Benchmark indices broke a five-day winning momentum with Nifty closing below 16,700, dragged by metal, oil & gas and IT stocks. At close, the Sensex was down 709.17 points or 1.26% at 55,776.85 while the Nifty was down 208.30 points or 1.23% at 16,663.
One97 Communications (Paytm) | CMP: Rs 589 | The share price tumbled over 12 percent as investors continued to desert the stock on rising concerns over its business model and path to profitability. As per a Bloomberg report on Monday, the Reserve Bank of India’s diktat banning the company’s payments bank from onboarding customers was likely linked to sharing of local data with Chinese servers and for failing to properly verify customers. However, Paytm founder and chief executive officer Vijay Shekhar Sharma told Moneycontrol in an exclusive interview that the Bloomberg report was “malicious”.
Indiabulls Housing Finance | CMP: Rs 155.05 | The stock price gained over 3 percent after Sameer Gehlaut said he was resigning as non-executive director from March 14. “l had through my promoter companies recently sold 11.9% stake in Indiabulls Housing Finance and now own 9.71% which I intend to hold as its public shareholder to participate in its future growth,” Gehlaut wrote in his resignation letter.
Mahindra & Mahindra | CMP: Rs 760.90 | The stock added over 2 percent on March 15. Mahindra Susten Bangladesh Private Limited (MSBPL), which is a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL) which in-turn is a wholly-owned subsidiary of Mahindra Holdings Limited (MHL), approved the final voluntary winding up of MSBPL.
RITES | CMP: Rs 251.20 | The scrip was up 2 percent after the board of directors of RITES declared the third interim dividend of 27.5 per share on face value of Rs 10 each amounting to Rs 7,180 crore (at the rate of 75% of paid-up capital). The third interim dividend brings the company’s total dividend for FY22 so far, to Rs 713.5 per share amounting to Rs 7,324 crore (at the rate of 135% of paid-up capital). The record date for the purpose of payment of dividend is March 25, 2022.
Godrej Properties | CMP: Rs 1,464 | The scrip ended in the red in line with broader market trend. The company forayed into Sonipat and has acquired approximately 50 acres of land there, it said in a release. This project will offer approximately one million square feet of plotted residential development, it added. The site is in close proximity to the upcoming educational and industrial hub of Sonipat.