BSE Sensex stock market live witnessed a marginal surge of 39 points to 73,134 and Nifty gained 11 points to 22,209 at 9:47 am on Wednesday, February 24. Nifty Bank soared 64 points to 46,652 and Nifty Midcap zoomed 21 points to 49,063. Shares of Mazagon Dock witnessed a sharp rally of over 6% in morning trade after the change in management. From the pack of Nifty HDFC Life Insurance Company, Infosys, TCS, Tata Motors and Tata Consumer Products were the top gainers whereas the top losers were Apollo Hospitals Enterprise, Asian Paints, Bajaj Auto, Maruti Suzuki India and Eicher Motors.
Earlier on February 27, 2024 Indian benchmark indices managed to erase losses to settle higher with Nifty hovering around 22,200 as buying took place in the auto, capital goods, IT and realty sectors. Sensex settled with the gain of 305.09 points or 0.42% to 73,095.22 and Nifty rallied 76.30 points or 0.34% at 22,198.30.
Nifty may take immediate support at 22,117 followed by 22,086 and 22,035 levels, while on the higher side, it may witness immediate resistance at 22,218 followed by 22,249 and 22,300 levels.
Meanwhile, trends prevailing in GIFT Nifty suggest a bullish beginning for the broader index in India, with surge of 43.50 points or 0.20%. The Nifty futures were trading around the 22,236.50 level.
When it comes to US markets, US stocks settled almost flat on Tuesday ahead of inflation and economic data that may throw light on the likely timing of a Federal Reserve interest rate cut.
The Dow Jones Industrial Average declined 96.82 points, or 0.25%, to 38,972.41. The S&P 500 gained 8.65 points, or 0.17%, to 5,078.18 and the Nasdaq Composite rose 59.05 points, or 0.37%, to 16,035.30.
Asian markets opened flat Wednesday as investors awaited key US inflation and China data later this week, while the interest rate decision from New Zealand was also on tap.
Vodafone Idea Board gave nod to fundraising of up to Rs 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27.
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Feb 28, 2024, 3:18 pm IST
SpiceJet and the aircraft lessor resolve a Rs 250-crore dispute. Heavenly Wings
A statement to the stock exchanges states that SpiceJet avoided going to court in order to resolve a Rs 250-crore dispute with Celestial Aviation, a division of one of the biggest aircraft lessor groups.
The National Company Law Tribunal (NCLT) bench has been notified of the settlement by both parties, and the matter is now set to be withdrawn formally on March 1.
Feb 28, 2024, 3:07 pm IST
JSW and Volkswagen will form a 50/50 joint venture, according to sources
The proposed 50-50 joint venture between German automaker Volkswagen and billionaire Sajjan Jindal's JSW Group is expected to occur, according to individuals with firsthand knowledge of the situation. The group will concentrate on the developing electric car industry, and the two businesses are presently in negotiations to determine the specific terms of the agreement, according to the previously mentioned sources.
Feb 28, 2024, 3:03 pm IST
Vodafone Idea Aims to Raise Rs 45,000 Crore, Which Causes Indus Towers Stocks to Rise 2%.
On Wednesday, the day after Vodafone Idea revealed that its board had approved a fund-raise of up to Rs 45,000 crore through debt and equity, shares of Indus Towers saw a 2.14 percent increase. The price of the shares was Rs 245.40 at 9:20 a.m.
The stock has increased over the past several sessions due to stories about the troubled telecom's attempts to borrow money, with the expectation that some of the proceeds will be utilised by Vodafone Idea to pay back the money it owes Indus Towers.
Feb 28, 2024, 2:54 pm IST
Wipro falls 2% as a result of Kotak Equities Downgrading the Stock to "sell," with a 15% Decline Expected.
After the stock's dramatic rise over the previous three months, analysts at Kotak Institutional Equities downgraded Wipro to'sell' from'reduce' with a target price of Rs 440 per share. As a result, shares of the large IT company Wipro fell more than 2 percent to Rs 520 per share on February 28. The brokerage business feels that the valuations of the corporation are high.
Feb 28, 2024, 2:33 pm IST
Indiabulls brings back to the NCLT its personal insolvency claim against Zee's Subhash Chandra.
In response to pledges made to a business known as Vivek Infracon, Indiabulls Housing Finance (IBHF) resurrected the personal insolvency complaint against chairman emeritus of Zed Entertainment Enterprises Limited (ZEEL), Subhash Chandra.
Sumesh Dhawan, the IBHF's attorney, presented the case before the National Company Law Tribunal (NCLT) on February 28 for more than an hour. It is anticipated that the matter will be reheard on March 4. Raj Kamal Sarogi, a resolution specialist for Chandra, filed a report, which the NCLT is presently reviewing.
Feb 28, 2024, 2:29 pm IST
European Equities Markets Remain Steady During Opening
After weak US consumer confidence statistics, investors weighed a generally negative Asian session on Wednesday, which saw stability on Europe's major stock markets at the opening bell.
The leading blue-chip index in London, the FTSE 100, had a 0.3 percent decrease to 7,661.63 points.
With Frankfurt's DAX slightly higher at 17,561.50, the Paris CAC 40 index remained virtually constant at 7,947.11 points within the eurozone.
Feb 28, 2024, 2:23 pm IST
Tips Industries Are Observed
The Buyback of Up to 5.95 lakh Shares at a Price of Rs 625 Per Share, Approved by the Tips Industries Board for Rs 37.2 crore
Feb 28, 2024, 2:17 pm IST
Day 2 of Exicom Tele-Systems IPO Saw 15.60 Subscriptions, With 42.4 Bookings For The Retail Part
On the second day of the bidding process, investors continued to respond enthusiastically to Exicom Tele-Systems' initial public offering (IPO). On the first day of bidding, which took place on Thursday, February 22, the issue was subscribed 10.32 times overall.
Exicom Tele-Systems is offering its shares for sale for between Rs. 135 and Rs. 142 a share. Investors may submit applications for up to 100 shares, plus their multiples of that number. It intends to generate Rs 429 crore through an initial public offering (IPO), which would consist solely of new shares valued at Rs 329 crore and an offer for sale (OFS) by its promoter, NextWave Communications, of up to 70,42,200 equity shares.
Feb 28, 2024, 2:11 pm IST
Auto stock that analysts prefer ahead of February sales data are Tata Motors, Maruti Suzuki, Bajaj Auto, and M&M
Brokerage dealer checks suggest that the domestic passenger vehicle (PV) and two-wheeler (2W) segments are likely to expand year over year, while the commercial vehicle (CV) and tractor segments are likely to contract ahead of February's auto sales figures. Analysts noted that dealer inventories for PVs were higher than for two-wheelers, and OEMs were concentrating on premiumization because new features were drawing in a different kind of buyer.
Feb 28, 2024, 2:03 pm IST
Mazagon Dock Stock Price: Gains Are Extended
Year-to-date (YTD) gains for the stock are more than 192%. This month, the company has won several contracts, including one from the Ministry of Defence. The share was last spotted trading 1.67 percent lower at Rs 2,302.40 on the BSE today, notwithstanding the previously indicated gain.
Feb 28, 2024, 1:58 pm IST
1:2 Bonus Shares, Record Date In Due Course: Buy The Stock To Be Eligible?
Small-cap firm Sunrise Efficient marketing Ltd operates in the commercial services industry. Deliveries made with a single stroke and on time are the company's specialty. In order to satisfy delivery promises, it deals in all varieties of IE 2 and IE 3 grade induction motors, power gearbox products including worm and helical gearboxes, LED lighting fittings, and all varieties of lubricants like gear oil, hydraulic oil, and thermic fluid.
K.P. Energy Limited Gains Wind Power Project In Devbhoomi Dwarka
KP Energy has successfully commissioned a further 25.2MW (Phase-VI) ISTS connected Wind Power Project comprising 12 numbers of WTGs of 2.1MW each at the Sidhpur site in Devbhoomi Dwarka. This Phase-VI commissioning is a part of the 250.8MW ISTS-connected Wind Power Project capacity awarded to Apraava Energy Private Limited by Solar Energy Corporation of India Limited (SECI) under Tranche-VIII bidding. KP Energy is developing the Project for Apraava Energy Private Limited as a Contractor under the Land and Balance of Plant Contract. With the present Phase-VI commissioning, the net cumulative capacity commissioned at the Sidhpur site stands at 163.8MW (i.e., 52.5MW + 29.4MW + 25.2MW + 21MW+ 10.5MW + 25.2MW) against the awarded capacity of 250.8MW.
Feb 28, 2024, 1:15 pm IST
IntellectAI Introduces Ground-breaking Technology To Process Loss Runs With 95% Accuracy
IntellectAI, the Insurtech and Wealthtech brand of Intellect Design Arena, today announced the release of the world’s first no-touch loss run extraction technology powered by Gen AI and built on Intellect’s eMACH.ai architecture. This groundbreaking technology utilizes the strength of Large Language Models to extract data from loss runs in an instant with greater than 95% accuracy across all document formats including handwritten, Excel, images, and PDFs. Sandeep Haridas, Insurance Business Head, IntellectAI says, “We are now able to accurately extract loss run information and summarize it, from different document types irrespective of content complexities such as borderless tables and headerless sheets, while identifying and understanding intrinsic hierarchies with no human involvement during the extraction process. Using AI, we’ve created this capability that now allows insurers, agents, brokers, wholesalers, and MGAs to start saving time and money right away.”
Feb 28, 2024, 12:50 pm IST
Bajaj Healthcare Limited Enters Definitive CDMO Agreement for 15 APIs with UK/EU Clients
Bajaj Healthcare Ltd is delighted to announce that it has entered into a definitive CDMO agreement with esteemed UK/EU-based customers for the supply of 15 Active Pharmaceutical ingredients (APIs). Under this agreement, BHL will undertake the development and supply of these molecules, which will be exclusively manufactured for its clientele. These APIs encompass a diverse range of compounds, including off-patent generics and molecules soon to be off-patent. The CDMO agreement will be executed through its in-house R&D and manufacturing capacities at Savli Vadodara, Gujarat. Mr. Anil Jain, Joint Managing Director, of Bajaj Healthcare says, “I am thrilled to share this strategic collaboration which underscores Bajaj Healthcare Ltd.’s commitment to innovation, excellence, and the evolving needs of the pharmaceutical industry. By harnessing our expertise and state-of-the-art infrastructure, we are poised to enhance the accessibility and affordability of essential medications for patients across the globe. Leveraging our cutting-edge in-house Research and Development (R&D) facilities and manufacturing capabilities located at Savli, BHL is poised to deliver exceptional quality and efficiency in meeting our customer's requirements.
Feb 28, 2024, 12:30 pm IST
Ratings Reaffirmed; Rated Amount Enhanced For Sansera Engineering Limited
Sansera Engineering Limited informs that the credit rating agency ICRA Limited after due consideration, has reaffirmed the long-term rating of [ICRA]AA- (pronounced ICRA double A minus) and the short-term rating of [ICRA]A1+ (pronounced ICRA A one plus). The Outlook on the long-term rating is Stable. The reaffirmation of rating factors in the continued strong operating performance of Sansera Engineering Limited, aided by an established market position in the precision forged and machined components space, wherein the company caters primarily to the automotive segment (which drove ~88.0% of its revenues in 9M FY2024, including 12% from electric vehicles and tech-agnostic components). The rating action also considers the steady growth in the company’s scale, driven by improving domestic demand as well as its forays into newer product segments, which is likely to ensure diversified growth over the medium to long term.
Feb 28, 2024, 12:03 pm IST
Indiabulls Housing Finance Shares In Focus
The Board of Directors of the company considered and approved the public issue by the company of secured, redeemable, non-convertible debentures of face value of Rs 1,000 each (NCDs) for an amount up to Rs 100 crores (Base Issue Size) with an option to retain oversubscription up to Rs 100 crores, aggregating up to Rs 200 crores which is within the shelf limit of Rs 2,000 crores.
Feb 28, 2024, 11:11 am IST
Bharti Airtel Shares In Focus
Bharti Airtel stated today that it switched from virgin plastic to recycled PVC SIM cards in collaboration with IDEMIA Secure Transactions. This aligns with the company's objective of promoting the use of circular business processes. Representing the IDEMIA Group, IDEMIA Secure Transactions is a top supplier of payment and connectivity solutions to financial institutions, mobile network operators and automotive manufacturers. The only telecom service provider in India to use recycled plastic SIM cards is Airtel, marking a first for the sector. This move will further minimise the annual creation of over 690 tonnes of CO2 equivalent by limiting the production of over 165 tonnes of virgin plastic.
Feb 28, 2024, 11:04 am IST
EaseMyTrip Announces Strategic Partnership With Zaggle Prepaid Ocean Services
A strategic agreement between EaseMyTrip and Zaggle Prepaid Ocean Services Limited, a SaaS FinTech company, to supply integrated travel and expenditure management solutions, has been launched. With Zaggle's EMS platform, which offers end-to-end travel and expense management solutions, EaseMyTrip's corporate clients will now have seamless access to anything from booking flights, hotels, and other travel arrangements to managing the process of incurring expenses while on the move.
Feb 28, 2024, 10:12 am IST
Jana Small Finance Bank Shares In Focus
With the goal of creating a technology-driven platform for financial solutions, Dvara Money (DM) is pleased to announce that it has partnered strategically with Jana Small Finance Bank Limited (Jana SFB). Through this partnership, DM's cutting-edge Spark Money platform and Jana SFB's technological prowess will be integrated.
Pramod Ghorpade, Co-Founder, MD & CEO, of Dvara Money said, "Our alliance with Jana Small Finance Bank marks a key moment in enhancing the digital banking experience for our Bharat segment. With the Spark Money platform already servicing over 250,000 customers and more than 200 MSMEs, this partnership will allow us to offer an even more personalized and efficient banking experience, tailored to meet the varied needs of our customers and provide solutions which customers want at their time, their way, and at their location".
Ashish Gopal Saxena, Chief Information and Digital Officer at Jana Small Finance Bank, added, "We are excited to partner with Dvara Money, as our joint efforts will focus on making banking more accessible and user-centric. Technology integration is a key component in ensuring a smooth, efficient banking experience for our customers."
Feb 28, 2024, 9:43 am IST
Capital Small Finance Bank Q3 profit Jumps Marginally, Shares In Red
Capital Small Finance Bank shares declined 3.37% to 404.30 apiece in trade today. Earlier, Capital Small Finance Bank declared its net profit at Rs 28.93 crore for quarter ended December FY24, up 2.4% over a year-ago period, partly supported by other income and lower bad loans provisions. Net interest income jumped by 1.3% year-on-year to Rs 87.44 crore for the quarter.
Feb 28, 2024, 9:39 am IST
GE T&D India Ltd bags order from Power Grid, hits upper circuit
GE T&D India Ltd shares hit 5% upper circuit in trade today soon after it informed receiving order from Power Grid. GE T&D India secured orders worth Rs 370 crore from Power Grid Corporation of India for supply of 765 kV Shunt Reactors for various transmission system projects in India. Current market price of GE T&D shares on BSE is Rs 913.00 apiece with intraday gain of 5%.
Feb 28, 2024, 9:13 am IST
Rupee dips 0.54 Paise Against US Dollar In Morning Trade
Indian rupee witnessed decline of 0.54 paise against US Dollar in morning trade on Wednesday.
Feb 28, 2024, 7:42 am IST
Titan Set To Acquire Balance 0.36% Stake In CaratLane
Titan Company on Tuesday said it would buy a 0.36% stake held by individual shareholders in jewellery brand CaratLane for Rs 60.08 crore.
Soon after the acquisition of the stake, CaratLane would become a wholly-owned subsidiary of Titan. Currently, the luxury accessories manufacturer owns 99.64% of the total equity share capital of CaratLane.
Titan, in the BSE filing said, "executed relevant documents today" to purchase a balance of 1,19,489 equity shares held by the individual shareholders, "representing 0.36 percent of the total paid-up equity share capital of face value of Rs 2 each".
Feb 28, 2024, 7:42 am IST
Vodafone Idea Shares To Be In Focus As Board Approves Fundraising
Vodafone Idea Board gave nod to fundraising of up to Rs 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27.
Vodafone stated it will raise Rs 20,000 crore via a combination of equity or equity-linked instruments and the rest via debt and promoters will also take part in the proposed equity raise.
The company said it will call for a meeting of its shareholders on April 2, 2024 and post-shareholder approval it assumes to complete the equity fund raise in the coming quarter.
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