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Shares of the company were trading at Rs 1240.10 apiece on the BSE at 1350 hours, down 1.23 per cent from the previous close.
Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.
ICICI Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, HDFC twins, SBI, L&T, ONGC and Infosys. On the other hand, Sun Pharma, Asian Paints, Nestle India, UltraTech Cement and HUL declined. NSE Nifty rose by 79.60 points or 0.67 per cent to 11,914.20.
NTPC was the top gainer in the Sensex pack, rallying over 4 per cent, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance. NSE Nifty surged 186.15 points to finish at 14,744.
The Navy commander also said that as many as 39 naval ships and submarines are currently being constructed in various Indian shipyards that are expected to significantly boost India's maritime prowess.
A person familiar with the matter said the deal could be finalised in a month.
Expert advice on what you should do with these stocks
Indian Railway Catering and Tourism Corporation (IRCTC) and Bharat Heavy Electricals (BHEL) are in talks for a partnership to run private trains. According to officials in the know, the two public sector undertakings (PSUs) are planning to form a special purpose vehicle (SPV) to run passenger trains on routes for which IRCTC has put in bids. "BHEL will be putting in the money required for private rail service, while IRCTC is going to focus on operational requirements," an official said. "IRCTC's business model has not been capital expenditure-focussed. It has built only operational enhancements," he added. Bids for public private partnerships (PPPs) in passenger train operations were opened last month.
As the Indian currency hovers around its lowest versus the US greenback, several smaller and mid-sized companies are expected to face rough weather as almost 44 per cent of the foreign loans taken by Indian companies remained unhedged. According to the data sourced from the Reserve Bank of India, Indian companies raised around $38.2 billion in the financial year ended in March. Of this, only 56 per cent of the loans are hedged while the rest of the foreign loans remain unhedged, thus risking the companies to forex volatility.
ONGC was the top gainer in the Sensex pack, rallying around 5 per cent, followed by NTPC, Reliance Industries, IndusInd Bank, Axis Bank and PowerGrid. NSE Nifty rose 115.35 points to reclaim 15,000 level.
The withdrawal of offer letters is an indication that the company might have overestimated its future business after giving offer letters.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
SBI Research has projected the Indian economy to grow at 7.5 per cent in 2022-23, an upward revision of 20 basis points from its earlier estimate. As per official data, the economy grew by 8.7 per cent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was however only 1.5 per cent higher than the pre-pandemic year of FY20. "Given the high inflation and the subsequent upcoming rate hikes, we believe that real GDP will incrementally increase by Rs 11.1 lakh crore in FY23. "This still translates into a real GDP growth of 7.5 per cent for FY23, up by 20 basis points over our previous forecast," SBI chief economist Soumyakanti Ghosh said in a note on Thursday.
The move towards indigenisation of defence procurement creates new opportunities for India's military industrial sector. The Government of India (GoI) has so far released five lists of items for positive indigenisation - these should be manufactured in India, rather than imported. Each item on these lists represents an opportunity for some local firm.
M&M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid.
Union minister Hardeep Singh Puri on Saturday said the construction of a new Parliament building and redevelopment of the Central Vista Avenue, stretching from Rashtrapati Bhavan to the India Gate, will be completed in a time-bound manner.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
L&T had also sought shareholders' approval to raise $600 million through a qualified institutional placement.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your mutual fund queries.
L&T Metro Rail Hyderabad Ltd, which is developing a 72-km elevated metro rail in Hyderabad, said the project is likely to see a cost escalation of between Rs 2,500 crore to Rs 3,000 crore (Rs 25-30 billion).
Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent.
IndusInd Bank was the top gainer in the Sensex pack, rallying up to 46 per cent. Other winners were Bharti Airtel, L&T, Bajaj Finance, Kotak Mahindra, Bajaj Auto, HUL and HDFC -- rising up to 10 per cent. On the other hand, Maruti Suzuki, Tech Mahindra, Sun Pharma and Reliance Industries closed with losses. NSE Nifty finished 323.60 points, or 3.89 per cent, up at 8,641.45.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Tech Mahindra was the top laggard in the Sensex pack, cracking over 5 per cent, followed by Infosys, HDFC, IndusInd Bank, Reliance Industries and NTPC. On the other hand, Hero MotoCorp, L&T, Maruti, UltraTech Cement and Sun Pharma led the gainers' chart.
Asian Paints was the top gainer in the Sensex pack, rising over 2 per cent, followed by UltraTech Cement, ONGC, Sun Pharma, HCL Tech and Nestle India. NSE Nifty rose 36.40 points to 14,617.85.
Top gainers in the Sensex pack included IndusInd Bank, ITC, L&T, M&M, PowerGrid, Asian Paints and SBI, ending up to 3.79 per cent higher.
The broader NSE Nifty reclaimed the 11,600 level, zooming 326 points or 2.9 per cent to settle at 11,600.20. Top gainers in the Sensex pack included Bajaj Finance, L&T, Asian Paints, ITC, Axis Bank, Kotak Bank, ICICI Bank, HDFC twins, Maruti and SBI, rallying up to 8.70 per cent.
Yes Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent. Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
India has over 4,000 medium tanks, but not a single light tank. It remains to be seen whether the Ladakh face-off with China galvanises a change, observes Ajai Shukla.
Top losers in the Sensex pack included IndusInd Bank, Yes Bank, SBI, L&T, Tata Steel, M&M, Bajaj Finance, Vedanta, Tata Motors and RIL, tumbling up to 6.97 per cent.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
L&T is trying to aggressively diversify again into a field where it does not have much experience.
L&T operates in 152 businesses, including nuclear reactors, power generation equipment, airports, oil & gas pipelines, roads, computer software and financial services.
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Larsen & Toubro, India's largest infrastructure builder, reported a 7 percent rise in quarterly profit, beating analyst estimates, as it booked increased revenue despite a weak domestic economy.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent.
Yes Bank topped the gainers' list on the Sensex. It was followed by HDFC, Bajaj Finance, HDFC Bank, ICICI Bank, L&T, SBI, Axis Bank and Kotak Bank -- rallying up to 5.24 per cent.
IndusInd Bank was the top gainer in the Sensex pack, rallying over 7 per cent, followed by SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement. NSE Nifty soared 245.35 points to 14,923.15.
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