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Stock Market News - ONGC Falls, PSU bank stocks plunge up to 6%

ONGC Falls After Fire Accident - Shares of Oil and Natural Gas Corporation Ltd. fell as much as 2.9 percent to Rs 117,70. This after a fire broke out in stormwater drainage early morning today in Uran oil & gas processing plant. ONGC fire services and crisis management team were immediately pressed into action, the company tweeted.


KNR Constructions wins order worth Rs 850cr: Shares of KNR Constructions gained nearly 3 percent on September 3 after the company won an order worth Rs 850 crore.

Tata Steel to sale Europe assets: Shares of Tata Steel declined nearly 4 percent on September 3 after the company announced the sale of its European business. Tata Steel announces the closure of the UK factory, nearly 400 jobs on the line

Indian steel conglomerate Tata Steel on Monday announced the closure of a plant in the southern Welsh city of Newport, with a potential loss of around 400 jobs at the UK site. The Indian steel giant announced that it had clinched the sale of a Canadian and Swedish plant as part of its worldwide Cogent Electrical Steels division but, despite exploring all options, the company has been unable to find a way forward for the Orb Electrical Steels plant.

PSU bank stocks plunge up to 6% - PSU bank stocks including Indian Bank, PNB, OBC, Canara Bank, Union Bank plunged up to 6% after FM Nirmala Sitharaman announced a mega merger plan on Friday. PSU Banks Decline On Government’s Merger Plans The NSE Nifty PSU Bank Index fell over 2 percent, led by the declines in Jammu & Kashmir Bank, Punjab National Bank, and Indian Bank. This after the government on Friday said that it would merge 10 public sector banks into four, bringing down the number of PSU banks to 12 from 21.

Rupee opening - Rupee opens lower at 71.95/$ vs Friday's close of 71.40 against the US dollar.

TOP GAINERS & LOSERS - 

CG Power, Power Grid, KNR Construction, Dilip Buildcon, Syndicate Bank, Tech Mahindra, HCL Tech Hero MotoCorp, are among major gainers on the indices in the early trade, while losers are IOC, Maruti Suzuki, Bajaj Auto, Axis Bank, HDFC, Eicher Motors, OBC, Canara Bank, HDIL, Biocon and L&T.  Among sectors, except IT all other indices are trading in the red.

CATCH ALL THE MARKET UPDATES - 
  • Indian Oil Corp dips 4%
  • Canara Bank dips over 4%
  • Tata Motors slips nearly 3%
  • Wipro trades flat with positive bias
  • Hindustan Petroleum trades 2% lower
  • Punjab National Bank declines on PSB merger plan

Zydus to launch novel biologic for rabies: Zydus has received marketing authorization for TwinrabTM (RabiMabs) from the Drug Controller General of India. The novel biologic which will be marketed under the brand name, TwinrabTM, is indicated in combination with rabies vaccine for rabies post-exposure prophylaxis. The United States Food and Drug Administration (USFDA) has granted an orphan drug status to this candidate.

Market News | Sensex | Bank Nifty | Indian Rupee | Top Gainers | ONGC




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