Except metal, all other sectoral indices ended in the red. Also, both BSE midcap and smallcap indices shed over a percent.
There was a market bloodbath on February 22 as the Sensex breached the 50,000-mark and the Nifty also settled below the crucial 14,700 level. The indices ended lower for the fifth day, with the Sensex closing 1,145.44 points or 2.25% down at 49,744.32. The Nifty ended 306.10 points or 2.04% lower at 14,675.70.
Jet Airways | CMP: Rs 114.95 | The share price spiked 5 percent after Murari Lal Jalan of Jalan-Kalrock consortium said that the battered airline may fly again by July-August. Almost two years after India’s oldest private airline was grounded, Jet Airways may be able to fly again by July or August 2021, the potential new owner of the airline told CNBC-TV18.
Karnataka Bank | CMP: Rs 66.35 | The stock was down over 4 percent after the bank reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks. “The bank has reported to RBI (Reserve Bank of India) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore (defaulted entity),” Karnataka Bank said in a regulatory filing.
Intellect Design Arena | CMP: Rs 447.05 | The stock price gained over 3 percent after Bank Rakyat Indonesia selected Intellect Wealth for digital transformation. The company’s wealth platform, WealthQube, would underpin the digital transformation of wealth management at PT Bank Rakyat Indonesia (BRI), the company said in the release.
Jubilant FoodWorks | CMP: Rs 3,120.65 | The scrip was up over 5 percent after the company’s subsidiary entered into a purchase agreement to fully acquire Fides Food Systems Coöperatief U.A. Jubilant Foodworks Netherlands B.V., a wholly-owned subsidiary of the company, has entered into a purchase agreement with Turkish Private Equity Fund II L.P. to fully acquire Fides Food Systems Coöperatief U.A., which holds 32.81 percent equity shares in DP Eurasia N.V., as per a release.
Torrent Power | CMP: Rs 377.55 | The stock added 3 percent after the company emerged as the highest bidder for 51 percent privatisation of Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu. Torrent Power emerged as the highest bidder for the sale of 51 percent stake in the power distribution company in the UT of Dadra & Nagar Haveli and Daman & Diu. The acquisition of a 51 percent stake in the power distribution company by Torrent is subject to further formalities as prescribed under the Tender documents, the company said in an exchange filing.
Vivimed Labs | CMP: Rs 17.70 | The share price zoomed 20 percent after the company received a nod from the Uzbekistan government for paracetamol drug. The company announced that it received approval for a product from the Uzbekistan government for its PICS and Health Canada approved site situated at Hyderabad, it said in an exchange filing.
Ambuja Cements | CMP: Rs 266.35 | The stock was down 3 percent on February 22. The company announced its December quarter numbers on February 17 with a 34.06 percent jump in its consolidated net profit at Rs 968.24 crore for the December quarter. UBS has a ‘sell’ rating with the target at Rs 190 per share.
PNB Housing Finance | CMP: Rs 421.55 | The stock price was down over 5 percent after Punjab National Bank said it will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to an exchange filing.
Amara Raja Batteries | CMP: Rs 901.95 | The share price gained over 2 percent after the company opened the country’s maiden technology hub to develop lithium-ion cells at its Tirupati facility in Andhra Pradesh.
Hindalco Industries | CMP: Rs 314.30 | The stock gained 2 percent on February 22. The company’s board as per SEBI has approved dividend distribution policy for the company at its meeting held on February 13, 2017 as amended on February 22, 2021.
Sandip Das
