Share Market Highlights 29 February 2024: Sensex rises 195 pts, Nifty edges towards 22,000, Adani stocks shine

Benchmark stock indices Sensex and Nifty closed with gains on Thursday in a highly volatile trade amid the scheduled monthly expiry of derivative contracts.

The 30-share BSE Sensex rebounded 195.42 points or 0.27 per cent to settle at 72,500.30. During the day, the benchmark oscillated between a high of 72,730.00 and a low of 72,099.32.

The broader Nifty of NSE gained 31.65 points or 0.14 per cent to close at 21,982.80.

The rupee on Thursday settled flat at 82.91 (provisional) against the US dollar, as the support from lower crude oil prices and a weak greenback against major crosses overseas was offset by sustained foreign capital outflows.

Besides, a positive trend in equity markets provided a cushion to the domestic unit, forex traders said.

​Landmark Cars Limited​ has received a letter of intent from MG Motor India Pvt Ltd for opening a dealership in Ujjain, Madhya Pradesh. This dealership will be established by Aeromark Cars Private Limited, a wholly owned subsidiary of Landmark Cars.

Vinod Nair, Head of Research, Geojit Financial Services

“Domestic benchmark traded near a flat-line trend throughout the session, but some buoyancy emerged by the end of the day. Investors adopted a cautious wait & watch approach on the verge of a heavy economic data week. India Q3 GDP has a moderate outlook on a QoQ basis. Fed’s preferred gauge; the US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday.”

Transindia Real Estate Limited’s shares were up by 6.66 per cent after the company entered into an agreement to sell its logistics park located in Jhajjar, Haryana, at an enterprise value of approximately ₹636.71 crore.

The shares advanced 6.44 per cent to close at ₹65.35 on the NSE.

United Breweries Limited’s shares were up by 1.62 per cent after the company’s subsidiary, the Heineken Company, announced the introduction of ‘London Pilsner Strong Beer’ in Karnataka. 

The product is priced at ₹120 per 650 ml bottle and will be accessible at outlets across Karnataka. The shares advanced 2.34 per cent to close at ₹1,700 on the NSE.

Craftsman Automation will commence the commercial operations of its new plant at Sriperumbudur w.e.f. March 1, 2024. 

Stock closed at ₹4,235 on the NSE, down by 0.43%.

Major gainers of Nifty realty stocks:

Swan Energy (3.38%), Godrej Properties (2.01%), Oberoi Realty (1.19%)

Major gainers:

Adani Enterprises (1.59%), M&M (1.54%), Tata Consumers (1.51%), Britannia (1.48%), IndusInd (1.46%)

Major losers:

Apollo Hospitals (-4.23%), Bajaj Auto (-3.30%), LTIMindtree (-2.29%), Eicher Motors (-1.82%), UPL (-1.51%)

Stocks advanced on BSE at 3 pm on Feb 29, 2024, were 1,716 against 2,056 stocks that declined; 114 stocks remain unchanged. Total stocks traded were 3,886. The number of stocks that recorded a 52-week high was 187, and those that hit a 52-week low was 48.

NTPC’s Unit-2 (800 MW) of Telangana STPP, Stage-I (2x800 MW), is declared on commercial operations w.e.f. March 1.

NTPC stock trades at ₹334.85 on the BSE, up by 0.56%.

Karnataka Bank recently opened 15 new branches at locations namely Kalyan East, Talegaon-Dabhade (branches in Maharashtra), Faridabad-NIT (Haryana), Visakhapatnam-PM Palem (Andhra Pradesh), Hanamkonda (Telangana), Thathaguni, Kalaburagi-Airport Road, Vemagal, Pandavapura, Akkialur, Ramanakoppa, Konandur, Gondichatanahalli, Muchur and Sarve (branches in Karnataka). 

Karnataka Bank stock trades at ₹227.70 on the BSE, down by 1.09%.

Adani Airport Holdings Limited (AAHL), a wholly owned subsidiary of Adani Enterprises, has executed a joint venture agreement and a share purchase agreement for acquisition of 50.02% stake in Semolina Kitchens Private Limited.

Adani Enterprises stock rises by 1.39% on the NSE, trading at ₹3,263.80.

Transindia Real Estate Limited, resulting company of Allcargo Logistics Limited pursuant to demerger, has signed a definitive agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately ₹636.71 crore. 

Transindia Real Estate stock jumps 10.29% on the NSE, trading at ₹57.35.

BEML Limited has bagged order from Eastern Coalfields Limited for BH100 Rear dumper contract value worth ₹72.71 crore.

BEML stock trades at ₹3,200.85 on the BSE, down by 0.75%.

Lemon Tree Hotels has signed a new property - Keys Lite - in Vadodara. The property is expected to open in FY25 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited. Lemon Tree Hotels stock trades at ₹139.10 on the NSE, down by 0.43%. 

BEML Ltd has bagged an order from Eastern Coalfields Ltd for a BH100 Rear dumper contract value worth ₹72.71 crore. The BEML stock trades at ₹3,200.85 on the BSE, down by 0.75%.

Transindia Real Estate Ltd, resulting company of Allcargo Logistics Ltd pursuant to demerger, has signed a definitive agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately ₹636.71 crore. 

Transindia Real Estate stock jumps 10.29% on the NSE, trading at ₹57.35.

Adani A irport Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises, has executed a joint venture agreement and a share purchase agreement for acquisition of 50.02% stake in Semolina Kitchens Private Ltd. Adani Enterprises stock rises by 1.39% on the NSE, trading at ₹3,263.80.

Bondada Engineering Ltd secures order from NLC Indis for balance of system (BOS) work for SOMW Solar Power Project, including the O&M for three years, amounting to ₹81.34 crore. The Bondada Engineering stock rises by 2.69% on the BSE, trading at ₹919.

NSE Nifty trades flat at 0.01 per cent or 5.25 points higher at 21,956.40 points, while the BSE Sensex is at 72,387.72 up by 0.11 per cent or 82.84 points. A total of 3,826 stocks were actively traded, 1,523 advanced, while 2,173 declined, and 130 stocks remained unchanged, where 173 stocks hit a 52-week high and 46 stocks hit a 52-week low at 1 pm on Thursday. Read more

Sony Group Corp. is said to have withdrawn the agreement to merge its India operations with Zee Entertainment Enterprises Ltd. from a local company court, taking the final step in scrapping a two-year-old plan that sought to create a $10 billion media giant. Bloomberg

DroneAcharya Aerial Innovations Ltd has launched an FPV (First Person View) Drone equipped with advanced day and night vision capabilities tailored for Defence applications. The DroneAcharya Aerial Innovations stock trades at ₹169 on the BSE, down by 1.08%.

Sharika Enterprises Ltd (SEL) is to enter manufacture of electrical control panels. The stock trades at ₹10.82 on the BSE, down by 4.50%.

Suraj Estate Developers Ltd board has approved allotment of NCDs aggregating up to ₹70 crore to ICICI Ventures Funds Management Company Ltd on private placement basis. 

Suraj Estate Developers stock trades at ₹339.20 on the BSE, up by 0.76%.

Happiest Minds Technologies Ltd has joined the Secureworks Global MSSP Partner program for Extended Detection and Response (XDR) services. Shares trade at ₹846.70 on the NSE, down by 0.28%.

Major gainers: M&M (1.78%), Adani Enterprises (1.55%), Tata Consumers (1.49%), Maruti (1.37%), Adani Ports (1.22%)

Major losers: Apollo Hospitals (-2.68%), Bajaj Auto (-2.65%), LTIMindtree (-1.94%), Eicher Motors (-1.49%), UPL (-0.67%)

While 1,432 stocks advanced on BSE at 12 noon on Feb 29, 2024, 2,218 stocks declined; 136 stocks remain unchanged. Total stocks traded were 3,786. The number of stocks that recorded a 52-week high was 169, and those that hit a 52-week low was 43.

Bharti Airtel has expanded its network footprint in Botad and Bhavnagar district under its rural network enhancement project. The stock trades at ₹1,131.85 on the NSE, up by 0.27%.

GPT Healthcare Ltd (GHL) has debuted at Rs 215, i.e., 15% above its issue price. In Eastern India, the company is a prominent regional corporate healthcare company with respect to the quantity of hospitals and beds. It provides a wide range of medical treatments in more than 35 specialisations and super-specialities.

The company has strategically concentrated on the comparatively unexplored healthcare industry in Eastern India, where it operates in three cities. The company’s location and specialty mixes are both very diversified. On the other hand, the company faces competition from other healthcare service providers, and it has a low occupancy rate.

So, allottees who applied for the public offering for listing premium are advised to maintain their stop loss at Rs. 190 and wait for further upside, whereas those who have a medium- to long-term perspective can also hold the stock.

NBCC (India) Limited and IFCI Limited has entered into an MoU for planning, designing and execution of infrastructure projects as well as repair/renovation works for IFCI’s properties on Pan-India basis. The approximate value of works to be executed under this MoU is ₹150 Crore. 

NBCC (India) stock trade at ₹131.20 on the NSE, down by 0.76%.

Trent Global Holdings Limited (TGHL), a wholly owned subsidiary of Trent Ltd in Mauritius, has incorporated a wholly owned subsidiary in Dubai, UAE viz., Trent Global Trading LLC.

Trent stock declines by 3.56% on the NSE, trading at ₹3,785.25.

SI Capital & Financial Services board has approved a fund-raising proposal by way of issuance of secured NCDs up to maximum of ₹39 lakh by way of private placement.

Stock surges 4.34% on the BSE, trading at ₹29.55. SI Capital & Financial Services board has approved fund-raising proposal by way of issuance of secured NCDs up to maximum of ₹39 lakh by way of private placement.

Stock surges 4.34% on the BSE, trading at ₹29.55.

Major gainers: Paisalo (6.83%), Allcargo (6.60%), Sona BLW (5.68%), Venus Pipes (5.09%), Triveni Turbine (4.75%)

Major losers: Max Health (-7.12%), KSB (-6.18%), JB Chemicals (-5.35%), IFCI (-4.99%), JP Associates (-4.97%)

Bank Nifty opened today’s session lower at 45,881 as against yesterday’s close of 45,963. The index is now trading near 45,750, down 0.45 per cent. Read more

Nifty 50 has failed to recover in early trade today, falling sharply from a high of 22,022. It is currently trading at 21,875, down 0.35 per cent. Read more

The ₹224-crore issue of Mangaluru-based Mukka Proteins will open for public subscription today in a price band of ₹26-28 a share. The initial public offering closes on Monday, March 4. Investors can bid for a minimum of 535 equity shares and in multiples of 535 equity shares thereafter.

The public offer of Platinum Industries closes today. The ₹235.32-crore initial public offering of Platinum Industries has so far received a strong response from retail investors and high networth investors. The IPO is priced at ₹162-171 a share and the market lot is 87 shares. Read more

The initial public offering of Exicom Tele-Systems Ltd will close for public subscription today. The IPO saw a strong response from all category of investors, with retail and non-institutions investors giving it a robust response. The IPO has a price range of ₹135-142 a share. Read more

Nibe Ltd has entered into a licensing agreement with Director, Defence Institute of Physiology and Allied Services (DIPAS), Delhi, a constituent laboratory under Defence Research and Development Organization (DRDO) and Director, Industry Interface and Technology Management (DIITM) for transfer of technology of solar heated shelters. The agreement is effective from February 20, 2024. 

Nibe Ltd stock surged by 3.68% on the BSE, trading at ₹1,510.

Mphasis launches DeepInsights Doc AI, an intelligent document processing solution, powered by generative AI. Mphasis stock trades at ₹2,637.75 on the NSE, down by 0.61%.

Coal India Limited (CIL) and Bharat Heavy Electricals Ltd (BHEL) had signed a joint venture agreement for setting up an ammonium nitrate plant through surface coal gasification (SCG) technology route.

Coal India stock trades at ₹435.50 on the NSE, up by 0.30%, and BHEL stock trades at ₹222.50, down by 0.98%.

NTPC Green Energy Ltd (NGEL), a wholly-owned subsidiary of NTPC Ltd, had signed a joint venture agreement with Maharashtra State Power Generation Company Ltd (MAHAGENCO), for development of renewable energy parks in Maharashtra. 

NTPC stock trade at ₹324.10 on the NSE, up by 0.24%.

Major gainers: Reliance (1.26%), Hero Motocorp (0.92%), Maruti (0.89%), SBI (0.54%), Adani Ports (0.52%)

Major losers: Cipla (-1.33%), Bajaj Auto (-1.23%), UPL (-0.99%), BPCL (-0.87%), Apollo Hospitals (-0.82%)

Silver remained in range as investors considered the possibility of monetary easing ahead of a critical US inflation number tomorrow. Additionally, the speeches of other Fed members were widely followed. On the macroeconomic front, the US GDP increased by 3.2% over the previous period in Q4, somewhat lower than the early estimate of 3.3% but indicating a strong economy. Markets now expect the central bank to keep interest rates unchanged in March and May, but to drop rates in June by more than 50%.

Key economic data slated for release includes German Prelim CPI m/m from Euro Zone and Core PCE Price Index m/m, Unemployment Claims, Pending Home Sales m/m from US Zone.

Gold prices moved lower as the dollar rebounded from recent losses, as investors awaited key economic data, particularly consumer price inflation readings. Recent Fed comments and strong inflation statistics have moved betting on the Fed’s first rate decrease to June, from March at the start of the year. Data showed that the US economy increased somewhat less than originally projected in the fourth quarter of 2023. The inflation figures are expected to show that annual consumer price growth dropped to 2.4% in January, down from 2.6% in December.

Key economic data slated for release includes German Prelim CPI m/m from Euro Zone and Core PCE Price Index m/m, Unemployment Claims, Pending Home Sales m/m from US Zone.

Piramal Capital & Housing Finance Ltd (‘PCHFL’), a wholly-owned subsidiary of Piramal Enterprises Ltd, has received an income tax assessment order for the FY 2021-22 (AY 2022-23), allowing loss of ₹10,627 crore to be carried forward after netting off minor adjustment of ₹8 crore.

Dr. Reddy’s Laboratories wholly-owned subsidiary, Industrias Químicas Falcon de Mexico, S.A. de C.V., has received an order from the Superior Chamber of the Federal Court in Administrative Justice, Mexico, pertaining to ongoing tax litigation. 

It has disallowed certain expenditure claimed by Dr. Reddy’s Mexico for the Calendar Years 2006, 2007 and 2008.

The company is evaluating the details of the order and its implications.

GS on ITC

Buy Call, Target Rs 480

Weak Near Term Earnings & Overhang Of BAT Stake Sale Have Been Key Drivers For Stock Correction

Co’s Cigarette Business Trading At An Implied FY26 PE Of 15x

Expect The Cigarette Volumes To Recover In Q4

Co’s Cigarette EBIT Expected To Grow At 8% CAGR Under A Stable Cigarette Tax Regime

Paper Business Likely To Be A Near Term Drag, Recovery Likely Only In H2FY25

CITI on PSU BK

BoB – Buy Call, Target Rs 290/Sh

SBI – Sell Call, Target Rs 600/Sh

PNB – Sell Call, Target Rs 83/Sh

Growth Revives Though Lags Industry Average; LDRs Expand 8-12% To 73-80%

Gross NPA/Slippages Have More Than Halved, Credit Cost At <2%

Yield Improvement Outpaced Deposit Cost Rise; NIMs Still Modest

RoA Trajectory Breached 1% Mark For Most Of PSU Banks Except PNB, BoI

CLSA on Tata Motors

Downgrade To Outperform From Buy, Target Rs1,061/Sh

Robust Volume Growth For JLR

JLR Posted A 14.5% YoY Improvement In Retail Volumes In Jan 2024

JLR UK, EU & China Volumes Rising 43%, 12% And 38% YoY, Respectively

JLR’s Q4FY24 Volumes Are Tracking Higher Than Q3FY24

Discounts On Jaguar Have Increased, Whereas Discounts On Land Rover Have Declined In Jan’24

Net Debt Levels For JLR Declined By £675 m, & Co Appears Set To Turn Net Cash By FY25

Jefferies on RIL

Disney India merger

Potential combination will sport most lucrative cricketing rights in India & has 40% share of advt. 

Opens avenues for better ad inventory monetization & content cost reduction

Transaction adds Rs 40/sh to RIL’s SOTP

Kotak Inst Eqt on SBI

Buy Call, Target Raised To Rs850/Sh From Rs760

Bank Has Withstood Most Concerns, With Negligible Impact On Earnings

Do Not See A Specific Tailwind That Can Cause A Re-rating In Short Term

Relatively Comfortable To Build A Lower Credit Cost, As A Key Argument

Outperformance Is Likely With Other Public Banks, Given Sharp Convergence In Multiples

Valuing At 1.4x Book & 10x Earnings For RoEs At 15%

MOSL on JSW Infra

Initiate Buy, Target Rs 300

Well Placed To Post 19% Volume CAGR Over FY23-26

Fastest Growing Port Infrastructure Company With Focus On Increasing Market Share

Strategic Location Of Ports To Support Long-term Growth

Diversified Operations In Terms Of Cargo Profile, Geography And Assets

Expect Revenue/EBITDA To Report 21%/25% CAGR Over FY23-26

Macquarie on IndusInd BK

Outperform Call, Target Rs 1,900

Expect Liquidity Pressures To Alleviate For System; Loan Growth To Remain Robust

Expect Asset Quality To Normalise In The Coming Quarters

Believe Co Can Deliver RoA Of 1.8%+ Over FY24-26E

Co Exhibits Room For Improvement On NIM Front

At A 1.6x P/BV, Believe Shares Look Cheap Given RoA Trajectory

Promoters Await Final Approval From RBI To Increase Stake

Earlier RBI Approval Was Attached With Caveats That Have Been Met

Adani Enterprises Ltd has received an order from the Deputy Commissioner, Bengaluru – Karnataka, imposing penalty of ₹1,51,417 pertaining to non-reversal of ITC on credit notes appearing in GSTR-2A.

Crude oil futures traded lower on Thursday morning as official data showed an increase in crude oil inventory levels in the US. At 9.10 am on Thursday, May Brent oil futures were at $82.05, down by 0.12 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.43, down by 0.14 per cent. March crude oil futures were trading at ₹6,505 on the Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning, against the previous close of ₹6,520, down by 0.23 per cent; and April futures were trading at ₹6,479 as against the previous close of ₹6,495, down by 0.25 per cent.

Route – Tender

Buyback Price: 725.00/-

Current Market Price: 655.65 /-

Market Cap: Rs 3,667 crores

Buyback Size: ₹325 Crs (Representing 8.01% and 4.01% ofthe aggregate of the total paid-up capital and free reserves)

Buyback Size: 44,82,758 shares (Representing 8.02 % of O/s. shares)

Retail Quota: 6,72,414 Shares

Entitlement:

General Category - 46 Equity Share for every 643 Equity Shares held on the Record Date

Retail Category - 116 Equity Share for every 459 Equity Shares held on the Record Date

Buyback Record Date: 23 February 2024

Tender Period:

Start Date - 29 February 2024 (Today)

Close Date - 06 March 2024

Obligation Date - 13 March 2024

Settlement Date - 14 March 2024

Buyback_Starts Today

Route – Tender

Buyback Price: 1005/

Buyback Size: 59,70,149 shares (Representing 0.59 % of O/s. shares)

Retail Quota: 8,95,522 Shares

Entitlement:

General Category - 2 Equity Share for every 395 Equity Shares held on the Record Date

Retail Category - 6 Equity Share for every 67 Equity Shares held on the Record Date

Buyback Record Date: 23 February 2024

Tender Period:

Start Date - 29 February 2024 (Today)

Close Date - 06 March 2024

Obligation Date - 13 March 2024

Settlement Date - 14 March 2024

Company: Glenmark Life Sciences Ltd (GLS)

Type of Offer: Acquisition

Acquirer: Nirma Limited 

Issue of Public Announcement: 21-September-23

Offer price Rs: 631.20

CMP: Rs 876.90 

(%Prem.)/Disc.: -38.93 %

Offer Size : Rs 1343.05 Cr

Proposed Acq. No. of shares: 2.13 cr

Proposed Acq. : 17.33%

SCHEDULE OF ACTIVITY

Start Date: 15 February 2024

End Date: 29 February 2024 (Today)

Obligation Date: 14 March 2024

Settlement Date: 15 March 2024

GPT Healthcare Limited Main Board IPO Listing Details...

Listing Date : Thursday, Feb 29, 2024

BSE Code : 544131

NSE Symbol : GPTHEALTH

ISIN: INE486R01017

IPO Price : Rs 186/-

Listing on NSE & BSE

Domestic markets are likely to open on a negative note on Thursday, as the broader market will remain under pressure, said analysts. Today being the settlement day for F&O February contracts on the NSE, experts believe volatility for individual stocks would increase, and advise investors to remain cautious. Read more

Kotak on SBIN: Maintain Buy on Bank, raise target price at Rs 850/sh from Rs 760/sh (Positive) 

Citi on Bank Baroda: Maintain Buy on Bank, target price at Rs 290/sh (Positive) 

Macquarie on Indusind Bank: Maintain Outperform on Bank, target price at Rs 1900/sh (Positive) 

Axis on RBL Bank: Initiate Add on Bank, target price at Rs 280/sh (Positive) 

MOSL on JSW Infra: Initiate Buy on Company, target price at Rs 300/sh (Positive) 

Jefferies on Reliance Ind: Maintain Buy on Company, target price at Rs 3140/sh (Positive) 

UBS on GUJGAS: Upgrade to Neutral on Company, raise target price at Rs 610/sh (Positive) 

UBS on Zomato: Maintain Buy on Company, raise target price at Rs 195/sh (Positive) 

CLSA on Tata Motors: Downgrade to Outperform on company, raise target price at Rs 1074/sh from Rs 1061/sh (Neutral) 

HSBC on Tata Motors: Maintain Hold on Company, target price at Rs 920/sh (Neutral) 

GS on ITC: Maintain Buy on Company, cut target price at Rs 480/sh (Neutral) 

Citi on JSW Energy: Maintain Buy on Company, raise target price at Rs 360/sh (Neutral) 

Citi on SBIN: Maintain Sell on Company, target price at Rs 600/sh (Neutral) 

Citi on PNB: Maintain Sell on Company, target price at Rs 83/sh (Neutral)

Global media giant Walt Disney Co and billionaire Mukesh Ambani-led Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a ₹70,000 crore-behemoth. A successful completion of the deal would create the biggest firm in the Indian media and entertainment sector, with over 100 channels in several languages, two leading OTT platforms and a viewer base of 750 million across the country. Read more

Reliance Industries: The company will merge its media business with the Walt Disney India unit to create a Rs 70,352 crore joint venture. The company holds a 16.34% direct stake and 46.82% through Viacom 18. Disney will own a 36.84% stake.

* UPL, Shriram Finance:* The National Stock Exchange, after its periodic review, has decided to replace UPL with Shriram Finance in its Nifty 50 Index. The changes will be effective on March 28.

* Coal India:* The company signed a joint venture with BHEL for a coal-to-ammonium nitrate plant. The company will hold a 51% stake in the joint venture, while BHEL will hold a 49% stake in the JV.

* NHPC:* The company’s unit signed a joint venture agreement with Maharashtra State Power Generation Company for the development of renewable energy parks in the state of Maharashtra.

* Punjab and Sind Bank:* The board approved fundraising of up to Rs 2,000 crore in one or more tranches in any combination within 12 months.

* PB Fintech:* The Insurance Regulatory and Development Authority of India has granted a Certificate of Registration to the company’s unit, Policy Bazaar Insurance Brokers. With the grant of a new Certificate of Registration, the category has been changed from Direct Insurance Broker to Composite Insurance Broker.

* Wipro:* The company completed the migration of ManpowerGroup’s largest data centre in Europe to Microsoft Azure.

* IIFL Securities:* As part of the internal restructuring, the company’s unit has executed an agreement to sell its Alternate Investment Funds business by way of a slump sale to IIFL Securities Alternate Asset Management.

* JSW Steel:* The company incorporated JSW Green Steel as a wholly owned subsidiary in Mumbai.

* Emami:* The company made an investment of Rs 1.95 crore in Cannis Lupus Services to acquire a 30% stake.

* KRBL:* The company’s India Gate Basmati Rice eyes Rs 200 crore revenue with regional rice revolution.

* Kaveri Seeds Co:* The company’s buyback starts on Feb. 29 and closes on March 6 for an aggregate maximum amount not exceeding Rs 325 crore.

* Cyient:* The company incorporated Cyient Global Captive Solutions as a wholly owned subsidiary.

* ICICI Securities:* The Securities and Exchange Board of India issues an administrative warning to the company in connection with the inspection of books and records for merchant banking activities.

* KSB:* The company reported revenue of Rs 602.6 crore and net profit of Rs 54.9 crore for Q3

* Jubilant Foodworks:* The company’s unit DP Eurasia shares got delisted from the London Stock Exchange.

* Linde India:* The company made an investment of Rs 41.09 crore in Zenataris Renewable Energy.

Mangalore Refinery & Petrochemical: The Petroleum Ministry has approved the appointment of

Mundkur Shyamprasad Kamath as the managing director.

* Venus Pipes and Tubes:* The company announced its foray into the fittings business and announced capacity expansion for seamless and welded pipes and tubes. The company announced a capex of Rs 175 crore.

* Spandana Sphoorty Financial:* The company’s board is to meet on March 4 to consider and approve the issue and offer of non-convertible debentures on a private placement basis.

* Other Stocks:* The Nifty Next 50 Index will, from today, include Adani Power, Indian Railway Finance Corporation, Jio Financial Service, Power Finance Corporation and REC. The companies will be replacing Adani Wilmar, Muthoot Finance, Pl Industries, Procter & Gamble Hygiene &

Health Care and Shriram Finance.

New Listing

GPT Healthcare: The company’s shares will debut on the stock exchanges on Thursday at an issue price of Rs 186 apiece. The Rs 525.14 crore IPO was subscribed 8.52 times on its third and final day. Bids were led by institutional investors (17.30 times), non-institutional investors (11.02 times), retail investors (2.44 times).

IPO Offerings 

Mukka Proteins: The company will offer its shares for bidding on Thursday. The price band is set from Rs 26 to Rs 28 per share apiece. The Rs 224-crore IPO is completely fresh issue. The company has raised Rs 67 crore from anchor investors. 

Bharat Highways: The public issue was subscribed to 0.19 times on day 1. There are no bids by institutional investors and other investors bid 0.41 times. 

*Platinum Industries:*The public issue was subscribed to 22.22 times on day 2. The bids were led by non-institutional investors (42.88 times), retail investors (25.56 times), institutional investors (0.9 times). 

Exicom Tele-Systems: The public issue was subscribed to 27.78 times on day 2. The bids were led by retail investors (64.79 times), non-institutional investors (54.39 times), institutional investors (4.48 times).

Pledge Share Details 

Jindal Steel and Power: Promoter Virtuous Trade Corp created a pledge of 39 lakh shares on Feb. 26.

Trading Tweaks 

Price band revised from 10% to 5%: Tata Investment Corp. 

Ex/record dividend: Jupiter Wagons. 

Ex/record Buyback: Bajaj Auto. 

Moved into short-term ASM framework: Data Patterns. 

*Moved out short-term ASM framework:*Aegis Logistics, Dilip Buildcon, HPL Electric & Power, Natco Pharma, and Nuvama Wealth Management.

F&O BAN

1 INDUSTOWER

2 SAIL

Fund Flow Activity:

28 February 2024 (In Cr)

Turnover: (NSE + BSE)

Cash Volume: 93572.23 + 7102.69 Total: 100674.92

F&O Volume: 529334.51 + 287425.45 Total: 816759.96

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -1879.23 

(11058.91 - 12938.14) 

DII: NET BUY: +1827.45 

(10124.97 - 8297.52)

Closing Bell:

• Sensex: 72304.88 (-790.34) 

• Nifty 50: 21951.20(-247.10) 

• Nifty bank: 45963.20 (-624.85) 

Nifty top Gainers: 

• HUL: 2,421.55 (+16.25) 

• Infosys: 1,671.25(+7.65) 

• TCS: 4,118.95 (+14.55) 

• Bharti Airtel: 1,128.75 (+1.25) 

Nifty top 5 losers:

• Power grid: 279.55 (-12.95 ) 

• Apollo Hospital: 6,362.35 (-258.25) 

• Eicher Motors: 3,863.75 (-139.00) 

• Bajaj Auto: 8,188.65 (-274.85) 

• Maruti Suzuki: 11,152.80 (-347.85)

• INDUSTOWER

• SAIL

NetEase, Inc. (Pre market) (Sector- Technology)

CRH PLC (Pre market) (Sector- Realty)

Canadian Imperial Bank of Commerce (Pre market) (Sector- Financials)

Ambev S.A. (Pre market) (Sector- Miscellaneous)

Argenx SE (Pre market) (Sector- Healthcare)

Hormel Foods Corporation (Pre market) (Sector- FMCG)

Best Buy Co., Inc. (Pre market) (Sector- Retail)

Evergy, Inc. (Pre market) (Sector- Energy)

Bath & Body Works, Inc. (Pre market) (Sector- FMCG)

Dell Technologies Inc. (Post market) (Sector- Technology)

Autodesk, Inc. (Post market) (Sector- Technology)

Veeva Systems Inc. (Post market) (Sector- Healthcare)

Zscaler, Inc. (Post market) (Sector- Technology)

Ecopetrol S.A. (Post market) (Sector- Energy)

Hewlett Packard Enterprise Company (Post market) (Sector- Technology)

NetApp, Inc. (Post market) (Sector- Technology)

Elastic N.V. (Post market) (Sector- Technology)

TENT EURO German Prelim CPI m/m (Expected: 0.5% versus Previous: 0.2%)

17:00 India Infrastructure Output y/y (Expected: 3.4% versus Previous: 3.8%)

17:30 India GDP Growth Rate y/y (Expected: 6.6% versus Previous: 7.2%)

19:00 U.S. Core PCE Price Index m/m (Expected: 0.4% versus Previous: 0.2%)

19:00 U.S. Unemployment Claims (Expected: 209K versus Previous: 202K) 

20:30 U.S. Pending Home Sales m/m (Expected: 1.4% versus Previous: 8.3%)

The next 12 to 18 months could see bonanza capital market issuances from the State Bank of India. Dinesh Khara, Chairman of State Bank of India, speaking exclusively to businessline, indicated that the listing of SBI Payments Limited and SBI General Insurance Company Limited may hit the street. Read more

Reliance Industries Ltd’s Reliance Consumer Products has partnered with Sri Lanka’s Elephant House to make and sell beverages under the Elephant House brand in India. Read more

SBICAP Ventures, the private equity arm of State Bank of India, has launched Trilateral Development Cooperation (TDC) Fund in partnership with the Ministry of External Affairs. The TDC Fund is a Category II SEBI registered, AIF established with a corpus of ₹700 crore and a green shoe option of ₹300 crore. Read more

The Bengaluru bench of National Company Law Tribunal (NCLT) has asked embattled edtech major Byju’s to respond to insolvency petitions filed by US lenders and the Board of Control for Cricket in India (BCCI). Read more

It is time for India to reconsider its position in intellectual property (IP), relative to the pharmaceutical and lifesciences industry, said David Ricks, Chief Executive Officer with American drugmaker Eli Lilly, adding that affordable generic medicines and supporting IP were not “incompatible ideas”. Read more

Taking cue from SEBI, the Association of Mutual Funds in India has directed Trustees of the asset management companies to put in place measures to protect investors interest in mid- and small-cap funds due to the froth building up in this segment of the mutual fund schemes. Read more

Indian economy is likely to slowed down during October-December quarter (Q3) of Fiscal Year 2023-24. A day ahead of the government coming out with the GDP numbers, economists and research agencies projected the growth to be anywhere between 6 to 6.8 per cent. Read more

Shriram Finance will replace UPL Ltd in the Nifty 50 index effective March 28. UPL has been removed from Nifty 50 pursuant to its exclusion from Nifty 100 index, a parent index for Nifty 50. Shriram Finance has been included in Nifty 50 index as it has the highest six month average free-float market capitalisation within eligible universe as a replacement to UPL. Read more

After six months of negotiations, Reliance Industries Ltd and The Walt Disney Company have finally announced the signing of binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. The merged entity will be the largest media network in the country, with over 750 million viewers across India and a combined revenue of over ₹25,000 crore. Read more

The Bengaluru bench of National Company Law Tribunal (NCLT), in its order passed on February 27, has directed edtech major Byju’s that the proceeds from the rights issue is to be kept in a separate account till the disposal of the oppression and mismanagement plea filed by the company’s investors. Read more

Reserve Bank of India has updated the ‘Enabling Framework for Regulatory Sandbox’, increasing the timelines for various stages of the sandbox process and allowing applicants to enter into in-principle partnerships before applying for the sandbox. Read more

India, with the right policy mix, could potentially raise its GDP growth rate closer to 8 per cent, becoming the largest contributorto global growth by the end of this decade, Barclays Research said in a new report. Read more

Private sector insurer ICICI Prudential Life Insurance is witnessing a greater traction for its newly-launched retirement plans through proprietary channels. Read more

The Reserve Bank of India said there is a need for lenders (regulated entities/REs) to disclose more structured information about their climate-related financial risks. Read more

Canara Robeco Manufacturing Fund is a new fund offer (NFO) and it is open till March 01, 2024. The open-ended, actively managed scheme will invest in companies engaged in the manufacturing theme and will be benchmarked to S&P BSE India Manufacturing TRI. ​Read more​

Bharat Electronics Limited’s (BEL’s) stock has been in a long-term uptrend. The latest leg of upswing began after it took support at ₹175 two weeks back. Last week, it broke out of the resistance at ₹196 and ₹200. This has opened the door for another round of a rally. Read more