Get App
Benchmarks stock indices gained after four-day losing trend, boosted by gains in energy, pharma and IT stocks amid soaring crude prices. The Sensex rose 0.78% and the Nifty 50 ended 0.74% higher.
Broader indices also mirrored benchmark indices. The Nifty Midcap 100 rose 0.49% and the BSE Smallcap was up 0.24%.
Top gainers in Nifty sectoral indices were Energy [1.2%], Pharma [1.2%], IT [0.98%], Private Bank [0.65%] and FMCG [0.5%]. Top losers were Metal [-1.31%] and PSU Bank [-0.29%].
Crude prices remained elevated. WTI Crude prices stood at $121.74 per barrel and Brent Crude was $123.29 a barrel.
Indian rupee fell 3 paise to 77.77 against the US dollar on Thursday.
Stock in News Today
Reliance Industries Ltd: The oil-to-telecom conglomerate and Apollo Global Management has made a binding offer for Walgreens Boots Alliance’s international arm, Bloomberg reported citing sources. The investor group submitted a bid for the Boots drugstore chain this week that’s fully backed by committed financing, the people said, asking not to be identified because the information is private.
Infosys: The IT major Germany-based firm TK Elevator announced global and strategic collaboration. The seven-year deal is an extension of successful modernisation of TK Elevator’s IT infrastructure in Europe and Africa. Infosys will harmonise global service desk and workplace operations, offer network security and I.T. infrastructure services using its Cobalt-driven automation framework.
Interglobe Aviation (IndiGo): The carrier and American Airlines launched codeshare agreement that allows American Airlines to sell seats on Indigo’s flights operating on Delhi-Bengaluru and Delhi-Mumbai routes. This comes nine months after the two companies announced that they have entered codeshare agreement. The two airlines plan to expand codeshare agreement to more than a dozen more destinations in India.
Coal India: The state-owned company floated an international competitive bidding e-tender, seeking bids for import of 2.41 million tonnes of coal. The coal is being sourced on behalf of the state generating companies and independent power plants. After the price discovery, CIL shall immediately execute a contract with the successful bidder for supply of coal.
Oil Refining companies: Russia’s Rosneft is holding back on signing new crude oil deals with two Indian state refiners, Reuters reported citing three sources with knowledge of the matter.”Rosneft is non-committal in signing a contract with HPCL and BPCL. They are saying they don’t have volumes,” said one of the sources.
Welspun Corp and Tata Steel: Welspun and Tata Steel have partnered to develop the “framework for and subsequently manufacturing” pipes for transportation of pure hydrogen and natural gas-blended hydrogen. The green energy strategic partnership with Tata Steel is to assess the suitability of a variety of pipes manufactured by WCL for the transportation of the fuel of the future, Wespun said.
Indian Energy Exchange (IEX): Shares of the company jumped over 5% after the power regulator CERC passed an order, allowing the company to sell long-duration contracts on its exchange. Now, the contracts have a maximum duration of three months and IEX can introduce monthly and quarterly contracts based on CERC norms. The decision is likely to lead to higher volumes for IEX.
NMDC: Brokerage firm Kotak Institutional Equities reiterated ‘sell’ and kept target price unchanged at Rs 110 citing weak demand and believes that consensus earnings appear ‘too optimistic’ and expected sharp downgrades. Kotak also noted that value unlocking through steel plant demerger and commissioning seemed elusive due to delays.
BLS International: shares of the company jumped over 8% after the company announced plans to acquire 100% equity stake of Zero Mass at an equity valuation of Rs 120 crore. BLS E-Services, the company’s subsidiary, has already entered into a share purchase agreement to acquire 88.26% equity shares of Zero Mass Private from Rs 105.91 crore. The acquisition will be completed within 60 days.
Deepak Nitrite: Shares of the company fell 5% in intraday trading but pared some losses after some media reports said that the Gujarat government seemed to haved issued closure notice to the chemical intermediate maker due to the recent Nandesari explosions. The company shares ended 0.74% at Rs 1785.15 apiece.
UPL: The company announced launch of new insecticides in India with patented active ingredient Flupyrimin. The insecticide target most damaging rice pests and the launch will coincide with the Kharif crop sowing season. Flupyrimin is effective against major rice pests like brown plant hopper, yellow stem borer.