The market snapped an eight-day winning streak to close more than a percent lower in the previous session on across-the-board selling, except in IT names, and strength in the US dollar index. The Sensex fell 652 points to 59,646, while the Nifty slipped 198 points to 17,758.
Stocks in News
Life Insurance Corporation
The insurance behemoth witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels.
Larsen & Toubro
The engineering major is committed to work across the green energy value chain and plans to invest up to $2.5 billion over the next 3-4 years. The investment of such a large scale in the green energy sector depends upon how the market evolves.
One97 Communications
Shareholders of the financial services provider, which operates under the Paytm brand, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company.
Gensol Engineering
The company will be in focus as it has approved the acquisition of a majority stake in Gensol Electric Vehicles, which will further acquire technical and business know-how, patents, trademark and brand name related to electric vehicles from the US-based company.
The company will also raise Rs 140 crore from promoters and non-promoters by allotting 13,51,030 equity shares on preferential basis at an issue price of Rs 1,036.25 a share.
AstraZeneca Pharma India
The pharma company has received import and market permission in Form CT-20 subsequent to new drug approval from the Drugs Controller General of India for Olaparib film-coated tablets. Olaparib film-coated tablets 100 mg and 150 mg are additionally indicated as a monotherapy for the adjuvant treatment of adult patients with BRCA-mutated HER2- negative high-risk early breast cancer, who have previously been treated with neoadjuvant or adjuvant chemotherapy.
JSW Steel
The company has entered into a 50-50 joint venture agreement with National Steel Holding (NSHL) for establishing scrap shredding facilities in India. NSHL is engaged in the business of metal recycling, collection and processing based in Auckland, New Zealand. This is in line with the company’s target to reduce its carbon footprint by achieving 42 per cent reduction in CO2 emissions intensity by FY30 from the base year of 2005.
Tejas Networks
The company has acquired the remaining 93,571 equity shares in Saankhya Labs at a price of Rs 454.19 a share by paying Rs 4.25 crore through secondary purchase. With the said transaction, it has acquired 62,51,496 equity shares, or 64.4 per cent stake in Saankhya, for Rs 283.94 crore, on a fully diluted basis.
Shilpa Medicare
The subsidiary Shilpa Biologicals (SBPL) has successfully completed the phase 3 human clinical studies of its first biosimilar, the 100mg/ml high concentration (HC) Adalimumab biosimilar. The company has submitted the dossier to the CDSCO for review and grant of marketing or manufacturing licence— a first in India. The drug is expected to cater to several diseases including rheumatoid arthritis, plaque psoriasis, and ulcerative colitis.
Oriental Hotels
Nippon Life India Trustee offloaded 1.95 lakh equity shares, or 0.1 per cent stake, in the company through open market transactions. With this, its shareholding in the company reduced to 3.1687 per cent, down from 3.2783 per cent.
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