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Benchmark equity indices see-sawed on Tuesday and closed in the red, weighed by losses in technology, metal and energy stocks. The Sensex tanked 1.26% and the Nifty slumped 1.23%.
Top losers in Nifty sector indices were Metal [-4.07%], IT [-2.58%], Media [2.3%], Energy [-2.18%] and Private Bank [-1%]. Top gainer was Auto [0.57%].
Indian rupee slippd 5 paise to 76.61 against the US dollar.
Stock in News Today
Reliance Industries Ltd (RIL) and Future Retail: Talks between the US e-commerce giant Amazon.com and India’s Future Retail to resolve an ongoing dispute over Future’s retail assets sale to Reliance Industries have failed, lawyers for the companies told the Supreme Court. Amazon.com gave advertisements in leading newspapers, alleging Reliance Industries and Future retail group of doing fraud.
Bandhan Bank: Shares of the bank closed 6.11% higher after the Reserve Bank of India’s (RBI) relaxed norms on microfinance lending. The norms will be implemented from April 1, 2022. Brokerage firm Jefferies believed that the developments are most positive for NBFC-MFIs and for banks like Bandhan Bank.
Paytm: Shares of the company tanked 12.20% to hit another record low amid the company releasing its Q4 business numbers. The stock is now trading at Rs 592.45 apiece, from its IPO issue price of Rs 2,150 per equity share.
Larsen & Toubro: The company’s power transmission and distribution business bagged orders in India and abroad. L&T classified the orders ranging between Rs 1,000 crore and Rs 2,500 crore ‘significant’.
The company’s renewable arm also bagged orders to construct 245 Mega Watt solar power project in Rajasthan and to implement solar photovoltaic cum storage project in Kutch district in Gujarat.
The company also secured contracts to supply and construct shunt reaction in 132 kV substations in the Middle East region.
Bajaj Auto: The two-wheeler manufacturer approved the appointment of Dinesh Thapar as the CFO and key managerial personnel of the company, with immediate effect. Dinesh Thapar comes with 23 years of experience, including stints at Reliance Retail and Hindustan Unilever.
Ramkrishna Forgings: Shares of the company closed nearly 6% higher after the company bagged an order worth Rs 75 crore per annum from India’s largest OEM in the MHCV segments. Naresh Jalan , managing director, said, “With Indian CV segment showing signs of uptrend we are optimistic about the opportunities it will present in the future.”
RateGain Technologies: The SaaS company which caters to the travel and hospitality industry, announced that Rakuten Travel Xchange (RTX), the global hotel connectivity and travel technology division of Rakuten Group, has chosen the company to add to their extensive global supply including top hotel chains. RateGain will help Rakuten’s customers’ get a wider access to properties worldwide and have more choices on the platform.
Godrej Properties: Shares of the company rose after the real estate developer acquired 50 acres of land in Sonipat, Haryana as it expanded residential portfolio in NCR. The project will offer 10 lakh square feet of plotted residential development.
Heritage Foods: The dairy company has launched an all-new Premium Badam Milk with real almond bits. The new ‘Badam Charger’ is the latest addition to the company’s growing list of value-added products (VAP) portfolio, it said.
Black Box Ltd: The company said that its board has approved the proposal for split of equity shares from face value of Rs 10 each into equity shares of face value of Rs 2 apiece. The share split is to facilitate larger shareholder base to increase liquidity in the capital market and to make it more affordable to small shareholders.