The benchmark indices ended slightly lower on Friday led by a fall in information technology (IT) and metal stocks.
The S&P BSE Sensex ended at 35,159, down 79 points, while the broader Nifty50 index settled at 10,585, down 13 points.
Among the sectoral indices, the Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS). The Nifty Metal index slipped 0.9 per cent due to a decline in NMDC. On the other hand, the Nifty Pharma index settled 1.4 per cent higher led by a rise in Sun Pharma.
In stock-specific action, Bharti Airtel fell 2.9 per cent to Rs 297 on the BSE after Moody’s Investors Service placed it’s rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The stock had fallen as much as 5.21 per cent to Rs 290 on the BSE in intra-day trade.
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Rites Limited (Rites) (erstwhile known as Rail India Technical & Economic Services Ltd.) is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof. It has an experience spanning 43 years and undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. Rites is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). The company is a multidisciplinary engineering and consultancy organization providing a diversified and comprehensive array of services from concept to commissioning in all facets of transport infrastructure and related technologies.
Rites was incorporated by the Ministry of Railways, Government of India (“MoR”) and have the benefit of being associated with the Indian Railways, which is the fourth longest rail network in the world. It has developed expertise in (1) Design, engineering and consultancy services in transport infrastructure sector with focus on railways, urban transport, roads and highways, ports, inland waterways, airports and ropeways; (2) Leasing, export, maintenance and rehabilitation of locomotives and rolling stock, (3) Undertaking turnkey projects on engineering, procurement and construction basis for railway line, track doubling, 3rd line, railway electrification, up gradation works for railway transport systems and workshops, railway stations, and construction of institutional/ residential/ commercial buildings, both with or without equity participation; and (4) Wagon manufacturing, renewable energy generation and power procurement for Indian Railways through our collaborations by way of joint venture arrangements, subsidiaries or consortium arrangements.
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