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Domestic markets closed lower weighed by losses in technology and FMCG stocks. Investors also shifted away from riskier asset classes as bond yields rose. The Sensex closed 1.08% lower at 60098.82, while the Nifty fell 0.96% to 17938.40.
Top losers among Nifty sectoral indices were IT [-2.13%], Financial Services [-1.08%], FMCG [-1.06%]. Top gainers were PSU Bank [2.21%], Media [1.01%] and Energy [0.95%].
Indian rupee rose 15 paise to 74.43 against the US dollar.
Stock in News Today
Reliance Industries Ltd: The company’s telecom arm Reliance Jio Infocomm has paid Rs 30,791 crore to the Department of Telecom towards prepayment of entire deferred liability pertaining to spectrum bought in auctions of 2014, 2015, 2016 and in 2021. This would result in interest cost saving of nearly Rs 1,200 crore, annually, the company said in a regulatory filing.
In other news, Reliance Jio has toppled state-run telecom company BSNL as top service provider in fixed-line broadband services segment. Jio has 4.34 million customers.
Mahindra & Mahindra Ltd: In an exchange filing, the company clarified that it had no intentions to restructure the group businesses into three verticals. A television channel had earlier reported that the company planned to recast group businesses. The company said it would focus on strengthening core business, unlocking value and building new-age digital platforms.
Separately, Mahindra Group and electric vehicles maker Hero Electric have announced collaboration in electric mobility. As part of the partnership, Mahindra group will manufacture Hero Electric’s Optima and NYX bikes at their Pitampur plant to meet the rising demand. The five-year deal is valued at around Rs 140-150 crore.
RBL Bank: The lender has approached PE firms for funding in exchange for a stake and it is looking to raise about Rs 1,500 crore in ‘confidence capital’, Bloomberg reported. Deliberations are at an early stage and the bank could still decide against the fundraising plan. However, a representative of RBL Bank denied the plans, saying the lender does not see “any need to raise equity capital at this stage” and is currently having “no discussions with investors in this regard”.
Jubilant Foodworks Ltd: The company has launched the U.S. fried chicken brand Popeyes in India, with the opening of its first restaurant in Bengaluru. This will be followed by the opening of two more outlets.
Sterlite Technologies Ltd: Shares of the company fell after the company reported lower-than-expected revenue in the third quarter of FY22. The company’s net loss stood at Rs 143.51 crore in Q3FY22 as against a net profit of Rs 105.67 crore in the previous quarter. Revenue from operations was down 10% QoQ to Rs 1,355.53 crore in the reported quarter from Rs 1,507.53 in Q2FY22.
Paytm: The company shares continued its downward trajectory and fell to its lowest since the listing day. The company’ shares closed 4.25% lower at Rs 997.35. The stock is down 54% from issue price of Rs 2150.
Indian Energy Exchange Ltd: The company has divested 4.93% equity stake in Indian Gas Exchange Ltd. to Indian Oil Corp. IEX and NSE are promoters of Indian Gas Exchange. Other strategic investors include GAIL, ONGC, Torrent Gas and Adani Total.
GAIL India: The company has suspended its Director (Marketing) ES Ranganathan from January 18. The public-sector enterprise has entrusted MV Iyer, Director (BD) with the additional charge of the post of Director (Marketing) from January 18.
Power Finance Corporation (PFC) and REC Ltd: The state-run NBFCs have reduced their lending rates across all types of loans by 40 basis points, a power ministry statement said. The reduction in rates has been attributed to lower cost of borrowings by these firms.