Sensex Today Tanks 604 Points; Kotak Mahindra & Bharti Airtel Top Losers

Photo by Austin Distel on Unsplash

Asian markets crashed on Monday amid no signs of an end to the US-Iran conflict, which entered its fifth week.

US stock market tumbled on Friday, with each of the three major US indexes closing at their lowest levels in over seven months, and the Dow confirming it was in correction territory.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

At present, the BSE Sensex is trading 604 points lower, and the NSE Nifty is trading 103 points lower.

Bharat Elec, TCS, and Power Grid Corp are among the top gainers today.

Kotak Mahindra, Bajaj Finance, and Bharti Airtel, on the other hand, are among the top losers today.

The BSE 150 Midcap index is trading 0.9% lower, and the BSE 250 SmallCap index is trading 0.7% lower.

Sectoral indices are trading mixed today, with stocks in the auto sector and the banking sector witnessing selling pressure. Meanwhile, stocks in the metal & oil and gas sector witnessed selling pressure.

The rupee is trading at Rs 93.8 against the US dollar.

GR Infra Wins Strategic NTPC Battery Contract

G R Infraprojects Ltd has received a Notification of Award from NTPC for a battery energy storage system (BESS) project at the Mouda Super Thermal Power Station.

The contract is valued at about Rs 4.13 billion (bn) and has been awarded on an EPC basis.

The scope includes design, supply, installation, and full lifecycle maintenance of the BESS system.

The project is expected to be completed within 15 months from the start date.

This order strengthens the company's position in the power and energy storage segment and adds to its order book.

Earlier in the week, the company also secured a highway project worth Rs 14.54 bn to upgrade a 60.21 km stretch of NH-56 in Gujarat into a four-lane divided road.

Coal India Boosts Coking Coal Capacity Investment

Coal India plans to invest around Rs 33 bn to set up eight new coking coal washeries, aiming to improve coal quality and reduce dependence on imports. These new facilities, with a combined capacity of 21.5 million tonnes per year, are expected to be operational by FY30, adding to the company's existing 10 washeries that produce 18.35 million tonnes annually.

Out of the new plants, five will be developed by Central Coalfields Limited and three by Bharat Coking Coal Limited.

In addition, the company will invest about Rs 3 bn to modernise and upgrade its existing washeries, improving efficiency, throughput, and reliability. It is also pursuing monetisation of older, non-operational assets, with plans to monetise one washery already and three more in the near future. Renovation of two ageing washeries is underway to enhance output and process efficiency.

Coal India is also collaborating with Tata Steel under a public-private partnership to leverage technical expertise and boost the supply of quality coking coal to India's steel sector.

These combined initiatives are expected to reduce import reliance, save foreign exchange, and strengthen domestic industrial competitiveness by ensuring a better supply of high-quality coal for steelmaking.

KNR Constructions Secures Telangana Highway Deal

KNR Constructions Ltd. announced that it has received a Letter of Award from the National Highways Authority of India (NHAI) for a Hybrid Annuity Mode (HAM) project in Telangana worth Rs 17.34 bn.

The project involves the four-laning of an 80 km stretch of NH-167 from Gudebellur to Mahabubnagar, part of the Hyderabad-Panaji corridor under the NH(O) network.

This order adds a significant highway development project to KNR Constructions' ongoing portfolio.