Indices trim losses; Ruchi Soya up 5%

Equity indices trimmed losses in afternoon trade. At 12:30 IST, the S&P BSE Sensex shed 115.19 points or 0.19% at 59,331.19. The Nifty 50 index fell 17.55 points or 0.09% at 17,766.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.71% while the S&P BSE Small-Cap index rose 0.69%.

The market breadth was strong. On the BSE, shares 2,422 rose and 1,252 shares fell. A total of 140 shares were unchanged.

Nifty Gainers & Losers:

Adani Ports & SEZ (up 2.43%), Grasim Industries (up 2.41%), ITC (up 1.46%), Apollo Hospitals (up 1.41%) and UPL (up 1.36%) were top gainers in Nifty 50 index.

HCL Techmologies (down 2.62%), Infosys (down 2.33%), Wipro (down 2%), L&T (down 1.59%) and PowerGrid Corporation of India (down 1.1%) were top losers in Nifty 50 index.

Earnings Today:

The IT bellwether TCS (up 0.3%) will announce its Q4 results after market hours today.

Meanwhile, Delta Corp (down 0.75%) and Kesoram Industries (up 2.86%) will also release their Q4 results numbers.

Stocks in Spotlight:

Ruchi Soya Industries surged 5.10% to Rs 972 after the company said its board has considered changing the firm`s name to Patanjali Foods. The board of Ruchi Soya Industries at its meeting held on 10 April 2022, approved evaluating the most efficient mode of enhancing synergies with the Patanjali Ayurved food portfolio in any manner on an arm`s length basis.

The board approved authorizing the company officials to negotiate, finalise, execute and deliver the terms and conditions of the proposed transaction. Further, the board also decided to change the company`s name to Patanjali Foods or any other name as may be made available by Registrar of Companies, Maharashtra, Mumbai, subject to all other applicable approval. Ruchi Soya recently raised Rs 4,300 crore through a follow-on public offer (FPO) of equity shares. The FPO opened for public participation on 24 March 2022 and it closed on 28 March 2022. It comprised of fresh issue of equity shares for an amount aggregating to Rs 4,300 crore. The price band for the offer was fixed at Rs 615-650 per share.

Container Corporation of India rose 0.16%. The company`s physical volumes handled in Q4 FY22 stood at 10,68,721 twenty foot equivalent units (TEUs), up 0.92% as compared with the same period last year. The company had handled physical volumes of 10,58,931 TEUs in Q4 FY21. While the export-import (EXIM) throughput declined 2.99% to 8,32,863 TEUs, the domestic (DOM) throughput jumped 17.70% to 2,35,858 TEUs in Q4 FY22 over Q4 FY21. The company`s total throughput has increased by 11.79% to 40,72,925 TEUs in FY22 from 36,43,330 TEUs recorded in FY21.

Global Markets:

Asian markets were trading lower on Monday as investors reacted to Chinese inflation data for March.

China`s producer inflation for March was higher than expected. The producer price index surged 8.3% as compared with a year ago, official data showed Monday. Chinese consumer inflation also rose more than expected in March, with the consumer price index climbing 1.5% year on year.

U.S. stocks ended mixed Friday, with the technology-laden Nasdaq Composite and S&P 500 closing lower, as investors continued to digest the Federal Reserve`s plans to aggressively raise interest rates and shrink its balance sheet.

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