Selling in domestic benchmarks was broad-based as investors turned cautious due to the rise in oil prices, said Vinod Nair, Head of Research at Geojit Financial Services. If Brent crude continues to stay above $90-level, it could be a threat to inflation and may boil the operational margins, Nair mentioned.
On the stock-specific front, Sun Pharma, Godrej Agrovet, Emami, Hindustan Copper and JBM Auto are among some counters that will be in focus on Friday (September 29). In addition, two Adani Group stocks, namely Adani Green Energy and Adani Energy Solutions (erstwhile Adani Transmission), will also be buzzing today as Abu Dhabi's International Holding Company (IHC) is likely to offload its stake in the mentioned Gautam Adani-led companies.
Shares of Sun Pharmaceutical Industries fell 0.70% to close at Rs 1,132.15 in the last trading session. The company said it has signed a binding letter of intent to acquire the balance 25% outstanding shares of its subsidiary Sun Pharma de Mexico. Sun Pharma is currently holding 75% shares in its arm. The acquisition is likely to be completed by October 31 2023, the company stated.
Shares of Godrej Agrovet settled 1.06% lower at Rs 474.10; and Godrej Properties ended with 2.78% losses at Rs 1,536.60. Godrej Agrovet said it has entered into a partnership with Sime Darby Plantation Berhad. Also, the firm has appointed Mallika Mutreja as head of Human Resources, following resignation of Rahul Gama. Separately, Godrej Properties has acquired 49% shares of Godrej Skyline Developers.
Emami shares shed 0.01% to end at Rs 512.65. The company has forayed foray into juice category with 'AloFrut' through a strategic investment in Axiom Ayurveda and its subsidiaries/associates by acquiring 26% equity stake for an undisclosed amount.
Shares of Hindustan Copper settled with 1.98% losses at Rs 156.20. The company said Anil Kumar Singh has joined as General Manager (Materiats & Contracts). Singh is not retated to any key managerial personal or directors of Hindustan Copper and their retatives, it added.
JBM Auto shares cracked 2.51% to close at Rs 1,347.80 on September 28. JBM Ecolife Mobility Pvt Ltd, a subsidiary of JBM Auto, said it has incorporated Ecolife Mobility Bhubaneswar Pvt Ltd. Ecolife Mobility is a wholly-owned subsidiary of JBMEco.
Shares of Parsvnath Developers tanked 7.73% to end at Rs 10.98. The stock has seen wild fluctuations in terms of price movements. In a clarification to the exchanged, Parsvnath said, "We would like to submit to your goodself that there is no such price sensitive information/announcement which lead to present movement in price and which in our opinion bearing movement on the price behavior in the scrip. In past weeks, the price fluctuations in scrip completely due to market behavior."
Shares of KIOCL edged 0.03% higher to close at Rs 316.90. Bourses BSE and NSE have put the securities of Genus Power under the long-term ASM (Additional Surveillance Measure) framework. The company said the operation of pellet plant unit at Mangalore have been temporarily suspended due to non-availability of iron-ore fines and as well as for carrying out maintenance activities.
"Nifty has undergone a notable downturn after failing to sustain levels above 19,750. Currently, the sentiment remains biased towards selling when the market experiences upward movements. The index has a support around 19,400-19,300," said Deven Mehata, Equity Research Analyst at Choice Broking.
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