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Benchmark equity indices jumped on bargain buying by investors as well as boosted by gains in auto, financial services and pharma stocks, amid high volatility in global equities. The Sensex jumped 2.29% and Nifty soared 2.07%.
Broader indices also rose tracking benchmark equity indices. Nifty Midcap 100 was up 2.16% and BSE Smallcap surged 2.16%.
Top gainers among Nifty sectoral indices were Media [4.05%], Realty [3.05%], Auto [2.85%], Financial Services [2.04%] and Bank [1.98%]. Top loser was Metal [-0.34%].
Indian rupee rose 35 paise to 76.56 against the US dollar.
Stock in News Today
Reliance Industries Ltd (RIL): The company’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel, according to people with direct knowledge of the matter, Bloomberg reported. It’s already sending fuel shipments to Europe, and this will increase in the coming months, said the sources.
Larsen & Toubro Ltd (L&T): The company’s heavy civil infrastructure business vertical of its construction arm won a ‘significant’ order from Delhi Metro Rail Corporation. The contract is to design and construct Underground Metro Project of Phase IV of Delhi MRTS. L&T classified orders worth between Rs 1,000 crore and Rs 2,500 crore as ‘significant’ orders.
Dr. Reddy’s Laboratories Ltd: Indian pharmaceutical major said that it was focused on employee safety and business continuity in and around Russia, despite many Western companies pulling out from Russia in recent days. “Overall, we are monitoring evolving developments closely and preparing accordingly,” the company said in a statement.
IndusInd Bank: The lender in an exchange filing said that it will set aside Rs 13.5 crore as additional provision this financial quarter (Q4FY22), responding to an external review of on allegations by anonymous people about the lender’s subsidiary. Deloitte was appointed to conduct an independent review. The Board has constituted a committee to assess staff accountability, if any, arising out of the findings of the Deloitte report.
Indian Oil Corp: The company deferred its plans to shut its Paradip oil refinery for planned maintenance by at least four months, Bloomberg news reported. IOC wants to keep making fuels to benefit from high product margins.
PNC Infratech Ltd: The company was declared the L1 (lowest) bidder for a National Highway Project worth Rs 864 crore in Uttar Pradesh. The project is to be completed in 30 months and operated for 15 months post construction.
Hindustan Unilever: The company has named Madhusudhan Rao, Subramanian as executive directors. Madhusudhan Rao, an executive vice president will succeed Priya Nair as executive director for HUL’s beauty and personal care vertical. Priya Nair will move to global role of chief marketing officer for beauty and wellbeing. Deepak Subramaniam, a vice president at Unilever, will replace Prabha Narasimhan as executive director for home care.
Rategain Travel Technologies: The company jumped 6.62% after Expedia Group recognized the company as a preferred connectivity partner. As part of the partnership, RateGain will work with Expedia Group to help share future technology solutions.