The metal index gained more than 2 percent, while auto, bank, capital goods, FMCG, PSU Bank and realty fell 2-5 percent on yet another Manic Monday for Indian equity markets
The benchmark indices closed deep in the red on March 7 even after trimming some of the losses. The Sensex ended 1,402.74 points, or 2.58%, lower at 52,931.07, and the Nifty shed 366.10 points, or 2.25%, at 15,879.30.
Bharti Airtel | CMP: Rs 677.20 | The stock jumped over 3 percent on March 7. The telecom major and Axis Bank announced the launch of Airtel Axis Bank Credit Card as part of a “strategic partnership to strengthen the growth of India’s digital ecosystem through a range of financial solutions”. Axis Bank MD and CEO Amitabh Chaudhry said the collaboration would help widen the access to credit and various digital financial offerings from Axis Bank to Airtel’s 340 million customers.
Nazara Technologies | CMP: Rs 1,760 | The share ended in the green on March 7 even as the market bled on the worsening Russia-Ukraine war. The Nazara Technologies board has approved issuing equity shares worth Rs 25 crore to existing shareholders of Datawrkz Business Solutions. These shares will be issued on a preferential basis at a price of Rs 2,260 a share. On completion of this acquisition, the company will hold a 33% equity stake in Datawrkz Business Solutions.
Maruti Suzuki | CMP: Rs 6,775.95 | The auto major share price tumbled over 6 percent as Federation of Automobile Dealers Associations (FADA) president Vinkesh Gulati said as Russia and Ukraine were the major suppliers of key components for chips, the conflict could have a negative impact on semiconductor output. The FADA president also hinted if the conflict throws automakers into the supply-chain crisis, they may halt production of cars in the country at least for some time.
Hindalco Industries | CMP: Rs 620.65 | The scrip jumped over 6 percent in line with the sector which added over 2 percent. Research firm Jefferies maintained the “buy” call and raised the target price to Rs 700 from Rs 660 a share. The research firm also raised the FY23-24 EPS by 5-11 percent on higher aluminium prices. Hindalco Industries should be a beneficiary as the bulk of coal comes from Coal India at below-global prices, it added. Novelis outlook remains strong amid structural tailwinds in packaging and autos, Jefferies said.
3i Infotech | CMP: Rs55.10 | The stock spiked 5 percent after the company bagged a Rs-12.85 crore order from the Rajasthan State Pollution Control Board (RSPCB). “The work includes design, development, implementation and maintenance of integrated e-governance solution 2.0 for the Rajasthan State Pollution Control Board,” 3i Infotech said in a statement.
Sandip Das
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