After opening the day marginally lower, the Indian benchmark remained in the negative territory as the session progressed and ended the day lower.Benchmark equity indices, BSE Sensex and NSE Nifty50, ended the week’s first trading session on a lower note on Monday. 30 out of the 50 constituent stocks of Nifty50 ended in the red, dragged by Tata Consumer, Hindustan Unilever, Tata Motors, Asian Paints, and Nestle India, with losses extending up to 4.1%.At the closing bell, the BSE Sensex stood lower by 200 points (down 0.2%).Meanwhile, the NSE Nifty closed lower by 59 points (down 0.2%).Wipro, BPCL, and Tata Steel among the top gainers today.Nestle, Tata Motors, and HUL on the other hand were among the top losers today.The GIFT Nifty was trading at 24,669, down by 29 points at the time of writing.The BSE MidCap index ended 0.3% higher and the BSE SmallCap index ended 0.5% higher.Sectoral indices were trading mixed today with stocks in the capital goods sector and the telecom sector witnessing buying. Meanwhile, stocks inthe FMCG sector and banking sector witnessing selling pressure.Dixon Technologies, Coforge, and L&T hit their respective 52-week highs today.The rupee is trading at 84.73 against the US$.Gold prices for the latest contract on MCX are trading 0.6% higher at Rs 77,087 per 10 grams.Meanwhile, silver prices were trading 0.7% higher at Rs 93,253 per 1 kg.
MapmyIndia Shares Up 14%. Here’s WhyIn news from the IT sector, CE Info Systems, the owners of MapmyIndia, have formally informed stock exchanges of its decision to reverse the decision to make any investment in the new consumer-facing business being set up by CMD Rakesh Verma’s son and CEO Rohan Verma, an exchange filing said on 9 December, sending the shares sharply higher.The board said after receiving investor feedback, it has ‘reversed its decision to make any equity or debt investment’ in the proposed new company.On 29 November, the board of MapmyIndia approved an investment of Rs 10 lakh for a 10% stake and a further investment of Rs 350 m as Compulsorily Convertible Debentures (CCDs) in a new company being set up by Rohan Verma.
Mishtann Foods Plummets 20%. Here’s Why.Moving on, Shares of Mishtann Foods nosedived 20% on Monday, hitting the lower circuit at Rs 9.94 on the BSE, after Sebi barred five entities, including the company, its promoter and CMD Hiteshkumar Gaurishankar Patel from the securities markets till further orders for alleged financial mismanagement, fraudulent transactions, and corporate governance lapses.The stock’s decline extended a lower circuit streak from Friday, following Sebi’s directive for Mishtann Foods to recover nearly Rs 1 bn allegedly siphoned through dubious transactions with related parties.Sebi said Mishtann Foods engaged in circular trading with fictitious buyers and suppliers, many of which were shell entities controlled by the company’s directors and their associates.Sebi’s investigation revealed that the company engaged in circular trading with fictitious buyers and suppliers, many of whom were shell entities controlled by its directors and associates. These actions reportedly inflated Mishtann Foods’ financial performance, misleading investors and regulators.Sebi has issued show-cause notices to 24 entities, including Mishtann Foods and its key officials, demanding explanations within 21 days. The interim order follows an extensive investigation into the company’s activities from April 2017 to March 2024, prompted by complaints of GST fraud and financial irregularities.
HUL, other FMCG Stocks Tumble
Moving on to news from the FMCG space, shares of Hindustan Unilever skidded over 4% on Monday to the day’s low of Rs 2,383.40 on the BSE, with other fast-moving consumer goods (FMCG) players witnessing declines of over 2%.This followed after a subdued Q3 business outlook from industry major Godrej Consumer ignited concerns of an industry-wide demand slowdown.FMCG heavyweight Hindustan Unilever (HUL) posted its worst fall in six weeks on Monday, marking the Nifty FMCG index as the worst-performing sectoral index, down over 2%.Meanwhile, shares of Godrej Consumer Products witnessed their steepest decline, nosediving over 11% on the day.The declines in HUL and Godrej were followed by Dabur, Marico, Tata Consumer Products, Britannia and Colgate – these, too, were down between 2% and 5%.Godrej Consumer said in its Q3 business update, shared with investors well before the end of the December quarter, that a 20-30% year-on-year surge in palm oil and derivatives prices has impacted the soaps category, representing one-third of the standalone business revenue.Godrej also warned that weather conditions have impacted its home insecticides segment, which contributes about one-third of the standalone business.More By This Author:Sensex Today Trades Marginally Lower; Nifty Below 24,700
Sensex Today Ends 57 Points Lower; Nifty Below 24,700
Sensex Today Trades Flat; Nifty Below 24,700
