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Benchmark Indian equity indices rose to close at record highs, boosted by gains in PSU Banks, metals, information technology and energy stocks. The Sensex rose 0.75% to 61765.59 and Nifty closed 0.76% higher at 18477.05.
Nifty PSU Bank index jumped 3.98%, Metal index surged 3.89%, IT rose 1.57% and Energy gained 1.54%. Nifty Pharma fell 0.89%.
Indian rupee fell 8 paise to 75.34 against the US dollar.
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Tata Power: Shares of the company jumped amid reports that the company is in talks with large pension and sovereign asset managers like Canada Pension Plan Invest Board (CPPIB) and Government of Singapore Investment Corp. (GIC), to raise $500 million ahead of its initial IPO of its renewable energy business.
UltraTech Cement: The company’s standalone operating revenue rose to Rs 11548.37 crore in Q2FY22 from Rs 10018.58 crore in Q1FY21. Net profit in the quarter rose to Rs 1300.09 crore from Rs 1208.67 crore. The company expects cement demand to pick up in the coming quarters on the back of strong infrastructure spend.
PNB Housing: The company’s shares fell 5% and was locked in lower circuit after the company said in its exchange filing that the housing finance company called-off the Rs 4,000 crore deal with group of investors led by Carlyle. Carlyle’s Pluto Investments will be initiating the process to withdraw the open offer for PNB Housing made at Rs 403.22 per share after the fund raising plan was delayed due to pending legal proceedings.
Paras Defence and Space Technologies: Shares of the company hit 20% upper circuit to Rs 750.35 after the company approved incorporation of an associate company in association with Krasny Defence Technologies Ltd, according to the company’s exchange filing. The proposed associated company shall be engaged in the field of maintenance, servicing and repairs of defence equipments and naval vessels, Paras said.
Vodafone Idea, L&T: The telecom operator has partnered with Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions, according to a statement. The companies said the pilot project would be set up in Pune on government-allocated 5G spectrum to visualise and analyse smart city applications. They will test and validate 5G use cases built on Internet of Things (IoT), Video AI (Artificial Intelligence) technologies leveraging L&T’s Smart City platform.
Sunteck Realty Ltd: The realty firm has acquired 110 acres river front land at Pen-Khopoli Road as it enters second-home market, according to its exchange filing. The land will be used for plotted and luxurious bungalows development and the project has access to Pen-Khopoli main road.
Ramkrishna Forgings Ltd: Shares of the company closed 1.38% higher to Rs 1,209 in intraday trade after the company said it has bagged significant orders from Indian Railways for the manufacture of Loco Shells. The company’s CEO, Lalit Khetan, said that the loco shells market is estimated to be about Rs 1,000 crore and the company aims to gain strong market share in loco shells.