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Benchmark equity indices pared losses and closed nearly 1% higher boosted by gains in IT, Pharma, and PSU Bank stocks. Nifty touched a low of 15,671.45 but finally closed at 16,013.45. The Sensex jumped 1.1% and Nifty rose 0.95%.
TOp gainers among Nifty sectoral indices were Realty [3.25%], Media [2.76%], IT [2.69%], PSU Bank [2.57%] and FMCG [1.04%]. Top losers were Metal [-1.48%].
Indian rupee rose 5 paise to 76.91 against the US dollar.
Meanwhile, the London Metal Exchange has halted nickel trading after the metal’s price soared to above $100,000 per ton briefly. Bloomberg news reported that the price of nickel skyrocketed 111% to a record high on a short squeeze.
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Infosys Ltd: The IT company and Dow Jones, the business information provider and publisher of The Wall Street Journal expanded their collaboration to focus on product enhancements. Infosys will work with Dow Jones to build and deliver an enhanced set of capabilities using analytics and machine learning tools.
Coal India Ltd: The mining behemoth will add production of 7 lakh tonnes of ammonium nitrate, a key ingredient used in explosives for mining, according to Bloomberg news. The move is intended to tackle surging costs and protect profit margins.
Adani Ports and Special Economic Zone (APSEZ) and IOC: The company gained 1.12% to Rs 684.75 after the company signed an agreement with Indian Oil Corporation (IOC) towards augmentation of its crude oil volumes at Mundra. As part of the agreement, IOC will expand its existing crude oil tank farm at Adani Ports’ Mundra, enabling APSEZ to handle and blend additional 10 mmtpa crude oil.
State Bank of India (SBI): The country’s largest bank has appointed Nitin Chugh as deputy managing director (DMD) and head of digital banking to drive its digital banking operations. Chugh would be responsible for driving growth of customer acquisitions through digital channels, along with defining and implementing digital strategies, the lender said in a statement.
Ashok Leyland: The commercial vehicle manufacturer said that it has opened four new dealerships in Karnataka, further strengthening its presence in the southern state. The dealership has been opened in Bidadi, Tumkur, Kolar and Hoskote.
Alembic Pharmaceuticals (Alembic): The pharma firm said that its joint venture with Aleor Dermaceuticals (Aleor) has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Nystatin and Triamcinolone Acetonide Ointment USP, 1 lakh units/gram.
Shipping Corporation of India: The company’s proposed privatization may need to wait until the market turbulence due to Russia’s invasion of Ukraine abated, said its Harjeet Kaur Joshi, Chairperson & Managing Director in an interview to Bloomberg news. Globally markets are facing impact of the crisis and this is not the right opportune moment for privatization, he added.
Shriram City Union Finance Ltd: The company has declared a second interim dividend of Rs 27 per equity share of Rs 10 each for the financial year FY22. The record date to ascertain the eligibility for the payment of second interim dividend is March 17, 2022. and it will be despatched before March 25.
Indraprastha Gas Ltd: Shares of the company rose over 9.63%, after the company increased the price of compressed natural gas for New Delhi and nearby suburbs by as much as Rs 1 per kg from Tuesday. In Delhi and Gurugram, price was increased by Rs 0.5 per kg, while the price rose Rs 1 per kg in Noida and Ghaziabad.
Dish TV India Ltd: The company said that it will challenge the Sebi order in the Securities Appellate Tribunal (SAT), wherein the markets regulator had directed the company to disclose the results of its annual general meeting (AGM) that was held on December 30, within 24 hours.