Among sectors, the PSU Bank index shed 2 percent, while Nifty Bank, energy and pharma were down a percent each. The auto index, however, added over 2 percent
The Indian benchmark indices ended lower on November 16, pulled down by bank, pharma, oil & gas and metal names. At close, the Sensex was down 396.34 points, or 0.65%, at 60,322.37, and the Nifty was down 110.30 points or 0.61% at 17,999.20.
Escorts | CMP: Rs 1,625.20 | The scrip ended in the red on November 16. Escorts Agri Machinery (EAM), a division of Escorts, said it will increase the prices of its tractors from November 21, 2021. There has been a steady rise in commodity prices, necessitating a price hike to offset the impact of the continuing inflation. The increase in prices would vary across models and variants, it said.
HCL Tech | CMP: Rs 1,161.95 | The stock ended in the red on November 16. The firm announced a new multi-year application deal with Euroclear Group to accelerate its transformation journey with technologies and working practices to improve its digital capabilities.
Foods and Inns | CMP: Rs 89.50 | The stock jumped 5 percent after the firm obtained approval from the National Stock Exchange of India for the purpose of listing of its equity shares having a face value of Rs 1 only on NSE’s trading platform.
Va Tech Wabag | CMP: Rs 354.95 | The stock price jumped over 7 percent after the water treatment player reported a consolidated profit for the quarter ending September 30, 2021 at Rs 25.93 crore. It registered a consolidated profit of Rs 13.93 crore during the corresponding quarter of the previous year. Total income for the quarter under review grew to Rs 686.97 crore from Rs 610.09 crore in the yea-ago period.
Coforge | CMP: Rs 5,745 | The share was up over 4 percent as the company geared up for listing on US exchanges through the American Depository Receipts (ADR) route. Global IT solutions firm Coforge Ltd (formerly NIIT Technologies), which is promoted by PE major Barings Private Equity Asia, is likely to soon file papers with the US Securities Exchange Commission (SEC) for an initial public offer through ADR, multiple industry sources with knowledge of the matter told Moneycontrol.
Ashok Leyland | CMP: Rs 146.20 | The stock was down over 3 percent on November 16 even as the company narrowed its losses in the second quarter this year. It reported a consolidated loss of Rs 84 crore for the July-September period compared to a loss of Rs 96 crore in the corresponding period last year. According to Japanese research firm Nomura, the Q2 earnings were in line. Economic revival would drive the commercial vehicle cycle. It kept a ‘buy’ rating on the stock and raised its target to Rs 175 a share.
Phoenix Mills | CMP: Rs 1,067 | The stock was down over 4 percent on November 16. Canada Pension Plan Investment Boara through its entity CPP Investment Board Private Holdings (4) Inc plans to invest up to Rs 1,350 crore in multiple tranches in the company’s subsidiary Plutocrat Commercial Real Estate (PCREPL) against a 49 percent stake.
Graphite India | CMP: Rs 511.95 | The stock ended in the red on November 16. ICRA reaffirmed its long-term rating at AA+ and short term rating at A1+ for Rs 1,000 crore bank working capital facilities of the company. The outlook on the long-term rating has been revised to ‘stable’ from ‘negative’. ICRA assigned short-term rating at A1+ for Rs 300 crore commercial paper programe of the company.
Glenmark Pharma | CMP: Rs 515.80 | The scrip shed over 3 percent after foreign broking house Morgan Stanley kept ‘underweight’ rating on the stock with the target at Rs 554. The core business should grow in the low to mid-teens and margin should be stable, however, cash conversion and specialty monetisation are the key value drivers, it said.
IIFL Wealth Management | CMP: Rs 1,575 | The share price ended 0.74% lower on November 16. The company on November 18 will consider the offer and issue of secured redeemable non-convertible debentures of up to Rs 250 crore on a private placement basis.
Sandip Das
