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Stock Market News - SpiceJet Gains, SBI, Tata Motors down

SBI Worst Performer On Sensex, Nifty After Morgan Stanley Downgrade Shares of the country’s largest state-run lender fell as much as 3.3 percent to Rs 292.60. This after international research firm Morgan Stanley downgraded the stock to ‘Equal-weight’ from ‘Overweight’, according to its research report.


SpiceJet Gains On Report Weighing 100-Jet Airbus Deal Shares of the budget carrier rose as much as 2.9 percent to Rs 134.30. SpiceJet is weighing an order for at least 100 Airbus planes as Boeing Co. grapples with the fallout over its grounded 737 Max, according to Bloomberg report. The company may buy a “sizable” number of Airbus A321LR and XLR jets to accommodate a planned expansion, the report added quoting SpiceJet Chairman Ajay Singh.

Kaveri Seed Gains On Buyback Plans Shares of Kaveri Seed rose as much as 4.9 percent to Rs 575. The hybrid seeds producer’s board approved share buyback of up to 28 lakh shares, or 4.44 percent of equity shares aggregating to Rs 196 crore, according to its statement on the exchanges. The buyback price is set at Rs 700 per share, which is at a 28 percent premium to yesterday’s closing price.

Rupee Opens: The Indian rupee opened lower at 71.07 per dollar on Wednesday versus previous close 71.01.

TOP GAINERS & LOSERS - 

Zee Ent, SpiceJet, Power Grid, Marico, Titan, TCS are among major gainers on the Indices, while losers are HDFC, Axis Bank, Britannia, Bajaj Finance, UPL and AU Small Bank, HDIL, Bank of Baroda and Yes Bank. Among sectors, except IT all other indices are trading in the red. Midcap and smallcap indices are also trading with marginal loss.

SBI, Tata Motors down 2% - The Sensex was down 270 points to 38,821, while the Nifty was trading near the 11,500-mark at 9.25 am. SBI, Tata Motors shares were among the biggest losers, shedding up to 2%.

Infosys is the world’s third best-regarded company - As many as 17 Indian companies, including Infosys, TCS, and HDFC, have been named in the list of World’s Best Regarded Companies compiled by Forbes. 

IT major Infosys has been ranked third in the list of World’s Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position, respectively. Infosys jumped to the third spot from 31st position in 2018. “Infosys’ leading position headlined an Asian invasion in the rankings,” Forbes said.

Zee Entertainment Extends Gain, Shares Rise Over 5% Shares of Zee Entertainment extended gains for the second consecutive trading session. The stock rose as much as 5.4 percent to Rs 294. Essel Group on Wednesday confirmed that its lenders have unanimously agreed to extend the timeline, enabling the group to optimize the value output from the sale of its assets.


Sensex | Market News | Nifty | Rupee | Crude | Gold

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