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Benchmark Indian stock indices plunged, weighed by losses in consumer durables, metals, energy, pharma, FMCG and auto. The Sensex fell 0.74% to 61259.96 and Nifty dropped 0.83% to 18266.60.
Top losers among sectors were Nifty Metal (-2.06%), Energy (-1.63%), Pharma (-1.44%), FMCG (-1.34%), Auto (-1.15%) and BSE Consumer Durables (-3.36%).
Nifty PSU Banks index rose 1.54% as sector heavyweight SBI rose 2.4%.
Broader markets also tanked as mid-cap stocks and small-cap stocks came under heavy selling pressure. Nifty Midcap plunged 2.15% and BSE SmallCap tanked 2.31%.
Indian rupee rose 47 paise to 74.87 against the US dollar on Wednesday.
Stock in News Today
Jubilant Foodworks : The company reported a 58.11% rise in its consolidated net profit to Rs 119.82 crore in Q2FY22, as against a profit of Rs 75.78 crore in the year-ago period, boosted by higher sales. Its operating revenue rose to Rs 1116.19 crore, from Rs 816.33 crore.
IRCTC: The company’s shares tanked nearly 19% due to heavy selling pressure as investors booked profits. The company’s market cap fell from Rs 1.02 trillion to Rs 70,949.60 crore.
Vodafone Idea: The telecom operator’s board has approved the exercise of the option of deferment of the company’s spectrum auction instalments for a period of 4 years. It is the first telco among the three dominant companies to accept the deferred payment option provided under the telecom relief package.
Tata Steel BSL: The company’s consolidated total revenue from operations jumped 50% to Rs 8308.72 crore for the quarter ended September 2021. Its net profit jumped five times to Rs 1837.03 crore in the reported quarter, as against Rs 341.71 crore in the year-ago period.
Reliance Jio, Airtel and Vodafone Idea: Jio gained 6.49 lakh mobile users in August leading the subscriber addition tally, while Airtel added 1.38 lakh users, according to the TRAI data. In contrast, Vodafone Idea lost 8.33 lakh subscribers in August, although its losses were less compared to July.
Mindtree: The company has won a strategic partnership deal with the US-based Western Asset to help drive digital innovations, according to an exchange filing. Mindtree will also help Wester Asset to accelerate its transition to a platform-based operating model and automate its enterprise systems.
Honeywell Automation India: The company has won a bid worth Rs 496.57 crore for Bengaluru Safe City project under the Nirbhaya Fund announced by the Government of India, according to its exchange filing. The company said that the project duration included 2 years of capital expenditure and 5 years of operational expenditure.
Navin Fluorine: Share of the company fell 9.28% after it posted a decline in net profit. The company’s consolidated net profit was down to Rs 63.22 crore in Q2FY22, from Rs 64.42 crore in the year-ago period. Its revenue rose 6.28% YoY to Rs 338.95 crore.
Mastek Ltd: The company’s shares fell over 13.6% after it reported lower-than-expected results. Net income rose marginally QoQ to Rs 81.53 in Q2FY22, from Rs 80.21 in Q1FY22. Revenue edged up to Rs 533.93 crore in Q2FY22 from Rs 516.47 crore Q1FY22.