Nifty Halts Three-Day Upmove Dragged By Metals
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Indian equity benchmarks halted their three-day upmove as gains in Kotak Mahindra Bank, ITC and HDFC were offset by losses in Vedanta, Hindalco and Tata Steel.
The S&P BSE Sensex was little changed at 35,176.42 while the NSE Nifty 50 index fell 0.2 percent or 21 points to 10,718.05.
Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index’s 3.4 percent drop. On the flipside, the S&P BSE Energy index was the top sectoral gainer, up 0.2 percent.
The mid- and small-cap shares underperformed their larger counterparts as the S&P BSE MidCap and S&P BSE SmallCap indices fell over a percent each.
Binani Industries Rises After NCLT Asks Lenders To Consider Revised UltraTech Offer
Shares of the Mumbai-based cement maker rose as much as 10 percent to Rs 94.
Binani Cement Ltd.’s committee of creditors were today directed by the National Company Law Tribunal to consider a revised offer from UltraTech Cement Ltd.
The Kolkata bench of the NCLT asked UltraTech to place a fresh bid before Binani Cement’s resolution professional in three days and extended the resolution process till June 24. The 270-day period for Binani Cement’s insolvency process would have ended in April, had the NCLT not provided this extension.
Fab Four Stocks Of The Day
- Som Distilleries: The Bhopal-based beer and whiskey maker rose as much as 7.08 percent to record high of Rs 299.55 after its net profit more than doubled in March quarter.
- Kotak Mahindra Bank: The Mumbai-based private sector lender rose as much as 6.4 percent to record high of Rs 1,288. CLSA has maintained 'outperform' on the stock and has hiked target price to Rs 1,360 from Rs 1,210.
- Fortis Healthcare: The Delhi-based hospital chain operator rose to fresh two-month high after IHH Healthcare and Burman’s and Munjal’s revised their offers in the race for the country’s second-largest hospital chain.
- Equitas Holdings: The Chennai-based non-banking finance company rose 6 percent to Rs 163.80. Trading volume was 6.5 times its 20-day average.
Adani Enterprises Falls Most In Nearly Nine Months
- Shares of the Gujarat-based coal mining and cargo handling company fell as much as 11 percent, the most since August 2017, to Rs 124.20.