Stock market bounces back after early dip, yet remains in red
PTC News Desk: The stock market experienced an early setback but showed signs of recovery later in the day, although it continued to trade in the red during afternoon sessions. As of 12:26 pm, the Bombay Stock Exchange benchmark Sensex was down by nearly 78 points, reaching 71,422.79. Meanwhile, the Nifty 50 index hovered slightly above 25,000 points at noon.
This market fluctuation is an ongoing development, and updates will be provided as the situation evolves.
In another development, the Board of Directors of Lloyds Engineering Works approved the allotment of 6,34,64,610 equity shares at a price of Rs 15.50 per equity share during their meeting today. Consequently, the company's paid-up equity share capital increased from Rs 1,07,88,98,382 to Rs 1,14,23,62,992. The board also sanctioned an increase in the FD/OD facility with HDFC Bank, not exceeding Rs 125 crores.
Lloyds Engineering Works was trading at Rs 43.79, reflecting a marginal increase of Rs 0.09 or 0.21 percent at 12:48 hrs.
Additionally, the company received approval from the authorities of Gujarat International Finance Tech City (GIFT City), Gandhinagar, Gujarat, to establish its branch office at the International Financial Services Centre, GIFT City SEZ, Gujarat. The branch office will focus on AI-enabled product development and serve as a center of excellence for customer success.
In another business development, Mahindra Aerostructures (MASPL), a subsidiary of Mahindra and Mahindra, and Airbus Aerostructures GmbH signed a new contract for manufacturing and delivering metallic components for all Airbus commercial aircraft models. This includes components for the popular A320 family. MASPL will supply nearly 5,000 varieties of metallic components to Airbus in Germany from its manufacturing base in India under this contract.
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(Inputs from agencies)
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