Indian Indices End Flat; Hero MotoCorp, IndusInd Bank & HCL Tech Among Top Gainers

Tue, 14 Sep Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended flat.

Led by gains in select IT and private bank stocks, benchmark indices settled in the green, rising for the second time in the last three sessions.

Market participant took cues from India's wholesale price inflation data, which accelerated to 11.39% in August after easing for two consecutive months as producers regain pricing power with economy showing signs of recovery.

At the closing bell, the BSE Sensex stood higher by 69 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 25 points (up 0.1%).

IndusInd Bank and HCL Technologies were among the top gainers today.

UltraTech Cement and HDFC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,396, up by 36 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 1.1% and 0.6%, respectively.

Sectoral indices ended on a positive note with stocks in the auto sector and consumer durables sector witnessing most of the buying interest.

Metal stocks, on the other hand, witnessed selling pressure.

Shares of Adani Transmission and Deepak Nitrite hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended the day down by 1.2% and 1.4%, respectively. The Nikkei ended up by 0.7% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 6 points.

The rupee is trading at 73.68 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 46,820 per 10 grams.

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Zomato Co-founder Gaurav Gupta Quits

Moving on to stock-specific news, Zomato was among the top buzzing stocks today.

In a huge development, Gaurav Gupta, one of the top executives of food tech platform Zomato has decided to leave the company.

Gupta, who joined Zomato in 2015 was elevated as Chief Operating Officer in 2018 and as the founder in 2019. He was the face of the company in the run up to the initial public offering (IPO), leading discussions with investors and the media.

His exit comes just few days after Zomato exited its grocery delivery and nutraceutical business.

According to sources familiar with the development, this exit was a long time coming as Zomato founder Deepinder Goyal and Gaurav Gupta had a fallout some time ago.

The businesses launched by Gupta, including grocery, nutraceuticals among others, were struggling or had to be shut down. Moreover, the overseas expansion led by him also didn't work out.

Last year due to Covid-19, Zomato said there has been a gradual rise in the adoption of healthy food among the average Indian.

Citing a huge opportunity in the segment, Zomato had made a plunge in the segment and named Gupta as the head of this division for five years.

Zomato share price ended the day down by 0.2% on the BSE.

Speaking of Zomato, have a look at the chart below to see how the stock has performed since listing.

Over the last 30 days, Zomato share price is up by 11.7%.

Moving on to news from the power sector...

Godawari Power Board Approves Stock Split in the Ratio Of 1:2

Shares of Godawari Power & Ispat surged 5% to Rs 1,270 per share on the BSE today after the company announced that its board of directors in a meeting held today have approved the proposal of stock split in the ratio of 1:2.

The stock split plan will help to improve the liquidity of the company's share on the stock market and also to facilitate small investors to deal in its shares.

The board approved the proposal for sub-division of equity share of face value of Rs 10 each of the company into 2 equity shares of Rs 5 each.

Godawari Power's board has also decided to issue bonus shares in the ratio of 1:1 by capitalizing the free reserves after the proposal for split of the shares is approved by the shareholders of the company.

In order to accommodate the proposed issue of bonus shares, the company has decided to increase the authorised equity share capital from existing Rs 498 m to Rs 708 m by creation of additional 21 m equity shares of Rs 10 each (42 m equity shares of Rs 5 each post sub-division) subject to approval of the shareholders of the company.

Meanwhile, the company has decided to withdraw the scheme of arrangement for demerger of power business undertaking of Jagdamba Power & Alloys and merge into the company.

In a statement, Godawari Power said,

• The board was expecting to complete the process of demerger in a period of 6 to 8 months but because of the ongoing pandemic there was a delay and even the first motion of application has taken over 19 months and is still not complete.

Godawari Power share price ended the day up by 5% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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