Stock Market News - DHFL Slumps, Emami shares gain 4 %

DHFL Slumps - After Defaulting For Second Time Shares of the non-banking lender fell as much as 9 percent to Rs 68.60 apiece. The Company has made proportionate payment of 40 percent, that is, Rs.150 crore towards maturity of the commercial papers of the aggregate value of Rs 375 crore, according to its exchange filing. The stock has fallen 89 percent in the past 12 months compared with an 11 percent gain in the Nifty Index.

Emami shares gain 4 percent - Shares of Emami gained 4 percent in the early trade on Wednesday. The company in a statement on Monday said the promoters of Emami Group had undertaken a stake sale 10% in Emami Limited for raising approximately Rs 1,230 crores to further reduce debt at the promoter level. The stake sale occurred on the floor of the stock exchange to marquee institutional investors. The total promoter stake in Emami Limited subsequent to the stake sale, stands at a controlling majority of 52.74%. The promoters intend to maintain this controlling majority stake in Emami Limited without further diluting it.

Reliance Infra gains over 8% - The shares of Reliance Infrastructure has gained more than 9 percent in the early trade on Wednesday. The stock had opened marginally up at Rs 52.50 against the previous close of 51.90 per share on Wednesday.

CHECK MARKET UPDATES -

1. IFCI zooms over 7%

2. Bharat Forge gains 2%

3. Godrej properties slip over 1%

4. NTPC gains nearly 2% after Co. wins 40 MW solar project

5. ICICI Bank gains 1% in trade - ICICI Lombard registers modest gains

BSE Oil & Gas index is trading 0.28% lower - Oil prices rose 1% on Wednesday after US crude inventories fell.

Rupee Opens: The Indian rupee opened lower at 69.40 per dollar on Wednesday against Tuesday's close of 69.34.

TOP GAINERS & LOSERS -

NTPC, Bharti Airtel, Axis Bank are among major gainers on the Indices, while losers are UPL, Zee Entertainment, Dr. Reddy's Lab, IndusInd Bank, HDFC, Titan Company, and Maruti Suzuki. Among sectors, selling seen in the FMCG, IT, metal and PSU bank, while buying seen in the auto, energy, infra, and pharma.

TV Today Network Surges - After HDFC AMC Raises Stake Shares of the media company rose 10.7 percent, the most in nearly a year, to Rs 285.90 each. HDFC Mutual Fund increased stake to 7.14 percent from 5 percent after acquiring an additional 2.14 percent from the open market on June 24, according to BSE data.

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Stock Market News - Budget 2020 | Removal of exemptions in new tex regime to impact life insurers, MFs

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