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
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India will be the World’s biggest Oil demand growth driver through 2030: IEA
In the next seven years, India is poised to become the primary source of global oil demand growth, even as its domestic production is projected to decrease by 22 percent, according to the latest projections by the International Energy Agency (IEA). These divergent trends are anticipated to have major implications for the country, with India already emerging as the second-largest importer of crude globally. This was highlighted by IEA officials at India Energy Week 2024. While growth in developed economies and China is initially expected to slow and then reverse, a scarcity of discoveries in recent years will contribute to India’s domestic oil production diminishing to 540 thousand barrels per day (b/d) by 2030, down from 700 thousand b/d currently, as stated in an IEW report released here. “India is on track to register an increase of almost 1.2 million b/d, accounting for more than one-third of the projected 3.2 mb/d global gains, reaching 6.6 mb/d by 2030,” the report noted. As of 2023, India’s crude imports have reached 4.6 million b/d, marking a 36 percent increase over a decade.

Govt eyes deal with EU countries that could draw $100 billion investment
India is close to finalizing a first-of-its-kind trade deal that could see a small group of European nations invest as much as $100 billion over 15 years in exchange for easier trade access to the world’s most populous nation, according to people with knowledge of the matter. The European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein, committed to invest in India as part of a trade pact that’s in the final stages of negotiations, the people said, asking not to be identified as the talks are still ongoing. The contours of the deal have been agreed and deliberations currently center on the final investment amount, which could be as much as $100 billion over 15 years, some of the people said. While India wants the commitment to be legally binding, one of the European officials said the amount will likely be framed as a goal, with no legal means to claim it included in the language of the agreement. If finalized, it would mark the first time an investment commitment of this nature is secured by India as part of a free trade agreement.

Global market action
Dow Jones – Up by 0.06% or 21.58 points
FTSE – Down by 0.68% or 52.26 points
CAC – Down by 0.36% or 27.71 points
DAX – Down by 0.65% or 111.28 points
Gift Nifty – Up by 0.12% or 26.50 points

FII/DII activities
FII – Sold 1691.02 Cr worth of shares
DII – Bought 327.73 Cr worth of shares.

Primary market activities
SRF Ltd – 85.2%
KPR Mills Ltd – 85.1%
ZF Commercial Vehicles Control Systems India Ltd – 84.9%
P&G Health Ltd – 84.6%
Kajaria Ceramics Ltd – 84.5%

Primary market updates
IPOs opening today
Polysil Irrigation Systems Ltd (NSE SME) – Issue size 17.44Cr
Alpex Solar Ltd (NSE SME) – Issue size 74.52Cr
Rudra Gas (BSE SME) – Issue size 14.16Cr

Commodities updates
Gold – Rs 64545/10gm, Silver – Rs 72317/kg, Brcrude – Rs 6372/barrel, Copper – Rs 726.9/kg.

Corporate News
TotalEnergies, and ONGC join forces to detect, and measure methane emissions.

Trent Q3 results: PAT jumps 124% to Rs 374 cr on lifestyle segment growth.

Nestle India results: Net rises 4.4% in Dec qtr stirred by Nescafe success.

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