Discover the top stock market headlines that are trending in India today.
Benchmark Indian equity indices were lowered down owing to the declining Auto and IT stocks on Wednesday, October 16. At 1 PM, the BSE Sensex was at 81,469, which was down 350 points, or 0.43 per cent. On the other hand, Nifty 50 was at 24,953, down 103 points, or 0.41 per cent. Meanwhile, all sectoral indices were, in fact, trading in the red, and the major losses were led by the Auto index, which was down 1.46 per cent. Additionally, the IT index was down over 1 per cent.
The shares of state-owned BEML gained 8% in Wednesday’s early session and witnessed their day’s high of Rs 4,009.25 on the BSE. The jump came after the company secured the contract from the Integral Coach Factory (ICF) worth Rs 866.87 crore to develop India’s first high-speed train. BEML has got a contract from ICF in Chennai for designing, manufacturing, and commissioning two high-speed trainsets, with a total contract value of Rs 866.87 crore.
Shares of Cochin Shipyard dropped down 4 percent on October 16 amid the government's decision to offer-for-sale to offload a 5 percent stake in the PSU company.
Through the OFS, the government aims to pare stake at a floor price of Rs 1,540 per share, and it opened today for non-retail investors. It was subscribed 1.76 percent by 10.30 am. For retail investors, the issue will open on October 17. The government currently owns a 72.86 percent stake in Cochin Shipyard.
Shares of state-owned lender, Bank of Maharashtra, gained 2.48 per cent and stood at Rs 55.73 during early trades on Wednesday. On Tuesday, October 15, Bank of Maharashtra witnessed a net profit surged by 44.24 per cent year-on-year (YoY) to Rs 1,327 crore in Q2 FY25. Net interest margin (NIM) bettered to 3.98 percent in Q2 FY25, up from 3.89 percent in Q2 FY24.
