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Benchmark equity indices closed slightly lower, weighed by losses in metal and banking stocks. The Sensex closed 0.16% lower to 57806.49 and Nifty fell 0.11% to 17213.60.
Top laggards were Nifty Metal [-1.05%], Bank [-0.39%], FMCG [-0.36%] and Energy [-0.31%]. Top gainers were Pharma [1.71%] and Auto [0.42%].
Indian rupee slipped 3 paise to close at 74.73 against the US dollar.
Stocks in News Today
Bajaj Auto: The auto maker plans to spend Rs 300 crore to build a manufacturing plant in Pune with a capacity of producing five lakh electric vehicles per year. The manufacturing unit will cater to both domestic and export markets. The first vehicle is expected to be rolled out by June 2022.
Macrotech Developers (Lodha): Brokerage firm Morgan Stanley has initiated coverage on Macrotech with an equal-weight rating on the stock and a target price of Rs 1,312 per share. This is based on strong growth outlook of Macrotech Developers.
TeamLease Services: Shares of the company closed 3.30% higher after Kotak Institutional Equities upgraded the stock to ‘buy’ citing recent stock price correction and improving business momentum. The brokerage has maintained the target price unchanged at Rs 4,420. In a note, Kotak said that TeamLease remained well placed to see healthy increase in general staffing headcount as e-Commerce sales picks up and core sectors recover.
Puravankara Limited: Keppel Land plans to buy 49% stake in Purvankara’s high-rise Grade A commercial office project in Bengaluru, India, for S$21.1 million, Bloomberg reported. The deal is expected to close by second quarter of 2022.
PG Electroplast: The company has begun manufacturing LED televisions at its Noida facility for two of its clients. The company has an installed capacity of 5 lakh units of TVs with 70 inch-screen sizes. The Noida facility is fully integrated with SMT lines for PCB assembly, clean room for LCM module and final product assembly and plastic moulding. Shares of the company closed 4.65% higher.
NTPC: The public-sector company plans to rope in a strategic investor for its clean energy arm NTPC Renewable Energy Ltd (NREL) ahead of its listing on bourses in October 2022, according to a senior official. The listing of NREL is part of the state-run power company’s overall Rs 15,000 crore divestment plan in next three years.
Amara Raja: The company said it plans to invest in InoBat Auto, a European technology developer and manufacturer of premium innovative batteries for e-mobility. The investment will give Amara Raja a key foothold in the European EV ecosystem.