In the closing session of Thursday, Indian benchmark indices ended with a recovery after a volatile opening trade. Nifty ended 148.95 points or (0.68%) higher at 22,146.65 while Sensex added 314.46 points or (0.43%) to close at 73,076.35. On the Nifty pack, ADANIENT, ADANIPORTS, HINDALCO, HEROMOTOCO and ONGC were the top 5 gainers today whereas the top 5 losers were AXISBANK, INDUSINDBK, BAJFINANCE, JSWSTEEL and SBIN.
Maket on Wednesday
March 13, the Indian Stock Market live closed sharply down due to widespread selling and the ongoing collapse of mid- and small-cap stocks, which alarmed investors.
When the market closed, the broad-based Nifty was 338.00 points, or 1.51 percent, lower at 21,997.70, while the 30-pack Sensex was down 906.07 points, or 1.23 percent, at 72,761.89.
Indian benchmarks started the day higher thanks to mild CPI statistics and consistent rise in industrial production, but they were unable to maintain their gains as selling became more intense in the second half, driving the Nifty below 22,000.
GIFT Nifty:
The GIFT Nifty has lost 50.50 points, or 0.23 percent, indicating a poor start for the Indian market as a whole. Around 22,045 was the trading level for the Nifty futures.
Oil Review
After US crude stockpiles declined and Ukraine bombed another Russian plant, oil saw its largest gain in about five weeks.
After rising 2.8% on Wednesday, West Texas Intermediate futures were trading below $80 per barrel. Brent remained steady around $84. For the first time since early February, US inventories decreased for the first time in seven weeks, while the Cushing, Oklahoma, storage hub recorded a drawdown in crude supplies.
S&P Review
In anticipation of producer price data and more hints about the direction of inflation ahead of the Federal Reserve meeting next week, investors took profits in chipmaker companies on Wednesday, which caused the S&P 500 and Nasdaq to slightly decline.
At 39,043.32, the Dow Jones Industrial Average increased by 37.83 points, or 0.1%. At 5,165.31, the S&P 500 shed 9.96 points, or 0.19%, while the Nasdaq Composite fell 87.87 points, or 0.54%, to 16,177.77.
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Mar 14, 2024, 3:37 pm IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Mar 14, 2024, 3:02 pm IST
Adani Green Energy Shares In Focus: Here’s Why
Adani Wind Energy Kutchh Four Limited (AWEK4L), a wholly-owned subsidiary of Adani Green Energy Limited (AGEL) on Thursday announced that it has operationalized an incremental 126 MW of merchant wind power project in Gujarat. AWEK4L has operationalized a total of 300 MW of wind power project capacity, which includes the 174 MW that was operationalized before. As a result of the operationalization of these facilities, AGEL's overall operational capacity for renewable energy has climbed to 9,604 MW, with a goal of 45 GW by 2030. The decision to operationalize the plant and begin producing power on March 14, 2024, was taken at 5.40 a.m., based on the necessary approvals.
Mar 14, 2024, 2:30 pm IST
Greaves Cotton Shares In Focus
Greaves Electric Mobility, through its 3W subsidiary, announced the introduction of Greaves Eltra City, an electric three-wheeler passenger vehicle, building on the success of Greaves Eltra cargo. Greaves Eltra City, built to meet the demands of modern commuters, is positioned to usher in a new age of urban mobility. This cutting-edge electric passenger car fulfils the promise of "Everything Extra" by placing comfort, efficiency, and innovation first.
Mar 14, 2024, 1:58 pm IST
New World Fund Inc Acquires 1% Stake In APL Apollo Tubes
Capital Group, headquartered in the United States, has secured a 1% stake in APL Apollo Tubes through its affiliate, New World Fund Inc. The acquisition, totaling 27,89,398 equity shares, was made via open market transactions at an average price of Rs 1,601.1 per share, amounting to Rs 446.61 crore. Concurrently, Principal Global Investors Collective Investment Trust divested 15,31,367 equity shares at an average price of Rs 1,600.16 per share. This sale reduced its shareholding from 28,77,356 equity shares to 1.04% stake as of December 2023.
The shares of YES Bank have displayed an upward trajectory since Thursday's early trading hours, breaking a three-day downtrend. Following a media report indicating that the private sector bank is seeking a new promoter, the stock surged by 8%.
Mar 14, 2024, 1:46 pm IST
Power Mech Secures Contract Valued At Rs 306 Crore
The firm has been awarded a contract for the construction of the electrified 4th Railway BG Line spanning between Rajnandgaon-Dongargarha and Bhilai-Ourg link block station, situated in the state of Chhattisgarh within the South East Central Railway zone. The project, to be executed on an Engineering, Procurement, and Construction (EPC) basis, is valued at Rs 305.81 crores.
Mar 14, 2024, 1:37 pm IST
Adani Green Energy Subsidiary Inks Power Purchase Deals With Solar Energy Corp
Adani Renewable Energy Fifty Nine Limited, a subsidiary of Adani Green Energy, has recently finalized power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for the provision of 534 MW of solar power projects. These agreements mark a significant step for Adani Green Energy, enhancing its renewable energy project portfolio to a total capacity of 21,778 MWac.
Mar 14, 2024, 1:09 pm IST
Fitch Revises India's FY25 Real GDP Projections To 7% From 6.5%
Fitch Ratings, a global credit rating agency, has revised its forecast for India's economic growth, painting a rosier picture for the nation's financial future. According to a Reuters report released on March 14, Fitch raised its projection for India's real gross domestic product (GDP) growth in the fiscal year 2024-25 (FY25) to 7%, up from its earlier estimate of 6.5%. This upward revision comes on the back of strong domestic demand and sustained growth in both business and consumer confidence.
Mar 14, 2024, 12:51 pm IST
India's WPI Inflation Dips To 0.20% In February
India witnessed a slight downturn in wholesale inflation as the figures for February revealed a rate of 0.20%, marking the lowest in the past four months. This data, released by the commerce ministry on March 14, demonstrates a shift from January's rate of 0.27% and February 2023's figure of 3.85%.
Mar 14, 2024, 12:29 pm IST
Zydus Life Gets Final Approval From US FDA For Schizophrenia Drug
Zydus Lifesciences has been granted final approval by the United States Food and Drug Administration (USFDA) for the production and commercialization of Chlorpromazine Hydrochloride Injection USP, in strengths of 25 mg/mL and 50 mg/2 mL (25 mg/mL), Single-Dose Vials, which is a generic version of Thorazine Injection.
Mar 14, 2024, 12:19 pm IST
KEC International Bags Fresh Contracts Totaling Rs 2,257 Crore
KEC International has successfully secured new contracts worth Rs 2,257 crore across diverse segments, encompassing transmission and distribution projects in both India and the Americas. Additionally, the company has secured its inaugural international order for a pipeline laying project. These latest acquisitions have propelled the company's year-to-date order intake beyond Rs 16,000 crore.
Mar 14, 2024, 11:32 am IST
SpiceJet Shares Rally
SpiceJet Soars 8% Following Lease Agreement For 10 Aircraft Ahead Of Summer Schedule
SpiceJet's stock surged 8% during early trading on March 14, following the budget airline's confirmation of lease contracts for 10 aircraft for capacity expansion for the forthcoming summer timetable. As of 11:30 am, SpiceJet's shares were valued at Rs 53.15 per share on the NSE, reflecting a 5.5% upmove.
Mar 14, 2024, 10:32 am IST
Reliance In Focus
Reliance Industries (RIL) has announced its agreement to purchase Paramount Global's entire 13.01 percent stake in Viacom 18 Media for approximately 7 million (Rs 42.86 billion). The acquisition, disclosed through US regulatory filings, marks a significant step for Reliance Industries, enhancing its ownership in Viacom18, which operates a diverse portfolio of 40 television channels and includes well-known companies like MTV, Nickelodeon, and Comedy Central.
Mar 14, 2024, 9:51 am IST
The SBI Cards & Payment Services Board will Discuss the Interim Dividend on March 19 at its Meeting
Prominent financiers ICICI Prudential Mutual Fund and the Government of Singapore purchased 9,15,45,678 and 59,26,138 equity shares in ITC, respectively, through open market transactions. At an average price of Rs 400.25 per share, they purchased shares worth Rs 3,901.3 crore. 43,68,51,457 equity shares in the company were sold by foreign investor British American Tobacco through its subsidiary Tobacco Manufacturers (India) at the same price, for a total valuation of Rs 17,484.98 crore.
Mar 14, 2024, 9:15 am IST
Rupee falls 0.59 paise against US Dollar
Indian Rupee declined 0.59 paise against US Dollar in morning trade on Thursday.
Mar 14, 2024, 9:13 am IST
RBI Penalises Bandhan Bank Monetarily
On March 13, the Reserve Bank of India (RBI) announced that it has fined two banks and one non-banking financial organisation for breaking regulations. These financial institutions are Bank of India and Bandhan Bank, while Indostar Capital Finance is the NBFC.
According to a press release, the central bank imposed fines of almost Rs 1.41 crore (Rs 1,40,76,000) on Bank of India, Rs 29.55 lakh on Bandhan Bank, and Rs 13.60 lakh on Indostar Capital Finance.
Mar 14, 2024, 9:10 am IST
Cholamandalam Purchases 4.67-acre piece of land in Chennai from DLF for Rs 735 Crore
According to a regulatory filing, listed real estate developer DLF Ltd sold Cholamandalam Investment and Finance Company Limited in Chennai 4.67 acres of land for Rs 735 crore.
The company said in a regulatory filing on March 13 that DLF IT Offices Chennai Private Limited, a wholly-owned subsidiary, had strategically sold 4.67 acres or so of its land, located in Chennai District, to Cholamandalam Investment and Finance Company Limited.
Mar 14, 2024, 8:47 am IST
Gold prices decline as traders look for additional US data
Due to a generally weaker dollar, gold prices remained unchanged during the first part of Asian trading hours on Thursday while traders awaited additional economic data that could heighten expectations for a rate cut by the US Federal Reserve at the halfway point of the year.
As of 01:47 GMT, spot gold was unchanged at ,173.89 an ounce. The price of US gold futures fell 0.1% to ,178.20.
Mar 14, 2024, 8:21 am IST
KEC International
The company receives new business worth Rs 2,257 crore from a variety of industries. Its transmission and distribution (T&D), cable, oil and gas pipeline, and construction divisions have all obtained orders. The amount of orders received so far in the 2024 fiscal year has exceeded Rs 16,000 crore. In Africa, the oil and gas pipeline industry secured its first international project.
Mar 14, 2024, 8:19 am IST
Tata Motors in Focus
Signs an agreement with the Tamil Nadu government to establish a plant that makes cars in the region. According to the MoU, up to Rs 9,000 crore will be invested over a five-year period.
Mar 14, 2024, 8:17 am IST
Today's Focus Is on the Federal Bank
Halts the issuing of fresh credit cards bearing joint names. Before starting new issue again, the bank will address any deficiencies and obtain regulatory approval. The bank still offers credit cards under its own brand.
Mar 14, 2024, 8:15 am IST
Reliance Will Purchase Paramount's Viacom18 Stake
The U.S. business announced in a regulatory filing that Reliance Industries has agreed to pay about 7 million (42.86 billion Indian rupees) for Paramount Global's full 13.01% ownership in regional entertainment network Viacom 18 Media.
With 40 television channels, including Comedy Central, Nickelodeon, and MTV, Viacom18 is primarily owned by Reliance.
Following the transaction's conclusion, Paramount indicated it will keep licencing its material to Viacom18. Through JioCinema from Reliance, it already streams its programming.
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