L&T received significant contract from State Government on an EPC basis

The Markets Today in a nutshell

• Domestic benchmark indices extended losses for sixth day.
• Global cues were weak amid persisted worries about aggressive policy tightening by the Fed and its impact on economic growth. Investors awaited the outcome of a key meeting of the RBI’s monetary policy committee due this week for domestic cues. Banks, metals and financial services stocks were under pressure. Meanwhile, healthcare, pharma and IT shares bucked the weak market trend.

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News you could use

?Axis Bank fell 3 percent on a huge block deal
Axis Bank fell after a huge block deal where a 0.5 percent stake of the lender changed hands in two bunches. However, the buyers and sellers were not known. Around 15.3 million shares or 0.5 percent stake of the bank changed hands in two bunched trades.

?Torrent Pharma share price falls on acquisition news
The company announced that it is acquiring dermatology company Curatio Healthcare Private Limited for Rs 2,000 crore. Meanwhile, brokerages feel the deal is expensive. As per Credit Suisse, while the acquisition provides scale in the fast-growing derma segment, the cost is high.
 
?L&T received significant contract from State Government on an EPC basis
The company said that the buildings & factories business of L&T Construction business has been awarded a significant contract from the State Government of Assam on an EPC basis. As per L&T’s classification, the value of the significant project is 1,000 crore to 2,500 crore.

News from the IPO world?

• Electronic Mart India IPO to kick off on Oct 4
• 33 of 55 IPOs in the last year trading above offer price in SME space
• Hong Kong IPO suffers from business downturn amid US rate action

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