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Major headline indices ended higher helped by gains in RIL, energy, IT and metal stocks. The Sensex rose 0.79% and the Nifty gained 0.64%.
Broader markets rose tracking Sensex and Nifty. The Nifty Midcap 100 advanced 0.68% and BSE Smallcap rose 0.6%.
Top gainer in Nifty sectoral indices were Energy [2.01%] IT [1.82%], Metal [1.14%], Media [1.12%] and PSU Bank [1.02%]. Top losers were Auto [-0.62%], and Financial Services [-0.33%].
Indian rupee fell 8 paise to 77.60 against the US dollar on Thursday.
Stock in News Today
Bharti Airtel: The Mittal family is in talks with several investment banks, via promoter entities, to raise Rs 15,500 crore through onshore/offshore credit lines, to buy a portion of Singtel’s holding in Airtel, according to a report in Economic Times. Mittals are in talks with some major banks like BNP Paribas, Bank of America, Citibank, JPMorgan, and Standard Chartered to raise over $2 billion.
Life Insurance Corporation (LIC): Brokerage firm Emkay Global Financial Services has initiated coverage on the stock with a “hold” rating with a price target of Rs 875 per share. The brokerage firm said the attractive valuation of the government-run insurer is more optical than fundamental. Its views were on the back of low annual premium equivalent growth and margin prospects of the company.
Greaves Cotton: Shares of the company surged 14% in intraday trade after the company announceed strategic investment by Abdul Latif Jameel in its electric vehicle (EV) arm, Greaves Electric Mobility (GEM). Abdul Latif Jameel will make an investment of Rs 1,160 crore ($150 million) for 35.8% stake on a fully diluted basis in GEM.
Delhivery: Shares of the logistics company surged 15% in intraday trade after global brokerage Credit Suisse initiated coverage on the stock with an ‘outperform’ rating and a target price of Rs 675 apiece.
The latest rating comes on the back of favourable industry structure, structural growth in e-commerce volumes and its recent breakeven.
Oil and Natural Gas Corporation (ONGC): The state-owned company has applied for the petroleum exploration license before Bihar government citing possibility of crude oil fields in Buxar and Samastipur districts in Bihar. The company has also deposited fees along with initial survey reports of these two districts for the license, said Harjot Kaur Bamhrah, additional chief secretary and commissioner of Bihar’s mining department. “Under the provision of the mining department, we will provide a license for 4 years. There would also be a provision of extending it further,” she added.
Cipla: The pharma company announced the commercial operation of additional capacity of a captive renewable energy power plant in Maharashtra and Karnataka.
The company had commissioned 30 MWp solar project in Maharashtra’s Tuljapur in January 2021, which it has further added 16 MWp of solar capacity for supplying renewable energy for its manufacturing units/ facilities in the state.
Knowledge Marine and Engineering Works Limited (KMEW): The company has been awarded a contract worth Rs 67.85 crore for capital dredging at Mangrol Fishing Harbours Phase III from the state owned Dredging Corporation of India (DCI). With this, its entire order book to race past Rs 250 crore mark, higher than its existing market cap.