On Wednesday's closing session, Indian benchmark indices ended in green amid mixed global cues. Nifty added 117.75 pts or (0.53%) to close at 22,474.05 whereas Sensex ended 408.86 pts or (0.55%) higher at 74,085.99. Shares of Tata Chemicals gained over 9% in trade today to 1159.00 apiece. JM Financial shares declined nearly 14% after Reserve Bank of India barred the company from doing any form of financing against shares and debentures.
JM Financial shares declined nearly 14% after Reserve Bank of India barred the company from doing any form of financing against shares and debentures.
Asian Market
After Wall Street's overnight losses, Asian markets saw mixed trading on Wednesday due to a decline in tech equities.
The Topix increased by 0.3% while Japan's Nikkei 225 declined by 0.2%. The Kosdaq increased by 0.49% while the larger Kospi in South Korea fell by 0.25%. Futures for Hong Kong's Hang Seng index pointed to a stronger opening.
Gift Nifty Today
The Indian stock market indices were off to a bad start as Gift Nifty was trading lower at about 22,405, a discount of more than 20 points from Nifty futures' last finish.
US Dollar
Prior to Fed Chair Powell's congressional testimony, the European Central Bank's rate decision, and later this week's US jobs report, the US dollar remained relatively stable. At 103.82, the dollar index, which gauges the strength of the US dollar relative to a basket of six other currencies, remained largely stable.
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Mar 06, 2024, 3:43 pm IST
Market Closing View From Vinod Nair, Head of Research, Geojit Financial Services
Global markets witnessed mixed signals ahead of the US FED chair's testimony to Congress. While it's widely expected that the FED chair may downplay the urgency for rate hikes, the possibility of hints regarding a potential rate cut trajectory cannot be dismissed. Investors are banking on recent FOMC minutes, suggesting the policy rate may have peaked and higher rates could hinder growth. The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks. Nevertheless, the broader index continued to underperform with probit booking in Mid & Small caps reflecting worries about stretched valuations.
Mar 06, 2024, 3:42 pm IST
Market Closing View By Mr. Aditya Gaggar Director of Progressive Shares
Extreme volatility was seen in today's trade with the morning session being dominated by bears and a steep fall in the Mid and Smallcap segments that further dented the market sentiments. Banking stocks led the rally in the 2nd half of the trading session providing support to the Index to recover and also a fierce recovery in the heavyweights addtionally fueled the rally which resulted in a new high and finally, the Index settled the day at 22,474.05 with gains of 117.75 points. Among the sectors, BankNifty was the top gainer followed by IT while Media remained a laggard. Mid and Smallcaps also recovered but underperformed the Benchmark Index by correcting 0.52% & 1.96% respectively. On the daily chart, the Index defended its support of 22,300 and formed a bullish engulfing pattern. We continue to hold our positive stance for the target of 22,600-22,650 while a level of 22,300 will remain a strong support point.
Mar 06, 2024, 3:07 pm IST
KPI Green Energy Shares In Focus
In order to execute solar power projects, KPI Green has received new orders totalling 9.40 MW. Of these, 5 MW are being undertaken by KPI Green Energy Limited and 4.40 MW are being undertaken by M/s. KPIG Energia Private Limited is a wholly-owned subsidiary of the company operating under the "Captive Power Producer (CPP)" segment of the company. According to the conditions of the order, the projects are expected to be finished in several tranches over the 2024–2025 fiscal year.
Mar 06, 2024, 2:54 pm IST
Gravita India Expands Capacity of Its Tanzania Plant
Today, Gravita India Limited declared that the company's step-down wholly-owned subsidiary, Gravita Tanzania Limited, expanded the capacity of its Tanzania-based recycling plant. The aforementioned unit's total capacity for battery recycling has been raised to 12,000 MTPA by adding 5,000 MTPA to its current capacity. With this development, Gravita Group's total production capacity has increased to 2,90,859 MTPA, which is in line with the company's goal of reaching 4,25,000 MTPA by FY 2026. About Rs 3.33 Cr has been invested in the aforementioned capacity development, with the funding coming from the company's internal accruals.
Mar 06, 2024, 2:41 pm IST
V-Guard Industries Shares In Focus
On March 06, 2024, V-Guard Consumer Products Limited (VCPL), the company's Wholly Owned Subsidiary (WOS), started the business and began producing kitchen appliances (mixer grinders and gas stoves) at its cutting-edge manufacturing plant located in Vapi, Gujarat. The project's real expense came to Rs 20 crore, which was paid for by internal accruals. The manufacturing plant can produce 7.6 lakh mixer grinder units annually and 3.60 lakh gas stove units annually.
Mar 06, 2024, 2:02 pm IST
Kirloskar Oil Engines Shares In Focus
The establishment of a wholly owned subsidiary under the name Kirloskar International ME FZE, or any other name that may be approved by the relevant Statutory Authority(ies), subject to any additional approvals that may be needed, has been discussed and approved by the Board of Directors at its meeting on March 5, 2024 by the Board of Directors. Currently, the initial investment is limited to Rs. 1.50 crore.
Mar 06, 2024, 1:32 pm IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Mar 06, 2024, 1:08 pm IST
India Gelatine Declares Dividend, Shares Decline
Small cap company from the specialty chemicals industry, India Gelatine & Chemicals Ltd shares declined 1.95% in trade today despite announcement of interim dividend. The Board of Directors of India Gelatine today considered and approved an interim dividend of 100% (Rs 10 per fully paid up equity share of Rs 10/- each for the financial year 2023-24. India Gelatine shares gained 7.53% in last 1-week amid all the dividend buzz and soared 251% in last 2-years.
Mar 06, 2024, 12:47 pm IST
Mahanagar Gas Ltd Slashes CNG Prices, Over 15% Correction In Shares Price
Mahanagar Gas Ltd (MGL) had announced cut in the prices of by Rs 2.5 per kg in and around Mumbai. The new CNG prices after reduction in the prices will be Rs 73.50 per kg. The revised prices have already become effective beginning from March 5, 2024/morning of March 6, 2024, said the company on Tuesday.
"Due to reduction in gas input cost, MGL is pleased to announce reduction in CNG price by Rs 2.5 per kg in and around Mumbai. The revised MRP of CNG will be Rs 73.50 per kg effective from midnight of March 5, 2024/ morning of March 6, 2024," it stated.
Mahanagar Gas its CNG prices now provide attractive savings of 53% when compared with petrol and 22% when compared with diesel at the current price levels in Mumbai. The latest decline in CNG prices will assist in boosting the consumption of natural gas in the transportation sector thus inching towards making India cleaner and greener, added MGL.
Mar 06, 2024, 12:47 pm IST
Indian Hotels Co Invests Rs 35 Cr In Zarrenstar Via Rights Issue
Large cap Tata Group company Indian Hotels Co Ltd (IHCL) on Tuesday informed via its BSE filing about investing Rs 35 crore (Rupees Thirty – Five Crores) in the equity shares of Zarrenstar Hospitality Private Limited (WhollyOwned Subsidiary) by way of subscription to Rights Issue. Meanwhile, IHCL shares offered multibagger returns of 197% in last 2-years. In last 1-week, Indian Hotels Co shares slipped marginally by 0.80%.
Mar 06, 2024, 11:53 am IST
Sakar Healthcare's Oncology Division Achieves EU GMP Approval
Sakar Healthcare's Oncology (anti-cancer) unit has been granted EU GMP approval, effective from March 5, 2024, with a validity period extending three years from the audit date.
Situated in Bavla, near Ahmedabad, Gujarat, the research-oriented API-integrated oncology formulation manufacturing unit specializes in liquid injections, lyophilized injections, tablets, capsules, and granules. This state-of-the-art facility is equipped with cutting-edge machinery sourced globally.
The European Agency audit team meticulously inspected the manufacturing blocks for Oral Solid Dosage (Tablet, Capsule, Granules) and Injection (Liquid, Lyophilized), evaluating packaging and storage compliance during the last quarter of the calendar year 2023. Following their comprehensive assessment, the unit received the coveted EU GMP approval.
Mar 06, 2024, 11:36 am IST
Ajmera Realty Obtains Credit Facilities Amounting To Rs 500 Crore
Ajmera Realty & Infra India Ltd has secured credit facilities totaling Rs 500 crores from two prominent financial institutions, namely Standard Chartered Bank and ICICI Bank. These funds will be deployed for the development of Ajmera Manhattan, an upscale residential project located in Wadala, Mumbai.
Furthermore, a segment of the funds, totaling Rs 200 crores, has been allocated for the partial prepayment of the GCP loan obtained from HDFC Bank.
Mar 06, 2024, 11:07 am IST
J Kumar Infra Gets LoA For A Project Worth Rs 912.3 Crore From CIDCO
J Kumar Infraprojects has been granted the Letter of Acceptance (LoA) by CIDCO Limited for the project involving the "Design and Construction of Coastal Road from CH 2900 to CH 5800 (MTHL Junction) at Ulwe, Navi Mumbai." The total contract cost for this undertaking stands at Rs. 912,28,36,877.28.
Mar 06, 2024, 10:33 am IST
IRCTC Signs MoU With Swiggy To Provide Pre-Ordered Meals On Trains
IRCTC has entered into a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies) to offer pre-ordered meals to Indian Railways passengers through IRCTC e-Catering Services. Initially, this service will be introduced at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with the possibility of adjusting the number of stations through mutual agreement during the Proof of Concept (PoC) period.
Mar 06, 2024, 10:15 am IST
Rupee falls by 0.53 Paise against US Dollar
Indian rupee declined by 0.53 paise against US Dollar in morning trade on Wednesday.
Mar 06, 2024, 9:57 am IST
Jefferies Downgrades to "hold" after IIFL Finance Plunges 20% for the Second Day Following the RBI's Prohibition on Gold Loans
IIFL Finance's stock fell 20% for the second session in a row following the RBI's decision to forbid the company from making gold loans. At 9.41 am, IIFL Finance shares were stuck in the lower circuit on the NSE at Rs 382.20, marking the lowest point in the company's 52-week history.
Mar 06, 2024, 9:32 am IST
Zomato Block Deal: Ant Fin is Probably the Seller, with 2.2% Equity Valued at Rs3,112 Crore
On Wednesday, attention will be focused on Zomato shares after 19 lakh shares, valued at Rs 3,112 crore, were traded during the block transaction window.
The quantity of shares that were exchanged represents 2.2% of the overall equity of the meal delivery aggregator.
The transaction's buyers and sellers are not publicly identified.
Mar 06, 2024, 8:53 am IST
On Launch day, the JG Chemicals IPO was Completely Subscribed
Investors purchased 2.01 crore equity shares on the first day of bidding, March 5, versus the issue size of 81.68 lakh equity shares, demonstrating the high demand for the JG Chemicals IPO. A 2.47-times subscription was the outcome of this.
Leading the surge were both non-institutional and retail investors, who purchased 3.64 and 2.9 times their reserved amounts, respectively, while eligible institutional buyers selected 2% of the portion allotted for them.
The 1975-founded maker of zinc oxide hopes to collect Rs 251.19 crore at the upper price range through its IPO.
Mar 06, 2024, 8:37 am IST
FII and DII data
On March 5, provisional data from the NSE revealed that domestic institutional investors (DIIs) bought stocks worth Rs 1,834.61 crore, while foreign institutional investors (FIIs) net bought shares worth Rs 574.28 crore.
Mar 06, 2024, 8:26 am IST
Oil Shrank Little as Output Curbs and Concerns About China's Development Collided.
On Wednesday, oil prices marginally decreased as indications of a tightening supply due to major producers' output curbs collided with worries about demand growth in China, the world's largest crude importer.
A declining value of the US dollar helped to support prices by increasing demand from customers willing to pay with foreign currencies.
By 00:45 GMT, U.S. West Texas Intermediate crude prices dropped 11 cents to .04 a barrel, while Brent crude futures declined 13 cents to .91 a barrel.
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