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Sensex Trades in Red, Jet Airways in Focus, and Top Stocks in Action
Tue, 26 Mar Pre-Open | Monish Vora, TM Team

On Monday, share markets in India opened on a negative note and ended the day in red after an dull day of trading.

The BSE Sensex closed lower by 356 points to end the day at 37,808. While the broader NSE Nifty ended down by 103 points, to end the day at 11,354 points.

Among BSE sectoral indices, realty stocks fell the most by 1.8%, followed by bank stocks at 1.3%. Tata Motors and Yes Bank were among the top losers.

Top Stocks in Action Today

Dr Reddy's share price will be in focus today as the USFDA completed audit of R&D facility of Aurigene Discovery Technologies, a wholly owned subsidiary of Dr. Reddy's Laboratories, situated at Hyderabad. No FDA 483 was issued at the end of inspection.

PFC share price is likely to be in focus as it completed the acquisition of the government's 52.6% stake in Rural Electrification Corp for Rs 145 billion.

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Jet Airways Takes Flight

On Monday, Jet Airways' share price went up by over 12.5% as it was reported that founder and principal promoters Naresh Goyal and his wife, Anita Goyal would step down from the board.

As per an article in The Economic Times, the debt-laden airline's lenders' consortium may invoke the entire 51% stake of Naresh Goyal in the airline and start looking for a new buyer in the weeks to come.

Here's an excerpt from the article:

  • The current CEO Vinay Dube is expected to stay on and steer Jet out of the current crisis.

    Former SBI managing director and a former Jet Airways board member Srinivasan Vishvanathan may be invited to join the airline's top leadership. Vishvanathan was on Jet's board as an Independent Director till August 2018 for nearly three years.

Reportedly, this development occurred after Etihad expressed its desire to exit the airline by formally asking State Bank of India (SBI) to purchase its stake in the airline.

In 2013, Jet Airways survived a similar crisis when Abu Dhabi's Etihad Airways injected US$600 million of capital for a 24% stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.

With more than US$1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes.

How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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

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Stock Market Updates

COAL INDIA Plunges by 5%; BSE 500 Index Down 0.4% (Today's Market)

Jan 22, 2020 03:22 PM

COAL INDIA share price has plunged by 5% and its current market price is Rs 199. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are ZEE ENTERTAINMENT (up 7.0%) and GRANULES INDIA (up 6.6%). The top losers are COAL INDIA (down 5.1%) and OIL INDIA (down 5.7%).

ONGC Plunges by 5%; BSE OIL & GAS Index Down 1.4% (Today's Market)

Jan 22, 2020 03:12 PM

ONGC share price has plunged by 5% and its current market price is Rs 123. The BSE OIL & GAS is down by 1.4%. The top gainers in the BSE OIL & GAS Index are INDRAPRASTHA GAS (up 0.1%) and RELIANCE IND. (up 0.1%). The top losers are ONGC (down 5.1%) and OIL INDIA (down 5.4%).

SHEELA FOAM LTD at 52 Week High; BSE 500 Index Down 0.4 % (Today's Market)

Jan 22, 2020 02:52 PM

SHEELA FOAM LTD share price has hit a 52-week high. It is presently trading at Rs 1,454. BSE 500 Index is down by 0.4% at 15,932. Within the BSE 500, SHEELA FOAM LTD (up 3.9%) and PRISM JOHNSON (up 6.9%) are among the top gainers, while top losers are TEJAS NETWORKS LTD and VODAFONE IDEA.

JINDAL SAW LTD Surges by 5%; BSE METAL Index Down 1.3% (Today's Market)

Jan 22, 2020 02:44 PM

JINDAL SAW LTD share price has surged by 5% and its current market price is Rs 99. The BSE METAL is down by 1.3%. The top gainers in the BSE METAL Index is JINDAL SAW LTD (up 5.0%). The top losers are HINDALCO (down 0.4%) and JSW STEEL (down 0.6%).

JOHNSON CONTROLS - HITACHI AC at 52 Week High; BSE 500 Index Down 0.2 % (Today's Market)

Jan 22, 2020 01:58 PM

JOHNSON CONTROLS - HITACHI AC share price has hit a 52-week high. It is presently trading at Rs 2,180. BSE 500 Index is down by 0.2% at 15,932. Within the BSE 500, JOHNSON CONTROLS - HITACHI AC (up 3.5%) and PRISM JOHNSON (up 7.6%) are among the top gainers, while top losers are TEJAS NETWORKS LTD and OIL INDIA.

Indian Indices Erase Gains; Banking and Power Stocks Under Pressure (Today's Market)

Jan 22, 2020 12:30 pm

The BSE Sensex is trading down by 154 points, while the NSE Nifty is trading down by 41 points.

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