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
Castrol India, to launch next-generation immersion cooling fluids for use in data centres.Castrol India, to launch next-generation immersion cooling fluids for use in data centres.
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Morning Alert..
Cabinet approves telecom spectrum auctions at base price of Rs 96,317.65 cr
The Cabinet on Thursday approved the next spectrum auctions set to be held later this year with a reserve price of Rs 96,317 crore. All the available spectrum in 800, 900, 1800, 2100, 2300, 2500, 3300 megahertz (MHz) and 26 gigahertz (GHz) bands will be put to auction. “As recommended by the Telecom Regulatory Authority of India (TRAI), the reserve prices for various bands have been revised using suitable indexation,” the Cabinet said. A committee, to be chaired by the Cabinet Secretary, will also be set up to finalise plans for re-farming of certain spectrum bands. Back in September 2021, the government had decided that spectrum auctions should be held annually. TRAI had last year suggested keeping the reserve price of all low bands spread from 600-2300 MHz, mid (3300 MHz) and 26 GHz high band, the same as the 2022 auction. However, projections indicate the auctions would generate much less revenue for the government as 5G operators Jio and Airtel have already acquired most of the airwaves they need. The spectrum held by certain companies that are undergoing insolvency is expiring in 2024 on completion of the term. The Cabinet has also announced this will also be put to auction.

Cabinet okays Rs 6,000 crore scheme for formalisation of fisheries sector
The Union Cabinet today approved a Rs 6,000 crore sub-scheme under the flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) with the objective of formalising the largely unorganised fisheries sector in the country. The formalisation will be done through the creation of a national fisheries digital platform, facilitating access to institutional finance for the sector and creating an insurance product which would cover at least 100,000 hectares of aquaculture farms during the project period. Almost half of the total project cost, that is around Rs 3,000 crore, will come from public financing that includes World Bank and the AFD external financing while the balance is expected investment from the private sector and the beneficiaries. The scheme will run for four years starting from FY-24, incentivising fisheries and aquaculture microenterprises through performance grants for improving fisheries sector value-chain efficiencies including creation and maintenance of jobs, and incentivising micro and small enterprises through performance grants for adoption and expansion of fish and fishery product safety are the other main objectives of the programme.

Global market action
Dow Jones – Down by 0.06% or 23.22 points
FTSE – Down by 0.44% or 33.27 points
CAC – Up by 0.71% or 54.37 points
DAX – Up by 0.25% or 41.87 points
Gift Nifty – Down by 0.15% or 33.50 points

FII/DII activities
FII – Sold 4933.78 Cr worth of shares
DII – Bought 5512.32 Cr worth of shares.

Primary market activities
Bikaji Foods International Ltd – 92.1%
Aptus Value Housing Finance Inida Ltd – 91.5%
Glenmark Life Sciences Ltd – 89.9%
P&G Hygiene & Health Care Ltd – 87.7%
Aether Industries Ltd – 87.1%

Primary market updates
IPOs opening today
Entero Healthcare solutions (Main board) – Issue size 1600Cr

Commodities updates
Gold – Rs 64570/10gm, Silver – Rs 70835/kg, Brcrude – Rs 6307/barrel, Copper – Rs 6307/kg.

Corporate News
Petronet plans to begin supplying LNG to Sri Lanka in 2025 for five years.

Oil India seeking foreign technology partner for first offshore foray.

Apollo Hospitals profit rises 60% in Q3; digital biz achieves break-even.

stock updates

🔸 JSW Steel Ltd

The company had entered into a JV with JFE Steel Corporation, Japan for establishing a joint venture company in India for the manufacture and sale of cold rolled grain oriented electrical steel products

🔸 Tanla Platforms

The company doubles down on sustainability, achieving industry mover recognition in S&P Global Sustainability Yearbook 2024

🔸 Trident Limited

The comapany has been granted a patent for soft profiled terry Fabric with improved loop configuration by the Patent Office, Government of India.

🔸 BHEL

The company received an order worth Rs 5,500 crore from Haryana Power Generation Corp for 800 MW ultra-supercritical expansion unit in Haryana.

🔸 RHI Magnesita

The company’s wholly owned subsidiary in its board meeting held on 8th February 2024 has approved the proposal to permanently close its manufacturing plant located at Bhilai, Chhattisgarh

🔸 Imagicaa World

Imagicaa world entertainment limited board approves acquisition of four operational parks in Maharashtra and one upcoming park in Indore

🔸 IREDA

The company has received no objection of RBI for setting up of wholly owned subsidiary in IFSC , situated in Gift City, Gujarat

🔸 Balmer Lawrie

The company will establish a 200 kilo liters per day first-generation grain-based ethanol plant in Andhra Pradesh

🔸 Dynamatic Technologies

The company was awarded a large order from Europe-based multinational company Airbus to manufacture and assemble doors for Airbus’ A220 family of aircraft.

🔸 Zee Entertainment

The market regulator, in an interim order, has asked several guest experts on Zee Business to repay Rs 7.41 crore in alleged unlawful gains made by taking positions opposite to their on-air advice.

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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

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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

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