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Benchmark equity indices snapped a four-day winning streak, weighed by losses in information technology, FMCG, energy, pharma and banking stocks. The Sensex closed 1.03% lower to 59601.84 and the Nifty fell 1% to 17745.90
Top losers were Nifty IT [-1.55%], Realty [-1.47%], FMCG [-0.76%], Energy [-0.63%], Pharma [-0.63%] and Bank [-0.55%]. Top gainers were Nifty Media [0.91%], Auto [0.53%] and BSE Telecom [1.31%].
Indian rupee fell 13 paise to 74.50 against the US dollar.
Stock in News Today
Reliance Industries Ltd: The conglomerate raised $4 billion via off-shore bonds across 10-year, 30-year and 40-year tenors, it said in an exchange filing. The bonds will be priced at 120 basis points, 160 basis points and 170 basis points over the respective US treasuries benchmark. Interest on the bonds will be payable semi-annually in arrears.
Bharat Petroleum Corp Ltd (BPCL): The company has entered into an agreement with CSIR-Indian Institute of Chemical Technology to develop a reactor to maximise methane production for compressed biogas from agricultural waste residues like wheat straw, rice straw and sugarcane. In an exchange filing, BPCL plans to expand its renewable energy portfolio to 1 Giga Watt by 2025.
Alembic Pharmaceuticals: The drugmaker has received the final approval from U.S. health regulator FDA for its Abbreviated New Drug Application for Entacapone tablets, USP, 200 mg. The drug is indicated for the treatment of end-of-dose ‘wearing-off’ in patients with Parkinson’s disease.
IRB Infrastructure Developers Ltd: The company’s Meerut Budaun Expressway Pvt. Ltd. has executed concession agreement with UP Expressways Industrial Development Authority. The agreement concerns the project of development of access controlled six lane greenfield ‘Ganga Expressway’, in Uttar Pradesh that would cost about Rs 6,555 crore.
Wockhardt Ltd: The pharma company in an exchange filing said that it has approved the issue of equity shares by way of a rights issue to the existing shareholders of the company for an amount not exceeding Rs 1,000 crore. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due and financing R&D initiatives. The company’s capital raising commitee will decide on terms and conditions of the issue.
KPIT Technologies: Brokerage firm Goldman Sachs has initiated coverage on the company’s share with a ‘buy’ recommendation and a target price of Rs 1,040 on the stock. The brokerage firm said that KPIT is uniquely positioned as a software integrator in the automotive industry and it is expected to benefit from the rise in spending on CASE (connected, autonomous, shares, electric) technologies.
Zee Learn Ltd: Shares of the company rose 19.88% amid a report that Byju’s is looking to buy majority stake of 51% in the company. Talks between Byju’s and Zee Learn are at an early stage, reported CNBC-TV18, citing people familiar with the matter. Deal could be a mix of preferential issue and sale of stake by shareholders. However, Zee Learn later denied any dialogue with Byju’s.
IndiGo: The budget carrier said that it will start flights on Delhi-Port Blair route from January 9. The flights will operate four times a week and will enhance connectivity, promote tourism, trade, and commerce on the island, the company said in a statement.
Future Group: Shares of the group in companies jumped, a day after an Indian court halted arbitration proceedings between the conglomerate and estranged partner Amazon. Future Enterprises, Future Consumer, Future Retail and Future Lifestyle Fashions rose 5.47%, 5.33%, 4.95% and 5.54%, respectively
Jet Airways: The airline in an exchange filing said that its VP-operations, Sudhir Gaur, who was designated as the airline’s ‘accountable manager’, has quit the company. It also clarified that Gaur is not the “Interim CEO” of the company. The company also said the Monitoring Committee at its meeting has provided its “in-principle approval” to the nomination of Priyapal Singh as the new ‘accountable manager’ of the company.
Ujjivan Small Finance Bank: The lender said Chanchal Kumar has resigned from the position of Company Secretary and Compliance Officer of the bank. His resignation would be effective from April 04, 2022 (close of business hours) after serving the applicable notice period.
Kitex Garments: The company’s shares rose 23% in five days after it reported a strong 69% YoY growth in total revenues to Rs 205 crore in the third quarter of FY22. It had recorded total revenues of Rs 121 crore in the same quarter last fiscal.