The benchmark indices ended lower for the fifth consecutive session amid weak global cues as the Russia-Ukraine crisis worsened on February 22. At close, the Sensex was down 382.91 points, or 0.66%, at 57300.68, and the Nifty was down 114.50 points, or 0.67%, at 17,092.20.
Indiabulls Real Estate | CMP: Rs 113.80 | The stock jumped over 10 percent after the developer clarified that the recent Enforcement Directorate searches were about a client and had nothing to do with the company’s business or operations. “We wish to clarify that ED has sought some information from Indiabulls Housing Finance Limited (IHFL) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials. The said ED investigation did not pertain to Indiabulls Real Estate Limited (the ‘Company’) and has no bearing on the business and operations of the Company,” Indiabulls Real Estate said in an exchange filing.
Housing Development Finance Corporation | CMP: Rs 2,450.85 | The share ended in the green on February 22. The stock witnessed a series of block deals on February 22, in which around 71 lakh shares of the lender changed hands, CNBC-TV 8 reported. Details of the buyers and sellers were not available. The deal value was worth Rs 1,730 crore, according to the report. “We cut FY23/24CL estimates by 4-5 percent mainly due to the margin miss and tougher outlook for incremental mortgage spreads. While the turning rate cycle bodes very well for HDFC Limited’s growth outlook and with recent underperformance valuations is undemanding, the best of margins is behind. We prefer large private banks (ICICI/SBI/Axis) over HDFC Limited,” CLSA said in a report.
Hero MotoCorp | CMP: Rs 2,745 | The share price added over a percent on February 22 after the auto firm along with Bharat Petroleum Corporation collaborated to set up charging infrastructure for two-wheeled electric vehicles (EVs) across the country. Also, the world’s largest manufacturer of motorcycles and scooters has created a new position—chief growth officer—and appointed Ranjivjit Singh to the post with immediate effect. Singh was earlier heading the marketing segment. The stock has gained nearly 3 percent in the last five sessions.
Cadila Healthcare | CMP: Rs 366.05 | The scrip ended in the red after the Indian drug regulator approved the COVID-19 vaccine of rival Biological E in a further blow to the company’s vaccine ZyCoV-D. Biological E on February 21 announced that it received emergency use approval from the Drug Controller General of India for use of its Corbevax on children of 12-18 years based on interim results of the ongoing phase 2 and 3 trials.
Krsnaa Diagnostics | CMP: Rs 595 | The share price ended in the green on February 22 after the company won a tender from the Himachal Pradesh government. The Health and Family Welfare Department, Himachal Pradesh, awarded a tender to Krsnaa Diagnostics for providing diagnostic and laboratory services to government health institutions, the company said in a press release.
