Stocks in News: Maruti Suzuki, NTPC, PB Fintech, Bank of India and more
The Indian stock market ended lower on Friday, snapping its eight-day rally, amid weak global markets and record profits. The Sensex fell 415.69 points to end at 62,868.50. During the day, it crashed 604.56 points to 62,679.63. The Nifty lost 116.40 points or 0.62 percent to end at 18,696.
Here’s a look at stocks likely to remain in the news today.
Maruti Suzuki India: The country’s biggest carmaker will raise the prices of its vehicles “significantly” from January to offset the impact of rising input costs and take steps to update its model range to comply with stricter emissions norms starting from April 2023.
Also Read: Maruti Suzuki plans to hike car prices from January 2023, citing inflation
NTPC: The state-owned power giant is likely to get a strategic investor for its arm NTPC Green Energy by March 2023, which will help raise up to Rs 3,000 crore to implement renewable projects in the country.
Power Grid Corporation of India: The state-owned power transmission major is in the process of spinning off its telecoms vertical into a new wholly-owned subsidiary, Powergrid Teleservices, in a bid to take a “focused approach” and move up the value chain.
Pharma stocks: Drug companies Dr Reddy’s Labs and Sun Pharma are recalling various products in the US market for manufacturing issues, according to the USFDA. Dr Reddy’s Labs is recalling over 48,000 cartons of a drug used to treat sneezing, runny or stuffy noses. Sun Pharma is recalling 14,064 cartons of a drug to treat erosive esophagitis.
Godrej Properties: The real estate firm has acquired an 18.6-acre plot in Kandivali in Mumbai for around Rs 750 crore to develop a luxury residential project.
PB Fintech: Softbank offloaded 2.28 crore shares or 5.1 per cent stake at an average price of Rs 456.4 apiece worth Rs 1,042.52 crore from the parent company of Policybazaar, through an open market transaction. Goldman Sachs, Societe Generale, Morgan Stanley and Max Life were among the buyers.
NMDC: The state-owned metal miner reported eight percent growth in November compared to the same month last year in iron ore production of 3.61 million tonnes and a 5.5 percent jump in turnover to 3.04 million tonnes in November. Iron ore production for the period September-October-November 2022 was the best ever for the company.
Also Read: Share Market News Live: Sensex, Nifty likely to open higher, in line with Asian shares; Maruti, SBI, Mahindra Finance in focus
Krishna Institute of Medical Sciences: An arm of US-based General Atlantic offloaded 14.5 lakh shares or 1.8 per cent stake in the hospital chain at an average price of Rs 1,480 apiece for Rs 214.6 crore through an open market transaction, according to the bulk deal data available with BSE.
Amara Raja Batteries: The battery firm will invest over Rs 9,500 crore over 10 years to set up research and development, and a greenfield manufacturing facility for lithium-ion battery manufacturing in Mahbubnagar district of Telangana.
Bank of India: The state-run lender has raised Rs 1,500 crore by allotting Basel-III compliant additional Tier-I bonds, to seven investors. The bond issue opened on December 1 received a strong response from investors, receiving bids worth Rs 6,367 crore against the offer size of Rs 1,500 crore.
Ion exchange: The water treatment company has won a contract worth Rs 343.36 crore from Indian Oil Corporation, which includes design, engineering, manufacturing, supply, assembly, testing, pre-commissioning, commissioning, performance guarantee test run and operation and maintenance for five years at Panipat refinery.
Inox Green Energy Services: The newly listed wind power operation and maintenance provider reported a net loss of Rs 11.87 crore on a consolidated basis for the quarter ended September FY23, compared to a loss of Rs 11.58 crore in the previous quarter. Operating income rose marginally to Rs 61.9 crore.
