Sensex Ends Above 60,000-Mark, Nifty Tops 17,850; Asian Paints & Eicher Motors Climb 3%

Fri, 24 Sep Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended higher.

Hitting an important milestone, Sensex breached the 60,000 mark for the first time ever today, while Nifty also inched closer to 18,000 mark.

At the closing bell, the BSE Sensex stood higher by 163 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 30 points (up 0.2%).

Asian Paints and Mahindra & Mahindra were among the top gainers today.

Tata Steel and JSW Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,854, up by 20 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.1% and 0.3%, respectively.

Sectoral indices ended on a mixed note with stocks in the telecom sector and realty sector witnessing most of the buying interest.

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

Shares of L&T Infotech and Deepak Nitrite hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today as lack of information from struggling property giant Evergrande about its bond payments spurred uncertainty among investors.

The Hang Seng and the Shanghai Composite ended the day down by 1.3% and 0.8%, respectively. The Nikkei ended up by 2.1% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 112 points.

The rupee is trading at 73.70 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 46,032 per 10 grams.

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Make in India: Tata-Airbus Sign Rs 220 Bn Deal for Military Aircraft

Moving on to stock-specific news, Tata Group stocks were among the top buzzing stocks today.

Tata and Airbus have signed a Rs 220 bn deal for the production of 56 C-295 transport aircraft for the air force. This is the biggest private manufacturing military order to date.

In a statement, Tata Trusts Chairman Ratan Tata said,

• The clearance of the joint project between Airbus Defence and Tata Advanced Systems to build the C-295 is a great step forward in the opening up of aviation and avionics projects in India.

Under the deal, 40 of the 56 planes will be manufactured in India by a consortium of the Airbus Defence and Space and Tata Advanced Systems (TASL) within 10 years of signing the contract, officials said.

16 aircraft will be delivered in a flyaway condition by the Airbus Defence and Space within 48 months of signing the contract. The C-295 MW aircraft is a transport plane of 5-10 tonne capacity.

The C-295 is a multirole aircraft with several reconfigurations to meet mission requirements, Ratan Tata added. It envisages total manufacturing of the aircraft in India. It will create a domestic supply chain capability to international standards, which has never been undertaken 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 aerostructure are scheduled to be manufactured in India.

The new C-295 MW will replace the ageing fleet of Avro aircraft. The in-principle approval for the Avro replacement programme was accorded around nine years back.

The defence ministry had said that before the completion of the deliveries, a servicing facility for the C-295MW aircraft is scheduled to be set up in India.

It is expected that this facility will act as a regional maintenance, repair and overhaul (MRO) hub for various variants of the C-295 aircraft.

How this pans out remains to be seen.

Moving on to news from the food & 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.

Leading quick service restaurants operator and master franchise of brands such as Domino's Pizza and Dunkin' Donuts, Jubilant FoodWorks acquired a 25% stake in nutrition company Wellversed Health.

The food service company will invest Rs 100 m in Wellversed in two tranches, according to a recent regulatory filing by the company to the stock exchanges.

The first tranche of Rs 65 m will be invested on the closing date as defined in the share subscription agreement and the second tranche of a sum of Rs 35 m will be covered in a period of nine months from the disbursement of the first tranche.

Some significant terms of the agreement include that Jubilant FoodWorks will have the right to nominate one non-retiring director on the board (one out of four) of Wellversed, and an observer to the board.

Wellversed Health offers a variety of food products which are customised for specific nutrition and dietary needs including gluten-free, keto, vegan, high-protein, diabetic conditions and regular immunity.

The net revenue of Wellversed in fiscal 2019-20 was Rs 48.9 m. The company was incorporated on 10 August 2017.

Jubilant FoodWorks share price ended the day down by 1.4% on the BSE.

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

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