Oil and gas stocks slump on weak global crude oil prices; GAIL, ONGC hit 52-week lows
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Shares of oil and gas companies witnessed selling pressure with some of them hitting 52-week lows after concerns over sluggish economic growth in China led to sell-off in global commodities. Further, Iran's plans to boost crude oil production in an effort to boost market share also dampened sentiment.
NYMEX Crude Oil for Oct 2015 was nearing its 52-week low down 2.7% at $39.34 in electronic trade on Monday. Further,Brent crude for October was trading lower by 1.7% at $44.28.
Index heavyweight Reliance Industries was down 4.3%, while ONGC and GAIL dropped over 6% to hit 52-week lows in intra-day trade today.
Further, state-owned oil marketing companies such as BPCL, HPCL and IOC were down 4-6% each.
The government will divest it's 10% stake per cent in Indian Oil Corporation, at a floor price of Rs 387 a share via an offer for sale (OFS) today. At the base price, the government will raise about Rs 9,300 crore from the share sale. Following the OFS, the government's stake in IOC would stand at 68.92 per cent.
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Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
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Two individuals have been arrested by the Mumbai Crime Branch late on Monday night for allegedly firing shots outside the residence of Bollywood actor Salman Khan in Bandra West on April 14, several media outlets reported.
"Both individuals, who fled Mumbai following the shooting, were apprehended in Bhuj, Gujarat," stated officials, as per news agency ANI. The Mumbai police confirmed that the detained individuals, identified as Vicky Gupta and Sagar Pal from Champaran, Bihar, will be transported to Mumbai for further interrogation.
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Tata Consultancy Services has topped the LinkedIn's latest list of top companies to work for in India, followed by Accenture and Cognizant in the second and third place respectively.
Professional networking platform LinkedIn on Tuesday released the 2024 Top Companies list for India wherein IT companies bagged the top three ranks, while financial services firms dominated the list with 9 out of 25 companies from this sector.
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Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.
Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.
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Srinivas Pallia, who has been a part of Wipro for over three decades, divested all his shares valued at Rs 5 crore in the company approximately a month and a half prior to his appointment as the new chief executive, according to a report by The Economic Times (ET).
Pallia sold his 100,000 Wipro shares through a 'market sale' on February 14 this year, with the transaction being reported to the exchange on February 15. The total transaction amounted to Rs 5.05 crore, the report added. Following the transaction, Pallia's holdings of securities on the BSE were reduced to zero.
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