Although the benchmark indices opened lower, they traded negative throughout the session and ultimately closed red.
Indian equity benchmark indices, Sensex and Nifty50, settled sharply lower as auto, IT, and PSU Bank stocks weighed, while traders monitored the renewed tension in West Asia.
At the closing bell, the BSE Sensex closed 372 points lower (down 0.4%)
Meanwhile, the NSE Nifty closed 109 points lower (down 0.4%)
Bharat Elec, Trent, NTPC were the top gainers today.
Kotak Mahindra, M&M, Maruti Suzuki, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 23, 956 with 140 points lower at the time of writing.
The BSE 150 Midcap index is trading 0.2% lower, and the BSE 250 SmallCap index is trading 0.5% lower.
Sectoral indices were trading mixed today, with the IT sector and oil & gas sector witnessing selling pressure. Meanwhile, stocks in the power sector and healthcare sector witnessed buying.
The rupee is trading at Rs 94.5 against the US$.
Gold prices for the latest contract on MCX are trading 0.9% lower at Rs 1,42,788 per 10 grams.
Meanwhile, silver prices were trading 0.9% lower at 2,21,400 per 1 kg.
Astral Dips on Business Separation Plan
Astral Ltd shares came into focus on Monday after the company announced a major restructuring of its business.
The company's board has approved a plan to separate its chemicals business into a new, independently listed company. This means Astral's chemicals division will be spun off and operated as a separate entity. Under the plan, existing shareholders of Astral will receive one share of the new chemicals company for every one share they hold.
At the same time, the board has also approved the merger of Al-Aziz Plastics into Astral Ltd. This means Al-Aziz Plastics will be absorbed into Astral and will cease to exist as a separate company.
The overall plan involves splitting the chemicals business into a new company while merging another plastics business into Astral, as part of a broader restructuring exercise.
IIFL Finance Plans Major Fundraise Move
IIFL Finance plans to raise funds by issuing equity shares or other eligible securities, as allowed under applicable regulations.
The company may raise money through different methods such as a public issue, rights issue, private placement, preferential allotment, or qualified institutional placement (QIP), depending on market conditions and approval from its board.
Overall, IIFL Finance is looking to raise up to Rs 100 billion through one or more of these routes. The final structure, pricing, and timing of the fundraise will be decided later by the company's board or its committee.
Transrail Lighting Secures Major Export Orders
Transrail Lighting has announced that it has secured new international orders worth around Rs 4.59 billion, mainly in its Transmission & Distribution (T&D) business.
These orders include EPC projects for building transmission lines in the Middle East and North Africa (MENA) region, further strengthening the company's overseas order book.
With these new wins, Transrail Lighting's total order inflow for the year has reached about Rs 10.34 billion, along with an additional L1 position of around Rs 4 billion, where it is the lowest bidder and likely to secure more projects.
The company's management said these orders reflect strong customer confidence in its engineering and execution capabilities. It also highlighted a strong pipeline of upcoming projects, which is expected to support steady growth going forward.
Transrail Lighting is a turnkey EPC company focused on power transmission and distribution projects. It also operates in civil construction, railways, solar EPC, and lighting solutions, and has a presence in 63 countries across five continents.
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