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Dalal Street ended higher as investors shifted their focus to RBI’s monetary policy meeting next week, shrugging off inflationary concerns amid cooling crude oil prices. The Sensex rose 0.48% and the Nifty 50 index gained 0.59%.
In broader markets, the Nifty Midcap 100 jumped 1.08% and the BSE Smallcap climbed 0.57%.
Top gainers among Nifty sectoral indices were Pharma [2.66%], Media [1.96%], Metal [1.9%], PSU Bank [1.63%], Oil & Gas [1.18%]. Top loser was IT [0.3%].
Top gainers in Nifty 50 index were Hindalco [5.52%], NTPC [3.58%], Hero MotoCorp [2.93%], Dr, Reddy’s Laboratories [2.9%], and Divi’s Labs [2.73%]. Top losers were Adani Enterprises [-2.47%], LTIMindtree [-1.04%], HCLTech [-0.57%], Tech Mahindra [-0.54%], and Power Grid [-0.49%].
The Indian rupee rose 15 paise to close at Rs 83.04 against the US dollar on Friday.
Stock in News Today
Larsen & Toubro (L&T): The Heavy Civil Infrastructure business vertical of L&T construction has won a mega order from Mumbai Metropolitan Region Development Authority (MMRDA), for the design and construction of an Underground Road tunnel Project between Orange gate, Eastern Free Way to Marine Drive Coastal Road at Mumbai. The major scope of work for project comprises of design & construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine drive at Mumbai. Shares of the company rose 1.61% in intraday trading to hit a record high of Rs 3058.35 per share.
Multi Commodity Exchange of India (MCX): Shares of the company plunged nearly 9% in intraday trading after the Securities and Exchange Board of India ordered the exchange to keep proposed Go-Live of commodity derivatives platform in abeyance. The development comes after a writ petitions filed by Chennai Financial Markets and Accountability on the commodity derivatives platform is pending before Madras High Court for disposal. However, MCX can continue to conduct the mock tests on the platform pending further directions in the matter from SEBI. The shares recouped some losses to ended 2.23% lower to Thursday’s closing price.
Indian Oil Corporation (IOC): The company’s board has approved formation of 50:50 joint venture company between the company or its subsidiaries and EverEnviro Resource Management. Further, the company also received the board’s nod for formation of 50:50 joint venture company between the company or its subsidiaries and GPS Renewables. Both the JV companies will be involved in setting up compressed biogas plants, subject to necessary regulatory approvals.
Ashok Leyland: The bus and truck manufacturer announced that it has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). Under the terms of the order, Ashok Leyland will deliver 55-seater fully assembled BS VI diesel buses in a phased manner. These buses will feature the advanced iGen6 BS VI technology, featuring a robust 147 kW (197 hp) H-series engine, which in turn shall enhance safety and comfort, and reduce the overall cost of ownership (TCO).
Greenlam Industries: The company said that its wholly owned subsidiary, Greenlam South, has commenced commercial production of manufacturing facility at Andhra Pradesh. On consolidated basis, the said manufacturing facility has potential to generate revenue of Rs 600 crore per annum on full capacity utilization. With this, the installed capacity for manufacturing of laminates has increased from 21.02 million laminate sheets per annum to 24.52 million laminate sheets/ boards per annum on consolidated basis.
3M India: The company announced that, effective retrospectively from 1 April 2023, the royalty payable to its parent entities will now reduce to 1.95% of total turnover from 2.4% of turnover earlier. The company said that its board has approved amendments to the Intellectual Property Agreement with 3M Company USA and 3M Innovative Properties Company (3M IPC), for the provision of technology, intellectual property, products and services to 3M India.
The New India Assurance Company: The company has received a show cause and demand notice from the Directorate General of GST Intelligence, Pune Zonal Unit, alleging a tax demand of Rs 2,379.13 crore. The notice pertains to matters relating to various Indian and Foreign reinsurance companies during the period July 2017 to March 2022. In a regulatory filing, the company said that based on the advice of our tax consultants, they will be filing appropriate response to the said notice within the prescribed timelines.
Sterling & Wilson Renewable Energy: The company received third order worth Rs 1,535 crore from NTPC Renewable Energy (NTPC REL) for EPC project in Gujarat. The said order includes EPC project of 300 megawatt of alternating current (MWac) of NTPC Renewable Energy (NTPC REL) at Khavda RE Power Park, Rann of Kutch, Gujarat. The total contract includes operation & maintenance for three years.
Lupin: Shares of the company jumped after the company said that it has received establishment inspection report (EIR) from the United States Food and Drug Administration (USFDA) for its Nagpur unit-1 manufacturing facility, which produces oral solid dosage forms. The EIR was issued post the last inspection of the facility conducted in July 2023. The USFDA has determined that the inspection classification of the facility is voluntary action indicated (VAI).
Hindustan Zinc: Shares of the company soared after the company announced that it has authorized a board committee to evaluate appropriate corporate restructuring exercise to unlock shareholder value. The company plans to create separate legal entities for its Zinc & Lead, Silver, and Recycling businesses. The management will appoint external advisors to assist in evaluating the options and together will update the way forward to the Board of Directors.
ICRA: The credit rating agency announced in a press release that it has applied for an ESG Rating Provider (ERP) license under its wholly-owned subsidiary, ICRA ESG Ratings Ltd. The subsidiary’s primary focus will be on the business of Environmental, Social, and Governance (ESG) ratings. The operations under this entity will commence post-receipt of the requisite license from India’s market regulator.
Likhitha Infrastructure: The company announced that it has received an order worth Rs 155.87 crore from Bharat Petroleum Corporation (BPCL). The order is for pipeline laying and HDD (Horizontal Directional Drilling) works for Krishnapatnam-Hyderabad Multi Product Pipeline (KHPL).
Federal Bank: The company said that International Finance Corp. has received the RBI approval for acquiring aggregate holding of up to 9.70% of the paid-up share capital or voting rights of the bank.