The Indian market is likely to open lower today as SGX Nifty fell 33 points to 17,406. Sensex has gained 22.43% since the beginning of this year and risen 24.46% in one year. However, the ongoing correction and volatility in Indian equities has turned benchmark indices negative on a monthly basis. While Sensex has lost 2.61% or 1,567 points, Nifty is down 2.72% or 487 points in the last one month.
On Thursday, Indian market closed higher for the second consecutive session tracking gains in index majors HDFC twins, Infosys and TCS amid largely negative cues from global peers. Sensex ended 776.50 points or 1.35 per cent higher at 58,461.29 and Nifty surged 234.75 points or 1.37 per cent to 17,401.65.
HDFC was the top Sensex gainer climbing 3.92 per cent, followed by PowerGrid, Sun Pharma, Tata Steel, Tech Mahindra and Bajaj Finserv.
Here's a look at stocks that are likely to remain in news today.
ONGC: The state-owned firm has inked a pact with Solar Energy Corporation of India (SECI) to scale up its clean energy projects.
Tata Power: The Tata Group firm said it has received shareholders' nod to amend a scheme of arrangement to keep Tata Power Solar Systems Ltd (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself.
Bharat Dynamics: The defence sector player and Indian Army inked a contract worth Rs 471.41 crore for refurbishment of IGLA - 1M missiles, Bharat Dynamics said. After the refurbishment, a fresh lease of life will be given to the missile for a period of ten years. The value of the contract is Rs 471.41 crore.
Biocon: The biotechnology firm said its unit has received nod of the US health regulator to market a generic product. Biocon Pharma, a subsidiary of the company, has received approval from the (USFDA) for its abbreviated new drug application (ANDA) for Mycophenolic Acid.
Maruti Suzuki India: Carmaker Maruti Suzuki announced that the company will increase prices in January 2022 due to increase in various input costs. The company said that the price hike shall vary for different models. "Over the past year, the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike," Maruti said.
Garden Reach Shipbuilders & Engineers: The leading defence PSU is transforming itself to shrug off the warship builder tag to a holistic "global shipbuilder" as it targets commercial ships orders from both domestic and overseas markets, a top company official said.
ABB India: The engineering services company has completed the sale of its mechanical power transmission division to Dodge Industrial India for a consideration of Rs 44.58 crore. Dodge Industrial India is an affiliate of RBC Bearings Incorporated.
SBI: State Bank of India (SBI) has signed an agreement with Adani Capital Private Ltd (Adani Capital), the NBFC arm of Adani Group, for co-lending to farmers for purchase of tractor and farm implements. "With this partnership, SBI would be able to target farmer customers in the interior hinterland of the country looking for adoption of farm mechanization to enhance productivity of crops. SBI is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanization, warehouse receipt Finance, Farmer Producer Organizations (FPOs) etc., for enhancing credit flow to double the farmers' income," a release said
Canara Bank: The state-owned lender has raised Rs 1,500 crore by issuing Basel-III compliant bonds. "The bank received total bid amount of Rs 4,699 crore, out of which full issuance of Rs 1,500 crore was accepted at 8.05 per cent," said Canara Bank.
Ujjivan Financial Services: Market regulator Sebi has given relaxation with respect to the minimum promoter lock-in norm to Ujjivan Small Finance Bank (SFB) and its promoter Ujjivan Financial Services, for the purpose of their amalgamation.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today