Indian indices kicked off trading on a positive note on April 10, with the Nifty crossing the 22,700 level. The Sensex, India's benchmark stock index, gained 200.68 points or 0.27%, reaching 74,884.38, while the Nifty rose by 59.20 points or 0.26%, touching 22,702.00. Market breadth appeared favorable, with 1,497 shares advancing, 542 shares declining, and 115 shares remaining unchanged.
Leading the gains on the Nifty were stocks like Tata Steel, Hindalco, Bharti Airtel, Reliance Industries, and Coal India. Conversely, notable losers included Divis Labs, HDFC Bank, Adani Ports, Sun Pharma, and Apollo Hospital.
In the currency markets, the Indian rupee opened 10 paise higher against the US dollar, starting the day at 83.21 compared to the previous close of 83.31 per dollar.
The GIFT Nifty index rose by 55.5 points, or 0.24 per cent, at 22,814.50 on Wednesday, suggesting a positive start for the Indian benchmark indices. Market observers will be focusing on the US inflation data that is expected on Wednesday which may trigger volatility in the home market.
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Apr 10, 2024, 3:04 pm IST
Market at 3:30 p.m.
The Nifty was up 100.30 points, or 0.44 percent, at 22,743.10, while the Sensex was up 324.93 points, or 0.44 percent, at 75,008.63. Approximately 1541 shares fell, 1713 shares increased, and 92 shares were constant.
Apr 10, 2024, 2:23 pm IST
Dollar strengthens ahead of US inflation data, while the yen alerts traders
Wednesday saw a slight increase in the dollar ahead of an important inflation report later in the day, but the yen held steady near multi-decade lows, raising concerns among traders that Japanese authorities would step in to support the currency.
Apr 10, 2024, 1:24 pm IST
Vedanta Rides On Bull
Billionaire Anil Agarwal-backed Vedanta which has the highest dividend yield in Indian market, recorded massive bull run, taking its share price up by over 9% to hit new 52-week high. Vedanta which had a dull 2023, is among the top performing metal stocks of 2024. Its share price has rallied to nearly Rs 370 levels. The latest uptrend is after brokerage CLSA upgraded its stance on Vedanta to BUY.
Apr 10, 2024, 12:57 pm IST
Tata Stocks To Buy
Tata Chemicals an Tata Elxsi share prices rallied by 2-4% on April 10th. The two Tata-backed stocks are recommended to buy ahead of their Q4 earnings, for a short-term tenure like 1 month. These are Tata Chemicals and Tata Elxsi. The saltmaker and the tech major of Tata Group will be announcing its Q4 later in April or May month. Accordingly, their shares will be in focus.
Apr 10, 2024, 12:08 pm IST
Airtel expands Its Network Footprint In Anand District
Bharti Airtel, one of India's leading telecommunications service providers,
today announced that it has deployed additional sites in Anand district to densify its network.
The network expansion project in Anand was undertaken across 205 villages covering 5.25 lakh
population base. To expand coverage in rural villages in the state and to bring customers to enjoy the power of
high-speed connectivity, the rural expansion project covers fifteen districts of Gujarat including
Bharuch, Gandhinagar, Mehsana, Banaskantha, Surat, Ahmedabad, Kheda, Bhavnagar, Botad,
Anand, Rajkot, Morbi, Vadodara, Sabarkantha and Patan, impacting over 50 lakh population
across these districts.
Apr 10, 2024, 11:43 am IST
India's CPI Likely To Have Cooled In March To A 5-Month Low, Food Inflation Concerns Linger; Reports
India's consumer price inflation is expected to have eased to a five-month low of 4.91% in March, according to a recent Reuters poll of economists. However, this figure remains above the Reserve Bank of India's (RBI) medium-term target of 4%, signaling persistent challenges, particularly in the food sector. RBI Governor Shaktikanta Das highlighted the ongoing concern over food price volatility, which has been a recurring issue in recent months.
Gensol Engineering Limited reports robust Order Book of Rs. 1783 Crores
Gensol Engineering Limited has received
a significant order book that stands at an impressive Rs. 1783 Crores at the beginning of FY25,
signaling a promising year and solidifying its position as a key player in the renewable energy and
electric mobility industry. Mr. Anmol Singh Jaggi, Chairman, And Managing
The director of Gensol Engineering Limited says, “Our order book for FY25 is at Rs. 1783 Crores
highlighting growing demand for our renewable energy and eMobility solutions. This order book
will be executed over the next 12 months. The uptick in the projects reflects the trust clients have
in our capabilities and commitment to delivering excellence. This achievement solidifies our status
as a frontrunner in the Solar EPC, Solar tracking, and EV Leasing industry, emphasizing our
commitment to growth. I thank all the stakeholders and the Gensol family for their continued
support that is vital to our success, and we remain dedicated to delivering value and sustainable
growth.”
Apr 10, 2024, 11:05 am IST
Gold Prices In India Today Jumps Again Amidst Stable International Demand
The 24-carat gold rates in India today for 10 grams are Rs. 72,110/-, which were Rs. 71,730/- the previous day. Likewise, the 22-carat yellow metal is costing at Rs. 66,100/-, compared to Rs. 65,750/- per 10 grams. While the 18-carat gold price in India today has risen and floats around Rs.54,080/- per 10 grams. The US Spot Gold rate today is currently floating around $ 2,358.1/- per ounce, climbing 0.24% or $ 5.6/- since yesterday's closing, while the MCX Gold Futures maturing this June are currently trading at Rs. 71,648/-, which is 0.48% or Rs 344/- higher than Tuesday's closing.
Novoloop and Aether Achieve Continuous Operations of Pilot Plant In Surat
Novoloop, a leading plastic circular economy technology
company, proudly announces the successful startup of its pilot plant in India. In collaboration with
Aether Industries, a publicly-listed specialty chemicals manufacturer, the pilot plant’s groundbreaking in Surat was announced in January 2024. Novoloop’s Lifecycle process transforms post-consumer polyethylene plastic waste into virgin-quality monomers for
performance materials at a carbon footprint reduction of up to 91% when compared to the
conventional process of producing adipic acid.
Miranda Wang, Co-founder and CEO of Novoloop, emphasized the project's significance: “After
years of research, development, and engineering, we have built a radically innovative process and
now our pilot plant is successfully demonstrating this paradigm shift in technology. We are
tremendously excited about this next chapter, where we make available the first lots of Lifecycled™
products to the world."
Apr 10, 2024, 10:23 am IST
Ramco Aviation Signs Multi-Million-Dollar Deal To Accelerate Tech Transformation
Ramco Systems
announced its strategic engagement with Korean Air, a flag carrier of South Korea and its largest airline, to
implement its flagship aviation software, Ramco Aviation Suite at Korean Air’s Engine Maintenance Center. Chan Woo Jung, Vice President and Head of Maintenance & Engineering Division at Korean Air, said
“Airlines today are grappling with the need for efficient engine maintenance. These needs prompted us to embark
Copyright 2024, Ramco Systems Limited. Information subject to change. All rights acknowledged. Page 2 of 2
on our ambitious journey to build Asia's largest engine maintenance complex and expand our capabilities to
service more engine types. In our search for the best Aviation MRO Software, Ramco Aviation emerged as an
ideal choice. The implementation of Ramco’s Engine MRO capabilities will help us enhance our facility's efficiency
and precision and set new standards in engine maintenance, positioning us as a top MRO provider.”
Apr 10, 2024, 9:56 am IST
Exide Industries Share Price Declines As Investors Book Profits Following 22% Surge
Exide Industries Limited observed a slight dip in its share price, trading down by over one percent to Rs 378 on the morning of April 10. This decline follows a surge of 22% over the span of three sessions, prompting investors to capitalize on gains by booking profits.
In a regulatory filing, the company announced its acquisition of a 26% equity stake in Clean Max Arcadia Private Ltd for Rs 5.34 crore. Exide elaborated on the objective of this investment, stating its intention to foster renewable energy initiatives by qualifying as a captive consumer for solar capacity of 14.85 MWp at its factory in Bawal, Haryana.
Apr 10, 2024, 9:47 am IST
Rupee falls by 0.38 paise against US Dollar
Indian rupee declined by 0.38 paise against US Dollar in morning trade on Wednesday.
Apr 10, 2024, 9:44 am IST
Lupin Introduces Inaugural Generic Edition Of Oracea In The US
Lupin has unveiled its premiere generic rendition of Oracea (Doxycycline capsules, 40 mg) within the United States, following endorsement from the United States Food and Drug Administration (US FDA). These Doxycycline capsules are designated for addressing exclusively inflammatory lesions (papules and pustules) associated with rosacea among adult patients.
Apr 10, 2024, 9:32 am IST
Paytm Stock Declines 37% In Q1 Despite Increased Stake By Domestic, Foreign Funds
Investors, both domestic and foreign, have ramped up their stake in One97 Communications Ltd. the parent company of Paytm, even as the stock witnessed a significant downturn during the January-March period.
According to the latest shareholding pattern on BSE, India's mutual funds now hold a 6.15% stake in One97 Communications Ltd. This marks a notable increase from the 4.99% stake they owned at the end of the December quarter, which at the time, represented the highest stake in the company's history.
Despite the surge in ownership by mutual funds, Paytm's shares experienced a sharp decline of up to 50% during the first quarter of the year, reaching an all-time low of Rs 318 before undergoing a slight recovery. However, by the end of March, the stock had still incurred losses of 37%.
Apr 10, 2024, 9:25 am IST
Recommendations by Mr. Aditya Gaggar, Director of Progressive Shares
"A profit booking correction from the record levels dragged the Index lower to settle 09th April trade at 22,643. On the daily timeframe, the Index has made a bearish candle. Still, the overall uptrend is intact and correction if any, will provide better opportunities to enter at the lower levels. A level of 22,530 offers strong support while immediate resistance is placed at 22,780. BankNifty is showing strong momentum as compared to Nifty50 and we believe the same is likely to continue going forward as well (ICICI Bank- Pennant and Pole Breakout). From the Oil & Gas space, Petronet LNG looks strong as the stock is set to give a breakout from the consolidation, another stock that seems strong is Castrol India Ltd as it has given a strong breakout from the Bullish Flag and Pole formation with a considerable volume. We remain positive on the Metal sector as it performs as expected (APL Apollo Tubes- Inverted Head & Shoulder breakout, Hindalco- Forming a massive Cup and Handle pattern). Stock-specific buying can be seen in the Pharma sector (AuroPharma- About to give a bullish Flag and Pole formation breakout, IPCA Labs- Extending ongoing strong momentum)."
Apr 10, 2024, 9:23 am IST
Market Opens With Minor Gains
Indian indices kicked off trading on a positive note on April 10, with the Nifty crossing the 22,700 level. The Sensex, India's benchmark stock index, gained 200.68 points or 0.27%, reaching 74,884.38, while the Nifty rose by 59.20 points or 0.26%, touching 22,702.00. Market breadth appeared favorable, with 1,497 shares advancing, 542 shares declining, and 115 shares remaining unchanged.
Apr 10, 2024, 8:36 am IST
Oil Steadies Amidst Two-Day Decline On Reports Of US Inventory Build-Up
Oil prices stabilized today following a two-day decline, triggered by an industry report indicating an increase in US crude stockpiles. Despite this, tensions in the Middle East and sustained OPEC+ production cuts are anticipated to limit further losses.
West Texas Intermediate (WTI) hovered above a barrel, maintaining its position after a 1.4% drop on Tuesday. Meanwhile, Brent crude traded close to per barrel. According to Oilprice.com, the American Petroleum Institute's data revealed a rise of 3.03 million barrels in crude inventories last week. Official government statistics are slated for release later today, offering further insights into the market's dynamics.
Apr 10, 2024, 8:29 am IST
Zee Media Corporation Appoints Mr. Rahul Sinha As Managing Editor – Zee News
Zee Media Corporation has announced the appointment of Mr. Rahul Sinha as ‘Managing Editor – Zee News’ effective from April 09, 2024 and Mr. Kamlesh Sutar as ‘Officiating Editor – Zee 24 Taas’ (categorized as Senior Management Personnel) effective from April 10, 2024.
Apr 10, 2024, 8:19 am IST
Motilal Oswal Financial Services Shares In Focus
The Board of Directors of Motilal Oswal Financial Services Limited has at its meeting held on Tuesday, April 09, 2024 have, inter alia, considered and approved Prospectus for public issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of Rs 1,000 each (NCDs) for an amount aggregating up to Rs 500 Crore with an option to retain oversubscription up to Rs 500 Crore aggregating up to 1,00,00,000 NCDs for an amount up to Rs 1,000 Crore, as per a regulatory filing.
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