Markets are trading in the red as of 12:00 PM, with the NIFTY50 trading around 19,300 level. Here are the top stories of the hour. Let us know what you think in the comments below!
Top gainer: Jio Financial: 224 ▲ 10 (+4.9%)
Top loser: L&T: 2,639 ▼ 48 (-1.8%)
Defence stock rises as MoD gives its nod
Defence stocks, including Bharat Electronics, Hindustan Aeronautics, MTAR Technologies rose between 1% to 2.5% intraday. This comes after the Ministry of Defence (MoD) gave its nod to proposals worth ₹7,800 crore to procure several military equipment for the Indian Armed Forces. These stocks rose in anticipation of new defence orders.
Jio Financial exclusion from benchmarks deferred
Jio Financial Services (JFS) exclusion from the NIFTY50 and SENSEX has been delayed for another three days. This comes after JFS stock opened at a 5% lower circuit for the fifth consecutive day. However, JFS shares recovered later in the day, rising over 4% around 12:00 pm.
Kaynes Technology rise on new project
Shares of the electronic manufacturer rose more than 14% intraday after it signed an agreement with the Karnataka government. As per the agreement, through its subsidiaries, the company will invest ₹3,750 crore to set up a semiconductor assembly & testing facility and a printed circuit board (PCB) manufacturing plant.
Astra Microwave hits 52-week high on order win
Astra Microwave shares hit a new 52-week high, gaining over 6% after securing a new order. Company bagged a new order worth ₹158 crore from DRDO, ISRO and DPSU to supply satellite subsystems, airborne radar and subsystems of radar.