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Major equity indices closed lower weighed by losses in technology and PSU Bank stocks and as investors were worried over record high inflation numbers in the US. The Sensex and the Nifty 50 indices fell 0.18% each.
Top gainers among Nifty sectoral indices were Oil & Gas [1.34%], Energy [1%] and Pharma [0.78%]. Top losers were PSU Bank [-2.21%], IT [-1.58%] and Bank [-0.51%].
Indian rupee plunged 25 paise to 79.88 against the US dollar on Thursday.
India’s inflation based on Wholesale Price Index stood at 15.18% year-on-year in June compared with 15.88% in May. Nonetheless, WPI inflation was flat month-on-month.
Stock in News Today
Bharti Airtel: The company allotted 7.1 crore shares at Rs 734 per share, totalling around Rs 5,250 crore to Google. With this, Google owns 1.2% of the company and the allotment is a part of the Rs 7,500-crore deal signed between Google and Airtel in January.
Hindustan Copper: The compnay’s CMD Arun Kumar Shukla has pitched for the formation of a large mining conglomerate with a basket of minerals to ensure the country’s self-reliance in strategic minerals. He recommended formation of a large Indian mining conglomerate having multi-mineral portfolio, which will enhance the capability of the country in respect of geostrategic reach, sustainability, socio-economic development of the backward mining areas.
Wheels India: The company said it expects the demand for cast aluminium wheels to grow this year. The wheel’s manufacturer managed to cross the milestone of Rs 1,000 crore in exports last year and it was able to increase its production of forged aluminium wheels for sale in Europe and in the United States.
Piramal Enterprises: The company has approved issuance of secured, rated, listed, redeemable, market linked non-convertible debentures on private placement basis. The size of the issue is up to Rs 50 crore with an option to retain over subscription of up to Rs 450 crore, aggregating to Rs 500 crore. The debentures are proposed to be listed on debt segment and capital market segment of NSE and BSE.
Welspun Corp: The company’s associate firm, East Pipes Integrated Company for Industry (EPIC), in Saudi Arabia, was awarded a contract by SWCC for manufacture and supply of steel pipes, valued at about Rs 689 crore. SWCC is Saline Water Conversion Corporation, a state corporation operating desalination and power stations in Saudi Arabia.
Dredging Corporation of India: The company in an exchange filinf said that GYV Victor, CEO and MD of Dredging Corporation of India, has been suspended from his position with immediate effect. Victor was barred from leaving company headquarters in Visakhapatnam without orders of the Chairman and directed to cooperate with the disciplinary proceedings.
Shakti Pumps (India): The company reported a 19.8% jump in consolidated net profit at Rs 8.74 crore in first quarter of FY23. Its net sales surged 62.81% YoY to Rs 254.48 crore in Q1FY23.