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Dalal Street fell as investors’ sentiments were dampened due to weak global cues, Ukraine-Russia war and rising oil prices stoking higher inflation fears. The sell-off was across all Nifty sectoral indices but the IT sector index managed to close in the positive territory. The Sensex fell 1.4% and Nifty plunged 1.53%.
Top losers were Nifty Auto [-3.55%], Metal [-3.22%], Realty [-2.93%], Media [-2.87%] and Energy [-1.91%]. Top gainer was Nifty IT which edged up 0.14%.
Indian rupee fell 25 paise to 76.16 against the US dollar. Crude price continued to remain higher. Brent crude was trading at $112.29 per barrel and WTI Crude stood at $109.92 per barrel.
Stock in News Today
Hero MotoCorp: The two-wheeler manufacturer unveiled its new brand ‘Vida’, for emerging mobility solutions, including EVs. It announced a $100 million global sustainability fund to nurture over 10,000 entrepreneurs on ESG solutions. The first initiative under the brand will be the launch of an electric vehicles on July 1, 2022. Production of new Vida model will be at the company’s ‘Green’ manufacturing facility in Chitoor, India.
Jet Airways: Jalan Kalrock Consortium appoints former Vistara and SpiceJet executive, Sanjiv Kapoor as CEO of Jet Airways. Kapoor will join Jet Airways as CEO from April 4, 2022. Sanjiv Kapoor is presently the President of Oberoi Hotels & Resorts.
KEC International: The company has secured new orders of Rs. 1,131 crores across its various businesses. The company’s transmission and distribution business secured orders in Middle East and Americas. Vimal Kejriwal, MD & CEO of the company said, “Our order book continues to grow on the backdrop of the orders secured across all our business verticals despite the continuing global headwinds. With these orders, our year-to-date order intake has crossed Rs 15,000 crore, with a robust growth of approx. 60% YoY.
IndiaMART InterMESH: The company has entered into an agreement to invest 10% of the share capital (on fully diluted basis) of Zimyo Consulting (referred as Zimyo) for a cash consideration of Rs 17.01 crore. The investment will be executed within a period of 45 days.
Pondy Oxides & Chemicals: The company is partnering with Ace Green Recycling , a Delaware Corporation in the United States, to set up the world ‘s largest greenhouse gas (GHG) emission-free battery recycling facility in Chittoor, Andhra Pradesh, India. Both the companies have signed a $12 million equipment supply and licensing deal spanning 10 years.
Kirloskar Brothers Ltd (KBL): A plea by the company’s CMD Sanjay Kirloskar challenging a Bombay High Court order directing arbitration in a family feud related to assets will be heard by by the Supreme Court on March 15. Senior advocate A M Singhvi, appearing for KBL, told a bench headed by Chief Justice N V Ramana that the other side has been taking benefit of the mediation and repeated adjournments of hearings in the case, and it is involved in promotional activities.
GAIL: The PSU will consider the recommendation for the payment of second interim dividend for financial year 2021-22 on March 11. Shares fell 2.23% on Friday.