Indian stocks were trading in the red on Thursday on weak Asian cues. At 10:30 am, the benchmark S&P BSE Sensex was trading lower by 207.77 points, or 0.55%, at 37,244.07, while the Nifty 50 index was down 58.25, or 0.53%, to 10,987.85. Nestle India, Indiabulls Housing, Piramal Enterprises, IndiGo and sugar scrips were among the key stocks in news today.
Nestle India, Indiabulls Housing: Nestle India Ltd shares rise 3% as NSE will include the stock in the Nifty 50 index from 27 September and will remove Indiabulls Housing Finance, whose shares consequently decline 8%.
Piramal Enterprises: Piramal Enterprises Ltd shares drop 3.2% as its board decided to defer issue of privately placed non-convertible debentures (NCDs) worth up to Rs 3,000 crore to a future date.
IndiGo: Shares of InterGlobe Aviation Ltd, the operator of India’s largest airline IndiGo, fall 1% even as the airline approved alteration in Articles of Association of the company as a special resolution. Meleveetil Damodaran is appointed as independent director and Anil Parashar as non-executive director.
L&T Finance Holdings: L&T Finance Holdings Ltd shares gain 1.5% as IIFL Wealth Group is set to acquire the company’s wealth management business.
Sugar stocks: Sugar stocks jump after the Cabinet approved export subsidy for exporting 6 million tonnes of sugar. Sugar export subsidy will go directly to farmer accounts. Dharani Sugars and Chemicals is up over 10%, Mawana Sugars 5%, Shree Renuka Sugars 4.6% and Sakthi Sugars 4%.
Lakshmi Vilas Bank: Lakshmi Vilas Bank Ltd shares drop 5% after Parthasarathi Mukherjee resigned as managing director and chief executive officer of the bank. The lender also approved raising up to Rs 500 crore via debt and equity.
CG Power: CG Power and Industrial Solutions Ltd are trading up 5% after the company clarified that it is evaluating divestments of non-core assets and considering other fund-raising avenues to bridge the cash flow gaps as well as to fulfil working capital requirements.
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