Good afternoon
Markets are trading in the green, with the NIFTY50 trading above 21,600 as of 12:45 pm. Here are the top stories for the day!
Top gainer: Hero MotoCorp: 4,337 ▲ 199 (+4.8%)
Top loser: Dr. Reddy: 5,669 ▼ 117 (-2.3%)
Polycab tanks on “unaccounted sales” notice
Shares of the cable and wire maker are down 20% today. This comes after the income tax department said that “the flagship company has made unaccounted cash sales of around Rs 1,000 crore, which are not recorded in the books of accounts." The I-T officials had Polycab’s 50 premises in various cities including Mumbai, Pune and Aurangabad.
Zomato hit a 52-week high
Zomato shares rose 2.4% intraday to hit a 52-week high of ₹137.9 per share. As per experts, a rise in convenience fees in selected markets, a stable commission from restaurants and advertising income are likely to improve the profitability of the food-delivery business.
Ajmera Realty hits 52-week high on robust Q3 numbers
Shares of the real estate firm hit a 52-week high of ₹521.1 per share after reporting a robust Q3 business update. The company’s sales value rose 98% YoY to ₹253 core in the third quarter of the ongoing fiscal year, while collections grew 30% to ₹151 crore. Following the announcement, the company’s share rose over 10% intraday.
Kalyani Steels surges 15%
Shares of the steel procedure are up 15% today. This comes after it emerged as a successful bidder for the acquisition of Kamineni Steel and Power’s assets.