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Benchmark stock indices retreated from earlier gains and closed lower in a choppy trading session, weighed by losses in auto, financial services and banking stocks. The Sensex closed 0.53% lower and the Nifty lost 0.40%%.
Top laggards among Nifty sector indices were Auto [-1.04%], Financial Services [-0.88%], Bank [-0.55%], PSU Bank [-0.50%] and Private Bank [-0.47%]. Top gainers were Metal [1.21%], Energy [0.83%] and Pharma [0.42%].
Indian rupee fell 12 paise to 76.30 against the US dollar on Wednesday.
Stock in News Today
HDFC Ltd: The mortgage lender has approved Rs 2 lakh crore-worth of home loans in FY22. This is the highest ever approvals in a single financial year by the company. HDFC said that demand for housing continues to come from first-time home buyers and those buying bigger homes. The company had approved Rs 1.55 lakh crore in FY21.
HDFC Bank, Kotak Mahindra Bank and Axis Bank: The three private-sector banks have been allotted 10 lakh equity shares of face value Rs 10 each by Open Network for Digital Commerce (ONDC) for a consideration of Rs 100 per share, totalling to Rs 10 crore. All the three banks will hold 7.84% of the equity share capital of ONDC.
Tata Consultancy Services (TCS): The IT major has announced that it has been selected by Sodexo, the France-headquartered company, to transform and consolidate its legacy ERP estate on the TCS ERP on Cloud platform, with SAP SoH on Microsoft Azure, to drive its future growth. With this partnership, Sodexo will have a secure, resilient, and scalable cloud infrastructure, 35% leaner than before.
Gland Pharma: Shares of the drug maker rose 2.42% after brokerage firm Jefferies reiterated ‘buy’ rating, citing growth visibility and steady margins. Jefferies kept the target price unchanged at Rs 4,578 per share and the brokerage expects Fosun’s acquisition by the company will be beneficial.
Computer Age Management Services (CAMS): The company said its wholly owned subsidiary, CAMSRep, unveiled a policyholder traceability solution for the insurance market. CAMSRep’s PolicyGenie Deep Contact Tracing solution will assists insurance companies in addressing their unclaimed amounts.
The Indian Hotels Company: The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore. The floor price is set at Rs 203.48 per share. The board is scheduled to meet on March 25, 2022 to approve the issue price.
Bajaj Electricals Ltd (BEL): The company has extended its trademark agreement with the UK-based Morphy Richards for usage of the Morphy Richards trademark for a further fifteen years with effect from 1 July, 2022. BEL will produce, market and sell the home appliances in India and neighbouring territories that includes Nepal, Bhutan, Bangladesh, Maldives and Sri Lanka.
RailTel Corporation of India: The company has received an order worth Rs 11.57 crore from Rail Vikas Nigam (RVNL) for installing MPLS-VPN services for five years at various locations. MPLS-VPN is a flexible method to transport and route several types of network traffic.
Brigade Enterprises: The company has forayed into plotted development space with 66-acre residential project in Devanahalli on the Satellite Town Ring Road (STRR) (Karnataka). The project is a joint development that will offer plot sizes ranging from 1,200 sq. ft. to 2,400 sq. ft.
Fino Payments Bank: The Board of the company has approved the increase of authorised share capital of the bank to Rs 110 crore divided by 11 crore shares. In a separate reulatory filing, the bank said that it will be the official digital payments partner of the Rajasthan Royals for season 15 of Indian Premier League cricket tournament.
Urja Global: Renewable Energy developer closed over 2%, after the company announced that it will set up an assembling unit for E-Scooters in Nashik in Maharashtra. The unit will be used to supply E-Scooters in the western zone.
Bhansali Engineering Polymers (BEPL): The company has received approval from the Madhya Pradesh Pollution Control Board for expansion for expansion of high rubber graft from 15,000 TPA to 50,000 TPA.
Som Distilleries & Breweries: The liquor manufacturer said that the company will commence production of Indian Made Foreign Liquor (IMFL) from its Odisha plant from Q1 of FY23. The initial installed capacity will be 50,000 cases per month. According to the company, this newly installed capacity will give a boost to its profitability.