After opening the day lower, Indian benchmark indices continued the downtrend as the session progressed and ended the day on negative note.India stock markets traded under pressure on Monday as investors continued to book profit at higher levels amid the ongoing Q2 earnings season. Despite a near 3-per cent surge in HDFC Bank share price, benchmark BSE Sensex and NSE Nifty50 indices closed in the negative territory today.At the closing bell, the BSE Sensex stood lower by 73 points (down 0.1%).Meanwhile, the NSE Nifty closed lower by 73 points (down 0.3%).HDFC Bank, Bajaj Auto, and M&M are among the top gainers today.BPCL, Bajaj Finserv, and Kotak Mahindra on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,772 down by 119 points at the time of writing.The BSE MidCap index ended 1.6% lower and the BSE SmallCap index ended 1.5% lower.Barring the auto sector all other sectoral indices were trading on a negative note with stocks in the oil & gas sector and the realty sector witnessing selling pressure.Dixon Technologies, HCL Technologies, and Tech Manhindra hit their respective 52-week highs today.The rupee is trading at 84.07 against the US$.Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 78,275 per 10 grams.Meanwhile, silver prices were trading 2.7% higher at Rs 97,963 per 1 kg.
Why Tejas Networks Share Price is RisingIn news from the telecom sector, shares of Tejas Networks are sharply higher by 10% in early trade on October 21, after a robust seven-fold topline growth, powered by the expansion of 4G business.The management said it is very confident of the upcoming opportunities and shared details of projects for which it is aiming to bid or contracts are underway.On QoQ basis, Tejas Networks’ net profit has grown by 250%, while revenue rose by 80% compared to the previous quarter. EBIT margin for Q2FY25 came in at 16.3%, and the order book stood at Rs 4,845 crore at the end of the September quarter.The ramp-up for BSNL’s pan-India network has contributed to the massive growth in the quarterly revenue, said Tejas Networks, adding that its wireless business has received additional orders for 4G sites in a few circles. There is a Proof of Concept as well underway for the 5G upgrade in the 4G band for BSNL, as part of the existing tender.The company said it sees large opportunities in several categories of business, including wireless and wireline network expansion the world over.
CG Power to Raise FundCG Power and Industrial Solutions Ltd said on Monday, 21 October that the company’s board has approved raising up to Rs 35 bn via the issue of equity shares in a qualified institutional placement (QIP).The proposed fundraising will be subject to necessary regulatory and shareholder approvals. This capital raise is aimed at supporting CG Power’s growth and operational plans, with the exact number of securities to be determined at a later stage.CG Power and Industrial Solutions Ltd. (formerly Crompton Greaves) operates in the power transmission and distribution sector.The company is a key player in manufacturing and supplying products and solutions for electrical equipment, including transformers, switchgear, and circuit breakers, which are vital components in power transmission and distribution networks.
MRO-Tek Realty Jumps 5%. Here’s why
Moving on to news from the realty sector, Telecommunications equipment supplier MRO-Tek Realty shares rose up to 4.6%.The surge in MRO-Tek share price came after the company announced that it has secured a land parcel in Candolim, North Goa, marking a major step in its strategic expansion into the real estate sector.The acquisition, MRO-Tek said, aligns with its vision to enhance the company’s real estate activities and capitalise on the growing demand for quality properties in this vibrant region.Furthermore, the company is now in the process of proceeding with plan approval from the relevant authorities, aiming to develop a project that embodies excellence and innovation and growth in business.Established in 1984, MRO-Tek Realty is a versatile company that engages in manufacturing, supplying, and distributing advanced access and networking equipment and solutions.With a focus on high-performance technologies, the company offers a comprehensive portfolio that includes 4G/LTE wireless systems, DWDM, IoT sensors, and a range of customer premises equipment.Additionally, MRO-Tek is recognised as an original equipment manufacturer (OEM) for carrier-grade networking products, catering to the demands of various sectors.Beyond its core networking solutions, MRO-Tek Realty Ltd has diversified into real estate, enhancing its business footprint.The company’s services encompass turnkey IT telecom projects, homeland security solutions, unmanned aerial vehicles, and innovative technologies such as big data and machine learning.With expertise in legacy networks, SD-WAN, cloud-managed services, and electronic manufacturing, MRO-Tek serves a wide array of industries, including telecommunications, finance, defence, and healthcare.More By This Author:Sensex Today Trades Flat; Nifty Below 24,800Sensex Today Ends 218 Points Higher; Nifty Above 24,800Sensex Today Tanks 550 Points; Nifty Below 24,600
