Live: Sensex, Nifty Down Over 1%; JSPL Falls For Sixth Day

A report from Steel Mint has suggested that the Ministry of Environment has asked Sarda mines to half operations, stating that the environment clearance given to it is invalid.

Sarda mines has long-term arrangements with the company.

In other news, the company also issued a clarification on Monday about news reports suggesting various transactions that it undertook between 2014-2016, saying that the transactions are routine business process and that it complied with all regulatory guidelines.

BloombergQuint has reached out to the company for a comment. The company is yet to revert on the same.

Shares fell as much as 8.5% to Rs 159.6, down for the sixth straight day. This is the longest losing streak for the stock since November 2018.

The Board of Directors at a meeting held on Monday approved the buyback of equity shares.

The company will buyback a maximum of 66.67 lakh equity shares, which is 9.22% of the total equity shares of the company.

The buyback price of Rs 105 per share is a 47% premium to Monday's closing price.

The aggregate buyback offer is worth Rs 70 crore, the company said in an exchange filing.

Shares gained as much as 10.2% to Rs 78, before cooling off. The stock currently trades 3.5% higher at Rs 73.25.

Shares of the glass-lined reactor manufacturer fell after the company's promoters announced plans to sell up to 28% stake through an Offer For Sale.

The promoters plan to sell up to 40.93 lakh shares, worth Rs 1,433 crore, the company said in an exchange filing.

Floor price of the OFS has been set at Rs 3,500 per share, a 33% discount to Monday's closing price. The base offer was for 25.71 lakh shares with an oversubscription option of another 15.22 lakh shares.

The OFS for non-retail investors opens today while that for retail participants opens tomorrow.

Promoters Pfaudler Inc, Millars Machinery and Urmi Patel are sellers in the OFS.

Shares are locked in a lower circuit of 10% - the biggest single-day fall in six months, at Rs 4,682.7. The stock is down for the fifth straight day and is trading at the lowest in over a month.

Indian equity markets have witnessed a minor rebound at the start of trade after benchmark indices fell over 2% on Monday. Global cues however, continue to remain subdued.

The S&P BSE Sensex opened 0.44% higher at 38,200 while the NSE Nifty 50 index opened 0.46% higher at 11,301. 47 out of the 50 Nifty constituents had declined in trade on Monday.

Most sectoral indices have opened flat but with a positive bias. Nifty Pharama has opened with gains of 0.8% while the Nifty I.T. has opened 0.4% higher. Most sectoral indices had declined between 3-4% on Monday.

Broader markets are subdued as they kickstart the trading day. Both Nifty Midcap and Nifty Smallcap have opened little changed.

429 stocks on the NSE have opened with gains while 1,123 stocks have opened with losses.

• Nifty: Sell 11,400 Call of the September 24 expiry in the range of Rs 40-42. Target of Rs 26-16 and stop loss of Rs 56
• Nifty Bank: Sell between 21,350-21,450 for target of 21,100-20,800 and stop loss of 21,550
• Buy Torrent Power September futures for target of Rs 329.5 and Rs 334 and stop loss of Rs 323.5
• Sell JSW Steel September futures for target of Rs 267 and Rs 262 and stop loss of Rs 273.6
• Torrent Power and JSW Steel are intraday recommendations