Sensex witnessed 191 points gain to end the day to 72,831 and Nifty surged 84 points or 0.39% to 22,096 on Friday. Nifty Bank rallied 178 points to 46,863 and Nifty Midcap jumped 279 points to 47,312 on March 22, 2024. Logistic player Allcargo Logistics shares soared over 14% in trade today. Maruti shares gained nearly 3% in trade today.
Among the listed stocks, 1423 shares advanced, 637 shares experienced declines, and 136 shares remained unchanged. Notably, HCL Technologies, Infosys, Wipro, TCS, and Tech Mahindra emerged as major losers on the Nifty, whereas UPL, Sun Pharma, Adani Enterprises, Titan Company, and Bharti Airtel were among the top gainers.
The Nifty and various sectoral indices staged a strong rebound on Thursday, with the Nifty breaching the 22,000 mark, backed by reassurances from the US Federal Reserve. The central bank's commitment to maintaining three rate cuts throughout 2024 injected fresh optimism into the market, leading to a surge in investor sentiment.
The rally saw technology heavyweights such as TCS, Infosys, and Wipro gaining prominence, particularly after Accenture's downward revision of its financial year 2024 revenue growth guidance from 2% - 5% to 1% - 3%. Despite a modest 0.8% gain in the IT index on Thursday, the sector has been struggling amidst market volatility, marking a decline of over 4.5% for the week.
Meanwhile, the Nifty Bank marked a notable recovery from the lower end of its support range, breaking a nine-day losing streak. Although the index only marginally turned positive for the week, the rebound instilled hope, especially considering its recent positive performance over five out of the last six weeks. Analysts are closely observing whether Thursday's surge indicates a sustainable trend or merely a temporary bounce.
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Mar 22, 2024, 2:38 pm IST
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Mar 22, 2024, 1:49 pm IST
Natural Resources Energy Letter Of Intent For Grant Of A Composite Licence for Surjagad, One Block for Iron Ore
Natural Resources Energy Pvt. Ltd. (NREPL) — an Associate Joint Venture Company of one
of our promoter Company i.e. Dorite Tracon Private Limited, which holds 49% economic interest, has been awarded the Letter of Intent for Composite Licence by the Industry, Energy, Labour and Mining Department, Government of Maharashtra, for Surjagad 1 Iron Ore Block for an area of 1526 Hectare in the State of Maharashtra.
Mar 22, 2024, 1:27 pm IST
Gold Prices Fall In India: After Hitting Lifetime High, Why Yellow Metal Slipped?
After soaring lifetime high on March 21, gold prices witnessed big drop in India. Both yellow metal and silver prices registered a decline on the Multi Commodity Exchange (MCX) on March 22, 2024. Gold futures, maturing on April 5, 2024, stood at Rs 66,199/10 grams on the MCX, after witnessing slight decline of Rs 6 or 0.01%. The earlier close was registered at Rs 66,189/10 grams. Silver prices too witnessed sharp decline in India.
KEC International Receives Orders Worth Rs. 1,004 Crores
KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,004 crores across its various businesses like Civil, Railways, and Cables. The business has secured an order for a residential project from a renowned real estate developer in India. It has secured an order for 2x25 kV Overhead Electrification (OHE) and associated works for
speed upgradation in India. For Cables, it has secured orders for the supply of conductors and cables in India. Maiden order for the supply of power transmission conductors (ACSR and AL-59) from a reputed government utility and supply of various types of cables. Mr. Vimal Kejriwal, MD & CEO, of KEC International Ltd. commented, “We are happy with the new order wins across our business verticals, especially the breakthrough order for the supply of power transmission conductors. This accomplishment aligns with our strategy of backward integration and capitalizing opportunities within the continuously growing demand for power transmission conductors globally. The consistent inflow of orders in T&D has significantly bolstered our order book, particularly within India. Our Civil business has further widened its presence in the residential segment with the addition of an esteemed client. We are also enthused with the Railway order for the Semi High-Speed Rail under Mission ‘Raftaar.’ With these orders, our YTD order intake stands at ~Rs 17,500 crores.”
Mar 22, 2024, 12:34 pm IST
KEC International Wins New International Orders
KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,004 crores across its various businesses like Transmission & Distribution (T&D), where the business has secured orders for T&D projects in India and the Americas, Composite order for construction of transmission lines, substations and underground cabling in India, Supply of towers, hardware and poles in Americas
Mar 22, 2024, 12:08 pm IST
Unitech Limited Appoints Mr. Sanjay Jain Of Engineers India Ltd. As General Manager
The Board of Directors of Unitech Limited in its meeting held on Thursday, 215t March 2024, has approved the appointment of Sh. Sanjay Jain, as General Manager, Contracts and Projects in the Contract Division of the Company for three (03) years with effect from 27.03.2024, on the recommendation of the Nomination and Remuneration Committee. Mr. Sanjay Jain, aged 60, holds a Bachelor's Degree in Civil Engineering from Delhi College of Engineering (1986) as well as a Diploma in Management from IGNOU. He has recently retired from the position of Executive Director in M/s Engineers India Limited (EIL), a premier Engineering, Consultancy, and EPC Company and Navratna Central PSU, after serving in EIL for about 32 years.
Mar 22, 2024, 11:40 am IST
ICICI Securities Delisting: Voting Begins On March 22
ICICI Securities shareholders will commence e-voting on the delisting resolution on March 22, 2024. An extraordinary general meeting (EGM) is scheduled for March 27, 2024, following NCLT’s approval where the shareholders will discuss the resolution about the delisting of the company. Shareholders will commence voting from March 22, 2024, at 9:00 PM till March 26, 2024 at 5:00 PM. Four prominent proxy advisory firms voted in favour of the delisting of ICICI Securities. In support of the deal, ISS an international proxy advisory firm said, given the cyclical nature of ICICI Securities’ business, being part of ICICI Bank with a larger customer ecosystem could bring stability to the stockbroking company’s financial performance.
Navratna Defence PSU company, Bharat Electronics is going to trade ex-dividend on March 22 for its upcoming 70% dividend payout. On the ex-dividend date, Prabhudas Lilladher has recommended intraday buy for a target price of Rs 207 apiece. Ahead of the record date, BEL is closing the gap towards a 52-week high.
Rupee Falls Over 20 Paise Against US Dollar Amid Global Greenback Strength
The Indian rupee saw a decline of more than 20 paise against the US dollar on Friday, reaching 83.34 per Dollar, driven by a stronger greenback in the global markets and increased Dollar buying by importers. The day's trading session commenced with the Rupee 12 paise lower at 83.27 per Dollar, compared to the previous close of 83.15, and continued to depreciate further. Meanwhile, the Dollar Index, which measures the greenback's performance against a basket of six major currencies, surged by 0.70% to 104.22, fueled by concerns about the slowing global economy, thereby amplifying demand for the US Dollar.
Mar 22, 2024, 10:27 am IST
On March 22, Enser Communications will make its debut on NSE Emerge.
Commencing on March 22, Enser Communications' equity shares will be traded on the NSE Emerge. Each share is being issued for Rs 70. Within the trade-for-trade surveillance sector, its equity shares will be accessible.
Mar 22, 2024, 10:18 am IST
A tax demand notice for Rs 68.67 crore has been sent to Crompton Greaves Consumer Electricals.
The Assessment Unit of the Income Tax Department has sent Crompton Greaves Consumer Electricals a notice demanding tax of Rs 68.67 crore (tax of Rs 57.13 crore plus interest of Rs 11.54 crore) for the Assessment Year 2022–2023. The same has a Rs 54 crore financial impact.
Mar 22, 2024, 10:16 am IST
Tata Communications would pay Rs 458 crore to its subsidiary Novamesh to transfer its digital services business.
The board of directors has given Tata Communications permission to enter into a business transfer agreement for the sale of its identified new edged digital services business to its fully owned subsidiary Novamesh for Rs 458 crore, with the intention of selling the firm as a going concern on a slump sale basis.
Mar 22, 2024, 10:14 am IST
Castrol and KTM collaborate to improve performance.
Castrol and KTM have partnered, with Castrol POWER1, the company's performance lubricant, serving as the official Performance Partner for the forthcoming second season of the highly anticipated KTM Cup 2024.
Mar 22, 2024, 9:45 am IST
IT Stocks Dip As Much As 5% After Accenture Cuts FY24 Revenue Growth Guidance
Shares of IT companies decline as Accenture revises downward its revenue growth guidance for fiscal year 2024, now expecting a range of 1-3% compared to the previous forecast of 2-5%. The adjustment is attributed to economic uncertainties prompting clients to curtail expenditure on consulting services, impacting the outlook for IT service providers like Accenture.
Mar 22, 2024, 9:36 am IST
Prestige Group Acquires 62.5 Acres Land In Indirapuram Extension
Prestige Group has completed the acquisition of 62.5 acres of land in Indirapuram Extension, NCR. The transaction, which includes a revenue share, amounted to Rs 468 crore. The acquired land is earmarked primarily for residential development, with additional provisions for education and retail facilities.
Mar 22, 2024, 9:24 am IST
Market Opens With Minor Cuts; Nifty Below 22,000
On March 22, Indian indices commenced trading on a subdued note, with the Nifty trading below the 21,950 mark. The Sensex witnessed a decline of 177.89 points or 0.24%, reaching 72,463.30, while the Nifty recorded a decrease of 48.20 points or 0.22%, touching 21,963.80.
Mar 22, 2024, 9:15 am IST
Rupee Open And Market Pre-Open
During the pre-opening session, benchmark indices are experiencing declines. The Sensex witnessed a drop of 372.43 points or 0.51%, reaching 72,268.76, while the Nifty recorded a decrease of 116.60 points or 0.53%, touching 21,895.40. Additionally, the Indian rupee commenced trading 12 paise lower at 83.27 per dollar compared to the previous close of 83.15.
Mar 22, 2024, 8:57 am IST
US Weekly Initial Jobless Claims Fall
The weekly jobless claims in the United States declined, indicating ongoing robustness in job creation for the month of March. According to the Labor Department's report on Thursday, initial claims for state unemployment benefits decreased by 2,000 to a seasonally adjusted 2,10,000 for the week ending March 16. This figure was below the expectations of economists surveyed by Reuters, who had anticipated 2,15,000 claims for the same period. This unexpected drop suggests continued strength in the labor market, albeit with indications of a gradual cooling.
Mar 22, 2024, 8:54 am IST
FII And DII Data (Thursday, March 21)
According to provisional data from the NSE, foreign institutional investors (FIIs) offloaded shares totaling Rs 1,826.97 crore, whereas domestic institutional investors (DIIs) acquired stocks valued at Rs 3,208.87 crore on March 21.
Mar 22, 2024, 8:53 am IST
TCS Signs 7-Year Deal Fr Transformation Of global IT infrastructure In Ramboll
Tata Consultancy Services (TCS) has entered into a significant agreement with Ramboll, a Denmark-based global architecture, engineering, and consultancy firm, to undertake a comprehensive IT transformation initiative. This multimillion-dollar strategic partnership entails TCS spearheading the end-to-end modernization of Ramboll's IT infrastructure. Over the course of the next seven years, TCS will work to revamp and streamline Ramboll's IT operating model, with the aim of enhancing business expansion opportunities and optimizing overall IT expenditure.
Mar 22, 2024, 8:51 am IST
US Market Ends At Record High After SNB Cut, Steady Fed
Wall Street continued its streak of reaching record highs following the Swiss National Bank's decision to ease policy, which made it the first major central bank to do so in this cycle. This move came on the heels of the Federal Reserve's decision to maintain its outlook for rate cuts in 2024. As a result, global share benchmarks surged further into uncharted territory on Thursday, while yields on government debt mostly declined.
The Dollar saw an uptick as the Swiss franc weakened, and the yen remained subdued, hovering near its lowest level in approximately four months. On Wall Street, all three major indexes closed with gains, extending their record-setting spree. Similar milestones were observed earlier in Japan and Europe, as well as in the gold market.
Wednesday's Federal Reserve meeting contributed to a risk-on sentiment, with no changes made to US rates or the "dot plot" projections indicating a potential 75 basis points cut in rates for the year. The Dow Jones Industrial Average rose by 269.24 points, or 0.68%, while the S&P 500 gained 16.9 points, or 0.32%. The Nasdaq Composite also experienced a modest increase of 32.43 points, or 0.2%.
Mar 22, 2024, 8:48 am IST
Oil Steadies After 2-Day Drop As Geopolitics Dominate
Oil prices stabilized following a two-day decline, as market participants weighed the impact of global interest rate trends and geopolitical developments in the Middle East. Brent crude remained below , experiencing a nearly 2% decrease over the past two days, while West Texas Intermediate hovered around per barrel. The unexpected rate cut by the Swiss National Bank bolstered the dollar, posing a challenge for commodities priced in US currency.
Mar 22, 2024, 8:44 am IST
Asian Stocks Start Mixed, US Market Hits Record Highs
Asian stock markets opened with mixed performances on Friday, indicating a cautious stance among investors amidst fresh highs reached by US equities and lingering concerns over persistent inflationary pressures. Australian shares remained relatively unchanged, while Japanese stocks saw slight gains. However, futures contracts for Hong Kong equities recorded declines. These movements come after a significant rally in the region's shares on Thursday, marking their highest level in nearly two years.
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