M&M, Eternal, Muthoot Finance, L&T Finance from BSE 500 hit record highs

CCL Products, GMDC, Zydus Wellness, Anand Rathi Wealth and Syrma SGS Technologies among others from the BSE 500 and Nifty 500 index also registered new all-time highs in Friday's trading session.

Stocks at new high

Stock price of automobile major Mahindra & Mahindra (M&M), gold finance company, Muthoot Finance, non-banking finance firm L&T Finance and Eternal, the parent company of food aggregator Zomato and quick-commerce firm Blinkit, from the BSE 500 index hit their respective all-time highs on Friday in an otherwise subdued market.

 

CCL Products, Gujarat Mineral Development Corporation (GMDC) and Zydus Wellness among others from BSE 500 index and Anand Rathi Wealth and Syrma SGS Technologies from the Nifty 500 index also hit their new highs. In comparison, the BSE Sensex and Nifty 50 were down 0.2 per cent at 11:07 AM.

 

 

Among individual stocks, Gujarat Mineral Development Corporation (GMDC) rallied 12 per cent to ₹510.85 in intra-day trade amid heavy volumes. The stock surpassed its previous high of ₹505 touched on February 5, 2024. In the past one week, the stock price of industrial minerals company has soared 27 per cent. The average trading volumes at the counter jumped over five-fold, with a combined 19 million equity shares changing hands on the NSE and BSE.

 

Shares of M&M hit a new high of ₹3,575, gaining 3 per cent in intra-day trade. In the past two trading days, the stock price of the company has surged 9 per cent after the GST Council approved a broad rationalisation of GST rates across vehicle categories, effective September 22, 2025. In addition, tractor GST rates were reduced from 12 per cent to 5 per cent, which should boost demand going ahead. 

 

Thus far in the month of September, M&M has outperformed the market by soaring 12 per cent, as compared to 0.8 per cent rise in the BSE Sensex and 5 per cent rally in the BSE Auto index. The company said the GST rationalisation would be a demand driver through the festive season.

 

Meanwhile, the above-normal monsoon and improved reservoir levels augur well not only for Kharif crops but also for the upcoming Rabi season in October. While the IMD's forecast of surplus rainfall in September – especially in certain pockets – may pose risks to Kharif harvests, it needs to be managed with caution. All these factors, along with continued government support through financing schemes for farmers could potentially drive tractor demand during the upcoming festive season, M&M said.

 

Share price of Eternal hit a record high of ₹334.40, and was up 2.4 per cent in intra-day trade. The stock surpassed its previous high of ₹331.35 touched on August 20, 2025.

 

Motilal Oswal Financial Services has retained its ‘Buy’ rating on Eternal with a target price of ₹420 per share. The food delivery and quick commerce industry has faced multiple headwinds over the past few months. Food delivery (FD) growth slowed due to weak consumption and macro pressures, while quick commerce (QC) profitability came under strain from heightened competition, accelerated dark store rollouts, and elevated customer acquisition costs. The brokerage firm now believes the cycle is turning. 

 

The latest GST changes suggest that Eternal and Swiggy will have to pay 18 per cent GST on delivery charges collected from customers. Analysts at JM Financial Institutional Securities believe that the impact (if any) will be negligible for both because 1) in food delivery, delivery charges typically get waived on two thirds of their order volumes and 2) in quick commerce, Blinkit already collects 18 per cent GST on delivery charges, whereas Instamart ends up waiving the charges on most orders.