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Benchmark equity indices ended lower amid an extremely volatile day as investors stayed cautious and monitored situation between Russia and Ukriane. Losses in banking and metal stocks weighed down on the markets. The Sensex closed 0.25% lower and Nifty fell 0.17%. BSE Smallcap ended 0.42% higher.
Top losers among Nifty sectoral indices were PSU Bank [-1.17%], Media [-0.60%], Metal [-0.57%], Bank [-0.57%] and Auto [-0.37%]. Top gainers were Realty [1.13%] and Pharma [0.51%].
Indian rupee rose 26 paise to 75.07 against the US dollar.
Stock in News Today
Vedant Fashions (Manyavar): The company had a good stock market debut with shares of the company getting listed at Rs 935 per share on NSE, an 8 per cent premium over its issue price of Rs 866 per share. However, the company shares closed at Rs 933.55 apiece, which is below its opening price. The brokerage firm Nomura also hiked price target for the sewage and water treatment solutions provider on securing new orders, higher operating margin and debt reduction.
CRISIL: Shares of the company jumped 4.38% after the company reported 53.2% increase in consolidated net profit to Rs 168.6 crore on a 18.2% rise in consolidated income from operations to Rs 719.5 crore in Q4 December 2021 over Q4 December 2020.
Va Tech Wabag: Shares of the company closed 8.33% higher helped by heavy volumes on strong order book position of over Rs 10,000 crore. The company said it has a order book of Rs 10,067 crore including framework contracts and have 3x revenue visibility.
Jubilant Pharma Ltd (JPL): Fitch Ratings has lowered its outlook on the company’s long-term Issuer Default Rating (IDR) from “stable” to “negative” due to probable deterioration in the company’s profitability. This is likely to see financial leverage of Jubilant Pharma surge to above the negative rating sensitivity level in FY23.
GAIL India: The PSU plans to lay a pipeline to Srinagar to take the environmentally friendly natural gas to the Kashmir Valley as it doubles down on efforts to expand infrastructure to helm the government vision of a gas-based economy, its chairman and managing director Manoj Jain said. GAIL will complete a 700-km pipeline from Mumbai to Nagpur by May 2023, enabling the flow of gas to central India.