Markets are trading in the red as of 1 pm, with the NIFTY50 trading below the 19,400 level. Here are the top stories of the hour. Let us know what you think in the comments below!
Top gainer: Adani Ports: 798 ▲ 22 (+2.8%)
Top loser: ITC: 440 ▼ 10 (-2.2%)
E-bus stocks rise on new govt scheme
The Union Cabinet has approved the PM e-Bus Seva Scheme with a total outlay of ₹57,613 crore. As part of the scheme, approximately 10,000 new electric buses will be rolled out across the nation. Shares of companies in the e-bus segment like Ashok Leyland, Olectra Greentech and JBM Auto are trading 3-5% higher, intraday.
Ramkrishna Forgings bags new order
Shares of Ramkrishna Forgings are up by 2.6% and hit a 52-week high after the company bagged a new order valued at ₹145 crore from a company in Europe. The contract is for four years and involves supplying rear axle components.
Nava slips on production halt
Shares of ferro alloys manufacturer Nava are trading lower by 6% after the company stopped the production of silico manganese at its Odisha plant due to an accident in the raw-material handling system. The Odisha plant produces around 4,000 tonnes of silico manganese per month. As per company’s estimates, it may take two months for production to resume at the plant.
Crude oil declines over 5% this week
Crude oil traded lower for the third straight day, with MCX Crude oil futures trading at ₹6,582 per barrel, down nearly 1%. This comes amid a surge in the US dollar, which has made crude oil more expensive for overseas buyers, leading to lower demand. The ongoing decline has resulted in over 5% fall in crude oil prices on the MCX.