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Dalal Street ended lower tracking global cues due to hawkish comments from a Fed official. The official also hinted at the Fed’s balance sheet reduction at a faster pace and it could begin as soon as May. IT and bank shares weighed on the benchmark indices. The Sensex fell 0.94% and the Nifty lose 0.83%.
The broader markets outperformed the frontline indices. The Nifty Midcap 100 rose 0.59% and BSE SmallCap was up 0.39%.
Top losers among Nifty sector indices were IT [-1.63%], Financial Services [-1.59%], Private Bank [-1.28%] and Bank [-1.14%]. Top gainers were PSU Bank [1.99%], Metal [1.35%] and Energy [1.18%].
India rupee fell 43 paise to 75.75 against the US dollar on Wednesday.
Stock in News Today
IDBI Bank: The lender’s shares gained after CNBC-TV18 reported that the Indian government plans to invite expression-of-interest for stake sale in the lender in May. The government plans to complete the transaction by FY2023, according to sources.
JSW Steel: The company has been selected as the “Preferred Bidder” for iron ore block in Maharashtra. The highest final offer price by the company to become a “Preferred Bidder” was 25% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Maharashtra. JSW to take all requisite steps to obtain letter of intent to execute lease deed.
Maruti Suzuki India (MSI): The country’s largest carmaker said it will increase prices of its entire model range this month due to amid rise in raw material and input costs. The company expects to offset some impact of the above additional costs by passing it to customers through a price hike.
Saregama India: The company’s board has approved appointment of Pankaj Chaturvedi as CFO of the company with effect from April 11, 2022. It also approved the resignation of Vineet Garg as CFO of the company effective from April 10, 2022.
Larsen & Toubro (L&T): The company’s Buildings & Factories business has secured various orders from clients. The Health segment of the business has secured an order from the Telangana Government to construct a super specialty hospital at Warangal on design & build turnkey basis. The scope of work includes constructing a 1750 bed super specialty hospital that is part of the Warangal
Health City, Telangana.
Ruchi Soya: Shares of the company fell 13.73% after the company announced the allotment of shares for its follow-on public offering (FPO). The company board has approved the allotment of 6,61,53,846 equity shares with a face value of Rs 2 each, aggregating to Rs 4,300 crore, it said in a regulatory filing. The allotment price has been fixed at Rs 650 apiece, the company had announced earlier.
Indian Energy Exchange: the company said that it traded 9,605 MU electricity volume and achieved 16% year on year growth in March 2022. Out of the total traded volume, 8,702 MU was from conventional power market, 392 MU from the green power market and 511 MU in the REC Market. For the fourth quarter of FY22, IEX achieved 27,017 MU volume and achieved 20% YoY growth across all its market segments.
One 97 Communications (Paytm): Shares of the company closed 4.6% higher after the company said that it had disbursed 6.5 million loans through its platform in Q4FY22, up 374% YoY. The value of the loans disbursed was Rs 3,553 crore, registering a YoY growth of 417%. Total merchant payment volume (GMV) processed through our platform during the fourth quarter of FY22 aggregated to approximately Rs 2.59 lakh crore, a growth of 104% YoY.
RBL Bank: The private sector lender said its gross advances grew by 3 per cent to Rs 61,929 crore in the last fiscal, as against gross advances worth Rs 59,983 crore in FY21. Total deposits during FY22 (provisional) rose by 8 per cent to Rs 79,005 crore, as against Rs 73,121 crore in FY21, the lender said.
Nykaa: The company has recently launched “Superstore by Nykaa”- a tech-enabled, direct-to-retail distribution business for the Indian retailer ecosystem. The app is available for retailers across India.
Rain Industries: Shares of the company fell after the company said that it shut down one of its kilns due to lack of adequate raw material. The company in an exchange filing said that due to the lower allocation of raw petroleum coke by Directorate General of Foreign Trade, one of the kilns have been shut, which will lead to loss of 20 Mega Watt of waste-heat power generation to the grid.
Coastal Corp: The company said its trial production of our new plant at Kakinada SEZ is now fully ready to commission. A capex of Rs. 70 crores was invested by the Company in the new plant and it has a production capacity of 35 MTPD. This facility is a completely integrated facility and the Commercial production will be commenced in the next 10 to 15 days.
Angel One: The brokerage said that its client base rose 5.2% to 9.21 million in March 2022 as against 8.76 million in February 2022. It s overall average daily turnover (ADTO) was Rs 8,84,200 crore in March 2022, down 0.4% on a monthly basis and up 121.6% YoY.