Sensex Today Falls 248 Points | Nestle Announces Interim Dividend & Stock Split | Wipro, Tech Mahindra Top Losers

Thu, 19 Oct Closing

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After opening the day deep in the red, Indian share markets managed to recover some losses but still ended the day in negative territory.

Benchmark indices declined today, falling for the second day in a row amid weak trends in global markets and fresh FII outflows.

Meanwhile, disappointing earnings from IT services company Wipro dampened sentiment.

At the closing bell, the BSE Sensex stood lower by 248 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 46 points (down 0.2%).

Nestle, UltraTech Cement and IndusInd Bank were among the top gainers today.

Wipro, NTPC and Tech Mahindra, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,611, up by 17 points, at the time of writing.

The BSE MidCap index fell 0.1% while the BSE SmallCap index gained 0.1%.

Barring auto and FMCG stocks, all sectoral indices ended in red with stocks in the metal sector and energy sector witnessing most of the selling.

Shares of Bajaj Auto, Crisil and Colgate hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended in the negative territory. The Shanghai Composite fell 1.7% while the Nikkei fell 1.8%.

The rupee is trading at 83.21 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 59,942 per 10 grams.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about GMDC in his latest video.

GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then.

To be honest, the movement in the stock price has caught most investors by surprise.

So, is euphoria justified? Have the valuations run far ahead of fundamentals?

Find out everything and more in the below video:

Why Dabur Share Price is Falling

In news from the FMCG sector, shares of Dabur fell up to 2.5% today after it was reported that its subsidiaries were among companies sued in the US and Canada by customers alleging that the use of hair relaxer products had caused ovarian cancer, uterine cancer and other health issues.

Reportedly, cases have been filed in both federal and state courts in the US and in Canada against Namaste Laboratories, Dermoviva Skin Essentials and Dabur International - all of which are subsidiaries of Dabur India.

Certain consumers in the hair relaxer product industry have alleged that some industry players / defendants sold and/or manufactured hair relaxer products that contain certain chemicals and that the use of these hair relaxer products has caused ovarian cancer.

Shares of the company settled 1.3% lower at Rs 527.

Nestle Approves Stock Split

In other news from the FMCG space, Nestle India today reported a consolidated net profit of Rs 9.1 bn, which is 37% higher compared to last year's Rs 6.6 bn.

The company's revenue from operations stood at Rs 50.4 bn in the quarter under review, up 9.4% YoY.

The company said it achieved a milestone of crossing Rs 50 bn turnover in the quarter while delivering a double-digit domestic sales growth.

The company also announced a second interim dividend of Rs 140 per share that will be paid on or before 16 November 2023. The total payout will amount to Rs 13.5 bn.

The company has fixed 1 November 2023 as the record date for determining the eligibility of shareholders to receive the said dividend.

Apart from dividend, the company's board also approved the alteration in the share capital by splitting the existing equity shares having face value of Rs 10 per share into 10 equity shares having face value of Re 1 per share.

To encourage more retail participation in its stock, the MNC company announced that its board has approved a stock split in the ratio of 1:10. This means that one share with a face value of Rs 10 would be split into 10 shares having face value of Re 1 each.

The split will come into effect within two months from the date of approval of shareholders.

The record date for the split will be intimated in due course.

Nestle India share price ended the day 3.5% higher at Rs 24,059.

The Latest on SJVN's PPA

Moving on to news from the power sector, power discoms Jammu & Kashmir Power Corporation (JKPCL) and Rajasthan Urja Vidyut Nigam (RUVNL) have agreed to purchase power from energy producer SJVN.

SJVN has also offered power to the beneficiaries of the northern region from 1,000 MW solar PV station to be developed under CPSU scheme of the central government in Poogal tehsil of Bikaner district in Rajasthan.

The power generated by the project will be used by government entities, either directly or through discoms.

Note that shares of SJVN have seen a remarkable run in 2023 so far.

The company's green energy push and its heavy order book offer long term revenue and profit visibility.

To find out more about what lies ahead, check out why SJVN share price is rising.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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