Stock market news that you should not miss today

28 Feb 2022 , 07:54 AM

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

• Markets to open on a negative note; support @16,350, resistance at 17,000.
• FIIs sold shares worth Rs4470.7cr (cash), bought Rs4318.24cr in index futures.
• US markets closed higher. Asian Markets opened mixed.
• Brent crude was trading 4.32% higher at $102.16 per barrel.
• Mahindra Lifespace Developers: Kotak Mahindra Mutual Fund bought additional 2.19 lakh equity shares via open market transactions on February 23. With this, its shareholding in the company stands at 5.13% now, up from 4.98% earlier. The stock gained 3% on Friday to close at Rs292.
• Rain Industries: The company posted a loss of Rs72.3 crore for the quarter ended December 2021 against a profit of Rs322 crore in the year-ago period, as there was an abnormal fall in the net realizable value of inventories after a change in the macro-economic conditions like the effect of COVID-19 and fall in crude oil prices. However, revenue grew sharply by 52% yoy to Rs4,026 crore in Q4CY21.
• Bharti Airtel: The company is going to buy 4.7% stake in Indus Towers, from Vodafone. It has entered into an agreement with Euro Pacific Securities Ltd, an affiliate of Vodafone Group Plc for acquisition of stake in the tower infrastructure company.
• Hindalco Industries: The aluminium major has entered into a share purchase agreement with Brazilian firm Terrabel Empreedimentos Ltda, to divest entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), the wholly owned step down subsidiary.
• Fortis Healthcare: Rating agency CRISIL has upgraded long term rating to ‘AA-, from ‘A+’ for the private hospitals chain, and placed rating on watch with developing implications. Further, the short-term rating has been upgraded to A1+, from ‘A1’ and placed rating on watch with developing implications.
• Hinduja Global Solutions: Subsidiary HGS International Mauritius has completed the acquisition of Australian company Diversify. In January, its arm entered into a definitive agreement to acquire 100% equity stake in Diversify Offshore Staffing Solutions Pty Ltd, Australia.
• SJVN: The government has granted in-principle approval for development of 400MW solar park at Kinnaur, to SJVN. These projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 25000 MW by 2030 and 50000 MW by 2040.