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Benchmark indices pared early gains and closed lower due to geopolitical uncertainty and losses in auto, banking and FMCG stocks. The Sensex closed 0.66% lower and the Nifty fell 0.65%.
Top losers were Nifty Auto [-2.28%], Bank [-1.21%], Financial Services [-1.17%] and FMCG [-0.98%]. Top gainers were Energy [1.83%], IT [1.22%] and Metal [1.2%].
Indian rupee fell 21paise to 75.91 against the US dollar.
Stock in News Today
Reliance Industries Ltd (RIL): RIL’s subsidiary Reliance Strategic Business Ventures Limited (RSBVL) will invest Rs 1670 crore to create a joint venture (JV) with the Indian entity of U.S.-based Sanmina Corp for making electronic products in Chennai. The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing. RSBVL will hold 50.1 per cent equity stake in the joint venture entity with Sanmina owning the remaining 49.9 per cent.
Adani Green Energy (AGEL): Shares of Adani Green Energy (AGEL) gained 4.11 per cent after the company announced that its arm has received Letter of Award (LOA) to set-up 150 MW solar power project. The fixed tariff for this project capacity is Rs. 2.34/ kWh for a period of 25 years. The company further said that AGEL now has a total renewable energy project portfolio of 20.434 MWac capacity.
Future Group: The company and e-commerce giant Amazon.com Inc have agreed to talks, seeking to resolve legal wrangles at the heart of a battle for supremacy in the country’s vast retail sector. In an unexpected move, Amazon counsel Gopal Subramanium suggested at a Supreme Court hearing that the two sides negotiate, saying the “whirlpool” of disputes fought on multiple fronts had been dragging on for too long. The judges said the two sides can take 10 days to reach a possible solution.
Meanwhile, Amazon.com Inc plans to initiate criminal court proceedings this week against its Indian partner Future Retail for allowing the transfer of assets to a major rival despite a legal prohibition, according to three sources with direct knowledge of the matter, Reuters news reported.
Tata Elxsi: The technology services provider and Renesas Electronics Corp announced their collaboration on a state-of-the-art design center in Bangalore that will develop targeted solutions for electric vehicles (EVs). The new Next Generation EV Innovation Center (NEVIC) was opened in January of this year. The centre in Bangalore will be a new hub for the two companies to develop crucial EV systems, such as battery management systems and motor control units.
UPL Ltd: Agro-chemicals company said that it will sell 49.98 per cent equity in its non-operational subsidiary firm Agri Net Solutions Ltd (ANSL) to promoter group entity Nerka Chemicals for Rs 1.75 crore. The deal is expected to be completed by March 31 of FY22.
L&T Technology Services Ltd: Shares of the company rose 2.63% after the company was recognised as a global preferred engineering supplier for Airbus. The company has been awarded with a multi-year contract.
Vodafone Idea Ltd (VIL): Shares of the company surged 7 per cent ahead of the board meeting today to consider fund raising. The stock of telecom services provider quoted higher for the fourth straight day, and has rallied 16 per cent during the period.
Gujarat Mineral Development Corporation (GMDC): Shares of the company surged 13.81% on the back of strong earnings estimates due to rising commodity prices. Most of the commodities including crude oil and metals are hitting multi-year highs as tensions between Russia and Ukraine have flared up.
Lupin Ltd: The drug maker received an approval from U.S. FDA for Efinaconazole Topical solution. The product will be manufactured at Lupin’s facility in Pithampur, India. It had an estimated annual sales of $274 million in the U.S., according to IQVIA (December 2021).
Eveready Industries: The company’s chairman & MD have tendered their resignations amid Burman group seeking control of the company. Aditya Khaitan was the non-executive director and chairman, while Amritanshu Khaitan served as the Managing Director. The resignations will be effective immediately.
Supreme Industries Ltd: The company has received a letter of intent for supply of 7,35,186 units of 10 kg capacity composite LPG cylinders worth Rs 170 crore from Indian Oil Corporation. Supreme Industries expects to execute the order over 12 months. It has also planned to double present capacity to reach one million cylinders per annum in the next 8-9 months with a capital outlay of Rs 50 crore.