shares on offer.

The company plans to use the proceeds from the fresh issue to repay borrowings, support acquisitions and meet general corporate purposes. The IPO also drew anchor investment from global investors, including BlackRock, Goldman Sachs and Nomura.

Swiggy Limited (down 14.45%)

Shares of Swiggy tumbled to a record low on Friday after losses at its quick-commerce arm Instamart widened in the September quarter, intensifying concerns over profitability amid fierce competition. Instamart’s adjusted EBITDA loss rose to Rs 895 crore from Rs 849 crore a year earlier. Brokerages retained their ‘buy’ ratings but cut their target prices.

Source:

• NSE