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Dalal Street closed lower dragged by Infosys and HDFC twins as well as negative global cues. The Sensex tanked 2.01% and Nifty fell 1.73%.
In the broader markets, the Nifty Midcap 100 dropped 1.05% and BSE SmallCap fell 1.01%.
Top losers among Nifty sector indices were IT [-4.58%], PSU Bank [-2.49%], Bank [-1.96%], Private Bank [-1.71%] and Media [-1.45%]. Top gainers were FMCG [0.60%], Energy [0.81%] and Auto [0.44%].
Indian rupee fell 8 paise to 76.25 against the US dollar on Monday.
The government data that India’s annual wholesale price-based inflation accelerated to 14.55% in March from February’s 13.11%. The high rate of inflation in March 2022 is primarily due to rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc. due to disruption in global supply chain caused by Russia-Ukraine conflict.
China’s GDP grew at a slower pace at 4.8 per cent year-on-year and worries over a sharp slowdown in coming weeks due to fresh lockdown across Shanghai.
Stock in News Today
Mindtree and L&T Infotech: Both the companies may consider a merger deal as soon as next week, Bloomberg reported. The two companies, which have L&T as its parent organisation, could consider share swap ratios for the merger. Tie-up could give the new company better pricing power and lower costs.
Ashok Leyland: The truck maker said it has joined hands with Mahindra First Choice Wheels to enter the used commercial vehicles business. The phygital platform will facilitate an exchange and proper disposal and purchase of old commercial vehicles.
Metropolis Healthcare: The Diagnostic lab chain is likely to start 1,800 new collection centres and 90 processing labs across the country in the next three years, Metropolis Managing Director Ameera Shah said.
Welspun Corp: The company has secured 26 KMT line pipe order from North American customer. It will execute the order from its U.S. facility in Arkansas. The company expects to get similar orders in spiral ad HFIW pipes due to revival in oil and gas business outlook in North America, in the near future.
Jindal Steel & Power: The company has registered sales of 0.79 million tonnes (MT) in March and 7.63 million tonnes for FY2021-22. Steel production hit a record 8.01 million tonnes in the financial year. It Q4 sales increased by 8% YoY to 2.07 MT and production was up 2% YoY to 2.11 MT. xports accounted for 33% of sales in March, in line with the FY22 share.
Ratnamani Metals & Tubes: The company has bagged new domestic orders worth Rs 308 crore and export orders worth Rs 30 crore, totaling Rs 338 crore in the last two weeks.
Lupin: The pharma company has received tentative nod from the US FDA for its drug to treat Hepatitis-B in adult patients. It will market the ANDA Tenofovir Alafenamide Tablets, 25 mg, a generic equivalent of Vemlidy tablets. The product will be produced at Lupin’s Nagpur facility.
Sarda Energy & Minerals Ltd: The company is expected to consider a proposal for buyback of equity shares of face value of Rs 10 each of the company and declaration of interim dividend for FY22 on April 23.
Mahindra Lifespace Developers: The company has announced that it has purchased 11.5 acres of land in Pimpri, Pune. The land is likely to have a developable potential of approximately two million square feet of saleable area and a gross development value of around Rs 1,700 crore. The company expects to launch the first phase of the project within the next 12 months.
NBCC (India): The company said that it has secured the total business of Rs 981.17 crore in the month of March 2022. Out of the total contracts received, order worth approximately Rs 500 crore was received from the Union Territory of Ladakh. Further, the company secured work orders worth Rs 52.73 crore from the Directorate General Defence Estates (DGDE). The company with contracts worth Rs 418.16 crore from The University of Delhi.
Man Infraconstruction: The company has received Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for execution of Phase II works at JNPT, Navi Mumbai, Maharashtra being “Reclamation- Construction Works” for Rs. 402 crore.
SpiceJet: The budget carrier announced the launch of new and additional non-stop flights on its domestic and international network. The airline will be launching new non-stop international flights connecting Ahmedabad with Muscat in Oman, Mumbai with Dhaka in Bangladesh, Kozhikode and Mumbai with Jeddah & Riyadh in Saudi Arabia. These non-stop flights will be starting from 26 April 2022 in a phased manner.
Salzer Electronics: The company has announced receipt of a patent for its integral cam operated rotary switches. The company has received the patent for this invention from the Patent Office, Government of India, for a duration of 20 years, ending 2031.