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Benchmark equity indices fell on broad-based selling pressure and weak global sentiments. The Sensex fell 0.94% and the Nifty 50 index lost 0.97%.
In broader markets, the NSE Midcap 100 index fell 0.45% and BSE Smallcap was down 0.52%.
Top losers among Nifty sectoral indices were Metal [-1.22%], Auto [-1.18%], IT [-1.16%], Media [-1.15%] and FMCG [-1.14%]. Top gainers were Energy [0.37%] and Realty [0.10%].
Indian rupee fell 16 paise to hit a fresh record low of 79.60 against the US dollar on Tuesday.
Stock in News Today
Telecom Equipment companies: Shares of telecom equipment makers such as ITI, Tejas Networks and Indus Towers rose after the government amended Unified Access Services License Agreement (UASL) with respect to procurement of telecommunication equipment. After the amendment, wireless service providers have been mandated to buy only from suppliers designated as trusted sources by the government.
IndusInd Bank: The private lender said that its board will meet on July 18 (Monday) to consider a proposal for raising funds through issue of debt securities in any permitted mode on a private placement basis. The board will also finalise the date for the 28th AGM of the bank and fix the ‘record date’ for the entitlement of dividend for FY22.
Sunteck Realty: The realty firm said that its pre-sales jumped 89% to Rs 333 crore in Q1FY23 compared to the same period a year ago. However, its pre-sales declined 33.8% in Q1FY23 from Rs 503 crore recorded in Q4FY22. Collections stood at Rs 285 crore in Q1 FY23, a drop of 29.45% quarter-on-quarter, but jumped 66% year on year.
NMDC: Shares of the company fell over 5% after brokerage firm Kotak Institutional Equtiies cut NMDC’s target price to Rs 105 from Rs 110, but revised the stock rating to ‘reduce’ from ‘sell’. Kotak anticipated further weakness for the company due to the 20% correction in seaborne iron ore prices. It also slashed company’s volume estimates and EBITDA estimates due to domestic demand headwinds.
SpiceJet: The airline’s Dubai-Madurai flight was delayed on Monday after the Boeing B737 Max aircraft’s nose wheel malfunctioned, Directorate General of Civil Aviation officials said. An engineer did a walk around inspection after the aircraft landed and found the nose wheel strut was compressed more than usual.
In other news, SpiceJet said that the complaint of alleged fraud filed by an individual against airline’s Chairman Ajay Singh was “completely bogus” and a defamation suit will be filed against the complainant.
Karur Vysya Bank: The private sector lender said that the Reserve Bank of India (RBI) has approved the appointment of former RBI executive Meena Hemchandra as part-time chairman of the bank for three years.
Rail Vikas Nigam: Shares of the company rose over 4% in intraday trading after a consortium of the company and SP Singla Constructions was awarded a Letter of Acceptance (LoA) by National Highways Authority of India (NHAI). The LoA pertains to construction of four-lane of National Highway between Kaithlighat and Shakral Village in Himachal Pradesh. The length of the four-lane road project is 17.47 km and the total estimated cost of the project is Rs 1,844.77 crore.
Ahluwalia Contracts: Shares of the company jumped over 9% in intraday trading after the company announced that it has secured a new order worth Rs 150 crore. The civil construction company said that the order entails construction of Amity Campus Bengaluru and the order was awarded by Ritnand Salved Education Foundation, according to its exchange filing.
BLS International Services: Shares of the company rose over 4.6% in intraday trading after brokerage firm Nomura Singapore bought 12.5 lakh shares at Rs 214 apiece. However, the company gave up intraday gains to closr 0.81% higher.
Ramco Systems: the company said that it has successfully deployed it aviation suite — Aviation M&E MRO Suite V5.9 — at Air Asia Company (AACL), Taiwan’s first privately-owned aircraft maintenance company catering to aircraft maintenance of commercial aircraft, helicopters, military and a designated ‘Government owned contractor operated facility’ (GOCO). The suite will automate and digitally transform AACL’s business processes.
Mastek: The company announced that it has achieved the highest level of UiPath technical accreditation by receiving UiPath Services Network (USN) certification. With this certification, Mastek has proven expertise and advanced delivery skills required to build and scale end-to-end automation for their clients.