The Indian equity market is likely to open lower today as SGX Nifty fell 32 points to 17,251. Sensex and Nifty closed lower in volatile trade for the third straight session on Friday amid a selloff in energy, pharma and IT shares. After swinging about 700 points between gains and losses during the session, Sensex finally ended 59 points lower at 57,832.
Nifty dropped 28 points to 17,276. Ultratech Cement, M&M and Infosys were the top losers on Sensex, falling up to 1.88%. Of the 30 Sensex constituents, 17 ended in the red.
HDFC, L&T and Axis Bank were the top Sensex gainers, rising up to 1.25%.
Here's a look at stocks that are likely to remain in news today.
Federal Bank: The lender's subsidiary Fedbank Financial Services Limited (FedFina) has filed the draft red herring prospectus (DRHP) for its initial public offering (IPO) with markets regulator Securities and Exchange Board of India (SEBI). The IPO includes a fresh issue aggregating up to Rs 900 crore and an offer for sale (OFS) of up to 45,714,286 equity shares by the company's promoter and investor, according to the DRHP.
HDFC Bank: The private lender said that Srikanth Nadhamuni has resigned as a director from its board, citing potential future interests.
NTPC: The state-run power giant has surpassed the maximum annual electricity generation of 314 billion units achieved in 2020-21 on February 18. NTPC has recorded a generation of 314.89 billion units upto 18th February 2022, surpassing the maximum annual generation of 314 BU achieved in 2020-21.
Bharat Petroleum: The oil marketing player has launched 10 EV fast-charging corridors on the 900-km long Chennai-Trichy-Madurai highway. The first phase of launch on Chennai-Trichy-Madurai highway will be followed by key routes, which have high existing motorist traffic and a propensity for transition to travel by electric vehicles.
InterGlobe Aviation: IndiGo co-founder and co-promoter Rakesh Gangwal said that he is stepping down from the airline's board. He said he intends to gradually reduce his equity stake in the company over the next five years. Gangwal, however, acknowledged that future events might impact his current thinking, in a letter to board members.
Equitas Small Finance Bank: The bank will receive Rs 550 crore from qualified institutional investors after approval of allotment of 10.26 crore equity shares at an issue price of Rs 53.59 per share. The QIP issue was opened for bidding during February 14-18.
Escorts: The tractor maker will receive Rs 1,872.74 crore from Kubota Corporation after approving preferential allotment of 93.63 lakh equity shares at Rs 2,000 per share. After the allotment, Kubota Corporation owns a 16.39 percent stake in Escorts.
Hazoor Multi Projects: The company has won orders worth Rs 6.54 crore from Varaha Infra. The work order is for completion of balance work of 'national highway No 548-A from section Waken Pali to 2 lanes with paved shoulder.
Power Finance Corporation: Life Insurance Corporation of India has offloaded 2.02 percent stake in the firm through open market transactions. The insurer's shareholding in the company reduced to 5.06 percent against 7.09 percent earlier.
Hatsun Agro Product: The company will buy a 26 percent stake in FP Cygnus and Huoban Energy.
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