The benchmark stock market indices were trading in the red ahead of the decision of the Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) on key policy rates. At 11am, the S&P BSE Sensex was trading 113 points, or 0.3%, lower at 39,970.58, while the Nifty 50 index was down 52.50 points, 0r 0.44%, at 11,969.55. Here are the stock counters that were buzzing in trade today:
DHFL: Dewan Housing Finance Corp. Ltd (DHFL) stock tumbled as much as 18% to hit an intraday low of Rs 91.30 apiece, its lowest level in over five years, after Crisil and ICRA sharply downgraded the company’s Rs 850 crore commercial paper (CP) to ‘D’ from ‘A4+’ and ‘A4’, respectively. ‘D’ here stands for default rating.
Banking stocks: Most of the banking stocks were trading in the red, with the BSE Bankex down around 0.7%, even as the markets expected RBI’s MPC to cut key policy rate by 25 basis points.
Tata Motors: Tata Motors shares were trading marginally down by 0.5% after the company’s luxury car division Jaguar Land Rover (JLR) and BMW Group announce collaboration for electrification technology. Electric drive units will be manufactured by each partner in their own production facilities.
GAIL: GAIL (India) Ltd shares tumbles nearly 10% to Rs 322.85 after CLSA downgraded the stock to underperform and cut its target price to Rs 365 from Rs 420 per share citing the disappointing tariff revision for GAIL’s key pipeline.
Cimmco: Cimmco Ltd shares dropped as much as 8.3% on news that Titagarh Wagons Ltd (TWL) will be divesting 4.49% stake in the subsidiary in the open market to bring down its holding for compliance for the proposed merger. TWL holds 79.37% and is required to bring it down to at least 75%. It will sell its 12,27,415 equity shares through the offer for sale (OFS) route on 7 June.
Coal India: Coal India shares rise 1.8% after the company said it is targeting more than 8% growth in production at 660 million tonnes in 2019-20 compared to 607 million tonnes in the last fiscal year and is reportedly planning a capital expenditure of Rs 10,000 crore this year.
Lupin: Lupin shares erase early gains to trade marginally lower after Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) completes inspection of Mandideep facility (Unit-2). Lupin said the inspection closed with no critical or major observations.
PSP Projects: PSP Projects touches 52-week high of Rs 544, rising 4% in the early trade, as the company won orders worth Rs 155.61 crore in 2019-20.
Source: News18