Sensex, Nifty Slip Dragged by IT, Metals; L&T, Power Grid Top Gainers

The Indian stock market was trading in the red intraday on February 26, 2024, following weak Asian cues. At 1:52 PM, Sensex shed 223 points at 72,919.23 while Nifty was down 56 points and was trading at 22,156.30.

Around 1072 stocks advanced and 1396 declined while 106 stocks remained unchanged.

Among the sectors, IT, Metals, and Pharma which shed 0.5-1 percent each. The auto and media space saw buying on the other hand.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks in Action:

Tourism Finance: up 4.77%

On February 26, Tourism Finance Corporation of India shares hit a record high as the company’s board sanctioned the allotment of 88.91 lakh shares to non-promoters at Rs 225 per share.

Also read: Owais Metal IPO: Top Things to Know Before Subscribing to The Issue

“The Board of Directors in its meeting held today, discussed and approved to issue and allot up to 88.9 lakh fully paid up equity shares of face value of Rs 10 each at an issue price of Rs 225 including a premium of Rs 215 each aggregating upto Rs 200.04 crore by way of preferential issue on a private placement basis,” said TFCI in a stock exchange filing.

Alkem Labs: down 7.49%

Reports of substantial tax evasion by Alkem Labs during the Income Tax Department’s investigation led to a more than 7 percent decline in the company’s stock price. In September of the preceding year, the Income Tax Department conducted surveys on Alkem Laboratories’ offices and premises based on intelligence indicating significant tax evasion. The investigation progressed as the Income Tax Department recorded statements from relevant officials and scrutinized the company’s data and balance sheets over the subsequent months.

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