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Benchmark Indian indices plunged, dragged by metal, banking, pharma and auto stocks as well as weak global cues. The Sensex fell 0.89% to 58,490.93, and the Nifty 50 plunged 1.07% to 17,396.90.
Among sectoral indices Nifty Metal, Pharma, Bank and Auto fell 6.60%, 1.8%, 1.76% and 1.44%. Nifty FMCG (0.91%) was the only sector that ended in the green.
Indian rupee fell 26 paise against the US dollar to close at 73.73.
Stock in News Today
Kotak Mahindra Bank: The lender has bought 16.7 million shares of KFin Technologies, about 10% of the company’s shareholding, for Rs 310 crore. The bank is looking to complete the acquisition by the end of October 2021. KFin provides technology solutions across various segments like mutual funds, alternative investment funds and pension funds.
HDFC Bank: The private sector lender has partnered with Paytm to launch a comprehensive range of co-branded credit cards powered by VISA. The launch is planned in October 2021 and the partnership aims to provide one of the widest range of offerings across customer segments, with a special focus on millennials, business owners and merchants.
ITC Ltd: The company’s target price has been raised to Rs 300 from Rs 275 per share by Jefferies, a brokerage firm. It has also given a buy rating. As the GST Council did not make any rate change in any of the cess sectors, including tobacco, Jefferies believes ITC is set to see a recovery in cigarette volumes and earnings in the coming quarters.
Tata Power: The utility services company through its unit TP Saurya has received a letter of intent from Maharashtra for setting up a 250 MW grid-connected solar photovoltaic power plant in Maharashtra, according to its regulatory filing. The solar plant project will be commissioned within 15 months from the date of the PPA execution. Including this project, the total renewable capacity of Tata Power will reach 4,611 megawatt with an installed capacity of 2,947 MW and 1,664 MW under implementation.
Coal India: The company said that its arm Bharat Coking Coal (BCCL) has signed contract worth Rs 1,880 crore with Prabha Energy for commercial extraction of coal bed methane (CBM). CBM would be extracted from Jharia Block I under leasehold area of BCCL, which will spend about Rs 370 crore towards the cost of the land, the rest will be met by the CBM developer.