Benchmark indices were trading lower in early deals today (August 25). Sensex lost 483 points to 64,768 and Nifty declined 151 pts to 19,235.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The market is delicately poised waiting for triggers. An unhealthy trend in the market is the sustained rise in the prices of many small-and micro-cap stocks. This is partly aided by the sustained flow of funds into the small-cap segment. Valuations in the segment are approaching risky levels. Safety is now in large-caps.”
Reliance Industries Ltd (RIL) shares were trading on a flat note at Rs 2,477 in early deals amid a report that said the firm may look to sell an additional 8-10% stake in retail arm Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt and prepare for the initial public offering (IPO).
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Shares of Brightcom Group Ltd (BCG) fell 5% to Rs 20.75 after the company scheduled a board meeting on August 27 to discuss and deliberate upon the recent developments related to an interim order issued by the Sebi. The primary agenda of the meeting would be to address the implications and courses of action in response to the interim order released by Sebi on August 22, BCG said post market hours of Thursday.
Shares of Vodafone Idea Ltd climbed 6% as the company chief executive Akshaya Moondra reportedly informed the Department of Telecommunications (DoT) that the telecom operator has received term sheets from several potential investors. The stock rose 6.03% to hit a high of Rs 8.43 on BSE.
Astra Microwave shares zoomed 6% to a record high in early deals today after the provider of microwave wireless technologies for use in defence, space and telecommunications said it has won new orders worth Rs 158 crore from DRDO, ISRO, and defence public sector undertakings (DPSUs). Astra Microwave stock rose 6.47% to a high of Rs 393.95 on BSE. Market cap of the firm climbed to Rs 3,711.88 crore.
Suzlon Energy shares zoomed 3.53% to Rs 22.25 in early deals today. Suzlon Energy’s market cap climbed to Rs 29,895 crore. Total 49.23 lakh shares of the firm changed hands amounting to a turnover of Rs 10.83 crore on BSE.
Shares of Jio Financial Services (JFS) recovered today after hitting lower circuit for five straight sessions since listing. The stock rebounded about 10% to Rs 224.80 during the session, with a total market capitalization of more than Rs 1.4 lakh crore.
Texmaco Rail & Engineering shares zoomed 8.65% to Rs 134.95, a fresh 52-week high in early deals today. Market cap of the firm rose to Rs 4,176 crore. Total 4.49 lakh shares of the firm changed hands amounting to a turnover of Rs 5.87 crore on BSE.
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