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Benchmark stock indices advanced for the third consecutive session, led by gain in banking, power and energy stocks. The Sensex closed 1.14% higher to 59855.93 and the Nifty climbed 1.02% to 17805.25.
Top gainer were Nifty Energy (2.28%), PSU Bank (1.24%), Financial Service (1.19%), Nifty Infrastructure (1.17%) and Nifty Bank (1.15%). Top losers were Nifty Pharm (-0.82%), Metal (-0.38%)and Realty (-0.53%).
Indian rupee fell 29 paise to 74.55 against the US dollar.
Stock in News Today
Reliance Industries Ltd: The company’s telecom arm Jio is planning to raise as much as 50 billion rupees ($671 million) through bond sale that are maturing in five years at a coupon of 6.20%, according to people familiar with the matter, Bloomberg reported. The proceeds from the proposed deal are likely to be used for refinancing its financial liabilities, the report added.
Larsen & Toubro Ltd: The company has won orders for heavy civil infrastructure business from Delhi Metro Rail Corporation Ltd. The order includes the design and construction of Underground Metro Project of Phase-1 of Patna MRTS. The project is scheduled to be completed within 42 months and the order value is expected to be between Rs 1000 crore and Rs 2500 crore as L&T has classified the order as significant.
Tata Motors Ltd: The automaker slipped over 1% after brokerage CLSA downgraded the stock to ‘sell’ from ‘buy’ rating. CLSA stated that the downgrade is due to high valuations in domestic passenger vehicle business and slower rate of electrification in Jaguar Land Rover.
Alembic Pharmaceuticals Ltd: The drugmaker has received final approval from the U.S. regulator FDA for its Abbreviated New Drug Application for Doxycyclcine Hyclate Delayed-Release Tablets USP, 75 mg, 100 mg, 150 mg and 200 mg. This is therapeutically equivalent to Doryx tablets. The tablets are indicated to reduce the development of drug resistant bacteria. It has an estimated market size of $10 million for twelve months ending September 2021, according to IQVIA.
Jindal Steel and Power Limited (JSPL): The company said that its steel production rose to 5.90 million tonnes during April-December 2021, which is 9% higher than the output recorded in the corresponding period of previous year. The company also said it has set targets to produce 8 to 8.2 million tonnes of steel during the current financial year.
Hinduja Global Solutions (HGS): Shares of the company surged 19 per cent to hit a new high of Rs 3,948 on the BSE in Tuesday’s intra-day trade after the company announced in a regulatory filing that its board is expected to meet on January 06, 2022 to consider a proposal for bonus issue of equity shares. However, the company pared some gains and closed 9.96% higher on BSE.
Oil India Ltd: The public-sector enterprise has transferred over 1.85 crore equity shares of Numaligarh Refinery Ltd. in favour of Government of Assam on January 3, the company said in an exchange filing. The shares were transferred for a consideration of Rs 217.75 apiece, totaling to Rs 404.1 crore. After this transfer, Oil India’s shareholding in Numaligarh Refinery will be 69.63%.