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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!

Read the latest Market Commentary

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Stock Market Updates

INDIABULLS REAL EST Surges by 10%; BSE REALTY Index Up 0.8% (Today's Market)

Apr 24, 2019 10:44 AM

INDIABULLS REAL EST share price has surged by 10% and its current market price is Rs 116. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 10.0%). The top losers are GODREJ PROPERTIES (down 0.3%) and OBEROI REALTY (down 0.5%).

RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD Surges by 11%; BSE 500 Index Up 0.2% (Today's Market)

Apr 24, 2019 10:42 AM

RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD share price has surged by 11% and its current market price is Rs 208. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index is RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD (up 10.6%). The top losers are GULF OIL LUBRICANTS and JUBILANT LIFE SCIENCES .

TATA MOTORS DVR Plunges by 5%; BSE AUTO Index Down 1.1% (Today's Market)

Apr 24, 2019 10:26 AM

TATA MOTORS DVR share price has plunged by 5% and its current market price is Rs 113. The BSE AUTO is down by 1.1%. The top gainers in the BSE AUTO Index are M&M (up 0.2%) and BAJAJ AUTO (up 0.2%). The top losers are TATA MOTORS DVR (down 5.1%) and TATA MOTORS (down 5.0%).

BATA INDIA at All Time High; BSE FMCG Index Down 0.2% (Today's Market)

Apr 24, 2019 10:20 AM

BATA INDIA share price has hit an all time high at Rs 1,457 (up 0.9%). The BSE FMCG Index is down by 0.2%. Among the top gainers in the BSE FMCG Index today are BATA INDIA (up 0.9%) and ZYDUS WELLNESS (up 0.1%). The top losers include KRBL and GILLETTE INDIA (down 0.1%).

STERLITE TECH. Plunges by 5%; BSE 500 Index Up 0.1% (Today's Market)

Apr 24, 2019 10:14 AM

STERLITE TECH. share price has plunged by 5% and its current market price is Rs 217. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are INDIABULLS REAL EST (up 6.3%) and BANK OF MAHARASHTRA (up 3.6%). The top losers is STERLITE TECH. (down 5.0%)..

Oil Prices, Neogen Chemicals IPO, and Top Stocks in Action Today (Today's Market)

Apr 24, 2019 Pre-Open

Top cues to track in today's stock market session.

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