The Indian stock market experienced a significant drop on Thursday, with investors' wealth decreasing by INR 2.95 lakh crore (INR 1 = $0.012). This was primarily due to weak global indicators and consistent foreign capital outflows. The Bombay Stock Exchange (BSE) Sensex, alongside the market capitalization of BSE-listed firms, saw substantial declines.
Among key stocks, Sun Pharma announced its intention to wholly own Sun Pharma de México, following a BSE filing. This move is part of the company's broader strategy to expand its presence in international markets.
State Bank of India (SBI) reduced its stake in MSP Steel & Power Limited to 2.47%, demonstrating a shift in its investment strategy. The bank has been rebalancing its portfolio, with a focus on sectors showing strong growth potential and stability.
Meanwhile, Emami marked its entry into the juice segment with a 26% stake acquisition in Axiom Ayurveda. This move aligns with Emami's diversification strategy and its aim to tap into the growing demand for health and wellness products in India.
Yatra Online shares witnessed a drop of over 4% against the issue price, bringing its market valuation down to INR 2,133.28 crore. The online travel company has been grappling with the challenges posed by the pandemic and changing consumer behavior.
In contrast, Kajaria Ceramics announced an increase in production capacity following modernization efforts. The company has been focusing on improving operational efficiency and catering to the growing demand for ceramic products in the domestic market.
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