Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
Shares of Mphasis opened with a slight gain as market expert Sandeep Wagle predicts a positive outlook for the company, with a target price of Rs 2,800. However, recent block deals involving Mphasis have raised questions about the seller and the possibility of another deal in the near future. This comes after Blackstone, the promoter entity of Mphasis, sold a 10.6% stake through block deals, triggering a lock-in period. With 3.35 crore shares being sold in a single day, the total deal value exceeded Rs 7,000 crore, adding to speculation about the future direction of the company.
Technology Category: Business Title: Vedanta Ltd faces controversy and questions surrounding company data sources Mining company Vedanta Ltd is facing scrutiny and criticism for the data sources used on their website, with some questioning the accuracy and reliability of the information provided. This has raised concerns about potential misinformation and lack of transparency from the company. As a result, some are advising caution when using this data for investment decisions and urging further investigation into the sources used.
InterGlobe Aviation, the parent company of IndiGo, saw a sharp increase in its stock price by 4.45% after reporting a 15-fold increase in profit and 30.1% increase in revenue in the December quarter. On the other hand, India's largest public lender, State Bank of India, saw a drop in its stock price by 0.35% despite a 4.6% increase in NII. In the NBFC sector, LIC Housing Finance's stock price rose by 31.3% after reporting a jump in NII but a slight decline in NIM. The parent company of Paytm, One 97 Communications, has been facing a huge downfall since RBI's order to stop accepting fresh deposits, leading Zee Business's Managing Editor to suggest selling the stock.