India Movers: Ashok Leyland, Bank of Baroda, Biocon, Ola Electric, Piramal Enterprises, Refex Industries, Reliance Power

Arun Goswami
04 Oct, 2024
Mumbai

Stocks in Mumbai extended weekly losses as violence escalated in the Middle East. 

Crude oil jumped 5% in international trading and extended weekly gain to over 8% amid growing worries of a potential Israeli strike on Iran's oil infrastructure. 

The Sensex index decreased by 0.5% to 82,096.24, and the Nifty index fell by 0.3% to 25,166.60. 

On the Mumbai stock exchange, 70 stocks traded at their 52-week highs, and 40 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.77%, and the Indian rupee eased to 83.96 against the U.S. dollar.

The gold price decreased by 0.1% to ₹75,872 per ten grams, and silver edged up by 0.5% to ₹92,870 per kilo. 

Crude oil increased by 4.0% to ₹6,174 per barrel, and natural gas was up 2.5% to ₹249.60 per thermal unit.

Piramal Enterprises declined 4.5% to ₹1,052.95, and the financial services company plans to increase its retail assets under management to one lakh crore rupees from the current ₹50,000 crore over the next three years. 

Ola Electric Mobility declined 2.5% to ₹100.0, and the company said its September unit sales fell to the lowest monthly amount in the year so far. 

Ashok Leyland increased 0.5% to ₹232.0, and the company entered into a joint venture with the Japan-based Nidec Corporation to develop advanced electric drive systems for commercial vehicles.

Refex Industries increased 3% to ₹557.0, and the company said it plans to raise ₹927.8 crore through a preferential equity offering. 

The company's promoter group plans to invest ₹372 crore and the company is seeking ₹530 crore from high-net-worth individuals. 

Bank of Baroda increased 1.1% to ₹247.81, and the company plans to sell its Oman-based operations to Bank Dhofar to rationalize its operations. 

Bank of Baroda's Oman business generates 113.4 million Omani Rials. 

Reliance Power decreased 4.2% to ₹51.30, and the renewable energy company is planning to raise ₹4,135 crore through the sale of foreign currency convertible bonds yielding 5%. 

Biocon Ltd. decreased 0.8% to ₹353.80, and the company's subsidiary refinanced its $1 billion in long-term debt through the sale of senior secured notes due 2029 with a coupon rate of 6.67% per year. 

With the help of the offering, the company will be able to defer $250 million in loan payment by five years and improve its liquidity after the offering.