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Benchmark stock indices pared gains and closed lower, dragged by metal stocks, after the government’s decision to impose export duty on 11 iron and steel intermediates as well as key steel products. In addition, heavyweights like RIL, HDFC twins and ITC weighed on the indices. The Sensex slipped 0.07% and the Nifty fell 0.32%%.
In broader markets, Nifty Midcap 100 dropped 0.35% and BSE Smallcap lost 0.64%.
Top losers in Nifty sectoral indices were Metal [-8.14%], Energy [-1.44%], Pharma [-1.35%] and Realty [-1.06%]. Top gainers were Auto [1.84%] and IT [1.01%].
Indian currency stood at 77.53 against the US dollar on Monday.
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Divi’s Laboratories: The company said its consolidated net profit for the quarter ended March 2022 was at Rs 894.64 crore, up 78.2%, compared with Rs 502.02 in the same period last year.
Revenue from operations of the company climbed 40.83% for the quarter to Rs 2518.44 crore as against Rs 1788.19 crore in the same quarter last year.
Tata Power and Tata Motors: The two companies have collaborated to develop a 7 MWp solar rooftop project at the latter’s passenger vehicle plant in Chikhali, Pune.
This is the third phase of a joint 17 MWp on-site solar project developed by the two companies. The rooftop installation is collectively expected to generate 23 million units of electricity, mitigating 5.23 lakh tonne of carbon dioxide.
Meanwhile, Tata Motors expects the domestic passenger vehicle industry to surpass the peak sales number of 34 lakh units achieved in FY2019 this fiscal on the back of robust demand and less COVID-related disruptions that were witnessed in the last two years.
Vodafone Idea: The telecom operator plans to raise Rs 20,000 crore in fresh funding, its CEO Ravinder Takkar told The Hindu Business Line. Out of the said amount, about Rs 10,000 crore will be equity and the remaining amount from fresh bank loans.
Jet Airways: The airline has announced the appointment of Mark Turner as Vice President – Inflight Product and Services. The airline has also appointed Prabh Sharan Singh as Chief Digital Officer, HR Jagannath as Vice President – Engineering and Vishesh Khanna as Vice President – Sales, Distribution, and Customer Engagement.
Mahindra and Mahindra (M&M): The automaker will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters. Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment, Reuters reported.
Indian Hotels Company (IHCL): The hospitality company unveiled its route map for profitable growth through ‘Ahvaan 2025’ plan. Under this, IHCL will re-engineer its margins, re-imagine its brandscape, and restructure its portfolio. The company aims to build a portfolio of 300 hotels, clock 33% earnings before interest, taxes, depreciation, and amortization (Ebitda) margin with 35% EBITDA share contribution from new businesses and management fees by FY25-26, to its press release.
Prestige Group: The realty firm lans to invest at least Rs 7,500 crore over the next four-five years to get a foothold in Mumbai. The company will develop both residential and commercial projects in the financial capital, its managing director Irfan Razack told PTI news agency.