BSE Sensex declined 106 points to 73,765 and Nifty fell 23 points to 22,382 at 1:46 pm on March 5, 2024 ahead of Federal Reserve Chair's congressional testimony and key U.S. jobs data due later in the week. Meanwhile, Tata Consultancy Services Ltd shares fell over 2% in trade today to 4021.00 apiece on BSE. In last 1-week, TCS shares fell more than 2%. Nifty Bank fell 71 points to 47,384 and Nifty Midcap 100 declined 206 points to 49,042 on Tuesday. Shares of Capri Global Capital Ltd surged 20% today.
The top gainers on Nifty include Tata Motors, Bharti Airtel, M&M, SBI, and Bajaj Auto. The laggards on Nifty are LTIMindtree, Infosys, SBI Life, and TCS
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "While the market is steady the small cap index is showing some strain with a cut of 0.5% yesterday. Perhaps there is some selling happening in small caps in response to the SEBI advisory to mutual funds flagging concerns of excessive valuations. Weakness in the small cap segment is likely to continue. While there is fundamental support to the Indian stock market, high valuations can constrain further rally. The market is likely to remain range-bound in the near-term."
Tata Motors Demerger
On March 4, Tata Motors Ltd. (TML) notified the stock exchanges of its intention to split its operations into the passenger vehicle (PV) and commercial vehicles (CV) sectors, two distinct listed companies.
"The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses to pursue their respective strategies to deliver higher growths with greater agility while reinforcing accountability," the automaker stated.
The CV, PV+EV, and JLR divisions of Tata Motors have all recently adopted unique growth strategies, and as of 2021, each of these divisions has been operating autonomously under the leadership of its individual CEO, the company continued.
The BSE share of Tata Motors finished unchanged at Rs 989 on Monday.
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Mar 05, 2024, 3:17 pm IST
The market recovers, Sensex rises 305 points, and Nifty closes to 22,200.
On February 27, the Indian benchmark indices recovered most of their recent losses and closed higher, with Nifty trading at 22,200 due to purchasing in the auto, capital goods, IT, and real estate sectors.
The market began the day flat to negative, but as the day went on, it gradually gained strength and closed close to the day's high.
The Nifty was up 76.30 points, or 0.34 percent, at 22,198.30 at the closing, while the Sensex was up 305.09 points, or 0.42 percent, at 73,095.22.
Mar 05, 2024, 1:43 pm IST
Strides Pharma Gains On USFDA Approval for Gabapentin Tablets USP
Small cap pharmaceuticals sector company Strides Pharma Science Ltd shares zoomed 3.49% intraday today soon after its step‐ down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, obtained approval for Gabapentin Tablets USP, 600 mg and 800 mg, from the United States Food & Drug Administration (USFDA). Last trading price of Strides Pharma shares on BSE is Rs 824.35 per share. Strides Pharma shares witnessed rally of 182% in last 1-year span. The company has a market capitalisation of Rs 7575.75 crore. Check details below:
Easy Trip Planners has inked an alliance with leading PSB Punjab National Bank (PNB) to launch PNB EMT Credit Card. This power-packed co-branded travel credit card is aimed at mass to premium customer segments and has been meticulously designed to provide a variety of rewards for the Indian travellers.
Mar 05, 2024, 12:51 pm IST
1:1 Bonus Issue, 2:1 Stock Split: Capri Global Capital Hits 20% Upper Circuit
Capri Global Capital Limited shares hit 20% upper circuit as shares traded ex-bonus and ex-split today. Capri Global Capital Limited has fixed March 5, 2024 as the record date for 1:1 bonus issue and 2:1 stock split. Current market price of Capri Global Capital shares on BSE is Rs 289.40 apiece. The company has a market capitalisation of Rs 23,873.76 crore. Capri Global Capital shares 49% year-to-date.
Mar 05, 2024, 12:02 pm IST
Macrotech Developers Initiates QIP Offering With Floor Price Set At Rs 1,129.48/Share
On March 4, Macrotech Developers commenced its Qualified Institutions Placement (QIP) issue, establishing a floor price of Rs 1,129.48 per share. This figure represents a 4.68% discount compared to the closing price on Monday. Sources informed CNBC-TV18 that the anticipated fundraising through the QIP is approximately Rs 3,300 crore.
Mar 05, 2024, 11:35 am IST
Brigade Ent Sees Uptick Following Launch Of A 6.1 Million Square Feet Housing Project
In the early hours of March 5, shares of Real Estate Developers Brigade Enterprises experienced a nearly 1 percent increase as the company introduced the 'Dioro' project at Brigade El Dorado, spanning approximately 6.1 million square feet. As of 9:25 am, Brigade Enterprises was trading at Rs 1,002.35, marking a gain of Rs 4.85 or 0.49 percent on the BSE.
Mar 05, 2024, 10:58 am IST
Man Industries' ERW Plant In Gujarat Gets API Certification For Electric Resistance Welded Pipes
The Anjar-based ERW plant of Man Industries in Gujarat has received certification from API, allowing it to produce Electric Resistance Welded (ERW) Pipes. This certification adds to the company's existing approvals for manufacturing Helical and Longitudinal Submerged Arc Welded Carbon Steel Pipes.
Mar 05, 2024, 10:34 am IST
NBCC Subsidiary Secures Rs 92 Crore Contract From PGIMER Through HSCC (India)
HSCC (India), a fully-owned subsidiary of NBCC, has successfully clinched a work order valued at Rs 92 crore from the Post Graduate Institute of Medical Education and Research (PGIMER), Chandigarh. The scope of the order encompasses the engagement of an architectural consultant for the comprehensive planning, designing, monitoring, and supervision of the construction project for the extension block of the Advanced Eye Centre and DDTC, situated in front of the Drug De-addiction Centre at PGIMER.
Mar 05, 2024, 9:50 am IST
Aurionpro bags order from Haryana Government
The Haryana government awarded Aurionpro a contract to implement the expansive Haryana Antyodaya Parivar Parivahan Yojana (HAPPY) Scheme.
The goal of this ground-breaking project is to give free public transport to anyone in the state who is below the poverty level. Those who qualify will receive free, easy-to-use National Common Mobility Cards (NCMC) that allow them to travel up to 1000 km annually for each member of their insured family.
Mar 05, 2024, 9:43 am IST
Aramco sends Kalpataru Projects a Letter of Intent (LoI).
Aramco, the leading energy company in Saudi Arabia, has sent Kalpataru Projects International a Letter of Intent (LoI) to perform Engineering, Procurement, and Construction (EPC) work for three packages of the third expansion phase of the Master Gas System Network (MGS3) in Saudi Arabia. Over 800 kilometres of lateral gas pipeline installation are covered under the EPC's mandate. Upon contract execution, the precise contract value of the three packages will be verified.
Mar 05, 2024, 9:26 am IST
IIFL Finance Shares Plunge 20% as the RBI Limits the Approval and Disbursement of Gold Loans
The Reserve Bank of India (RBI) ordered IIFL Finance to cease authorising and disbursing gold loans immediately due to several serious supervisory concerns, and on March 5th, the company's shares fell 20% to reach the lower circuit.
"The Reserve Bank of India, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans," the central bank stated in a press release.
Mar 05, 2024, 9:19 am IST
Rupee Declines 0.51 paise against US Dollar
Indian rupee witnessed decline of 0.51 paise against US Dollar in morning trade on Tuesday
Mar 05, 2024, 8:55 am IST
HNI Share of Mukka Proteins' IPO Issuance was Booked 250 Times on the Last Day, with 137 Subscriptions
The IPO of Mukka Proteins, a manufacturer of fish protein products, received 136.99 subscriptions by the last day of bidding on March 4.
Wealthy people led the way, subscribing 250.38 times as many shares as they were required to. Qualified institutional buyers selected 189.28 times their reserved allocation of shares, while retail investors selected 58.52 times the limit.
Through a new offering of 8 crore shares in a price range of Rs 26–28 a share, the company hopes to raise Rs 224 crore.
Mar 05, 2024, 8:44 am IST
The RBI has Asked IIFL Finance to Stop Issuing New Gold Loans
On March 4, the Reserve Bank of India (RB) observed some significant supervisory issues in the company's gold loan portfolio and requested that IIFL Finance cease authorising or disbursing gold loans immediately.
"The Reserve Bank of India has today, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd. to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising / selling any of its gold loans," the RBI stated in a press release.
Mar 05, 2024, 8:35 am IST
US Equities Close Down Ahead of Jerome Powell, Employment Data, Spike in Bitcoin
Monday's closing price of Wall Street equities was down, retreating from record highs, while U.S. Treasury rates increased slightly as investors anticipated the release of important jobs data and Federal Reserve Chair Jerome Powell's congressional testimony later this week.
As Bitcoin got near to its first record high since November 2021, it was being studied very carefully.
The major U.S. equity indexes failed to squeeze out any gains after Friday's record-breaking run, as European stocks withdrew from record highs.
Over the majority of the range-bound session, all three U.S. indices battled for gains before faltering in the last hour.
Mar 05, 2024, 8:30 am IST
Into an Action-Packed Week, Nikkei Leads Asia Higher
Asian stock markets steadied on Monday as the Nikkei hit yet another record high as investors readied themselves for a week full of key data releases and central bank meetings that will fine-tune market predictions over when interest rates will begin to decline. On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will testify before legislators. Given recent inflation surprises that have surprised to the upside, economists believe Powell will remain cautious when it comes to policy.
Mar 05, 2024, 8:23 am IST
India's projected GDP growth in 2024 is increased by Moody's to 6.8% from 6.1%.
India's GDP growth estimate for 2024 was increased by global ratings agency Moody's Investors Service from 6.1% in November 2023 to 6.8% in light of "strong manufacturing activity and capital spending by the government." In addition, Moody's stated that it updated its prediction for India's GDP growth to 6.4% in 2025 from 6.3%.
"In the fourth quarter of 2023, India's real GDP grew by 8.4% year over year, translating into a 7.7% growth for the entire year. Given the easing of global headwinds, we anticipate that the Indian economy may easily record 6-7% real GDP growth. As a result, we project 6.8% growth in calendar year 2024 and 6.4% growth in 2025. The government's capital expenditure programme and the robust manufacturing sector have both made a significant contribution to the robust growth outcomes in 2023.
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