The Indian market is likely to open on a flat note today as the SGX Nifty fell 2 points to 17,249. Since the beginning of the year, the Sensex has gained 20.83% and risen 29.27% in a single year. The ongoing correction and volatility in Indian equities has made benchmark indices negative on a monthly basis. In the last month, Sensex has lost 3.47% or 2,075 points, but Nifty is down 3.55% or 632 points.
After India reported its first case of the Omicron variant of the coronaviruses, Benchmark indices ended on a negative note on Friday, hit by losses in index-heavyweights Reliance Industries, HDFC twins and Kotak Bank. Sensex closed 764.83 points lower at 57,696. 46 and Nifty sank by 204.95 points to 17,196. PowerGrid was the top Sensex loser, shedding 4.03 per cent, followed by Reliance Industries, Asian Paints, Kotak Bank, Tech Mahindra and Bharti Airtel.
Here's a look at stocks that are likely to remain in news today.
Tata Motors: The auto arm of the Tata Group is likely to raise vehicle prices in January next year to offset the impact of rising input costs. Maruti Suzuki has already said it will raise vehicle prices from next month.
Tech Mahindra: The IT major has bought a 100 per cent stake in Activus Connect, which provides work-at- home customer experience management solutions, for $62 million about Rs 466 crore. US based Activus Connect has 1,750 employees and reported revenue of $17 million in the financial year ended December 31, 2020.
The drug maker Lupin has inked a marketing pact with Biomm SA to distribute and market biosimilar Pegfilgrastim in Brazil. The company has signed an exclusive distribution and marketing agreement with Biomm SA in Brazil for distribution of Pegfilgrastim.
Indiabulls Housing Finance: The NBFC will raise up to 1,000 crore via a public issue of bonds that opens next week. The bond issue size is of 200 crore with the option to retain oversubscription up to 800 crore, aggregating up to 1,000 crore.
Mangalore Refinery and Petrochemicals: The firm has received a nod from the US health regulators to market its generic anti-allergy medication in the American market, according to the board's decision to buy compulsory convertible debentures worth up to 1,000 crore. The company sells the product in India under the Fexopen brand Fexofinadine Hydrochloride Morepen. The product is the generic version of Sanofi Aventis' anti-allergy drug Allegra.
Eris Lifesciences: The Drug maker has formed a joint venture with Mumbai-based MJ Biopharm to enter the insulin segment. Eris MJ Biopharm, the 70: 30 joint venture with Eris holding a 70 per cent stake, would primarily engage in marketing and distribution of human and analog insulin including Aspart, Glargine.
The board of the company has cleared the issue of convertible warrants worth Rs 29.96 crore to promoters and non-promoters at Rs 107 per share. The board has identified Polimeraas as a potential acquisition target and plans to invest 25 crore in the company for acquiring up to 10 per cent of the stake.
Karda Constructions: French financial services company Societe Generale bought 36 lakh equity shares in Karda Constructions, a 0.58 percent stake at Rs 16.65 per share via an open market transaction on the NSE, as per the bulk deals data.