Market Live
STOCKS IN ACTION 2 March Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company. One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002. Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap. Axis Bank: The company approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore. Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore. Torrent Power: The company received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project. Info Edge: Google removes Info Edge’s job search app Naukri and property search app 99acres from Play Store enforcement action. Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India. Cipla: The U.S. FDA conducted a pre-approval inspection at the manufacturing facility in China from Feb. 26 to March 1 and concluded with zero Form 483 observations. PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune. Larsen and Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29. Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February. Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units. Welspun Corp.: The company’s unit proposed to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh for an investment of Rs 400 crore. Rainbow Children Hospital: The company has inaugurated a new 80-bed hospital in Tamil Nadu. After this, the total bed capacity of the company will increase to 1,885 beds. The total project cost is Rs 60 crore. Lemon Tree: The company signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand, ‘Keys Lite’. PFC: The company incorporated Bhuj II Transmission for the development of ‘Augmentation of Transformation Capacity at Bhuj-11 PS and Angul Sundargarh Transmission for the development of ‘Eastern Region Transmission Limited Generation Scheme-l’. FSN E-Commerce Ventures: The company expands its global footprint with the launch of Nysaa, the first ever beauty retail store in Dubai, in collaboration with Apparel Group. S H Kelkar and Company: The company incorporated a wholly owned subsidiary in New Jersey, USA. Angel One: The company collaborated with a group of seasoned wealth managers to lead its tech-led omnichannel wealth management business. Ganesha Ecosp The company announced the start of commercial operations at its subsidiary’s production lines for recycled polyester staple fibre and PET chips in Telangana. Harsha Engineers: The company has terminated HASPL Americas Corp., a wholly owned subsidiary of the company, in accordance with applicable laws as per a certificate issued by the state corporation commission
Mon. Mar 4th, 2024

Market Alert 13 February

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Morning Alert
Red-hot smallcaps, PSUs run into rough weather; Sensex falls 523 points
Stocks from the smallcap and public sector undertaking (PSU) space saw a sharp fall on Monday as investors continued to take money off the table, deeming recent gains as excessive. The National Stock Exchange Nifty Midcap 100 and Smallcap 100 indices dropped 2.5 per cent and 4.01 per cent, respectively, with PSU stocks leading the decline. Several PSU stocks declined by more than 5 per cent, resulting in a three-day market capitalisation erosion of state-owned enterprises nearing Rs 6.5 trillion. In comparison, the S&P BSE Sensex fell 523 points, or 0.7 per cent, to close at 71,073. The Nifty ended the session at 21,616, a decline of 167 points, or 0.7 per cent. Analysts said that a correction, especially in the broader markets and PSU stocks, was on the horizon as several stocks had surged solely on speculative buying, without much fundamental backing.

Price rise in majority of states and UTs lower than 5.1%, shows data
Those living in Delhi, Madhya Pradesh, and Kerala took a smaller hit from inflation in January than the national print. A total of 12 out of 23 states and UTs recorded inflation lower than the all-India figure of 5.1 per cent. For example, it was 2.56 per cent in Delhi, 3.93 per cent in Madhya Pradesh, and 4.04 per cent in Kerala. The government data provides information on states and UTs with a population of over 5 million, according to the last census. Ten states had higher inflation numbers including Odisha (7.55 per cent), Telangana (6.34 per cent) and Haryana (6.24 per cent). A global comparison shows the inflation in the five largest economies, excluding India and China that are classified as emerging ones, has been declining through much of last year. It is 4 per cent in the UK, 2.6 per cent in Japan, and 3.4 per cent in the US, according to the latest December reading. Germany (3.1 per cent) and France (3.4 per cent) have released data for January.

Global market action
Dow Jones – Down by 0.04% or 15.59 points
FTSE – Up by 0.01% or 1.11points
CAC – Up by 0.55% or 42.28 points
DAX – Up by 0.65% or 110.85 points
Gift Nifty – Up by 0.26% or 57 points

FII/DII activities
FII – Bought 126.60 Cr worth of shares
DII – Bought 1711.75 Cr worth of shares.

Primary market activities
Bikaji Foods International Ltd – 94.6%
360 One Wam Ltd – 89.3%
Go Fashion (India) Ltd – 86.3%
Schaeffler India Ltd – 82.6%
Timken India Ltd – 79.8%

Primary market activities
IPO opening today
Vibhor Steel Tubes Ltd (Main Board) – Issue size 72.17Cr

Commodities updates
Gold – Rs 64045/10gm, Silver – Rs 70995/kg, Brcrude – Rs 6370/barrel, Copper – Rs 707.8/kg.

Corporate News
No review of action on Paytm Payments Bank: RBI governor Shaktikanta Das.

Jupiter Wagons switching tracks: To expand rail supply chain beyond wagons.

Bharat Forge Q3 results: Profit up over 220% to Rs 254 cr, stock tanks 14%.

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