Shyam Metalics, Lemon Tree Rise Amidst Indian Equity Market Decline
By Sivam
Shyam Metalics and Lemon Tree Hotels see stock gains from strategic deals. Indian equities extend losses, pressured by IT sector concerns and liquidity.
Strategic Moves Boost Shyam Metalics, Lemon Tree
Shyam Metalics And Energy shares rose 0.51% to Rs 980.00 after announcing the acquisition of a 26% stake in Emerge Green Power for Rs 75 lakh.
Separately, Lemon Tree Hotels gained 0.67%, reaching Rs 112.65. This followed the signing of two new resorts in Maharashtra.
- These additions bring Lemon Tree’s total properties in Maharashtra to 32.
- The portfolio includes 15 operational and 17 in the pipeline for the state.
Broader Indian Equities Extend Losses
Domestic equity indices continued their weak trade in morning deals, primarily due to heavy selling pressure.
Key factors contributing to the cautious sentiment included:
- IT Sector Downturn: Selling intensified in IT firms after Accenture cut its revenue growth guidance.
- Tightened Liquidity: Reserve Bank of India (RBI) data showed surplus liquidity in the banking system narrowed sharply to a nearly three-month low, impacted by advance tax outflows.
- FII Outflows: Foreign institutional investors offloaded equities worth Rs 1,025.20 crore on a net basis on Thursday.