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Benchmark indices oscillated to end in the positive territory, aided by gains in banks, auto and metal stocks. The Sensex rose 0.44% and the Nifty 50 index advanced 0.5%.
Broader markets outperformed headline indices. The Nifty Midcap 100 rose 1.17% and BSE SmallCap gained 0.78%.
Top Nifty sectoral gainers were PSU Bank [2.34%], Auto [1.81%], Metal [1.42%], Oil & Gas [1.25%] and Private Bank [1.13%] and Bank [1.04%]. Among losers, Nifty IT tanked 1.77%.
The Indian rupee remained flat at 79.86 against the US dollar on Tuesday.
Stock in News Today
Adani Group companies: The conglomerate is “deeply overleveraged,” with the group investing aggressively across existing as well as new businesses, predominantly funded with debt, CreditSights, a Fitch Group unit, said in a report. The report stated that the aggressive expansion pursued by the Adani Group companies has put pressure on its credit metrics and cash flow.
Redington India: Shares of the company jumped nearly 9.5% in intraday trading after Bloomberg news reported that Apple will manufacture iPhone 14s smartphone in India. Apple plans to start manufacturing iPhone 14s in India about two months after the product’s release out of China, according to Bloomberg.
Godrej Agrovet: The company has signed three MoUs with Assam, Manipur and Tripura state governments for development and promotion of oil palm cultivation under National Mission on Edible Oils-Oil Palm scheme. Under the MoU, Godrej Agrovet will be allotted land across three state to promote and develop sustainable palm oil plantations.
Devyani International: Shares of the company slumped 6.23% after over 2% of the total equity of the restaurants company changed hands via block deals.
Unichem Laboratories: The company announced that it has received abbreviated new drug application (ANDA) approval for Carbamazepine tablets from USFDA. The US health regulator has approved the company to market a generic version of Carbamazepine (Tegretol) tablet of Novartis Pharmaceuticals. The product will be manufactures at Unichem’s Goa plant.
Dredging Corporation of India: The company said that the Visakhapatnam Port Authority (VPA) had awarded the company with an annual maintenance dredging contract for three years and the project cost of about Rs 57crore. The contract includes dredging at new sand trap (NST), its approaches and other areas of VPA and to pump the dredged material to the shore for beach nourishment.