Benchmark indices ended on a positive note for the second consecutive day on February 28 amid buying seen in the metal, oil and gas, power and IT stocks. At close, the Sensex was up 388.76 points or 0.70 percent at 56,247.28, and the Nifty was up 135.50 points or 0.81 percent at 16,793.90.
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Reliance Industries | CMP: Rs 2,355 | The scrip jumped over 3 percent after the company's retail arm took charge of Future Group's retail business. Reliance Industries has stepped in to rescue Future Retail Limited (FRL), taking over the operations of its stores and offering jobs to its employees. Reliance Retail has started taking over operations of Future Retail stores such as Big Bazaar and replaced them with its brand stores, according to sources.
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Bharti Airtel | CMP: Rs 328 | The stock shed over a percent on February 28. Shareholders approved the issue of preferential shares to Google for its Rs 7,500 crore investment and the telecom company entered into an agreement with Vodafone Plc to buy equity interest in Indus Towers. Bharti Airtel will buy a 4.7 percent stake in Indus Towers from Vodafone Plc, the former said in an exchange filing on Friday.
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RAIN Industries | CMP: Rs 183.60 | The share price was down over 7 percent after the company posted a consolidated net loss of Rs 97 crore in the December quarter against a profit of Rs 307 crore in the year-ago period. The company's net sales, however, jumped 52 percent to Rs 4,026 crore in the quarter from Rs 2,640 crore in the same period of the previous year, while adjusted EBITDA was up almost 13 percent to Rs 541 crore. EBITDA margin slipped to 13.4 percent from 18.2 percent in the year-ago quarter. The company follows January-December financial year. Profit before tax dipped 49.8 percent to Rs 223.46 crore in the fourth quarter from the year-ago period, the company said.
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Bharat Electronics | CMP: Rs 210.30 | The stock spiked 5 percent after the Ministry of Defence and Navratna Defence PSU Bharat Electronics Limited signed a contract for the retro-modification of Commander Sight of Battle Tanks-T90 for the Indian Army. The retro-modification will be carried out in 957 tanks. The total value of the contract is Rs 1,075 crore, BEL said in an exchange filing.
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Ducon Infratechnologies | CMP: Rs 25.55 | The share jumped 5 percent after the company announced a bonus issue of one share for every 10 shares. The board has also approved an increase of authorised capital from Rs 25 crore to Rs 30 crore to meet the increasing growth capital needs of the company, as per a press release.
