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Domestic equity indices recovered from losses during the first half of the day to close higher, boosted by gains in pharma, financial services and technology stocks. The Sensex closed 0.52% higher to 57420.24 and Nifty rose 0.49% to 17086.25.
Top gainers were Nifty Pharma [1.62%], Financial Services [0.91%] and Nifty IT [0.69%]. Top laggards were Nifty Media [-1.06%] and Energy [-0.12%].
Indian rupee rose 3 paise to 74.99 against the US dollar on Monday.
Stock in News Today
Yes Bank: Amid a legal battle between the bank and Essel Group founder over unpaid loans, Essel Group founder Subhash Chandra is likely to lose his bungalow located in Delhi and his family’s control of Dish TV, Mint newspaper reported, citing court orders. Chandra had pledged his bungalow located close to India’s Supreme Court in addition to pledging his family’s 25% holding in Dish TV to borrow money from Yes Bank.
Vedanta Ltd: The mining company will issue up to 10,000 secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 10 lakh each aggregating up to Rs 1,000 crore on a private placement basis. The company in an exchange filing said that the tenure of the instrument is three years from the deemed date of allotment.
Kabra Extrusiontechnik: Shares of the company rose nearly 20% after the company said it plans to raise Rs 300 crore in debt and equity to expand its battery division Battrixx. The company’s board has approved raising Rs 100 crore through the issuance of warrants to promoters and foreign investors and Rs 200 crore in borrowings to shore up working capital. The funds would be used to increase production to seven lakhs per year by the end of March 2024.
Lupin Limited: The pharma company received an approval from the U.S. FDA for its abbreviated new drug application (ANDA) Sevalamer Carbonate for Oral suspension, 0.8 gram and 2.4 gram packets. Lupin said in an exchange filing that it had received the nod to market generic equivalent of Renvela. The drug is used to control phosphorous levels in patients with chronic kidney disease. The product will be manufactured at Lupin’s Goa facility.
IndusInd Bank: The Hinduja Group owned bank has partnered the National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator partners. The bank would start with Thailand for Foreign Inward Remittance via UPI.
Ashoka Buildcon Limited: Shares of the company rose 10% after the company said in an exchange filing that its material subsidiary, Ashoka Concessions Limited, has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd., which is an affiliate of funds, vehicles and entities managed and/or advised by Kohlberg Kravis Roberts & Co. L.P., for sale of the entire share capital. This will also include repayment of any shareholder loans held in its five subsidiaries for an aggregate consideration of Rs.1337 crore.