Benchmark Indian indices pared gains and closed lower, weighed by metal and technology stocks. The Sensex closed 0.37% down to 57338.21 and Nifty ended lower 0.33% to 17,076.25.
Indian rupee lost 7 paise to close at 73.08 against the US dollar on Wednesday.
Among sectors, Nifty Metal and IT lost 1.79% and 1.33%, respectively. Nifty Bank (0.41%) and FMCG (0.29%) gained marginally.
Data released by IHS Markit showed India’s Manufacturing Purchasing Managers’ Index fell from July’s high of 55.3 to 52.3 in August, but stayed above the 50-level indicating the factory activity was in a growth trajectory on a monthly basis.
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AU Small Finance Bank: The lender soothed investors’ and depositors’ concerns with regard to top-level resignations in recent months, saying that it is a “simple HR issue” that the company management is trying to resolve. MD & CEO Sanjay Agarwal said the bank has “nothing to hide” and there is nothing on the “governance issue”.
ITC Ltd: The conglomerate plans to make FMCG, agriculture and hotel segments as its main growth drivers, with the company’s chairman Sanjiv Puri spearheading the ‘Next’ strategy through bold acquisitions, and disruptive digital innovation. This new strategy’s goal is to ensure that ITC remains future-oriented and consumer-centric to create sustainable value for all stakeholders.
GMR Group: The company plans to invest Rs 519.52 by 2024 in a Rs 5000 crore metro rail link project that is being proposed by the Telangana government for connectivity to the aerodrome from various parts of the city. The planned Airport Metro Link is expected to span about 31km and the plan envisages development of an alignment of eight km along with setting up of three metro stations within the premises of Rajiv Gandhi International Airport.