Market Closing: Benchmark indices extended losses for the second consecutive session, tracking increase in crude oil prices that will hit fiscal deficit of the country.
The 30-share BSE Sensex was down 238.76 points at 35,149.12 and the 50-share NSE Nifty fell 58.40 points to 10,682.70, but the market breadth was positive. About 1,396 shares advanced against 1,217 declining shares on the BSE.
Jyothy Labs, Crompton Consumer, Future Enterprises, Future Consumer, Petronet LNG, Radico Khaitan, Granules India, Ujjivan Financial, up 20 percent.
TVS Motor, JSW Steel, Skipper, VIP Clothing, Brigade Enterprises and Career Point fell up to 7 percent.
May 17, 03:28 PM (IST)
Buzzing: Reliance Communications shot up more than 60 percent after sources told CNBC-TV18 that the company and Ericsson informed National Company Law Tribunal that they are in settlement talks.
They request NCLT to keep insolvency order in abeyance while Reliance Communications sought to pursue debt resolution outside Insolvency & Bankruptcy Code upon Ericsson settlement.
May 17, 03:24 PM (IST)
Market Update: Benchmark indices extended losses in late trade, with the Sensex falling 277.02 points to 35,110.86 and the Nifty declining 74 points to 10,667.10.
May 17, 03:16 PM (IST)
Take Solutions has reported a rise in Q4 profit to Rs 45 crore, an increase of over 8 percent. Operational performance is good as profit has risen 13 percent at Rs 90.5 crore while operating margin is reported at 19.9 percent.
May 17, 03:09 PM (IST)
Results: Gujarat Pipavav reported a fall of 27 percent in its net profit for the March quarter at Rs 48.6 crore against Rs 66.2 crore year on year. Operating profits have also fallen 19 percent at Rs 92.9 crore against Rs 14.6 crore during the corresponding quarter of last year.
May 17, 02:56 PM (IST)
Equity benchmarks have continued to trade lower for the second consecutive day as Sensex fell over 100 points. The Nifty was holding on to 10,700-mark. Among sectoral indices, IT is having a good day of trade, with Nifty IT trading 0.37 percent. Cuts are visible among FMCG names, led by a fall in ITC. Midcaps, however, are outperforming the benchmarks, trading over 0.4 percent higher. Coal India, Tata Motors, Bajaj Finserv and Bajaj Finance are the top gainers among both indices, while ITC, Bharti Airtel and Hindalco have lost the most. Sentiment on D-Street is also weighed on the fact that Brent crude has been nearing USD 80 per barrel, a level it has not seen since November 2014.
May 17, 02:39 PM (IST)
Buzzing: Skipper share price plunged 12 percent after the company's operational performance was dismal for the March quarter.
Profit for the quarter fell 15.2 percent to Rs 49.3 crore compared to Rs 58.2 crore while revenue increased 5 percent to Rs 592.9 crore from Rs 564.4 crore YoY.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) dropped 43.2 percent year-on-year to Rs 108.6 crore and margin contracted 1560 basis points to 18.3 percent in Q4.
May 17, 02:29 PM (IST)
ADAG Stocks in Focus: Anil Dhirubhai Ambani Group (ADAG) stocks rallied by up to 50 percent intraday on a report of settlement talks between Reliance Communications and Ericsson over an insolvency plea filled by the latter.
Shares of Reliance Communications were up 8 percent, after having fallen 18 percent on Wednesday. The stock rallied after reports that the company would appeal to the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal's (NCLT) decision to admit Ericsson's insolvency plea.
The NCLT had admitted the petition earlier this week. The Swedish communications equipment major is looking to recover dues of around Rs 1,150 crore from Reliance Communications and two of its subsidiaries.
Reliance Communications and Ericsson have now informed the NCLT that they are in talks for a settlement, according to a report by CNBC-TV18, which quoted sources as saying.
May 17, 02:27 PM (IST)
Here are the top headlines from Moneycontrol News' Anchal Pathak
May 17, 02:25 PM (IST)
Results: Bajaj Finance's March quarter earnings were strong as profit grew by 61 percent year-on-year to Rs 720.9 crore and net interest income rose 40 percent to Rs 2,365 crore.
Asset quality improved as gross non-performing assets were lower at 1.48 percent compared to 1.67 percent in December quarter and net NPAs were also lower at 0.38 percent from 0.53 percent QoQ.
Provision coverage ratio improved to 75 percent from 68 percent QoQ.
May 17, 01:58 PM (IST)
Earnings: Farm equipment maker Escorts has reported stellar earnings growth for the March quarter as it has been firing on all cylinders.
Net profit during the quarter grew by 89 percent year-on-year to Rs 112.5 crore from Rs 59.5 crore and revenue increased 40.5 percent to Rs 1,436.1 crore from Rs 1,022.3 crore.
Operating profit more than doubled to Rs 173.7 crore from Rs 74.3 crore and margin improved to 12.1 percent from 7.3 percent YoY.
May 17, 01:48 PM (IST)
Market Update: The market continued to trade lower for the second consecutive session, with the Sensex falling more than 100 points after the crude oil prices inches up towards $80 a barrel as supplies tighten while demand remains strong.
Hindalco Industries, Tata Steel, Bharti Airtel, BPCL and HDFC are top losers while Coal India, Sun Pharma, Tata Motors, Bharti Infratel and Wipro are top gainers among Nifty50 stocks.
The rupee trimmed its gains, trading 5 paise higher at 67.74 a dollar against 67.57 a dollar in morning.
The 30-share BSE Sensex was down 137.95 points at 35,249.93 and the 50-share NSE Nifty fell 38.80 points to 10,702.30.
May 17, 01:38 PM (IST)
Buzzing: Manali Petrochemicals share price is locked at 20 percent upper circuit at Rs 41.55 after reporting healthy earnings growth for March quarter.
The petrochemical company has reported a massive 55 percent jump quarter-on-quarter in profit at Rs 26.6 crore, backed by strong operational growth.
Profit in the previous quarter stood at Rs 17.2 crore.
Revenue from operations grew by 17 percent sequentially to Rs 190 crore for the quarter ended March 2018.
Operational numbers were very strong as operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) shot up 40 percent to Rs 43.5 crore and margin expanded 390 basis points to 22.9 percent compared to previous quarter.
May 17, 01:30 PM (IST)
Here are the top headlines from Moneycontrol News' Sakshi Batra
May 17, 01:24 PM (IST)
Bhushan Steel in focus: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal's plea against acquisition of the company by Tata Steel.
Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel's bid for the debt-ridden Bhushan Steel under corporate insolvency resolution process.
The petition was mentioned before an NCLAT bench headed by Chairman Justice S J Mukhopadhaya, which directed it to be listed on Monday for hearing.
Singal has also requested the appellate tribunal to maintain status quo over the company's shareholding. Singal holds around 22 per cent stake in Bhushan Steel, reports PTI.
May 17, 01:19 PM (IST)
Market Capitalisation: PNB Housing Finance is now more valuable than its parent company PNB which has seen its market capitalisation more than halve since being hit by a massive banking fraud allegedly carried out by diamantaire Nirav Modi and his uncle Mehul Choksi.
The market capitalisation of PNB Housing Finance stood at Rs 21,199.07 crore. The m-cap of Punjab National Bank was at Rs 20,842.33 crore.
PNB had m-cap of Rs 44,624.67 crore before the lender was hit by a nearly USD 2 billion fraud in which the billionaire jeweller Modi allegedly acquired fraudulent letters of undertaking (LoU) from one of its branches for raising overseas credit.
For the quarter ended March 31, PNB held 5,49,14,840 shares amounting to 60.33 per cent stake in PNB Housing Finance.
May 17, 01:01 PM (IST)
Crude Outlook: For the week ahead, Choice Broking expects Brent Crude Oil & WTI Crude oil futures to remain in the positive zone as the global demand for crude is estimated to be higher.
As per OPEC Monthly Oil Market Report, world oil demand growth for 2018 is forecasted to increase by 1.65 mb/d (million barrels per day) to average 98.85 mb/d. Growth was revised higher by 25 tb/d (Thousand barrels per day) compared with last month’s assessment. Oil demand growth in the non-OECD region was also revised upward, primarily on the back of better-than-expected data from other Asia, including India, and Latin America. China is projected to lead oil demand growth in 2018, followed by other Asian countries and OECD Americas.
May 17, 12:38 PM (IST)
Results today: Voltas, Bajaj Finance, Bajaj Finserv, Balkrishna Industries, Central Bank of India, Escorts, Coffee Day, 21st Century Management, Advani Hotels, Alembic, Bliss GVS, Dolat Investment, Gujarat Pipavav, ICRA, Indian Toners, JK Tyre & Ind, JMG Corporation, JTL Infra, KEI Industries, Kirloskar Industries, Lux Industries, Man Infra, Max Ventures, McDowell Holdings, Mirc Electronic, Newgen Software, Orient Refractories, Paushak Ltd, Quess Corp, Shree Ajit Pulp, Siti Networks, Skipper, SPIC, Spice Mobility, SRF, Star Cement, Taj GVK Hotels, Take Solutions, Trigyn Tech, VLS Finance and WABCO India will announce their March quarter earnings today.
May 17, 12:29 PM (IST)
Here are the top headlines from Moneycontrol News' Anchal Pathak
May 17, 12:16 PM (IST)
Union Finance Minister Piyush Goyal said the banking sector is plagued by reckless lending under the previous government.
The RBI is diligently supervising to ensure orderly growth of banking industry and is trying to get banking system on its feet.
May 17, 11:56 AM (IST)
Market Update: The market is reeling under pressure with the Sensex falling 100 points as investors after digesting Karnataka election outcome started monitoring earnings, and movement in rupee and crude oil prices.
Brent crude oil prices inch up towards USD 80 a barrel as supplies tighten while demand remains strong.
May 17, 11:55 AM (IST)
Depreciating rupee to pse challenges to economical solar tariffs: India Ratings and Research believes depreciating rupee, if unhedged, will impact investor returns in bid solar power projects in the event of a significant exchange rate variation between the time of bidding (bid assumptions) and finalisation of module supply agreement. The exchange rate deteriorated 5 percent YoY in May 2018, when the bids were hovering around INR2.5 per unit.
However, post module supply agreements, the developer may opt to hedge the exchange rate risk evaluating the costs involved.
As per the agency’s calculations, an Re 1 increase in USD/INR exchange rate leads to a 2 paisa/unit increase in tariff. For instance, if the rupee depreciates to Rs 67 from Rs 65 between the time of tariff bidding and finalisation of terms of payment for module supply (which can easily extend to six to eight months), the solar power developer (SPD) will suffer an overall 4 paisa/unit reduction in margin, which is significant considering the modest margins for SPDs, the rating agency said.
May 17, 11:39 AM (IST)
Buzzing: Banks are under pressure after the Karnataka CM B S Yeddyurappa announced farm waiver for one lakh farmers.
Banks, which are already bearing the burnt of asset quality concerns, are getting more pressure by such farm loan waiver.
May 17, 11:34 AM (IST)
Product Patents: Suven Life Sciences announced that the grant of two product patents from Australia and one product patent from Singapore corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.
These patents are valid through 2034.
The granted claims of the patents include the class of selective H3 Inverse agonists and 5HT6 compounds respectively and are being developed as therapeutic agents for major depressive disorders and for the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Narcolepsy, Parkinson and Schizophrenia respectively, the company said.
May 17, 11:20 AM (IST)
Here are the top headlines from Moneycontrol News' Anchal Pathak
May 17, 11:09 AM (IST)
Market Update: Benchmark indices remained under pressure amid consolidation, as investors monitor corporate earnings, and rupee and crude movement.
The 30-share BSE Sensex was down 91.02 points at 35,296.86 and the 50-share NSE Nifty fell 28.10 points to 10,713.
About 1,186 shares advanced against 945 declining shares on the BSE.
May 17, 10:24 AM (IST)
Crude Update: Oil prices firmed, with Brent crude creeping ever closer to USD 80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
Brent crude futures were at USD 79.34 per barrel, up 0.08 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 71.68 a barrel, up 0.27 percent, from their last settlement, reports CNBC.
May 17, 10:18 AM (IST)
Order Win: The power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs 2,440 crore which include a major order is received under the Saubhagya scheme.
The scope of these packages involves electrification works in urban and rural areas, augmentation of 33/11kV substations and replacement of conductors with aerial bunched cables, L&T said.
An order secured from the Department of Disaster Management for the construction of underground power cable network on turnkey basis in the eastern region of India, it added.
Technical View: Nifty forms Bearish Belt Hold kind of pattern; MACD gives a sell signal
A 'Bearish Belt Hold' pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body.
Market Closing: Benchmark indices extended losses for the second consecutive session, tracking increase in crude oil prices that will hit fiscal deficit of the country.
The 30-share BSE Sensex was down 238.76 points at 35,149.12 and the 50-share NSE Nifty fell 58.40 points to 10,682.70, but the market breadth was positive. About 1,396 shares advanced against 1,217 declining shares on the BSE.
Nifty Midcap outperformed frontliners, rising 70 points.
Jyothy Labs, Crompton Consumer, Future Enterprises, Future Consumer, Petronet LNG, Radico Khaitan, Granules India, Ujjivan Financial, up 20 percent.
TVS Motor, JSW Steel, Skipper, VIP Clothing, Brigade Enterprises and Career Point fell up to 7 percent.
Buzzing: Reliance Communications shot up more than 60 percent after sources told CNBC-TV18 that the company and Ericsson informed National Company Law Tribunal that they are in settlement talks.
They request NCLT to keep insolvency order in abeyance while Reliance Communications sought to pursue debt resolution outside Insolvency & Bankruptcy Code upon Ericsson settlement.
Market Update: Benchmark indices extended losses in late trade, with the Sensex falling 277.02 points to 35,110.86 and the Nifty declining 74 points to 10,667.10.
Take Solutions has reported a rise in Q4 profit to Rs 45 crore, an increase of over 8 percent. Operational performance is good as profit has risen 13 percent at Rs 90.5 crore while operating margin is reported at 19.9 percent.
Results: Gujarat Pipavav reported a fall of 27 percent in its net profit for the March quarter at Rs 48.6 crore against Rs 66.2 crore year on year. Operating profits have also fallen 19 percent at Rs 92.9 crore against Rs 14.6 crore during the corresponding quarter of last year.
Equity benchmarks have continued to trade lower for the second consecutive day as Sensex fell over 100 points. The Nifty was holding on to 10,700-mark. Among sectoral indices, IT is having a good day of trade, with Nifty IT trading 0.37 percent. Cuts are visible among FMCG names, led by a fall in ITC. Midcaps, however, are outperforming the benchmarks, trading over 0.4 percent higher. Coal India, Tata Motors, Bajaj Finserv and Bajaj Finance are the top gainers among both indices, while ITC, Bharti Airtel and Hindalco have lost the most. Sentiment on D-Street is also weighed on the fact that Brent crude has been nearing USD 80 per barrel, a level it has not seen since November 2014.
Buzzing: Skipper share price plunged 12 percent after the company's operational performance was dismal for the March quarter.
Profit for the quarter fell 15.2 percent to Rs 49.3 crore compared to Rs 58.2 crore while revenue increased 5 percent to Rs 592.9 crore from Rs 564.4 crore YoY.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) dropped 43.2 percent year-on-year to Rs 108.6 crore and margin contracted 1560 basis points to 18.3 percent in Q4.
ADAG Stocks in Focus: Anil Dhirubhai Ambani Group (ADAG) stocks rallied by up to 50 percent intraday on a report of settlement talks between Reliance Communications and Ericsson over an insolvency plea filled by the latter.
Shares of Reliance Communications were up 8 percent, after having fallen 18 percent on Wednesday. The stock rallied after reports that the company would appeal to the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal's (NCLT) decision to admit Ericsson's insolvency plea.
The NCLT had admitted the petition earlier this week. The Swedish communications equipment major is looking to recover dues of around Rs 1,150 crore from Reliance Communications and two of its subsidiaries.
Reliance Communications and Ericsson have now informed the NCLT that they are in talks for a settlement, according to a report by CNBC-TV18, which quoted sources as saying.
Here are the top headlines from Moneycontrol News' Anchal Pathak
Results: Bajaj Finance's March quarter earnings were strong as profit grew by 61 percent year-on-year to Rs 720.9 crore and net interest income rose 40 percent to Rs 2,365 crore.
Asset quality improved as gross non-performing assets were lower at 1.48 percent compared to 1.67 percent in December quarter and net NPAs were also lower at 0.38 percent from 0.53 percent QoQ.
Provision coverage ratio improved to 75 percent from 68 percent QoQ.
Earnings: Farm equipment maker Escorts has reported stellar earnings growth for the March quarter as it has been firing on all cylinders.
Net profit during the quarter grew by 89 percent year-on-year to Rs 112.5 crore from Rs 59.5 crore and revenue increased 40.5 percent to Rs 1,436.1 crore from Rs 1,022.3 crore.
Operating profit more than doubled to Rs 173.7 crore from Rs 74.3 crore and margin improved to 12.1 percent from 7.3 percent YoY.
Market Update: The market continued to trade lower for the second consecutive session, with the Sensex falling more than 100 points after the crude oil prices inches up towards $80 a barrel as supplies tighten while demand remains strong.
Hindalco Industries, Tata Steel, Bharti Airtel, BPCL and HDFC are top losers while Coal India, Sun Pharma, Tata Motors, Bharti Infratel and Wipro are top gainers among Nifty50 stocks.
The rupee trimmed its gains, trading 5 paise higher at 67.74 a dollar against 67.57 a dollar in morning.
The 30-share BSE Sensex was down 137.95 points at 35,249.93 and the 50-share NSE Nifty fell 38.80 points to 10,702.30.
Buzzing: Manali Petrochemicals share price is locked at 20 percent upper circuit at Rs 41.55 after reporting healthy earnings growth for March quarter.
The petrochemical company has reported a massive 55 percent jump quarter-on-quarter in profit at Rs 26.6 crore, backed by strong operational growth.
Profit in the previous quarter stood at Rs 17.2 crore.
Revenue from operations grew by 17 percent sequentially to Rs 190 crore for the quarter ended March 2018.
Operational numbers were very strong as operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) shot up 40 percent to Rs 43.5 crore and margin expanded 390 basis points to 22.9 percent compared to previous quarter.
Here are the top headlines from Moneycontrol News' Sakshi Batra
Bhushan Steel in focus: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal's plea against acquisition of the company by Tata Steel.
Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel's bid for the debt-ridden Bhushan Steel under corporate insolvency resolution process.
The petition was mentioned before an NCLAT bench headed by Chairman Justice S J Mukhopadhaya, which directed it to be listed on Monday for hearing.
Singal has also requested the appellate tribunal to maintain status quo over the company's shareholding. Singal holds around 22 per cent stake in Bhushan Steel, reports PTI.
Market Capitalisation: PNB Housing Finance is now more valuable than its parent company PNB which has seen its market capitalisation more than halve since being hit by a massive banking fraud allegedly carried out by diamantaire Nirav Modi and his uncle Mehul Choksi.
The market capitalisation of PNB Housing Finance stood at Rs 21,199.07 crore. The m-cap of Punjab National Bank was at Rs 20,842.33 crore.
PNB had m-cap of Rs 44,624.67 crore before the lender was hit by a nearly USD 2 billion fraud in which the billionaire jeweller Modi allegedly acquired fraudulent letters of undertaking (LoU) from one of its branches for raising overseas credit.
For the quarter ended March 31, PNB held 5,49,14,840 shares amounting to 60.33 per cent stake in PNB Housing Finance.
Crude Outlook: For the week ahead, Choice Broking expects Brent Crude Oil & WTI Crude oil futures to remain in the positive zone as the global demand for crude is estimated to be higher.
As per OPEC Monthly Oil Market Report, world oil demand growth for 2018 is forecasted to increase by 1.65 mb/d (million barrels per day) to average 98.85 mb/d. Growth was revised higher by 25 tb/d (Thousand barrels per day) compared with last month’s assessment. Oil demand growth in the non-OECD region was also revised upward, primarily on the back of better-than-expected data from other Asia, including India, and Latin America. China is projected to lead oil demand growth in 2018, followed by other Asian countries and OECD Americas.
Results today: Voltas, Bajaj Finance, Bajaj Finserv, Balkrishna Industries, Central Bank of India, Escorts, Coffee Day, 21st Century Management, Advani Hotels, Alembic, Bliss GVS, Dolat Investment, Gujarat Pipavav, ICRA, Indian Toners, JK Tyre & Ind, JMG Corporation, JTL Infra, KEI Industries, Kirloskar Industries, Lux Industries, Man Infra, Max Ventures, McDowell Holdings, Mirc Electronic, Newgen Software, Orient Refractories, Paushak Ltd, Quess Corp, Shree Ajit Pulp, Siti Networks, Skipper, SPIC, Spice Mobility, SRF, Star Cement, Taj GVK Hotels, Take Solutions, Trigyn Tech, VLS Finance and WABCO India will announce their March quarter earnings today.
Here are the top headlines from Moneycontrol News' Anchal Pathak
Union Finance Minister Piyush Goyal said the banking sector is plagued by reckless lending under the previous government.
The RBI is diligently supervising to ensure orderly growth of banking industry and is trying to get banking system on its feet.
Market Update: The market is reeling under pressure with the Sensex falling 100 points as investors after digesting Karnataka election outcome started monitoring earnings, and movement in rupee and crude oil prices.
Brent crude oil prices inch up towards USD 80 a barrel as supplies tighten while demand remains strong.
Depreciating rupee to pse challenges to economical solar tariffs: India Ratings and Research believes depreciating rupee, if unhedged, will impact investor returns in bid solar power projects in the event of a significant exchange rate variation between the time of bidding (bid assumptions) and finalisation of module supply agreement. The exchange rate deteriorated 5 percent YoY in May 2018, when the bids were hovering around INR2.5 per unit.
However, post module supply agreements, the developer may opt to hedge the exchange rate risk evaluating the costs involved.
As per the agency’s calculations, an Re 1 increase in USD/INR exchange rate leads to a 2 paisa/unit increase in tariff. For instance, if the rupee depreciates to Rs 67 from Rs 65 between the time of tariff bidding and finalisation of terms of payment for module supply (which can easily extend to six to eight months), the solar power developer (SPD) will suffer an overall 4 paisa/unit reduction in margin, which is significant considering the modest margins for SPDs, the rating agency said.
Buzzing: Banks are under pressure after the Karnataka CM B S Yeddyurappa announced farm waiver for one lakh farmers.
Banks, which are already bearing the burnt of asset quality concerns, are getting more pressure by such farm loan waiver.
Product Patents: Suven Life Sciences announced that the grant of two product patents from Australia and one product patent from Singapore corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.
These patents are valid through 2034.
The granted claims of the patents include the class of selective H3 Inverse agonists and 5HT6 compounds respectively and are being developed as therapeutic agents for major depressive disorders and for the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Narcolepsy, Parkinson and Schizophrenia respectively, the company said.
Here are the top headlines from Moneycontrol News' Anchal Pathak
Market Update: Benchmark indices remained under pressure amid consolidation, as investors monitor corporate earnings, and rupee and crude movement.
The 30-share BSE Sensex was down 91.02 points at 35,296.86 and the 50-share NSE Nifty fell 28.10 points to 10,713.
About 1,186 shares advanced against 945 declining shares on the BSE.
Crude Update: Oil prices firmed, with Brent crude creeping ever closer to USD 80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
Brent crude futures were at USD 79.34 per barrel, up 0.08 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 71.68 a barrel, up 0.27 percent, from their last settlement, reports CNBC.
Order Win: The power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs 2,440 crore which include a major order is received under the Saubhagya scheme.
The scope of these packages involves electrification works in urban and rural areas, augmentation of 33/11kV substations and replacement of conductors with aerial bunched cables, L&T said.
An order secured from the Department of Disaster Management for the construction of underground power cable network on turnkey basis in the eastern region of India, it added.