Sensex, Nifty Close Lower Dragged By RIL, ICICI Bank
India's stock benchmarks closed lower as losses in banking and energy stocks offset the gains in I.T. and metal stocks. Rising covid cases across the world have led to caution as investors await August retail inflation data to gauge the extent of price pressure in the economy.
The S&P BSE Sensex fell 0.22% to 58,177.76. The NSE Nifty 50 declined nearly 0.1% to 17,355.30. Reliance Industries Ltd. contributed the most to the index decline and had the largest move, decreasing 2.2%. Today, 19 of 50 shares fell, while 31 rose.
The broader indices outperformed their larger peers with the S&P BSE MidCap adding 0.3% and S&P BSE SmallCap gaining 0.8%. Fourteen out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Metal index adding nearly 1.5%.
The market breadth was skewed in favour of bulls. About 1,720 stocks advanced, 1,544 declined and 204 remained unchanged.
Balaji Amines Gains Over 7%; Trading Volume Rises
Shares of Balaji Amines Ltd. added over 7.5% to Rs 4,650 apiece.
Trading volume was 1,90,324 shares, 56% above the 20-day average of 1,21,985 shares for this time of day.
The relative strength index on the stock was above 70, indicating it may be overbought.
Balaji Amines trades at 48 times its estimated earnings per share for the coming year.
Analysts have two 'buy', no 'hold' and one 'sell' recommendations on the stock.
Ashoka Buildon Receives LoA For Rs 282.12 Crore Project; Shares Advance
Shares of Ashoka Buildcon Ltd advanced 2.34% to Rs 104.90 apiece after the company received Letter of Acceptance from National Highways & Infrastructure Development Corporation Ltd. (NHDCL) for the project to widen/improve 4-lane in Dillai section of National Highways 29 in Assam on EPC mode.
In an exchange filing, Ashoka Buildcon said that the accepted price of the project was Rs 282.11 crore.
Of the 20 analysts tracking the company, 19 maintained ‘buy’ and 1 maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 50%
Kesoram Industries Approves Rights Issue Of 8 Crore Shares For Rs 400 Crore
Shares of Kesoram Industries Ltd. added over 4% to Rs 86.70 apiece after the company approved the offer and issue of partly paid up equity shares of the company by way of a rights issue, for an aggregate amount of up to Rs 400 crore.
In an exchange filing, the company said that up to 7,99,99,665 rights equity shares will be issued, for an amount aggregating to Rs 399.99 crore. The record date for the purpose of determining the shareholders who will be eligible to apply in the issue is September 17. The rights entitlement ratio is 133 equity shares for every 274 equity shares held by the eligible shareholders as on record date.
The issue opens on September 29 and closes on October 11.
Action Construction Climbs After Emerging As Lowest Bidder For 482 Multi-Purpose Army Tractors Contract
Shares of Action Construction Equipment Ltd. added over 14% to Rs 271.30 apiece after the company announced that it was declared L1 (lowest bidder) in an Indian defense ministry contract to supply 482 multi-purpose army tractors.
In an exchange filing, the company said that the multi-purpose tractors are powered by 72 hp (horse power) engine with 4X4 configuration and reiterated its commitment to ‘Make in India’ and ‘AtmaNirbhar Bharat’ initiatives of the government.
Trading volume was 5 times the three-month full-day average.