Top gainer: Hindalco 682 ▲ 25 (+3.84%)
Top loser: Tech Mahindra 1,508 ▼ 30 (-1.96%)
Shares of Reliance Industries (RIL) surged as much as 1.9% to ₹1,198.35 apiece on the NSE
Shares of Reliance Industries (RIL) surged as much as 1.9% to ₹1,198.35 apiece on the NSE on Thursday, March 6, after Jefferies, the global investment bank and financial services company, released its report on the oil-to-telecom conglomerate. Jefferies said that RIL’s underperformance compared to the benchmark NIFTY50 index is due to a slowdown in retail and subdued earnings in the O2C business. In the past 12 months, RIL’s stock price has fallen 21%, while the NSE’s NIFTY50 index has slipped less than 1%. Moreover, shares of the company (as of Wednesday’s close) are trading 37% lower from its all-time high level of ₹1,608.80, touched on July 8, 2024.
Shares of crude oil-linked companies were trading with decent gains
Shares of crude oil-linked companies such as aviation, paints, tyres, and oil marketing companies were trading with decent gains on Thursday, March 6, amid a decline in crude oil prices. Among them, Asian Paints was one of the top gainers during the day. During the intraday trade, the scrip was trading 3.41% higher on NSE at ₹2,238.05 apiece. It was one of the biggest contributors on the 50-share index. The price of Brent crude has plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023.
Ola Electric Mobility shares were in focus after the company announced that it had laid off 1,000 employees
Ola Electric Mobility shares were in focus after the company announced that it had laid off 1,000 employees. The company’s shares have seen a steep correction since touching record highs in August 2024. After a muted debut on the exchanges, the shares nearly doubled from the listing levels in just seven trading days. On Thursday, the scrip was trading 1.12% lower on the National Stock Exchange at ₹56.30 apiece.