Stock market news that you should not miss today

16 Mar 2022 , 08:05 AM

Here is the important stock market news to watch out for today.

• Markets to open on a positive note; support @16,450, resistance at 17,000.
• FIIs sold shares worth Rs1249.74cr (cash), bought Rs98.25cr in index futures.
• US markets close higher. Asian Markets open in the green.
• Brent crude was trading 1.27% higher at $101.18 per barrel.
• One 97 Communications (Paytm) Munish Ravinder Varma resigned as non-executive, non-independent director of the company due to personal commitments and other pre-occupations.
• Infibeam Avenues: The board has approved the appointment of Sunil Bhagat as Chief Financial Officer of the company, in place of Hiren Padhya.
• Zomato acquired a 16.66 percent stake in Mukunda Foods Private Limited, a food robotics company, for cash consideration of $5 million. The board also approved a loan of up to $150 million to Grofers India in one or more tranches. The loan to Grofers is in line with its stated intent of investing up to $400 million cash in quick commerce in India over the next 2 years.
• Shyam Metalics and Energy announced a fresh round of Rs990 crore capital expenditure plans to further expand the capacity by 2.85 MTPA. This capital expenditure will be over and above the ongoing capital expenditure expansion of Rs3,000 crore.
• ITC has acquired 1,040 compulsorily convertible preference shares of Rs10 each of Mother Sparsh Baby Care. With this, its shareholding in Mother Sparsh stands at 16 percent.
• Genus Paper & Boards has successfully commenced production of duplex paper from one of the production lines at a new unit in Muzaffarnagar, Uttar Pradesh. The Muzaffarnagar unit has manufacturing facilities for the production of kraft paper and duplex paper.
• EKI Energy Services is in advanced discussions with some of the European oil and gas majors, to launch an initiative to supply free improved cook stoves to rural households to reduce carbon footprint and generate carbon offsets.