Indian stock markets opened the week on a negative note as a surge in crude oil prices dampened sentiment.
At 10:34 am, the benchmark S&P BSE Sensex was down 218 points, or 0.58%, to 37,166.99, while the Nifty 50 fell 60.15 points, or 0.54%, to 11,015.25.
Reliance Industries (RIL), Bharat Electronics, Prabhat Dairy, Monsanto India, Bayer CropScience and M&M were among the key stocks in news today.
Reliance Industries: Reliance Industries Ltd shares declined 3.2% as the company along with BP plc have taken over the 10% shareholding of their partner Niko Resources in the eastern offshore KG-D6 block after the Canadian firm defaulted on paying for its share of gas field development cost.
Bharat Electronics: Shares of defence public sector firm Bharat Electronics Ltd (BEL) jumped 4.4% after the company said it has won order worth Rs 5,357 crores for seven squadrons of Akash Missile System for the Indian Air Force.
Prabhat Dairy: Prabhat Dairy Ltd shares slumped 10% after the company approved delisting of shares at a floor price of Rs 63.77 apiece.
Monsanto India, Bayer CropScience: Monsanto India Ltd shares advanced 3%, while those of Bayer CropScience Ltd climbed 4.5% after the National Company Law Tribunal (NCLT) approved the scheme of amalgamation of the two firms.
M&M: Mahindra and Mahindra Ltd (M&M) shares fall 1.6% as the company said no production days during the second quarter of 2019-2020 ranged from 8 - 14 days across various plants of the company.
Indian Bank: Indian Bank Ltd shares were trading flat with a positive bias after India Ratings and Research placed the long-term issuer rating of the bank on ‘rating watch evolving’ (RWE), following the recent announcement by the finance ministry regarding the proposed amalgamation of Allahabad Bank into Indian Bank.
DLF: Realty firm DLF Ltd shares dropped 2.8% after a media report said that the company has sold a 9 acre land parcel in New Gurugram to American Express for about Rs 300 crore in one of the costliest land deals in that area.
Reliance Home Finance: Reliance Home Finance Ltd shares rose 2.6% as the company said in a regulatory filing that CARE Ratings has downgraded the rating to "D" for the company's long-term debt programme, market-linked debentures, subordinated debt, non-convertible debentures (NCDs) and upper Tier-11 NCDs.
Andhra Bank: Andhra Bank Ltd shares inched up 2% after the board of directors accorded in-principle approval for the amalgamation of Andhra Bank and Corporation Bank with Union Bank of India as the anchor bank.
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