Sensex on Tuesday had reversed two consecutive days of losses to close on a high. It closed 1.56 per cent or 886.51 points higher at 57,663.65 while the NSE closed 1.56 per cent or 264.45 points higher at 17,176.70.
Investors were worried about the transmissibility of the Omicron variant of coronavirus. The worry was offset by the optimism that the central regulator Reserve Bank of India would not raise its lending rate. The RBI has kept the repo rate unchanged in eight consecutive instances. This time around, the policy stance is deemed to be imperative to gauge the concerns triggered by the new mutated variant of the coronavirus.
RBI's announcement comes in at 10 am on Wednesday.
Among the more important stocks to watch out for today are Reliance Industries, SpiceJet, Vedanta, Hindustan Zinc and Brightcom Group.
The Mukesh Ambani-headed conglomerate entered into a joint venture agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ) to set up a chemical production facility at the TA’ZIZ Industrial Chemicals Zone in Ruwais. RIL said that the new joint venture—TA’ZIZ EDC & PVC—will construct and operate a Chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility with an investment of more than $2 billion. It had closed 0.77 per cent higher at Rs 2,381.60 on the BSE and 0.82 per cent higher at Rs 2,382.00 on the NSE.
Low-cost carrier SpiceJet said on Tuesday that the Madras High Court has stayed its earlier order of winding up and appointing an official liquidator on the condition that the airline deposits $5 million within a period of two weeks.
On Monday, the Madras High Court had asked the low-cost carrier to wind up its operations for non-payment of more than $24 million to Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts. However, the court asked the official liquidator to take over the airline's assets. The airline informed the exchange that it opposed the Swiss company's stance on the grounds that it did not possess relevant permission from the Directorate General of Civil Aviation (DGCA) for carrying out the services laid out in the contract.
SpiceJet stated that it is examining the order and will initiate appropriate remedial steps, including an appeal before the appellate jurisdiction, within the time frame allowed by the Madras High Court. SpiceJet's stock closed 0.51 per cent down at Rs 68.50 on the NSE and 0.44 per cent down at Rs 68.50 at the BSE on Tuesday.
Brightcom Group announced its acquisition of digital consulting services company Vuchi Media Private Limited in a cash-and-stock deal of around Rs 566 crore. The transaction is expected to close within two months of signing the share purchase agreement. The acquirer stated the transaction would help in scaling its backend capabilities as it anticipates sharp growth in varied sectors of digital advertising and media.
Hindustan Zinc had announced an interim dividend of Rs 18 per equity share. The total transaction is worth Rs 7,605.57 crore. Vedanta Ltd is the parent company of Hindustan Zinc and holds nearly 65 per cent stake in the company.