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Key stock indices closed higher as investor optimism rose and risk appetite returned over the progress of Russia-Ukraine peace talks. The Sensex zoomed 1.28% and the Nifty gained 0.85%.
Broader indices also gained, tracking benchmark indices with the Nifty Midcap 100 advancing 0.85% and BSE Smallcap climbing 1.09%.
Top gainers among Nifty sector indices were Media [2.28%], Financial Services [1.96%], Realty [1.53%], Bank [1.36%] and Auto [1.21%]. Top loser was Metal [-2.17%].
Indian rupee rose 7 paise to 75.91 against the US dollar on Wednesday.
Stock in News Today
Axis Bank: The private sector lender is close to acquiring Citigroup’s retail banking business in India and a deal is likely to be announced soon, PTI news reported citing sources. According to the sources, the deal is likely to be valued at USD 2.5 billion (about Rs 18,000 crore) and it will be subject to regulatory approvals.
Hero MotoCorp: The two-wheeler maker has denied the report of the Income Tax Department finding Rs 1,000 crore false expense claims, saying it is speculative. The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents, the company added.
G R Infraprojects: The company has received Letter of Award from National Highways Authority of India for five projects worth Rs 5,774 crore. The orders pertain to construction and upgradation of four-lane highways in Gujarat, Andhra Pradesh and Maharashtra.
Bharat Heavy Electricals (BHEL): The company announced that it has bagged an order of compressor package from Iraq. The order involves the design, engineering, manufacturing and supply of electric motor driven Recycle Gas Centrifugal compressor and will be executed by BHEL’s International Operations division.
Sun Pharmaceuticals Industries: The drug maker has announced that one of its wholly-owned subsidiaries has entered into an exclusive patent licensing agreement with H. Lundbeck A/S (Lundbeck) to market and distribute its own version of Vortioxetine in India under the brand name, VORTIDIF™. The territory of the licensing agreement will only cover India.
Dilip Buildcon: The company has been declared as L-1 bidder for the development of six-lane highway project in Karnataka by NHAI under Bharatmala programme. The bid project cost is Rs 1,589 crore and it is expected to be completed in 30 months and the operation period is for 15 years from the commercial operation date.
Quess Corp Ltd: Shares of the company rose after brokerage firm Motilal Oswal reiterated ‘buy’ with the target price unchanged at Rs 850. The brokerage firm expects Quess to be among the biggest direct beneficiaries of the liberalisation and formalisation of labour markets. The brokerage noted in a recent investor meet that the company’s FY2025 targets point to large headroom for growth.
Aurionpro Solutions: Shares of the company was locked in 5% upper circuit on the BSE after the company announced order wins valued more than 3 million Singapore dollars from large banks in Singapore. The orders won by the company’s subsidiary based in Singapore, Integro Technologies (Integro), will include the upgradation & enhancement of the existing Smart Lender system and the contract would be executed over next two quarters.
Saregama India: Shares of the company closed 5% higher after the company approved the demerger of entire distribution business including carvaan and other non-core assets in publication business. The turnover of the demerged division of the company for FY2021 was Rs 17.63 crore (3.78% of the total turnover of the company). The company said that the demerger would result in unlocking value.