Indian benchmark indices erased previous session losses and ended higher with Sensex gaining 454 points to 72,186 and Nifty soaring 157 points or 0.72% to 21,929. Shares of Paytm soared more than 4% today after falling for three straight sessions. Nifty Bank declined 134 points to 45,690 and Nifty Midcap gained 574 points to 48,984.
The Life Insurance Corporation of India (LIC) issued new update on meeting of Board of Directors on February 5, 2024. LIC shares today hit fresh 52-week high when price soared to Rs 1032.45 apiece.
Aditya Gaggar, Director of Progressive Shares said, "The markets began the session on a positive note and as the day progressed, the Index extended its journey towards the north to settle at 21,929.40 with gains of 157.70 points. Based on sectoral performance, IT and Auto were the top performers gaining 2.92% & 1.59% respectively. Buying traction remained in the Metal segment while both Bank Nifty and PSU banking indices experienced a round of correction. On the daily chart, the Index has formed a bullish candle with the downside being protected at 21,700 while to resume its primary uptrend, it has to breach its hurdle of 22,100."
BSE IT index surged by 2% in the early trade. Auto, healthcare, capital goods, and FMCG stocks were also up. However, stocks like banking, power, and metal were top laggards.
RBI will commence its 3-day policy meeting from Tuesday onward, which will be a key focus of investors alongside Q3 results. In the early trade, Gift Nifty was marginally down, while Asian shares slipped tracking the downfall in Wall Street.
The bearish trends in the global market come after US Federal Reserve's chair Jerome Powel dulled hopes for sooner-than-expected rate cuts and mixed Q3 earnings.
On February 6, Nifty 50 is expected to range between 21,400-21,700 levels. Major companies like Britannia, Godrej Properties, JK Tyre, Lemon Tree Hotels, Max Financial Services, Nazara Technologies, NLC India, Nykaa, Radico Khaitan, Trident, Tata Teleservices, and others will be in focus for their Q3 results scheduled today.
RBI is expected to maintain a status quo in February 2024 monetary policy, which is the last for the financial year 2023-24. Policy repo rate is likely to stay a 6.5% accordingly with the "withdrawal for accommodation" stance.
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Feb 06, 2024, 3:30 pm IST
Poonawalla Fincorp Accepts Bids For Bond Issues
Poonawalla Fincorp accepted bids worth Rs 500 crore for bonds maturing in two years, and in two years and three months, according to 3 merchant bankers.
Poonawalla will pay a coupon of 8.38% on each issue and invited bids from investors and bankers earlier in the day, added the bankers.
Feb 06, 2024, 2:31 pm IST
Salasar Techno Shares Hit Upper Circuit After 56% Rise In Net
Small cap company operating in the Industrial Products industry, Salasar Techno Engineering (STEL) shares today hit 5% upper circuit after the company on February 3, 2024 reported a surge of 56% in its consolidated net profit to Rs 16.76 crore for the quarter ended December 31, 2023. It declared its net profit at Rs 10.69 crore during the corresponding quarter in 2022-23, as per its BSE filing. Its total income soared to Rs 304.35 crore from Rs 240.93 crore in the year ago period. The company’s expense came at Rs 281.22 crore as compared to Rs 226.54 crore in Q3 of last year.
Feb 06, 2024, 2:30 pm IST
Vikas EcoTech Issues Update On Debt Reduction Program
Small cap company operating under specialty chemical industry Vikas EcoTech Ltd on February 5, 2024 announced that it has re-paid another Rs 75 million to the bankers as part of its pre-defined debt reduction programme. Current market price of Vikas EcoTech share on BSE is Rs 4.47 per share with intraday gain of 0.68%. Vikas EcoTech shares soared 46% in last 6-months.
According to the BSE filing, “The Company whilst sprinting towards the targeted debt reduction numbers, initiated the process during August-Sept’2021 and since then the Company has re-paid a total Rs. 1262 Million to the bankers; thus reducing the total bank debt from the peak of Rs. 1612 Million approx. to about Rs 350 Million currently, making a 78% (approx.) Reduction from the Peak Level.”
Feb 06, 2024, 2:29 pm IST
LIC Issues New Update On Interim Dividend For FY 23-24; Shares Hit 52-Week High
The Life Insurance Corporation of India (LIC) issued new update on meeting of Board of Directors on February 5, 2024. LIC shares today hit fresh 52-week high when price soared to Rs 1032.45 apiece. LIC shares also witnessed spurt in volume by more than 1.00 times. The meeting of Board of Directors will be held on February 8, 2024 to consider and approve financial results and the Board may also consider proposal of declaration of interim dividend for FY 2023-24. LIC shares zoomed 64% in last 3-months only.
Life Insurance Corporation of India May Consider Interim Dividend: As per the BSE filing of the company issued yesterday, “This is in continuation of our earlier filing Ref no. LIC/SE/2023-24/173 dated January 30, 2024, informing that a meeting of the Board of Directors of the Corporation is scheduled to be held on February 08, 2024, inter-alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine-month period ended on December 31, 2023. In the said meeting, the Board of Directors may consider a proposal for declaration of Interim Dividend for the Financial Year 2023-24.”
Feb 06, 2024, 2:04 pm IST
Endurance Tech To Invest Rs. 275 Million, Diamines and Chemicals Limited Allocates Shares For Employees
Endurance Technologies Ltd. announces an investment of Rs. 275 million for manufacturing printed circuit boards with embedded electronics for BMS and other applications. Diamines and Chemicals Limited has approved on February 05, 2024, the allotment of 750 equity shares of face value of Rs. 10/- each to the eligible employee (s) of the Company upon exercise of stock options granted under DACL — ESOP 2021. Upon allotment, the paid-up equity share capital of the Company stands increased from Rs.9,78,32,400/-divided into 97,83,240 equity shares of Rs.10/- each to Rs.9,78,39,900/- divided into 97,83,990 equity shares of Rs. 10/- each.
Feb 06, 2024, 1:19 pm IST
Ajmera Realty Post Robust Quarterly Results
Ajmera Realty and Infra reported a % increase in total revenue since the previous year at INR 209 crores, while sales volume grew 63% and sales are 98% higher at Rs. 253 crores year-on-year. The EBITDA of the company spiked 163% with a Profit after tax surging 186%, compared to the previous year. The company is set to launch 7 projects in Mumbai and one in Bangalore after more than 46,000 units were completed overall. Cash flow potential from ongoing projects, upcoming projects & other avenues is estimated to be INR 2,100 crores and cash flow from other avenues is estimated to be INR 330 crores.
Feb 06, 2024, 12:50 pm IST
Electrodyne Ltd. acquire 20% stake in AAPL, TTK prestige Ltd Appoints New CEO
Electrodyne Ltd. invested up to Rs. 19 Crores in M/s. Alliance Asia-Pac Pte. Ltd. the company successfully made a remittance of USD 150,937.50/- to M/s. Alliance Asia-Pac Pte. Ltd. or 20% Stake on 5 February 2024. The entity Alliance Asia-Pac Pte. Ltd. is into Contract Manufacturing of soaps for Global FMCG companies. Mr. Venkatesh Vijayaraghavan, who was appointed as CEO (SMP) is now being designated as Chief Executive Officer (CEO) and KMP under Section 2(51)(v) of the Companies Act, 2013 with effect from February 06, 2024.
Feb 06, 2024, 12:19 pm IST
GE Power Receives Orders From Lanco Anpara Power, Hero Motocorp Schedules Investor Meet
GE Power India Limited has received a purchase order from Lanco Anpara Power Limited for 1st Bottom Bar replacement & Bottom Bars refurbishment of a 660 MW DEC make Generator. The value of the order is Rs. 5.46 crores excluding GST, to be completed in 35 days. Hero MotoCorp Limited Schedule An Analyst/ Investor Meet from 12th to 14th February 2024 in Mumbai.
Feb 06, 2024, 12:01 pm IST
Bharti Airtel Shares In Focus
One of the top telecom service providers in India, Bharti Airtel, said today that it has opened five brand-new, cutting-edge company-owned outlets in Trivandrum. The recently opened outlets in Kayamkulam, Kazhakootam, Mg Road, Pettah, and Peyad will bolster Airtel's retail presence and provide customers with an unmatched level of customer care. Additionally, the shops will highlight all of Airtel's cutting-edge product offerings. Over the past several years, Airtel has strengthened its retail footprint in the nation by expanding its physical presence. Currently, the corporation has 1500 stores across the country.
Feb 06, 2024, 11:49 am IST
Suven Life Sciences Shares In Focus
The first patient in the Phase-2 clinical trial of Ropanicant (SUVN-911) for the treatment of moderate to severe Major Depressive Disorder (MDD) has been randomly assigned, according to Suven Life Sciences. The experiment is a multicenter, parallel-group, randomized, open-label research that is being planned at ten US locations. About 36 individuals who meet the criteria for MDD without psychotic characteristics and whose diagnosis is supported by the Mini-International Neuropsychiatric Interview (MINI) will be enrolled in the study. The patients are classified as meeting the DSM-5 criteria. Evaluating ropanicant's safety and tolerability in MDD patients is the main goal. Assessing the change from baseline in the Montgomery-Asberg Depression Rating Scale (MADRS) total score at Week 2 is the secondary goal.
Feb 06, 2024, 11:06 am IST
DroneAcharya Aerial Innovations Shares In Focus
To work together on providing drones and services linked to drone training, DroneAcharya Aerial Innovations Limited and Vimaan Aerospace Pvt. Ltd. have officially entered into a Memorandum of Understanding (MOU). The alliance has a strategic focus on applications in the fields of defense, solar panel cleaning, windmill maintenance, survey and surveillance, and agriculture. The collaboration is prepared to begin with initiatives in Satara, Maharashtra, and will soon expand across the country.
Feb 06, 2024, 10:57 am IST
L&T Construction Secures Order For Its Transportation Infrastructure Business
L&T Construction's Transportation Infrastructure Business has secured a significant project contract to build the Palashbari to Sualkuchi Cable Stayed Bridge, which will span the Brahmaputra River in Assam. The Public Works Roads Department (PwRD), Assam, has granted the project to build a 12.21-kilometer bridge with approaches that connect Palashbari and Sualkuchi. Both communities will be immediately connected by the bridge. Along with a 5.61 km approach on the Palashbari side and a 3.0 km approach on the Sualkuchi side, comprising wetland approach viaducts, the project will include a 3.6 km long cable stayed bridge section. The extradosed cable stayed part will have a maximum span of 165 metres. The project is expected to be completed in forty-eight months. In addition to numerous other infrastructure projects in Assam, L&T is now working on the "Dhubri Phulbari Bridge Project" for the National Highway Infrastructure Development Corporation (NHIDCL).
Feb 06, 2024, 10:17 am IST
Bandhan Bank Shares In Focus
The RBI approved HDFC Bank Limited's application on Tuesday for the acquisition of an "aggregate holding" of up to 9.50% of Bandhan Bank Limited's paid-up share capital or voting rights. In accordance with the applicant's application submitted to RBI, permission has been granted.
Feb 06, 2024, 9:41 am IST
Top Gainers And Losers In Opening Bell
TCS, HCL Tech, Bharti Airtel, Wipro, and Tech Mahindra were top gainers. But stocks like Power Grid, NTPC, Axis Bank, Reliance, and IndusInd Bank were top laggards.
Feb 06, 2024, 9:41 am IST
Nifty In Opening Bell
Nifty traded at 21,847.55, up by 75.85 points. The 50-scrip benhcmark opened at 21,825.20, and touched an intraday high and low of 21,851.70 and 21,737.55 respectively.
Feb 06, 2024, 9:41 am IST
Sensex Opening
Sensex traded at 71,980.51 up by 249.09 points or 0.4%. The benchmark opened at 71,970.82, and touched an intraday high and low of 71,992.07 and 71,625.18 respectively.
Feb 06, 2024, 9:22 am IST
Rupee Declines 0.41 paise against US Dollar
Indian rupee witnessed a dip of 0.41 paise against US Dollar in morning trade.
Feb 06, 2024, 9:06 am IST
Crossover below 200 daily MA
Crossover below 200 daily MA: KANDARP DIGI, KRISHIVAL FOODS, FINE ORG, ROLEX, ADF FOODS, DJ MEDIAPRINT, IFB AGRO, RAYMOND, CCL PRODUCTS, RBA, M&MFIN, as per Prabhudas Lilladher.
Feb 06, 2024, 9:06 am IST
Stock Ideas with Trend Reversal
Crossover above 200 daily MA: MAXWELL IND, UTTAM SUGAR, HITECH CORP, MAWANA SUGAR, RANA SUGARS, SHEELA FOAM, IDFC FIRST BANK, PIDILITE IND, as per Prabhudas Lilladher.
Feb 06, 2024, 9:05 am IST
Stock Ideas with Trend Reversal
Negative : - MGL, GODREJ PHILP, BAJAJ FINSERVE, LALPATHLAB, MANAPPURAM, RAMCO CEMENT, SUNTV, ACC, BAJAJ AUTO, GRASIM, STAR, BIRLA CORP, HIND ZINC, KOTAK MAHINDRA BANK, MFSL, BANDHAN BANK, DABUR, DLF, HIND UNILEVER, MARICO, TVTODAY, BANKINDIA, DEEPAKNTR, HCLTECH, as per Prabhudas Lilladher.
Feb 06, 2024, 9:05 am IST
Bank Nifty Support Levels Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said: Banknifty halted the upward move near the 46000 zone witnessing some profit booking and would need to sustain above this landmark for anticipating further upward journey. Bank Nifty would have a daily range of 45400–46300 levels.
Feb 06, 2024, 9:05 am IST
Nifty Forecast
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said: Nifty ended slightly on a weak note after witnessing some volatile session once again resisting near the 22000 levels as mentioned earlier and it is important to cross the barrier zone for continuation of the further upward move. The support for the day is seen at 21600 while the resistance would be at 21900.
Feb 06, 2024, 9:00 am IST
How Will Rupee Perform Today?
Rahul Kalantri, VP Commodities, Mehta Equities: The USDINR 27 February futures contract recovered from their lows and crossed 83.00 levels once again. As per the daily technical chart, the pair is trading below its moving average trend-line support level of 83.15 and MACD is showing a negative divergence. Looking at the technical set-up, RSI is fetching below 50 levels and the pair is facing steep resistance at higher levels. As per the daily technical chart the pair is having support at 82.92-82.80 while resistance is placed at 83.22-83.45. The pair is trading below its support level of 83.15 and is expected to trade in the range of 82.50-83.45 this week.
Feb 06, 2024, 9:00 am IST
Crude Oil Outlook For The Day
Rahul Kalantri, VP Commodities, Mehta Equities said: Crude oil witnessed high volatility and recovered from lows amid supply concerns from the Russia and Red sea crisis. As per the Reuters news report, two Ukrainian drones struck the largest oil refinery in Russia's south on Saturday which may reduce Russian exports in the coming days. The Red sea crisis after the U.S.retaliation on the Houthi last week also supported oil prices at lower levels. However, strong gains in the dollar index and Chinese demand worries are limiting gains. Crude oil is having support at .40–71.70 and resistance is at .70-74.50 in today’s session. In INR, crude oil has support at Rs5,995-5,910 while resistance is at Rs 6,170-6,250.
Feb 06, 2024, 8:58 am IST
Pre-Market Opening Views
Prashanth Tapse, Senior VP (Research), Mehta Equitie: Markets may see a steady positive start amid gains in the Gift Nifty index, but weakness in overnight US trades and sluggishness in other Asian indices could weigh on sentiment in later trades. The bear trade could gain momentum from here on, as Nifty has formed a ‘Double Top’ pattern on the daily charts. So, Nifty’s all-time-high at 22127 mark will act as strong hurdles. Technically, the biggest intraday support for the index is now seen at 21477 mark with next support placed at the 21137 mark.
Feb 06, 2024, 8:36 am IST
RBI Policy Meet To Commence Today
The Reserve Bank of India (RBI) is back in the limelight for its bi-monthly monetary policy. Six-member monetary policy committee (MPC) chaired by RBI governor Shaktikanta Das will commence its three-day last policy meeting for FY24 from February 6 to 8. The majority of economists expect RBI to continue on its status quo path, keeping the repo rate at 6.5% and focused on the withdrawal of accommodation stance, as per a poll of 25 economists conducted by GoodReturns.In.
Feb 06, 2024, 8:21 am IST
Market Performance Yesterday
On the previous day, the broader market failed to sustain the positive momentum, with both Nifty and Sensex witnessing a sharp fall in the last hours of trading. Nifty gave up the crucial 21,800 mark, closing 82 points lower at 21,772, while Sensex dropped 354 points to 71,731. The Nifty Bank slipped 145 points to 45,826, and the Midcap Index was down 67 points at 48,410.
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