Hitting an important milestone, the Sensex crossed the 60,000 mark for the first time today, while the Nifty also touched the 18,000 mark.
The BSE Sensex closed with a gain of 163 points (up 0.3%) at the closing bell.
Meanwhile, NSE Nifty closed with a gain of 30 points (up 0.2%).
Asian Paints and Mahindra & Mahindra were among them Today’s Top Beneficiaries.
On the other hand, Tata Steel and JSW Steel were the biggest losers today.
At the time of writing the news, SGX Nifty was trading at 17,854 with a gain of 20 points.
The BSE Midcap index and BSE Smallcap index ended down 1.1% and 0.3%, respectively.
Sectoral indices closed on a mixed note and shares of telecom sector and realty sector saw the most buying.
On the other hand, selling pressure was witnessed in metal and healthcare stocks.
L&T Infotech and Deepak Nitrite shares touched their respective 52-week highs today.
Asian stock markets ended on a mixed note today as a lack of information from struggling asset giant Evergrande about its bond payments created uncertainty among investors.
The Hang Seng and Shanghai Composite ended the day down 1.3% and 0.8%, respectively. Nikkei closed with a gain of 2.1% in today’s session.
US stock futures are trading on negative note today and Dow futures is trading down 112 points.
Rupee is trading at 73.70 against US Dollar.
Gold prices are trading lower by 0.1% for the latest contract on MCX ₹46,032 per 10 grams.
Make in India: Tata-Airbus Sign ₹220 billion deal for military aircraft
Moving to stock-specific news, Tata Group shares were among the top Gulzar Stock Today.
Tata and Airbus have signed a ₹220 billion deal for the production of 56 C-295 transport aircraft for the Air Force. It is the largest private manufacturing military order ever built.
Ratan Tata, Chairman, Tata Trusts said in a statement,
The approval of a joint project between Airbus Defense and Tata Advanced Systems to build the C-295 is a major step towards opening up aviation and avionics projects in India.
Under the deal, 40 of the 56 aircraft will be manufactured in India by a consortium of Airbus Defense and Space and Tata Advanced Systems (TASL) within 10 years of the signing of the contract, officials said.
The 16 aircraft will be delivered in flight condition by Airbus Defense & Space within 48 months of the signing of the contract. The C-295 MW aircraft is a 5-10 tonne transport aircraft.
Ratan Tata said that the C-295 is a multi-role aircraft with multiple reconfigurations to meet the requirements of the mission. It envisages total manufacturing of the aircraft in India. It will build domestic supply chain capacity as per international standards, which has never been done before.
This is the first project of its kind in which a military aircraft will be manufactured in India by a private company. A large number of detail parts, sub-assemblies and major component assemblies of aerostructures are to be manufactured in India.
The new C-295 MW Avro will replace the old fleet of aircraft. The in-principle approval for the Avro replacement program was given about nine years ago.
The Defense Ministry had said that before the delivery is completed, a servicing facility for the C-295MW aircraft is to be set up in India.
It is expected that the facility will act as a regional maintenance, repair and overhaul (MRO) hub for a variety of C-295 aircraft.
How it turns out remains to be seen.
Moving on to the news in the food and tobacco sector…
Jubilant Foodworks acquires 25% stake in Wellversed Health
Shares of Jubilant Foodworks fell 2.5% in intra-day trade today despite investment in Gurugram-based nutrition company Wellversed Health.
Jubilant FoodWorks, the leading quick service restaurant operator and master franchisee of brands such as Domino’s Pizza and Dunkin’ Donuts, has acquired a 25% stake in nutrition company Wellversed Health.
Food service company will invest ₹100 million in valvers in two tranches, according to a recent regulatory filing by the company to the stock exchanges.
first installment of ₹65 million will be invested on the closing date as defined in the share subscription agreement and the second installment of the amount ₹35 million will be covered over a period of nine months from the disbursement of the first installment.
Some of the key terms of the agreement include that Jubilant FoodWorks will have the right to nominate a non-retired director (one of four) to the board of Valverde and a supervisor to the board.
Wellversed Health offers a variety of food products that are customized for specific nutritional and dietary needs, including gluten-free, keto, vegetarian, high-protein, diabetic conditions and regular immunity.
Wellverse’s net revenue in the financial year 2019-20 was ₹48.9 million. The company was incorporated on 10 August 2017.
Share price of Jubilant Foodworks ended the day lower by 1.4 per cent on the BSE.
Speaking of stocks, here is an example of the four stages that a stock goes through during its life cycle. The cycle repeats itself after the stock has passed through all these stages.
see full image
This cycle defines everything in the markets. If you master this cycle, nothing can stop you from making huge profits.
This article is syndicated from equitymaster.com
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