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Sensex and Nifty indices slipped into negative territory in a volatile session as investors stayed on the sidelines ahead of US retail inflation data. The Sensex slipped 0.02% and the Nifty 50 index fell 0.10%.
In broader markets, Nifty Midcap 100 index was down 0.32% and the BSE Smallcap inched up 0.02%.
Top losers among Nifty sectoral indices were FMCG [-1.13%], Energy [-0.83%], Pharma [-0.66%], Auto [-0.52%] and Oil & Gas [-0.43%]. Top gainers were Metal [0.75%], PSU Bank [0.70%], Bank [0.52%], Financial Services [0.5%], Media [0.42%] and Private Bank [0.41%].
Indian rupee rose 21 paise to 81.57 against the US dollar on Wednesday.
Stock in News Today
Maruti Suzuki India: The automaker unveiled its Concept Electric SUV eVX at Auto Expo 2023. With this, the company has reinforced its vision of developing sustainable powertrain systems through continuous technological development and innovation. The Concept eVX is a mid-size electric SUV concept designed and developed by Suzuki Motor Corporation, Japan. It offers futuristic SUV design elements with an upright posture and commanding high-seating. The Concept Electric SUV eVX will be powered by a 60kWh battery pack offering up to 550km of driving range.
Maruti Suzuki also displayed its range of sustainable product offerings like WagonR Flex Fuel prototype, Brezza S-CNG and Grand Vitara Intelligent Electric Hybrid.
Bharti Airtel: Foreign broker JP Morgan downgraded the stock to ‘underperform’ from ‘overweight’ and cut its target price to Rs 710 from Rs 860 earlier. The foreign broker cited that delayed price recovery is likely to impact telecom players and roll out of 5G is likely to drive capital expenditure.
Sun Pharmaceutical Industries: The drugmaker has launched Palbociclib, a novel targeted therapy for advanced breast cancer. Palbociclib when co-administered with hormonal therapies helps in delaying the progression of the cancer.
Rail Vikas Nigam (RVNL): The company has received Letter of Acceptance for construction of elevated viaduct (approximate length of 10 Km), nine elevated metro stations. The contract amount is Rs. 1134.11 crore and the said order is expected to be executed within 1065 days.
Castrol India: The company said that it has completed the acquisition of 7.09% stake in ki Mobility Solutions, whici a part of TVS Mobility Group. ki Mobility is one of the leading players in the automotive service, maintenance and repair sector in India. Castrol India had announced its plans to acquire 7.09% stake in ki Mobility with a planned investment of upto Rs 487.5 crore.
Piramal Pharma: The drugmaker said that the USFDA issued a Form 483, with six observations after the inspection of its Lexington facility. The US drug regulator had conducted a pre-approval inspection (PAI) and good manufacturing practices (GMP) inspection of the company’s Lexington facility between 27 December 2022 to 10 January 2023. The company said that it is preparing a detailed response to the observations, which will be submitted to the US FDA within the stipulated timelines.
Zydus Lifesciences: The company said that CRISIL Ratings has reaffirmed its ‘CRISIL AA+/Positive/CRISIL A1+’ ratings on the bank facilities and debt programme of the company. CRISIL Ratings said that the company’s consolidated revenue grew 5% YoY in fiscal 2022, supported by growth in the domestic formulations and emerging markets even as revenue from the US declined due to continued intense pricing pressure.
Atishay Ltd: The company said that it has received a work order worth Rs 1.9 crore from Central Pollution Control Board for implementation of centralised barcode system for tracking biomedical waste (CSBT-BMW). Atishay is software development company providing customised software solutions for businesses. Net profit of Atishay declined 13.04% to Rs 0.20 crore on 11.35% increase in net sales to Rs 5.10 crore in Q2 September 2022 over Q2 September 2021.
Narayana Hrudayalaya: The company said that it has incorporated a wholly owned subsidiary, NH Integrated Care, with an authorized capital of Rs 10 lakh and paid-up capital of Rs 5 lakh. NH Integrated Care has been incorporated to carry out the business of healthcare services in the field of health and wellness management.
Captain Pipes: The compan said that its board will consider a proposal for sub-division or splitting of the equity shares of the company in its meeting to be held on January 27, 2023. Further, the board will also consider issue of bonus shares to the shareholders of the company on the same date.
Atul Auto Limited: The automaker said its subsidiary, Atul Greentech, has unveiled two electric three-wheeler models, Atul Mobili & Atul Energie, at the Auto Expo 2023 in New Delhi.Atul Mobili is a passenger vehicle and Atul Energie is a cargo variant with robust build quality and powerful performance. Atul Energie is the industry’s first electric cargo three-wheeler to have a dual battery pack providing a superior range of 195 km (certified). The passenger variant, Atul Mobili comes with a range of 110 km (certified). Both the vehicles are powered by lithium-ion batteries.
Craftsman Automation Ltd (CAL): CRISIL Ratings has revised its outlook on the long-term bank facilities of the company to ‘positive’ from ‘stable’, while reaffirming the rating at ‘CRISIL A+’. Further, the agency has also reaffirmed the company’s short-term rating at ‘CRISIL A1’. The revision in outlook reflects the sustained strong improvement in CAL’s business performance in fiscal 2023, along with healthy demand for components from the CV and passenger vehicle OEMs.
RateGain Travel Technologies: The company announced that it has been awarded in two categories at the recently concluded 2023 Hotel Tech awards organized by Hotel Tech Report. RateGain finished among the top three companies in two categories — Rate Shopping & Market Intelligence which is part of its DaaS business line and the Channel Manager which is part of its Distribution business line.
Dr. Lal PathLabs: The diagnostic company said that CARE Ratings has assigned “CARE AA” rating with ‘stable’ outlook to the long-term bank facilities of the company worth Rs 229 crore. CARE Ratings said that the rating assigned to the bank facilities of Dr. Lal Pathlabs was due to the company’s leading position in the pathology laboratory (path lab) industry in India coupled with a strong brand image, dominant share in the organised diagnostic industry, thriving franchisee model and a robust network of laboratories.
Greaves Cotton: The company showcased a host of vehicles at the ongoing Auto Expo 2023 in Greater Noida today. The company unveiled its new, Made in India product offerings across two-wheelers and three-wheelers including e2w – Ampere Primus. The company said that it will leverage its decades of engineering expertise to manufacture powertrains as it aims to lead last-mile passenger and cargo mobility through a complete EV ecosystem stack. The company has committed a capital investment of Rs 1500 crore to boost India’s EV ecosystem.