Indian stock markets were volatile in early trade on Wednesday, i.e. August 7, ahead of the policy rate decision by the Reserve Bank of India’s monetary policy committee (MPC). At 10:46 am, the S&P BSE Sensex was down 38 points, or 0.1%, to 36,938.86, while the Nifty 50 index slipped 14.20 points, or 0.13%, to 10,934.05. Reliance Industries Ltd (RIL), Indiabulls Housing Finance, Tata Steel, IRB Infrastructure, DHFL and D-Mart were among the key stocks in focus today. Read on to know more:
RIL: Reliance Industries Ltd (RIL) shares slipped nearly 1% after the company agreed to form a new joint venture with BP that will include a fuel retail service station network and aviation fuel business across India. Reliance will hold 51% stake and rest would be held by BP.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares declined 8.5% after consolidated profit fell to Rs 801.5 crore in the June quarter from Rs 1,054.72 crore a year ago. The company’s board also approved raising up to Rs 1,000 crore through debt and Rs 25,000 crore via non-convertible debentures.
Tata Steel: Tata Steel Ltd dropped 3.7% as the company terminated stake sale of its South East Asia business to China’s HBIS. The company will also be announcing its June quarter earnings later in the day.
IRB Infrastructure: IRB Infrastructure Developers Ltd gained nearly 11% on Singapore’s GIC plans to invest Rs 4,400 crore in the company’s road operations. In a separate development, the company announced its profit dipped 17.4% to Rs 206.6 crore in the June quarter.
Avenue Supermarts: Shares of D-Mart operator, Avenue Supermarts Ltd, fell over 4.5% as promoter Radhakishan Damani decided to sell 6.23 million shares to meet the minimum public shareholding norm. The company also issued commercial paper worth Rs 50 crore.
IndiGo: Shares of InterGlobe Aviation Ltd, the operator of India’s largest airline IndiGo, gained over 1.5% even as no signs of truce emerged between the two promoters. The airline’s co-founder Rakesh Gangwal opposed a plan to expand the airline’s board to 10 members alleging loopholes that will favour his partner Rahul Bhatia.
DHFL: Shares of Dewan Housing Finance Corp. Ltd (DHFL) dropped over 5% after gaining 32% in the previous session as the company finalised and placed a resolution plan before its lenders on Tuesday, under which creditors may not have to take a haircut on their principal loan exposure.
Jet Airways: Jet Airways (India) Ltd shares gained 5% as the committee of creditors (CoC) on Tuesday approved all resolutions on its agenda including the evaluation criteria for potential bidders of the grounded airline.
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