In the stock market, the Sensex experienced a decline of 796 points or 1.18 percent, closing at 66,800.84, while the Nifty was down by 231.90 points or 1.15 percent, closing at 19,901.40. Of the total stocks traded, approximately 1,510 advanced, 2,034 declined, and 137 remained unchanged.
Several stocks saw significant movements during the trading session:
1. **Larsen & Toubro Infotech (LTI):** The stock traded nearly 1.5 percent higher after the company secured a work order worth Rs 150 crore from the Khadi & Village Industries Commission. The order includes planning, designing, and execution of various construction projects across India.
2. **Blue Star:** Shares of Blue Star soared 13 percent as the company initiated a qualified institutional placement (QIP) issue to raise funds. The floor price for the QIP was set at Rs 784.55 per share, with a possible discount of up to 5 percent on the floor price. The company’s executive management committee will determine the final issue price.
3. **Reliance Industries:** Reliance shares slumped by 2.3 percent, with two crore shares changing hands on the exchanges, well above the one-month daily traded average of 73 lakh shares. A block deal involving 1.9 crore shares (0.3 percent equity) also occurred, valued at around Rs 4,563 crore. The buyers and sellers involved in the transaction were not immediately identified.
4. **Jindal Steel and Power:** The stock declined by 1.6 percent after the announcement that Chairman Naveen Jindal would continue as a non-executive chairman post his current term’s completion. He will focus on guiding the company’s vision of nation-building, value creation, and sustainable development.
5. **Union Bank of India:** Shares of Union Bank rallied over 1.2 percent following the government’s extension of Nitesh Ranjan’s term as executive director of the bank by another two years. Ranjan’s current term ends on March 9, 2024.
6. **Garden Reach Shipbuilder:** The stock traded 3 percent higher after the company signed non-binding agreements with Lloyd’s Register and Caterpillar Inc. during the Defence and Security Equipment International Exhibition in London.
7. **IRFC (Indian Railway Finance Corporation):** IRFC shares traded 1 percent higher after the government extended the current Chief Managing Director Shelly Verma’s tenure by six months, effective from October 15, 2023.
8. **Venus Remedies:** Shares of Venus Remedies traded over a percent lower despite receiving marketing approval from Serbia for its chemotherapy drugs used in cancer treatment.
9. **BL Kashyap:** The stock jumped over a percent higher after securing a new order worth approximately Rs 167 crore from the Delhi International Airport for structural and finishing works, with an execution period of 18 months.
10. **Prakash Industries:** Shares of Prakash Industries darted up by 6.4 percent following the receipt of environmental clearance for commercial coal mining at Bhaskarpara in Chhattisgarh, which is expected to stabilize the company’s integrated steel operations and reduce costs.
These stock movements reflect the dynamic nature of the market, driven by a variety of factors, including corporate developments, economic conditions, and investor sentiment.
