Share Market Highlights: Sensex, Nifty hit new highs; energy and bank shares drive gains

Benchmark equity indices Sensex and Nifty closed at new record levels on Monday in a highly volatile trade driven by gains in energy and bank shares and a rally in Asian markets.

Extending its rally to the fourth straight session, the 30-share BSE Sensex climbed 66.14 points or 0.09 per cent to settle at an all-time high of 73,872.29. During the day, it jumped 183.98 points or 0.24 per cent to 73,990.13.

The Nifty rose by 27.20 points or 0.12 per cent to close at a lifetime high of 22,405.60 points. During the day, it hit an all-time high level of 22,440.90.

Among the Sensex firms, NTPC, Power Grid, Reliance Industries, Bajaj Finserv, Axis Bank, Tech Mahindra, ICICI Bank, Bharti Airtel and IndusInd Bank were the biggest gainers.

JSW Steel, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Infosys and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.

European markets were trading on a mixed note. The US markets ended with gains on Friday.

Global rating agency Moody’s on Monday raised India’s growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds.

In a special trading session on Saturday, the BSE benchmark Sensex climbed 60.80 points or 0.08 per cent to reach its all-time closing high of 73,806.15. The Nifty went up by 39.65 points or 0.18 per cent to settle at a new closing high of 22,378.40.

Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site.

Global oil benchmark Brent crude climbed 0.30 per cent to USD 83.80 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 81.87 crore on Saturday, according to exchange data. - PTI

Shrikant Chouhan, Head Equity Research, Kotak Securities.

Today, the benchmark indices witnessed lackluster activity, the nifty ends 22 points higher while the Sensex was up by 66 points. Among Sectors, Nifty PSE, Energy, Oil and Gas indices outperformed, rallied over 2 percent whereas Media index shed 1.85 percent. Technically, after a last week promising rally, the index is witnessing range bound activity at higher levels. However, the short-term texture of the market is still positive. We are of the view that, the range bound texture is likely to continue in the near future. Hence, buying on intraday correction and sell on rallies would be the ideal strategy for the day traders.

For traders now, 22350-22300/74600-73400 would act as a key supports zones while 22500-22550/74200-74400 could be the immediate resistance areas. On the other side, below 22300/73400 uptrend would be vulnerable.

Sumedha Fiscal Services has announced the appoitnment of Manoj Kumar Sharma as President – Investment Banking with effect from April 2024.

Axis Mutual Fund, one among the fastest growing fund houses in India, announced the launch of their new fund offer, Axis CRISIL IBX SDL June 2034 Debt Index Fund; an open-ended Target Maturity index fund investing in constituents of CRISIL IBX SDL Index – June 2034 that has a relatively high interest rate risk and relatively low credit risk. The new fund will track the CRISIL IBX SDL Index – June 2034 and will be managed by Mr. Hardik Shah. The minimum investment amount is Rs. 5,000 and in multiples of Rs. 1/- thereafter and there is no applicable exit load.

Axis CRISIL IBX SDL June 2034 Debt Index Fund

The investment objective of the scheme is to provide investment returns corresponding to the total returns of the securities as represented by the CRISIL IBX SDL Index – June 2034 before expenses, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the scheme will be achieved. The open-ended nature of such a target maturity fund means that investors can use systematic investment and withdrawal facilities to tailor entry and exit in the fund till maturity to meet investor objectives.

Cyient has announced its membership with the Massachusetts Medical Device Industry Council (MassMedic).

Cyient aims to support the MedTech community in product development, testing, and compliance with regulatory standards. 

Cyient stock closed at ₹2,010 on the NSE, down by 1.12%.

Aaa Technologies has been empanalled as Information System (IS) Auditor to conduct information system audit by UCO Bank for a period of 2 years and 4 months. 

Aaa Tech stock declined by 2.74% on the NSE, at ₹103

Sula Vineyards Limited’s shares were up by 1.26 per cent after the company announced an expansion with the establishment of its first Tasting Room and Bottle Shop outside its wineries.

Pondy Oxides & Chemicals Ltd has acquired industrial land parcel of 122.65 acres at Mundra, in Gujarat, with a total investment of ₹41.40 crores. 

Pondy Oxides & Chemicals stock trades at ₹762.90 on the BSE, up by 0.71%.

Major gainers on the NSE at 3 pm:

NTPC (3.61%), HDFC Life (3.33%), Power Grid (2.84%), ONGC (2.83%), BPCL (2.34%)

Major losers:

Eicher Motors (-2.74%), JSW Steel(-2.42%), SBI Life (-2.06%), M&M (-1.84%), Britannia (-1.57%)

Stocks advanced on BSE at 3 pm on March 4, 2024, were 1,417 against 2,492 stocks that declined; 150 stocks remain unchanged. Total stocks traded were 4,059. The number of stocks that recorded a 52-week high was 303, and those that hit a 52-week low was 30.

BHEL has clarified that the company had submitted a bid for NTPC tender on December 21.

However, BHEL has not received any order from NTPC regarding the subject project.

Julius Baer, the largest foreign wealth manager in India, today announced important appointments to the management team, to drive growth and tap into the expanding Indian wealth market.

Mumbai, 04 March 2024 – Abhishek Chandra joins as Chief Operating Officer (COO), in his new role, he will be responsible for streamlining processes, enhancing efficiency, and driving operational excellence across functions. Abhishek will also be overlooking the Technology function, aligning IT infrastructure in line with our growth ambitions to ensure seamless integration and cutting-edge delivery of services to clients. Abhishek joins Julius Baer with more than 25 years of experience in financial services and Wealth Management. He was most recently, Senior Executive Vice President – Head Technology, Private Banking and Retail Institutional division at Kotak Mahindra Bank, apart from holding senior technology roles across several Indian and International Wealth firms.

In January 2024, Shuja Siddiqui joined Julius Baer India and assumed the role of Chief of Staff, responsible for Business Management, Marketing, and Strategic Initiatives. Shuja joins us from 360 One Wealth, where he was leading Strategy, strategic endeavours and special projects. Shuja brings with him more than 22 years of experience in Wealth Management having worked with L&T Capital, Societe Generale and HDFC Bank.

Both Abhishek Chandra and Shuja Siddiqui will report directly to Umang Papneja, CEO, Julius Baer India.

Ugro Capital’s board meeting will be held on March 7 to consider raising of funds by way of NCDs through private placement basis.

The stock rises 3.41% on the NSE, trading at ₹279.05.

Akshar Spintex Ltd, in collaboration with Onix Renewable Limited, is to implement a Solar Ground Mounted System with a capacity of 7000 KVA.

The installation is underway and is slated for completion by September 2024.

NTPC stock surges 4.01% on the NSE, trading at ₹355.45. The stock had hit a 52-week high today at ₹358.30.

Power Grid Corporation of India board has approved the raising of bonds - POWERGRID Bonds - LXXVI (76th), issue upto ₹1,200 crore.

Shares of Power Grid Corporation stock surges 3.42% on the NSE, trading at ₹296.65.

HDFC securities appoints Surajit Deb as Chief Technology Officer

Mumbai, March 04, 2024: Leading investment services provider HDFC securities has announced the appointment of Mr. Surajit Deb for the position of Chief Technology Officer. In his new role, Mr. Deb will oversee Information Technology, Engineering, and related Operations. This strategic addition to the leadership team underscores HDFC Securities’ commitment to driving innovation and enhancing digital experiences for its customers.

With a career spanning over two decades in technology and digital innovation, Mr. Deb is known for his expertise in spearheading technology and organizational transformations that significantly enhance customer engagement, operational efficiency and IT resilience. His expertise spans across various domains, including fintech innovations, digital transformations, cybersecurity, and IT infrastructure optimization. His appointment as CTO is set to propel HDFC Securities forward in its mission to leverage cutting-edge technology in providing secure, user-friendly, and sophisticated investment and trading solutions.

PSP Projects stock falls 2.25% on the NSE, trading at ₹695.75. The company recently received work order worth ₹386.24 crore for construction and maintenance of Human and Biological Gallery at Science City in Ahmedabad, in Gujarat.

Bharti Airtel Ltd.’s shares were up by 0.82 per cent after the company unveiled its network expansion project in Solapur district aimed at enhancing connectivity across rural communities. The initiative involves the deployment of additional sites across 1,100 villages, in order to benefit a population of 27 lakh.

Knight Frank India appoints Harry Caplin-Rogers as Director of International Capital Markets

Mumbai, March 04, 2024: Knight Frank India, the country’s premium real estate consultancy, has appointed Harry Chaplin Rogers as Director of International Capital Markets. Known for his expertise in capital market strategies, he will lead the company’s efforts to help international and domestic clients in identifying and evaluating unique investment opportunities within the Indian real estate capital markets ranging from developing entry, expansion, and divestment strategies. He will play a critical role in connecting offshore capital requirements with Indian real estate client base.

Bandhan Long Duration Fund Launched for Investors Seeking Long-Term Debt Investments with High-Quality Focus

Bandhan Mutual Fund announced the launch of the Bandhan Long Duration Fund, an open-ended, long-term debt scheme that invests in instruments such that the portfolio Macaulay duration will be over 7 years. The fund may offer a compelling opportunity for investors who are expecting a fall in the current near-peak interest rates, driven by structural improvements in the economy. The New Fund Offer (NFO) for the fund is set to open on Tuesday, 5 March 2024, and will close on Monday, 18 March 2024. Investment in the Bandhan Long Duration Fund can be made through licensed mutual fund distributors and investment advisors, online platforms, and directly

BHEL stock rallies 13.31% on the NSE, trading at ₹267.30

Indiabulls Housing Finance Limited has transferred $148.71 million (₹1,248.90 crore) to the paying agent Deutsche Bank AG, through the authorized dealer bank (AD Bank) State Bank of India towards interest and principal repayment of Foreign Currency Convertible Bonds (FCCBs) borrowings availed in March, 2021 from foreign investors.

Indiabulls Housing Finance stock trades at ₹190.95 on the BSE, down by 0.93%.

Major gainers of nifty realty stocks:

• Godrej Properties (2.48%)
• Lodha (1.29%)
• DLF (1.27%)
• Oberoi Realty (1.05%)

Mahindra & Mahindra Financial Services Limited informed that the YTD February 2024 disbursement is estimated at approximately ₹50,090 crore, registering a growth of 14% y-o-y.

Shares trade at ₹288.95 on the NSE, up by 0.45%.

Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits w.e.f March 01, 2024. Interest rates in 25 months tenor was revised by 41 basis points (bps). Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 percent to 9.01 percent to the general public and 4.50 percent to 9.25 percent for senior citizen. The best part is that regular customers can now get 9.01 percent interest rate on 25 months deposit, while senior citizen can get 9.25 percent interest rate. The bank is also offering interest rate up to 7.75 percent to its savings account customer in above Rs. 5 Crore up to Rs. 25 Crore slab. This is the highest interest rate that the bank offers to its customers, also your deposits are backed by DICGC in this bank, making an investment decision soon will result in addressing your mid-term goals of 5 Years

Bharti Airtel’s stock rises 1.06% on the NSE, trading at ₹1,143.10.

Blue Star Limited’s shares rose 0.27 per cent after the company introduced a range of 100 models of room air conditioners (ACs) targeting different consumer segments. The company reported that the new range includes both affordable and premium options aimed at meeting the increasing demand in the Indian market.

Mufin Green Finance Limited’s stock rises 2.71% on the NSE, trading at ₹216.20.

Major gainers on the NSE at 12:

NTPC (4.51%), Dr Reddy’s (2.90%), Power Grid (2.82%), BPCL (2.55%), Bajaj Auto (2.10%)

Major losers:

JSW Steel (-2.38%), SBI Life (-2.13%), Eicher Motors (-1.94%), Tata Steel (-1.45%), M&M (-1.17%)

Total stocks traded were 3,968. The number of stocks that recorded a 52-week high was 277, and those that hit a 52-week low was 21.

Appreciate, a SEBI and IFSCA registered fintech company, has announced its strategic collaboration with YES Securities, YES Bank, and DriveWealth to offer a suite of investment and savings products for Indians across income groups on one platform -- ranging from equity investments to savings account and fixed deposits. 

SIL Investments (20%)

BHEL (13.23%)

Delta Manufacturing (7.50%)

Gulf Oil Lubricants India (6.77%)

Tata Communications (4.63%)

Major gainers within the index are:

OIL (3.64%), IGL (3.09%), GAIL (3.04%), Mahanagar Gas (2.16%)

Sula Vineyards stock rises by 1.94% on the BSE, trading at ₹568.

Akar Auto Industries stock declines by 3.77% on the BSE, trading at ₹127.50.

Goldiam International’s stock trades at ₹186.05 on the NSE, down by 2.44%.

Bank Nifty futures (March expiry) began today’s session slightly lower at 47,625 as against last week’s close of 47,660. 

But then it recovered and is currently trading at 47,750, up 0.2 per cent.

Although Bank Nifty futures have rallied above 47,700, it is still hovering near this level. 

Major gainers on the BSE at 11 am:

BHEL (13.65%), MOIL (8.53%), Data Patterns (8.41%), Triveni (7.19%), ISGEC (7.02%)

Major losers:

Sanghvi Movers (-8.56%), ACE (-5.23%), Inox Wind (-5%), Rainbow (-4.52%), Medanta (-4.30%)

Bharat Electronics hit a 52-week high at ₹212.95 today. The stock is currently trading at ₹211.45.

Info Edge’s stock trades at ₹5,239.25 on the BSE, up by 0.94%.

The Nifty 50 March futures (22,505) are trading flat. Resistance is around 22,550 which is holding very well for now. An intraday dip to 22,450-22,400 looks likely a possibility as long as the index trades below 22,550. 

But thereafter we can see the Nifty 50 March futures contract rising back towards 22,550-22,600 again.

Vipul Organics’ stock rises 3.98% on the BSE, trading at ₹208.95.

Swan Energy stock declines by 1.64% on the NSE, trading at ₹718.85.

Tata Investment Corporation has clarified that the company has not entered into any discussion for investment in any semi-conductor manufacturing or operating activity of the plant.

The company stated that the news claiming “Tata Investment Corp. rises 5% as group gets nod to set up 2 semiconductor plants” as speculative.

MOIL stock jumps 9.89% on the NSE, trading at ₹308.80. The company’s February production stood at 1.51 lakh tonnes of Manganese (Mn) ore, higher 15% y-o-y.

NSE Nifty was up by 0.08 per cent, or 57.60 points, to 22,396.35, while the BSE Sensex was at 73,829, up by 0.04 per cent or 23.46 points.

A total of 3,317 stocks were actively traded, with 1,355 advancing, 1,824 declining, and 138 remaining unchanged. Additionally, 161 stocks reached a 52-week high, and 13 stocks hit a 52-week low at 9:30 am on Monday.

Major gainers include:

Biocon (2.73%)

Dr Reddy’s Lab (2.72%)

Natco Pharma (2.53%)

Aurobindo Pharma (2.29%)

Zydus Lifesciences (2.11%)

BHEL stock jumps 9.71% to trade at ₹258.80 on the NSE.

Multiple block trades have seen on NSE. The stock has reached to its highest levels since 2011. 

The stock price of One97 Communications, which owns Paytm brand, has declined by 2.28% on the NSE to trade at ₹404.95.

Finolex Industries had recently entered into share purchase agreement with Hinduja Renewables One Private Limited (HROPL) and Hinduja Renewables Energy Private Limited (HREPL).

The Board of Directors of NTPChas accorded investment approval for Singrauli Super Thermal Power Project, Stage-III (2x800 MW), at an appraised current estimated cost of ₹17,195.31 crore.

Signature Global’s shares rise by 1.37% on the NSE, trading at ₹1,410.

Avenue Supermarts’ stock trades at ₹3,849.15 on the NSE, down by 0.49%.

Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has announced signing of a settlement with Bayer Inc. and Regeneron Pharmaceuticals, Inc, for the introduction of YESAFILI, a proposed biosimilar to EYLEA (aflibercept) Injection, into the Canadian market.

The massive 350 point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4% YoY. This hot number which indicates strong momentum in the economy triggered short covering leading to the 350 point spurt in the Nifty.While the GDP numbers are good it is important to understand that there is a statistical aberration in the numbers. The GVA in Q3 is only 6.5%. The big differential is due to the 32% spurt in indirect taxes. 

It is also important to remember that the consumption numbers are tepid. In brief, there is room for optimism but there is no case for unbridled bullishness. The SEBI advisory to mutual funds regarding the excessive valuations in the mid and small cap schemes is likely to restrain the performance of the broader market. The irrational exuberance in the broader segment has no fundamental justification.

While a day long upsides on Friday serves to completely reverse the pessimism that was floating around on Thursday, it also means that we are entering this week, quite long heavy. This is indeed a burden for further upsides, but we are fairly optimistic about not only meeting our last week’s objective of 22450-550, but also about heading into 22800 orbit. However, we prefer to keep our downside marker in the 22070-100 vicinity itself until there is enough consolidation higher up, that could do the job, or confirm further ascent.

The market has crossed 22300 and 73400 levels, the key levels to watch are 22500/74000 or 22600/74300. Conversely, 22275/73200 and 22000/72400 would be the crucial supports. It is advisable to have a strategy to buy on dips. 

Buy Nifty if it drops to 22300/22250 and keep a stop loss at 22100 for the same. 

Bank-Nifty could face a big hurdle at 47400, but if it breaks quickly, it can reach 48000 or 48500 levels. Based on technical analysis, it is on the verge of hitting the all-time high level of 48637. On the other hand, if the index drops, 47000 and 46750 would offer support.

Godrej Properties stock trades at ₹2,498 on the NSE, higher by 2.31%.

Major gainers on the NSE at 9.30 am:

NTPC (2.78%), Power Grid (1.99%), Dr Reddy (1.87%), ONGC (1.29%), Bajaj Auto (0.61%)

Major losers:

JSW Steel (-2.01%), Tata Steel (-1.61%), Eicher Motors (-1.57%), Tata Consumers (-0.95%), Apollo Hospitals (-0.92%)

Railtel Corp has secured ₹87.84 crore contract for command control centre in Odisha

Adani Ports & SEZ Ltd has achieved 33% y-o-y surge in cargo volumes, nearing 400 mmt milestone.

The stock trades at ₹1,340.90 on the NSE, up by 0.19%. 

The index gained 20% in the last two months.

CLSA on Steel

Downgrade Tata Steel To Sell From Outperform, Target Cut To ₹135 From ₹145

Downgrade JSW Steel To Sell From Underperform, Target Cut To ₹730 From ₹810

Maintain Underperform Call On Jindal Steel Power, Target ₹840

Believe JSPL Is Relatively Better Off, As Weaker Ind Spreads Will Be More Than Offset

Weaker Ind Spreads Will Be More Than Offset By JSPL’s Margin Expansion Projects

Profit Pool In India Should Move Towards Miners From Converters

Profit Pool In India Should Move Incrementally As Steel Capacity Addition Picks Up Pace

Consensus Estimates Are Not Factoring In Spread Compression

MS on L&T

Overweight Call, Target ₹4,106

Co Won Two Defence Contracts Worth ₹13,370 Cr

Co Has Already Accounted For CIWS Order Inflows In 9MFY24

High Power Radars Is A New Contract Won In Q4

MS on HAL

Overweight Call, Target ₹3,129

Co Bagged Contract For Manufacture & Supply Of RD-33 Aero Engines Worth ₹5,250 Cr

These Aero Engines Will Be Produced By The Koraput Division Of Co

Aero Engines Are Expected To Fulfill The Need Of Indian Air Force

Need For Indian Air Force To Sustain Operational Capability Of Its MIG-29 Fleet

Kotak Inst. on Dalmia Bharat

Add Call, Target ₹2,320

Co Confident Of Concluding Tranche 1 Of Jaiprakash Associates Acquisition In Next Few Months

Market Share Lost In H1FY24 Has Started Reversing From Q3FY24

Co Should Continue To Outperform Industry Growth In Coming Quarters

Co On Track To Reach 57 mtpa Capacity By FY25

Co Should Soon Announce Next Phase Of Expansion To Reach 75 mtpa Capacity By CY27

Margins Will Remain Rangebound In The Medium-term Amid Higher Competitive Intensity

Volume Growth And Cost-saving Measures Will Drive Earnings

MS on Gujarat Gas

Overweight Call, Target ₹579

Co’s Price Cuts Should Help It Regain Market Share In Ceramics

Spot LNG Prices Are Now Below $8.5/mmbtu & May Continue To Fall

Fall In Spot LNG Prices Make Gas More Attractive Than Alternatives Like Propane

Expect Global Gas Glut To Support Margins At Mid-cycle Levels

Co Focuses On Regaining Market Share From Alternative Fuels

HSBC on HDFC Bank

Buy Call, Target ₹1,750

Believe High Loan Growth Hopes, Not Deposits, Are At Core Of Recent Disappointments

Lowering Loan Growth May Actually Be Beneficial For Stock

Lowering Loan Growth Would Be Positive For NIM/RoA Outlook

Stock Offers Possible Returns Of A 15-29% CAGR Over FY24-27 From Current Levels

JPM on Bajaj Auto

OW, TP raised to ₹8900 from ₹8275

delivered a strong performance in overall volumes (both 2Ws and 3Ws) aided by continued strength in domestic & initial signs of recovery export volumes.

Overall, February 2024 wholesales at 347K were +24% YoY

Domestic 2W volumes grew 42% YoY and domestic 3Ws also posted decent growth (+10% YoY).

Export volumes improved (+10% YoY) in line with management guidance of a gradual recovery

Raise our FY24-26 EPS by 1-3%

BoFA Sec on Autos

Feb prints adds to optimism on 2W cycle recovery, rural green shoots & steady PV demand

Maruti, Bajaj, Hero, TVS stood out

PVs not slowing down yet: Vols up 11% y/y 

Tractor & CVs remain weak

2Ws strong vol grwth: +30% wholesale, 14% y/y retails

Capri Global Capital Limited

Bonus issue 1:1

Previous day closing price – ₹990.2

Ex-bonus 05 March 2024 (tomorrow)

Last date trade for before bonus - today

Capri Global Capital Limited

Stock Split ₹2 to ₹1

Previous day closing price – ₹990.2

Ex - stock split 05 March 2024 (tomorrow)

Last day trade for before split today

Brent crude oil futures traded higher on Monday morning as several members of Organization of Petroleum Exporting Countries and allies, known as OPEC+, announced extension of additional voluntary cuts of 2.2 million barrels a day for the second quarter of 2024. At 9.11 am on Monday, May Brent oil futures were at $83.66, up by 0.13 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $79.96, down by 0.01 per cent. March crude oil futures were trading at ₹6,624 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6638, down by 0.21 per cent; and April futures were trading at ₹6586 as against the previous close of ₹6600, down by 0.21 per cent.

Silver up $23.08

Silver soared as the dollar fell, and bond yields fell in anticipation of a rate decrease in June following data showing a downturn in US manufacturing activity and a dip in consumer mood in February. The Institute for Supply Management said that the manufacturing PMI fell to 47.8 in February from 49.1 in January, with a level below 50 signifying contraction. Data revealed that the annual increase in US inflation in January was the weakest in nearly three years, keeping the Federal Reserve’s June interest rate cut on the table.

Economic data slated for release includes Spanish Unemployment Change, Sentix Investor Confidence from Euro Zone.

*Gold prices rally to $2,083

Gold surged to more than $2,080, aided by a weakened dollar and lower Treasury yields on dismal US economic statistics. The figures for February continued to show a fall in US manufacturing, while the University of Michigan’s consumer surveys revealed a similar deterioration. Data showed that the annual growth rate in US inflation in January was the slowest in nearly three years. Meanwhile, New York Fed President John Williams recently stated that he expects an interest rate drop later this year, citing reducing inflation and a strong economy, but stressing that present economic conditions do not justify a rate hike.

Economic data slated for release includes Spanish Unemployment Change, Sentix Investor Confidence from Euro Zone.

MOIL: Feb production at 1.5 lk tn manganese; up 15% y-o-y. 

AMI Organics: Company gets patents for 2 inventions for 20 years 

KPI Green Energy Company signs power purchase pact for 200MW project

Brigade Enterprises: Company launches Bengaluru residential project with revenue potential of ₹380 crore. 

Patel Engineering: JV gets LoA from Telangana Government for ₹525.4 crore contract 

Wardwizard: Company opens new assembly line for electric 2-wheelers in Jharkhand. 

HG Infra: Bags order worth ₹447 crore from South Central Railway 

Pidilite: Company has launched its new product Fevikwik Gel 

Gujarat Ambuja Exports: Company commissions a 120 TPD liquid glucose unit in Malda, West Bengal 

Swan Energy: Swan LNG has pre-paid its entire loan along with interest to its consortium of Banks amounting to ₹2,206 crore 

Zaggle Prepaid: Company has entered into an agreement with Axis Bank to become referral partner. 

PSP Projects: Company received new Work Orders worth ₹386.24 crore

Vimta Labs: Company has received Grants-in-aid (GIA of ₹409.49 lakhs from Ministry of Food Processing Industries for upgradation of Food Testing Laboratory.

Oil upstream stocks: Oil steadies near the highest level this year after OPEC+ extends its production cuts to stave off a global crude surplus. 

NTPC: Company approves ₹17,200 crore investment for Singrauli thermal project

SJVN: Company gets 200 MW Gujarat solar park project worth ₹1,100 crore 

Godrej Properties; Company has signed agreements to develop a 62-acre township project in North Bengaluru, offering 5.6 million sq ft of saleable area

Signature Global: Records sale of luxury residence “De-Luxe DXP” in Sector 37D, Gurugram, along with the vibrant Dwarka Expressway for over ₹3,600 Crore. 

EMart: Commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on 02nd March 2024 in Telangana 

Info Edge: Company said its mobile applications - Naukri jobseeker, Naukrigulf Job Search App and 99acres Buy/Sell/Rent Property have been reinstated on the Google Play Store. 

Apollo Tubes: Company gets ₹16.86 crore GST demand.

Finolex Industries: Company in pact to buy 15.3% stake in Hinduja Renewables for ₹3.14 crore. 

Vedanta: Vedanta Resources plans to deleverage as much as $3 billion debt over the next three years. 

Godrej Ind: Godrej & Boyce to invest ₹40 crore to expand distribution footprint for its consumer brands in smaller cities. 

Coforge: Board decided not to proceed with the proposed offering of its American Depository Receipts

Dr Lal Pathlabs: Bharath U resigns from CEO post, last working day would be on or before May 20

Ganesha Ecosphere: Search and Seizure operations carried out by GST Department on March 1 and 2, 2024 at the company’s factory in Kanpur and Bilaspur

Biocon: Co unit announces agreement with Bayer and Regeneron for Yesafili’s entry into the Canadian Market.

Angel One: Co reports impressive growth: Client base up by 4.9% m-o-m and 60.8% y-o-y . Cos average daily orders up by 8.7% (m-o-m) and 96.9% (y-o-y)

Godrej Properties: The company entered into an agreement to develop a township project on 62-acre parcel in North Bengaluru, with an estimated booking value of approximately ₹5,000 crore. 

Zaggle Prepaid Ocean Services: The company signed a five-year pact with Axis Bank for sales, distribution and marketing, along with expense management to drive forex card spends and greater usage of the software. 

PSP Projects: The company bagged two projects — to construct and maintain Human and Biological Gallery at Science City, Ahmedabad for ₹268.11 crore, and construct the commercial building ORYX at GIFT City for ₹118.13 crore. 

SJVN: The company will develop a 200 MW solar park worth ₹1,100 crore in Khavda, Gujarat on build, own and operate basis. 

NTPC: The board approved ₹17,195.31 crore investment for two 800 MW power plants under the third stage of Singrauli Super Thermal Power Project. 

Dr Lal PathLabs: Bharath U resigned from the post of CEO due to undisclosed reasons. His last working day will be on or before May 20.

JSW Steel: Subsidiary JSW Steel Italy SRL signed MoU to relaunch Steelworks site of Piombino. The deal provides four months of collaboration for execution of Program Agreement. 

Info Edge (India): The company’s mobile applications Naukri jobseeker, Naukrigulf Job Search App and 99acres were reinstated on the Google Play Store after being removed on alleged violation of payment policy. 

Matrimony.com: The company received a letter from Google stating it can’t protect delisting of apps from Play Store if company does not adhere to Google Play’s payment policy. The company said it is in the process of initiating further actions to restore the apps and its appeal is still pending before the Supreme Court.

HG Infra Engineering: The company got a Letter of Acceptance from South Central Railway for construction project worth ₹447.1 crore. 

Vimta Labs: The company received a grant of ₹4.1 crore from Government of India for upgradation of its food testing laboratory.

Wardwizard Innovations & Mobility: The company opened a new assembly line for electric two-wheelers in Jharkhand, with an initial annual capacity of 20,000 units. 

Patel Engineering: The company received a Letter of Acceptance for ₹525.36 crore contract with joint venture partner in Khammam City, Telangana, for RCC protection wall project. Patel Engineering’s share in the contract is ₹267.93 crore. 

Brigade Enterprises: The company launched a project in North Bengaluru with revenue potential of ₹380 crore. 

Apollo Tubes: The company received ₹16.86 crore GST demand including tax, interest, penalty from State Tax Officer, Tamil Nadu. 

MOIL: The company produced 1.51 lakh tonne of manganese ore, 15% more than the year-ago period. Overall production registered growth of 37% 15.84 lakh tonne up to February.

Gujarat Ambuja Exports: The company commissioned a 120 TPD liquid glucose unit in Malda, West Bengal. 

Finolex Industries: The company signed a pact to buy 15.3% stake in Hinduja Renewables One Pvt. for ₹3.14 crore, to purchase solar power for 25 years.

Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company.

One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of ₹5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002.

Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of

S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE

Large Cap.

Axis Bank: The company approved the raising of ₹4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of ₹1,000 crore and a green shoe option of ₹3,000 crore.

Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is ₹2,000 crore.

Torrent Power: The company received a ₹2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project.

Info Edge: Google removes Info Edge’s job search app Naukri and property search app 99acres from Play Store enforcement action.

Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India.

Cipla: The U.S. FDA conducted a pre-approval inspection at the manufacturing facility in China from Feb. 26 to March 1 and concluded with zero Form 483 observations.

PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune.

Larsen and Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit

IIML to Allianz Infrastructure Luxembourg on Feb. 29.

Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February.

Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units.

Welspun Corp.: The company’s unit proposed to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh for an investment of ₹400 crore.

Rainbow Children Hospital: The company has inaugurated a new 80-bed hospital in Tamil Nadu.

After this, the total bed capacity of the company will increase to 1,885 beds. The total project cost is ₹60 crore.

Lemon Tree: The company signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand, ‘Keys Lite’.

PFC: The company incorporated Bhuj II Transmission for the development of ‘Augmentation of Transformation Capacity at Bhuj-11 PS and Angul Sundargarh Transmission for the development of ‘Eastern Region Transmission Limited Generation Scheme-l’.

FSN E-Commerce Ventures: The company expands its global footprint with the launch of Nysaa, the first ever beauty retail store in Dubai, in collaboration with Apparel Group.

S H Kelkar and Company: The company incorporated a wholly owned subsidiary in New Jersey,

USA.

Angel One: The company collaborated with a group of seasoned wealth managers to lead its tech-led omnichannel wealth management business.

Ganesha Ecosphere: The company announced the start of commercial operations at its subsidiary’s production lines for recycled polyester staple fibre and PET chips in Telangana.

Harsha Engineers: The company has terminated HASPL Americas Corp., a wholly owned subsidiary of the company, in accordance with applicable laws as per a certificate issued by the state corporation commission.

IPO Offering 

Mukka Proteins: The public issue was subscribed to 6.97 times on day 2. The bids were led by non-institutional investors (6.22 times), retail investors (10.21 times), institutional investors (1.86 times). 

Bharat Highways: The public issue was subscribed to 8.01 times on day 3. The bids were led by institutional investors (8.92 times) and other investors bid for 6.93 times.

Block Deals 

Star Health and Allied Insurance Co.: APIS Growth 6 sold 99.6 lakh shares (1.7%) at ₹553.01 apiece, while ICICI Prudential Mutual Fund bought 69.6 lakh shares (1.19%) at ₹553 apiece, and ICICI Prudential Life Insurance bought 30 lakh shares (0.51%). 

Bulk deals

Ultramarine and Pigments: Swayam Rajiv Doshi bought 1.47 lakh shares (0.5%) at ₹399.96 apiece. 

Suven Pharmaceuticals: Abu Dhabi Investment Authority Stable bought 15.74 lakh shares (0.61%) at ₹698.15, while Amansa Holdings sold 31.26 lakh shares (1.22%) at ₹689.19 apiece.

Insider Trades

Choice International: Promoter Patodia Properties bought 1.5 lakh shares on Feb 28. 

Pledge Share Details

Apollo Micro Systems: Promoter Karunakar Reddy Baddam revoked the pledge of 11 lakh shares on Feb. 28.

Trading Tweaks 

Moved out short-term ASM framework: Azad Engineering, EIH Associated Hotels, Force Motors, IFB Industries, Jana Small Finance Bank, Solara Active Pharma Sciences.

F&O BAN

ZEEL

The ₹423-crore initial public offering from RK Swamy opens to public today. The IPO price band is fixed at ₹270-288 and investors can bid for a minimum of 50 equity shares. The IPO closes on Wednesday (March 6).

RK Swamy IPO comprises a fresh issue of ₹173 crore, and an offer-for-sale (OFS) of up to 87 lakh shares face value of ₹5 each (worth ₹250 crore) by the promoters and other investors. 

The company has reserved not less than 75 per cent of the shares in the public issue for qualified institutional buyers (QIB), not more than 15 per cent for non-institutional institutional investors and up to 10 per cent of the offer is reserved for retail investors.

NTPC, SIgnature Global, SJVN, Godrej Properties, PSP Projects, JTL Ind, Finolex Ind, SMS Pharma, Zaggle Prepaid, Gujarat Ambuja Exports, Swan Energy, Cosmic CRF, Patel Engineering, Savera Industries, HG Infra, KPI Energy, Alfa Transformers and Hiliks Technologies are some of the stocks that are in focus today.

The private sector banking space is going through interesting times.

If one bank is working hard on consolidation post the mega-merger, there is a new CEO at the helm in another who hasn’t laid it down yet on the way ahead for the bank. For a few more, there is a looming question of what next from hereon.

Amidst these questions and concerns is IndusInd Bank, which comes across as a relatively safer bet with reasonable visibility on the way ahead, whether in terms of growth, quality of growth or quality of earnings.

The combined market valuation of seven of the top 10 most valued firms climbed ₹65,302.5 crore last week, with Tata Consultancy Services and ICICI Bank emerging as the biggest gainers.

Last week, the BSE benchmark Sensex climbed 663.35 points or 0.90 per cent, and the Nifty jumped 165.7 points or 0.74 per cent.

Stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site.

ZEEL

The primary market will see a flurry of activity in March, with at least three companies, including Gopal Snacks floating their initial public offerings (IPOs) in the week to raise ₹1,325 crore collectively.

The other two companies which are set to launch their maiden public issues are RK Swamy and JG Chemicals.

Additionally, Bengaluru-based brands Stanley Lifestyles and Krystal Integrated Services are expected to float their initial share-sales later this month, according to merchant bankers.

Extending the lacklustre trend witnessed in January, precious metals remained range-bound and the price action was devoid of any direction in February. The strength in the US dollar and the recovery in the equity markets dented sentiments towards the precious metals.

The only positive aspect was that the Comex gold price managed to trade above the psychological $2,000-level throughout the month.

MCX silver is still confined in the ₹70,400-74,000 zone. The short-term price direction depends on the break out from this range. Above ₹74,000 would be a sign of strength and could push the price higher to ₹76,500-77,500.

Trends in the global markets, trading activity of foreign investors and announcement of domestic macroeconomic data are the major factors that would drive investors’ sentiment in a holiday-shortened week ahead, analysts said.

Benchmark indices had a record-breaking rally in the past week driven by GDP data.

Equity markets would remain closed on Friday for Mahashivratri.

“Key upcoming events, such as the release of the US services PMI on March 5, 2024, testimony by the US Fed Chair Powell, along with the US unemployment rate on March 8 will be closely watched for their potential impact on market sentiment.

“Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

The Indian government has permitted derivatives trading in 11 more commodities including skimmed milk powder, cement, apple, bamboo and timber based on a recommendation from the Securities and Exchange Board of India (SEBI), which supervises the trading, to the Finance Ministry.

In a notification issued on March 1, 2024, the Finance Ministry added these commodities under the Securities Contracts (Regulation) Act, 1956, taking the total number of commodities in which derivatives trading can be done to 104.

Other commodities in which derivatives trading has been allowed are weather, freight, white butter, cashew, metal alloys and manganese. All these changes are implemented with immediate effect.

LIC Housing Finance, the mortgage arm of LIC, plans to mobilise funds through green bonds in the coming financial year to finance environmentally sustainable housing projects.

“Green financing is something that we will look at the next year and we would deploy the fund for financing green housing projects,” LIC Housing Finance MD and CEO Tribhuwan Adhikari told PTI in an interaction.

LIC Housing Finance will have its board meeting on March 7 to consider and approve the borrowing plan for 2024-2025 through loans or issue of redeemable non-convertible debentures, zero coupon bonds, subordinate debt, Tier II bonds or any other means approved by the regulator.

Coal India Ltd is “very confident” of meeting the 780 million tonne production target for 2023-24, the company’s officials told businessline in Chennai on Saturday. This statement assumes significance against the backdrop of recent reports in the media that the public sector coal miner might miss its target by 10 million tonnes.

The company officials, who were present here for a stakeholders meeting to sensitise mining equipment manufacturers about the emerging demand for their products, said that the company had been misquoted and might miss the target. 

Edible oil maker and FMCG company ​Adani Wilmar is planning to make an entry into the $20 billion Indian spice market ​through the acquisition of regional brands.

The company, which is a market leader in edible oils with a near 20 per cent market share, has been expanding its portfolio of food products and has now set its sights on the spices segment, sources said.

India is the world’s largest spice exporter, and the market size is expected to expand to $36 billion in the next four years.

• Russia plans to cut its oil output and exports by an additional 471,000bpd in Q2, in coordination with OPEC+ participating countries.

• The world’s second-largest global oil exporter has been cutting crude oil and fuel exports by a combined 500,000 bpd in the first quarter.

• Russia plans to gradually ease the export cuts, with output reductions in April and May, and exports in June.

• The export cut will be made from the average export levels of May and June 2023.

• Russia pledged to reduce its crude oil output by 500,000 bpd until the end of 2024 to around 9.5 million bpd.

• A six-month ban on Russian gasoline exports from March 1 was not reflected in Novak’s statement.

• Russia’s crude oil and fuel trade has been under Western sanctions over the Ukraine conflict and the US imposed sanctions on Russia’s leading tanker group Sovcomflot.

With less than a fortnight to go for Paytm Payments Bank to wind down its operations, highly placed sources in the banking circles say the bank could be the first significant instance in over two decades where the Reserve Bank of India may not hesitate to take a drastic step such as cancellation of its bank license. 

“If that be the case, an administrator could be appointed at the bank to oversee certain critical aspects,” said a person with knowledge of the matter.

Nifty has been getting strong support below 21,900 over the last two weeks. This coupled with a strong rise above 22,150 last week leaves the outlook bullish. Supports will now be around 22,100, 21,980 and then 21,900.

Strong resistances are at 23,100-23,150 and then in the 23,500-23,700 region. 

Turnover: (NSE + BSE)

Cash Volume: 10427.23 + 1078.84 Total : 11506.07

F&O Volume: 58690.37 + 205969.95 Total : 264660.32

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -81.87 

(49.52 - 131.39) 

DII: NET SELL: -44.71 

(189.36 - 234.07)

Avanti Feeds share price could be gearing up for a fresh rally. The stock is currently in a consolidation/correction phase within its overall uptrend. Immediate resistance is around ₹542 which is likely to be broken in the coming days.

Such a break will indicate the resumption of the broader uptrend. It can then take Avanti Feeds share price up to ₹600 and ₹620 in the coming weeks. Supports are at ₹510 and ₹485.

Sea Limited (Pre market) (Sector - Technology)

GitLab Inc. (Post market) (Sector- Technology)

Shinhan Financial Group Co Ltd (Tentative) (Sector - Financials)

Asian stocks rose Monday, tracking US shares higher into a week that includes Federal Reserve boss Jerome Powell’s congressional testimony and China’s National People’s Congress, per a Bloomberg report.

Japan’s Nikkei-225 Stock Average surpassed 40,000 for the first time as the government discusses officially stating that the country’s economy has overcome deflation, Kyodo reported Saturday, citing several unidentified people familiar with the matter, the report added.

Shares also rose in South Korea and Australia, while stock futures in Hong Kong were up and those for the US were little changed in Asia after the S&P 500 hit yet another fresh record Friday.