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Benchmark equity indices opened gap-down and struggled for direction as investors keenly watched the developments between Russia and Ukraine. The indices closed lower, with the Sensex closing 0.26% lower and the Nifty 50 dropping 0.4 %.
Top losers among Nifty sectoral indices were Media [-2.71%], Metal [-2.07%], Energy [-1.49%], PSU Bank [-1.38%] and Realty [-1.36%]. Top gainers were Financial Services [0.26%] and Bank [0.18%]. Top gainers Nifty Private Bank [0.25%] and Nifty Bank [0.23%].
Broader markets lost more than benchmark indices. Nifty Midcap 100 fell 1.24% and BSE Smallcap tanked 2.2%.
Indian rupee rose 16 paise to 74.51 against the US dollar.
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Indiabulls Housing Finance Ltd: The Enforcement Directorate of Delhi and Mumbai division jointly conducted searches at Indiabulls Housing Finance Ltd and its office Indiabull Finance Centre in Mumbai. The investigation is based on an Enforcement Case Information Report (ECIR) filed by the ED under the Prevention of Money Laundering Act.
Reliance Industries Ltd: The company’s telecom arm Reliance Jio Infocomm will land the multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives, according to a statement. The high capacity and high-speed IAX system will connect Hulhumale directly with world’s major internet hubs in India and Singapore.
Tata Power: The company on Monday said it has collaborated with Germany-based RWE Renewable GmbH to explore potential for a joint development of offshore wind projects in India. A MoU has been signed between Tata Power Renewable Energy Limited, a 100 per cent subsidiary of Tata Power, and RWE Renewables GmbH.
Bharti Airtel: The telco said it has joined the ‘SEA-ME-WE-6’ undersea cable consortium in a bid to scale up its high-speed global network capacity to serve India’s fast-growing digital economy. Airtel said it is participating as a “major investor” in the SEA-ME-WE-6 and is anchoring 20 per cent of the overall investment in the cable system, which will go live in 2025.
Snowman Logistics: The Cold chain logistics service provider has constructed a temperature-controlled warehouse at Coimbatore.The facility is designed to store products ranging from temperature of -25 degree celsius. The total capacity of the facility is 4,020 Pallets.
Tata Consultancy Services: The IT major will launch a digital garage innovation centre in Sydney. The research hub is designed to focus on innovation, increasing speed to market and work on creative solutions. It will provide access to the TCS global ecosystem of academics, start-ups and technology providers.
InterGlobe Aviation (IndiGo): Shares of the company fell over 4.3% in intraday trading after the company’s promoter Rakesh Gangwal resigned from the board of directors of the IndiGo airline operator with immediate effect. Gangwal in a letter to the board said he planned to slowly dilute his holding in the company over the next five years. However shares of the company erased some losses to close 1.42% lower.
Dr. Reddy’s Laboratories: The company received the Establishment Inspection Report (EIR) from the U.S. FDA indicating closure of the inspection on the audit at Duvvada manufacturing facilities. The company has also decided to divest two brands in non-core areas – Ciprolet and Levolet – to Binnopharm Group in Russia, Belarus and Uzbekistan.
Kalpataru Power Transmission: The company and JMC Projects approved the scheme of amalgamation setting the stage for the merger of JMC with Kalpataru. Pursuant to the scheme, JMC’s shareholders will be allotted one share of Kalpataru Power for every four shares held by them in JMC. After the merger, the combined entity will be one of the largest EPC companies in India with an estimated order book visibility of over Rs 37,000 crore.