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Benchmark equity indices closed higher as auto, banking and FMCG stocks gained amid a fall in commodity prices. The Sensex rose 0.88% and the Nifty 50 advanced 0.92%.
Broader markets outperformed benchmark indices. The Nifty Midcap 100 index climbed 1.42% and the BSE Smallcap soared 1.6%.
Top Nifty sectoral gainers were Media [2.54%], PSU Bank [1.98%], Auto [1.97%], Private Bank [1.75%] and Metal [1.63%]. Nifty IT was sole sectoral index which fell 0.89%.
Indian rupee fell 5 paise to 78.35 against the US dollar on Friday.
Stock in News Today
ICICI Bank: Shares of the lender rose after brokerage firm Jefferies reiterated ‘buy’ and kept target price unchanged at Rs 1,070 apiece. The global brokerage firm believes that the lender has among the best risk-reward ratio across global peers and expects ICICI Bank to gain from rise in bank credit growth and the ramp-up of SME vertical.
Tata Power: Shares of the company rose 2.44% after the Tata Group company announced a plan to set up EV charging stations across India over next three to five years, The Economic Times reported citing Tata Power CEO Praveer Sinha. Tata Power has already announced partnerships with Tata Motors to develop charging ecosystem and home chargers to individual vehicle owners.
Canara Bank: The board of Canara Bank has approved capital raising plan for financial year 2022-23 amounting up to Rs 9000 crore by way of debt Instruments. According to its exchange filing, the board has approved raising up to Rs 5500 crore through Basel III compliant additional tier I bonds and another Rs 3500 crore through Basel III compliant additional tier II bonds during the FY 2022-23.
Tata Chemicals: The company’s subsidiary Tata Chemicals Europe (TCE) has opened industrial-scale carbon capture and & usage plant in the UK. The plant will repurpose 40,000 tonnes of CO2 emissions annually from its power generation plant and use it to produce baking soda. TCE has invested £20 million towards the facility and it will export baking soda to 60 countries under the brand name Ecokarb.
Automobile companies: Transport Minister Nitin Gadkari has approved the draft GSR notification to introduce Bharat NCAP. Hence, automobiles in India will now be accorded star ratings based upon their performance in crash tests. Gadkari said Bharat NCAP will be aligned with global crash test protocols factoring in existing Indian regulations, allowing OEMs to get vehicles tested at India’s in-house testing facilities.
Greaves Cotton: Shares of the company rose 4.5% after the company in an exchange filing said that its subsidiary, Greaves Electric Mobility. has allotted 68,35,450 shares of face value Rs 10 each, aggregating to 35.80% stake, to Abdul Latif Jameel International DMCC. The transaction is done by way of preferential allotment through private placement basis for a consideration of Rs 1170.81 crore. Greaves Cotton holds 61.38% stake in Greaves Electric Mobility.
Strides Pharma Science: Shares of the company jumped 9.5%, after the company’s subsidiary Biolexis and Akston Biosciences announced results from Phase II/III clinical trials in India for Covid-19 vaccine. The vaccine was well tolerated, with no reported safety issues and is shelf-stable for over six months at 25° C room temperature and maintains potency for one month at 37° C.
Dwarikesh Sugar: Shares of the company rose over 8%, after the company announced the commissioning of 175 kilo litres per day distillery at its Faridpur unit in Bareilly district, according to exchange filing. With this, the company’s total distillery capacity now stands at 337.5 kilo litres per day. While ethanol production gets doubled, sugar production will be moderated.
Nazara Technologies: Shares of the company jumped nearly 20% after brokerage firm Prabhudas Lilladher reiterated ‘buy’ and hiked target to Rs 1,813 apiece. Nazara Tech expects Battle Grounds Mobile India (BGMI) Master Series IP to be profitable in the first year itself. Nodwin Gaming, a subsidiary of Nazara Tech, has tied up with Star Sports to live telecast the BGMI series for the first time in Indian television. The production cost of the event is likely to be Rs 15 crore-Rs 20 crore. Prabhudas Lilladher expects Esports to emerge a key growth lever for Nazara.
Jet Airways: The carrier has began its operational hiring and asked its former cabin crew members to rejoin the airline. Commencement of hiring for pilots and engineers to follow in the coming days, when we make our aircraft choice reveal, said it CEO Sanjiv Kapoor.
Imagicaaworld Entertainment: Malpani Group has completed acquisition of the company. Malpani has bought a 66.25% stake in Imagicaa for Rs 415 crore. The lenders have completed a debt resolution for Rs 575 crore, which includes assignment of their debt to Aditya Birla ARC for Rs. 500 crore. Lenders have been allotted equity shares worth Rs 75 crore resulting in a collective shareholding of 11.97% in the company. Shares of Imagicaaworld jumped 9.76%.
Spandana Sphoorty Financial: The company in an exchange filing said that it resolved all differences with promoter and former MD Padmaja Gangireddy. The two parties have signed a settlement agreement.