Yahoo Finance Tata Steel rating upgrade and significant stock movements mark Tuesday's trading
On Tuesday, a series of significant events unfolded in the Indian stock market, affecting several major companies. Tata Steel saw its long-term rating raised by Moody's (NYSE:MCO) from Ba1 to Baa3, with the outlook shifting from 'Positive' to 'Stable'. The company's shares, among others, were in the spotlight during Tuesday's trade.
Reliance Industries Limited (RIL), led by Mukesh Ambani, sought a postal ballot vote for the appointment of Isha Ambani, Anant Ambani, and Akash Ambani as non-executive directors. Meanwhile, Nuvama Wealth Management, formerly known as Edelweiss Securities, was re-listed on the BSE and the NSE.
In other corporate news, Strides Pharma announced plans to spin off its contract development and manufacturing (CDMO) business along with its soft-gelatin unit into an entity called 'OneSource' (currently Stelis Biopharma). The new company is expected to be listed within the next 12-15 months. Sheela Foam's board approved a QIP issue worth Rs 1,200 crore and plans to allocate 1.11 crore equity shares at Rs 1,078 each.
The government is contemplating spending Rs 60,000 crore on providing subsidised loans for small urban housing over the next five years due to upcoming state and general elections. In banking news, the Reserve Bank of India (RBI) imposed a monetary penalty of up to Rs 1.62 crore on SBI, Punjab&Sind Bank, and Indian Bank for non-compliance with certain regulations.
Several companies made notable investments and acquisitions. HDFC AMC is set to invest Rs 25 crore in its international unit to meet net worth requirements under IFSC rules. Indian Hotels infused $11.5 million into its wholly-owned Netherland based subsidiary IHOCO BV. DB Realty announced plans to enter the hospitality sector, acquiring stakes in Bamboo Hotel Global Centre, Goan Hotels, and BD&P Hotels for over Rs 2,300 crore. Fortis (NYSE:FTS) Healthcare is set to acquire a 99.9 per cent stake in Artistery Properties for Rs 32 crore.
In the day's trading, the GIFT Nifty on the NSE IX traded 61.5 points or 0.31 per cent lower at 19,667. Meanwhile, several stocks hit their 52-week lows and highs. Yudiz Solutions, Sungarner Energies, Essen Speciality Fil, Pramara Promotions and Chavda Infra were among those that reached their 52-week low. On the flip side, Winsome Yarns, Kennametal (NYSE:KMT) India, Airan Ltd., IFCI and Selan Expl Tech hit fresh 52-week highs.
On the Nifty 50 index, Eicher Motors, Tata Steel, Bajaj Auto, NTPC and Dr Reddys were among the top gainers while Bajaj Finserv, Asian Paints, Kotak Bank, Tech Mahindra and IndusInd Bank were among the top losers.
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