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India’s benchmark stock indices plunged, led by losses in heavyweights such as Reliance Industries, TCS and Infosys. The Sensex closed 1.65% lower at 56747.14 and Nifty shed 1.65% to close at 16912.25.
Broader markets also plunged as investors were worried about the hawkish stance of the US Fed and the threat posed by Omicron variant of the coronavirus. Nifty Midcap 100 fell 1.42% and BSE Smallcap lost 1.35%.
All the companies in the Sensex closed in the red and in Nifty 50, all shares fell except UPL shares which rose 0.53%.
All Nifty sectoral indices tanked. Top losers in Nifty sectoral indices were IT [-2.7%], Pharma [-1.87%], Auto [-1.84%], FMCG [-1.8%] and Energy [-1.54%].
Indian rupee fell 26 paise to 75.42 against the US dollar on Monday.
Stock in News Today
Inox Wind Ltd: The company said that its subsidiary Inox Green Energy Services is planning to raise Rs 500 crore through an initial public offering, the company said in an exchange filing. The IPO is likely to have fresh issue and also an offer of sale of shares, where some existing shareholders will sell their holdings. Inox Wind will consider participating in the IPO.
KPI Global Infrastructure: The company received confirmation of orders to execute solar power project of 1.10 Mega Watt capacity from three clients under the ‘Captive Power Producer (CPP)’ segment of the company. The three clients are Chougle Salt Works, Gandhan Food Products and Murlidhar Tex Prints.
NMDC: The company’s board of directors have fixed December 15 as the record date for the payment of interim dividend at the rate of Rs 9.01 per equity share of face value at Rs 1 each for FY22. Shares of the company closed down 2.06%.
Carborundum Universal: CUMI International Limited, Cyprus (CIL), a wholly owned subsidiary of the company has entered into an agreement to acquire an existing company in Germany which will become a step-down subsidiary of Carborundum Universal. The acquisition will facilitate a base in European Union (EU) which will help the company to access markets in EU for its portfolio viz., Abrasives, Ceramics and Electrominerals.
Parag Milk Foods: The manufacturer dairy products received an approval for the application made under the Product Linked Incentive (PLI) scheme – Category 1 of Mozzarella Cheese segment. It had received an approval for sales-based incentive for mozzarella cheese product for the period 2021-27.
BCL Industries: The company has been allocated a quantity of 3.60 crore litres of ethanol from its manufacturing unit in Bathinda (Punjab) to supplyto OMCs. The company had participated in a tender floated by Oil Marketing Companies (OMCs) for supplying ethanol from Dececmber 1, 2021 till November 30, 2022 at various locations across the country.
Eris Lifesciences: The company has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the insulin segment. In an exchange filing, the company said that the 70:30 JV will focus on marketing and distributing human and analog insulins. The JV marks the foray of Eris into the field of Biopharmaceuticals.