Movers: Oil Companies, RBL Bank, Railtel, Tata Coffee, Tata Consumer Products

Arun Goswami
29 Dec, 2023
Mumbai

Popular market indexes traded down on the final trading day of 2023, but the Sensex and the Nifty indexes are set to advance 18% in the calendar year.

The Sensex index decreased 302.07 points to 72,108.31, and the Nifty index eased 89.25 points to 21,690.45.

On the Mumbai stock exchange, 152 stocks traded at their 52-week highs and 9 stocks traded at their 52-week lows.

Tata Coffee Limited, Tata Consumer Products Limited, and its wholly owned subsidiary Tata Consumer Products Beverages and Food are expected to be effective January 1, 2024.

TCPL will exchange one share for every 22 shares held in TCL for the company's plantation business.

For the remaining businesses, TCPL will issue 14 shares for every 55 shares held in TCL.

After the completion of the merger, TCL shareholders will effectively receive 10 shares of TCPL in exchange for every three shares held.

Tata Coffee increased 3.7% to ₹319.70, and Tata Consumer Products advanced 3.5% to ₹1,077.45.

RBL Bank increased 2.5% to ₹274.85 after the Reserve Bank of India granted mutual funds controlled by ICICI Prudential to acquire as much as a 10% stake in the lender.

Oil companies were in focus after crude oil prices dropped as much as 3% in the international markets and on speculation that the central government is looking to lower retail prices at petrol pump stations.

Reliance Industries decreased 0.6% to ₹2,589.10, Indian Oil declined 2.3% to ₹130.10, Bharat Petroleum fell 2.4% to ₹453.75, and Hindustan Petroleum dropped 4% to ₹399.80.

Railtel Corporation jumped 5.5% to ₹309.40 after the company won a 120 crore order from the South Central Railway Company.