Share Market Highlights 6 March 2024: Sensex, Nifty hit fresh all-time highs; banking stocks shine

India’s blue-chip indexes, Nifty 50 and Sensex hit fresh all-time highs on Wednesday, led by financials, while the broader and more domestically focussed small- and mid-caps declined.

The blue-chip NSE Nifty 50 rose 0.53% to 22,474.05, while the BSE Sensex added 0.55% to 74,085.99, marking its first ever close above 74,000 mark.

The rupee appreciated 7 paise to settle at 82.83 (provisional) against the US dollar on Wednesday, buoyed by a weak American currency against major rivals overseas and a rally in domestic equities.

However, surging crude oil prices in international markets put pressure on the local currency and restricted the rise, forex traders said.

A total of 3,932 stocks were actively traded, 893 advanced, while 2,952 declined and 87 stocks remained unchanged where 178 stocks hit a 52 week high and 97 stocks hit a 52 week low at 3.22 pm on the BSE.

Top gainers:

Bajaj Auto (2.59%), Kotak bank (2.48%), Axis Bank (2.10%), Bharti Airtel (2.07%), SBI life insurance company (2.05%)

Top losers:

Adani Enterprises (-2.47%), Ultra cement (-1.92%), Ntpc (-1.97%), Oil and natural gas corporation (-1.37%), Adani ports (-1.10%)

Crypto trading platform CoinSwitch has surpassed 2 crore registered users, amidst a strong resurgence in user activity in India, as investors turn bullish.

Investors are bullish in the wake of the Bitcoin ETFs in the US, the possible approval of the Ethereum ETF, and the scheduled Bitcoin Halving event. The company said it is the first in India to touch the milestone.

Aavas Financiers Ltd’s shares were up by 1.85% to ₹1,384 on the BSE. The company reported, Lake District Holdings sold 58.39 lakh shares (7.38%), Partners Group sold 41.57 lakh shares (5.25%), SBI Mutual Fund bought 63 lakh shares (7.96%), and Amansa Holdings bought 23.59 lakh shares (2.98%) at ₹1,370 apiece.

The stocks of ​Tara Chand InfraLogistic Solutions Ltd​ increased on the NSE after the ​company announced securing a 4.5-year contract​ from ​Steel Authority of India Ltd. (SAIL)​, a Maharatna Public Sector Undertaking of the Government of India.

Bank of India invests ₹60.35 crore in the National Asset Reconstruction Company under preferential share issuance. The bank stake in NARCL will remain at 9% after the allotment of new shares. The shares were up by 1.70% to ₹146.20 on the BSE.

JM Financial Ltd’s shares were down by 18.89% to ₹77.51 on the BSE. The Reserve Bank of India directed the company to stop any form of financing against shares and debentures with immediate effect. This includes the sanction and disbursal of loans against the initial public offer of shares as well as against subscriptions.

Shares of KPI Green Energy stock rose on the NSE after the company announced securing four new solar power projects. The stock surged 2.51 per cent to trade at ₹1,692 as of 1.51 om on Wednesday.

Gujarat Mineral Development Ltd approved Land and R&R plan for operationalising “Baitarni-West” coal mine in Odisha, with a PRC of 15 million tonnes per annum. The plan includes land acquisition, R&R for 1500 affected families, and community-focused initiatives in health, education, and infrastructure. The shares were up by 0.71% to ₹397.50 on the BSE.

Azad Engineering secured a Long-Term Strategic Supplier Agreement with Nuovo Pignone Srl, a part of Baker Hughes’ Industrial & Energy Technology business in Italy. The agreement, spanning 5 years, entails supplying components for the Oil & Gas sector. Shares were down by 3.88% to ₹1,304.08 on the BSE.

V-Guard Industries Limited’s wholly-owned subsidiary, V-Guard Consumer Products Limited (VCPL), commenced commercial production of kitchen appliances in Vapi, Gujarat. The facility, with an investment of ₹20 crore, has an installed capacity of 7 lakh units per annum for Mixer Grinder and 3.60 lakh units per annum for Gas Stove. The shares were down by 0.06% to ₹342.15 on the BSE.

“We are in a wait and watch situation for the revival of diamond exports. The last one and a half year has been of a constant economic turmoil for the Indian diamonds industry. The major blow for the industry was owing to the constant ongoing geo-political crises starting from Russia-Ukraine war to Israel-Hamas conflict. The volatility is caused by the subdued sentiment in the major Indian diamonds importing markets, the USA and China along with the growing preference for lab-grown diamonds in the international markets. 

While the Indian diamond exports are yet to get ashore, we definitely expect the tide to be in our favour in the long haul. The exports will start to see some relief by the end of CY2024 on the downward trajectory of the rates by US Fed and reduced inflationary risks. While the market for lab-grown diamonds will co-exist with its natural counterpart, we definitely expect to see some light at the end of the tunnel for corrections in natural diamond exports.”

Nectar Lifesciences Ltd issued a clarification regarding news articles about a separate entity, Nectar Herbs and Drugs, accused of manufacturing and selling spurious medicines in Uttarakhand. Nectar Lifesciences asserts no association with the accused entity and is taking legal advice for potential action against them. Shares were down by 0.17% to ₹35.12 on the BSE.

Gravita India Limited’s subsidiary, Gravita Tanzania Limited, increased its battery recycling capacity by 5,000 MTPA, reaching a total of 12,000 MTPA. The ₹3.33 crore investment for this expansion was funded through the company’s internal accruals. The shares were down by 1.67% to ₹879.90 on the BSE.

Atul Greentech Private Limited, a subsidiary of Atul Auto Limited reported a loss of ₹437 lacs for the fiscal year 2022-23. The shares were down by 3.14% to ₹519 on the BSE.

Issue Open - 06-March-24 (Today)

Issue Close - 20-March-24

Right issue Size: Rs. 1,151.01 Crs (52.32 Crs Shares)

Stock Price – 32.09 /-

Right issue Price: Rs. 22 /-

Payment Terms: Rs. 22 /- (Full amount of Rs. 22 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 4 shares held (Effectively 0.25 for every 1 share held).

Last Trade date (Cum Right): 26 February 2024

Ex-Right Trading date: 27 February 2024

Record Date: 27 February 2024

Right Entitlement (RE) Trading Period:- 06 March 2024 to 14 March 2024

Last day of Renunciation of Rights Entitlements: 14 March 2024

Date of Allotment (on or about): 05 April 2024

Date of listing (on or about): 12 April 2024

Route – Tender

Buyback Price: 10,000/

Current Market Price: 8351.80 /-

Market Cap: Rs 2,36,506 crore

Buyback Size: ₹4,000 Crs (Representing 16.33% and 14.49% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 40,00,000 shares (Representing 1.41 % of O/s. shares)

Retail Quota: 6,00,000 Shares

Entitlement:

General Category - 1 Equity Share for every 82 Equity Shares held on the Record Date

Retail Category - 7 Equity Shares for every 27 Equity Shares held on the Record Date

Buyback Record Date: 29 February 2024

Tender Period:

Start Date - 06 March 2024 (Today)

Close Date - 13 March 2024

Obligation Date - 19 March 2024

Settlement Date - 20 March 2024

Route – Tender

Buyback Price: 1005/-

Current Market Price: 953.75/-

Market Cap: Rs 96,539 crore

Buyback Size: ₹600 Crore (Representing 5.28% and 3.33% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

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 Febrauary 2024

Tender Period:

Start Date - 29 February 2024

Close Date - 06 March 2024 (Today)

Obligation Date - 13 March 2024

Settlement Date - 14 March 2024

Kaveri Seed Company

Route – Tender

Buyback Price: 725.00

Current Market Price: ₹685.15

Market Cap: ₹3,832 crore

Buyback Size: ₹325 cr (Representing 8.01% and 4.01% of the 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

Close Date - 06 March 2024 (Today)

Obligation Date - 13 March 2024

Settlement Date - 14 March 2024

Forbes & Company Limited (Demerged Company)

Forbes Precision Tools & Machine Parts Limited (Resulting Company)

Symbol: FORBESCO

Stock Price: 1281.85 /-

Last cum date: 06th March 2024 (Today)

Record date: 07th March 2024\u0009

Ratio : 4:1 (for every 1 share held in Forbes & Company Limited, the shareholders will receive 4 shares of Forbes Precision Tools & Machine Parts Limited)

Sunshine Capital Ltd

Bonus issue 7:1

Previous day Closing Price – ₹289.8

Ex Bonus 07 March 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Ex - Stock Split 07 March 2024 (Tomorrow)

Last day trade for before split Today

Manorama Industries Ltd

Stock Split ₹10 to ₹2

Previous day Closing Price – ₹2038.65

Sunshine Capital Ltd

Stock Split ₹10 to ₹1

Previous day Closing Price – ₹289.8

Ex-Dividend 07 March 2024 (Tomorrow)

Last date for cum-dividend -- today

Panchsheel Organics Ltd.

Dividend per share ₹0.08

Previous day closing price – ₹221.7

Sanofi India Ltd

Dividend per share ₹50

Previous day closing price – ₹8653.65

Bharti Airtel’s shares were up by 0.54% to Rs 1175 on the BSE.

Natural Gas prices have been on a recovery rally over the last couple of weeks. The Natural Gas futures contract on the Multi Commodity Exchange made a low of ₹128.50 per mmBtu in mid-February. From there the price has surged to ₹162 per mmBtu now.

Manav Modi, Analyst, Commodity and Currency, MOFSL: -

Gold scaled a record high moving further above $2,100 in a rally sparked by growing bets for a U.S. interest rate cut in June and on safe-haven demand due to the conflict in the Middle East. A wider robust fundamental backdrop added support, including strong physical demand in Asia and central bank purchases. Dollar index and US 10 Yields have been very resilient during this volatility in commodities market, hovering around the 104 and 3.2% mark. The Fed chair Powell’s two day congressional testimony will be closely watched for more clarity on US interest rate path. Bets for a rate cut in June Fed meeting has increased from 40% to ~55% in a month. Gold which is looked as a store of value during times of political and financial uncertainty, has climbed by over $300 since the Israel-Hamas war. However, updates regarding cease fire and an ease off in the war will be important to keep an eye on. US Services PMI and factors data were reported lower than expectations in the previous session. After series of weaker economic data last week focus now shifts to US labour market data scheduled this week, which if reported lower than expectations it could further increase gains for bullions.

WTI Crude oil futures declined for the second straight day amid demand concerns from US and China. The latest data from US, the factory orders, ISM Manufacturing and Services PMIs all pointed to signs of slowing economic activity and weighed on the demand outlook from the world’s largest oil consumer. 

Also, lack of strong stimulus signals from top crude importer China after the country set a growth target of “around 5%” for 2024 weighed on sentiments. API inventory data released earlier today showed that stocks of crude oil in the US rose by 400 thousand barrels during the previous week and investors keenly await EIA data which is expected to show to show a buildup of 2.4 million barrels.

COMEX Gold prices rose to $2150.5 per troy ounce on Tuesday, $2 shy of the record high touched in December, as weak economic data from US raised alarms about an economic slowdown and added to rate cut bets this year. Data released yesterday showed the ISM Services PMI fell to 52.6 in February 2024 from a four-month high of 53.4 in January, while the factory orders fell by 3.6% m/m in January, the biggest decrease since April 2020. 

US 10-year treasury plunged to a three week low, boosting the appeal for the non-yielding yellow metal. For the day, markets will be watchful of US JOLTs job opening, ADP employment change and Powell’s testimony. Caution ahead of Powell’s testimony might take some steam off the yellow metal.

154 stocks hit 52-week high, 83 stocks hit 52-week low at 12 p.m.

With over 10,000 EVs and growing four-wheelers on the roads, Mumbai is rapidly embracing e-mobility. To support this growth, Tata Power is spearheading the development of an extensive EV charging infrastructure throughout the city, per the company. 

Currently, Mumbai is equipped with over 1,000 green charging points out of which 44 are public, 385 are in residential societies, 58 are across commercial locations such as malls, hotels, workplaces, etc., and 531 are fleet charging points. 

Their presence at strategic locations ensures convenient access for EV owners.

Tata Power Company’s share price declined 1.83% to trade at ₹388.90 on NSE.

Major Gainers on the NSE at 12 pm- Kotak Mahindra Bank (2.30%), Axis Bank (2.21%), ICICI Bank (1.65%), Bajaj Auto (1.59%), IndusInd Bank (0.77%)

Major losers include - NTPC (-3.46%), ONGC (-2.96%), Adani Enterprises (-2.86%), Power Grid Corporation (-2.64%), BPCL (-2.39%)

Thomas Cook India’s shares were down by 4.28% to ₹152.50 on the BSE.

• Comex Gold eased after rallying to near record high levels buoyed by rising hopes of a Fed pivot in June, fund buying and lingering geopolitical tensions in the Middle East
• US services PMI slowed a bit to 52.6 in February amid a decline in employment, but a measure of new orders increased to a six-month high
• WTI Crude holds declines and trades near $78/bbl as markets feared a sixth consecutive weekly addition in the US stocks after API reported US nationwide inventories rose by 400,000 barrels last week
• LME base metals waver as traders look forward to more details around the government’s effort to boost consumption as central bank Governor Pan Gongsheng is expected to brief journalists, alongside Commerce and Finance ministry chiefs and the new top securities regulator today
• Today, Fed Chair’s testimony, US private labour report and speeches by Fed officials Neel Kashkari and Mary Daly will be closely watched

Meera Industries Ltd’s shares were down by 4.06% to ₹50.21 on the BSE.

Shares of Centum Electronics rose by 1.21 per cent on the NSE to trade at ₹1,883.65 as of 11.08 am. The company had received a work order from the Defense Research and Development Organisation (DRDO).

The contract is valued at ₹187 crore, and pertains to the realisation of space-based EW payloads. It is to be executed in sixteen months, according to the stock exchange filing.

Fairfax India Holdings Corporation, backed by Prem Watsa and a longstanding investor in IIFL Finance Limited, has announced its commitment to provide liquidity support amidst the recent Reserve Bank of India (RBI) embargo, effective March 5, 2024, on the company’s gold loan disbursements.

IIFL Finance’s shares were down by 20% to ₹382.80 on the BSE.

The Bank Nifty March Futures (48,240) is up 0.7 per cent. The intraday outlook is bullish. A test of 48,500 looks likely if the contract manages to sustain above 48,100. 

A decisive break above 48,500 will be bullish to take the Bank Nifty March Futures contract up to 49,000 in the coming sessions.

J Kumar Infraprojects ltd’ received a work order worth ₹912.28 crore from CIDCO Limited for the design and construction of coastal road in Navi Mumbai.

Ajmera Realty & Infra India Ltd received ₹500 crores from Standard Chartered Bank and ICICI Bank for Ajmera Manhattan project in Mumbai, to partially repay GCP loan, enhancing project cash flow alignment and reducing financing costs. 

DroneAcharya Aerial Innovations Limited reported its entry into the Southeast Asian market with the inauguration of Drone Entry in Thailand, located at AIT Bangkok. 

Shares were down by 4.56% to ₹156 on the BSE.

The Nifty 50 March Futures (22,420) is trading flat. The contract fell to a low of 22,350 and is bouncing back from there. On the charts, the intraday outlook is mixed. Resistances are at 22,450 and 22,500. Support is at 22,350. 

Broadly, we can expect the Nifty 50 March Futures contract to oscillate in a range of 22,350 to 22,500 during the day.

Of the 473 fund managers in the industry, only 42 were women who are managing funds either as primary or secondary managers, as per the Morningstar report.

While there has been a steady increase in the number of fund managers as compared with the 428 registered last year, the number of women fund managers has been static, said the report.

The total open- and closed-end assets managed/co-managed by female fund managers was approximately Rs 6.66 lakh crore, or 12.63 per cent of the total mutual fund assets.

He will lead the overall business comprising slab, coil, pipe & plate production and sales at Baytown and Mingo Junction. Rob will report to the respective Boards of both the subsidiary companies of JSW Steel.

MIC Electronics Ltd bagged an order worth ₹1.76 crore from Mysore division of South.

Gold maintained above $2,120, boosted by rising forecasts on a US interest rate cut in June, while safe haven demand from the West Asia crisis further tipped the scales in bullion’s favour. 

According to the CME FedWatch tool, traders believe the Fed will begin reducing rates in June with a 68% probability. Fed President Raphael Bostic stated that he believes it will be appropriate for the Fed to approve two quarter-point rate reduction by the end of the year. 

Physical gold demand in India was sluggish as rising local costs dampened sentiment and led buyers to postpone purchases, while premiums in top consumer China fell.

Silver prices

Silver prices reversed gains on profit booking after rising on prospects of the Fed cutting interest rates this year. The downturn in US manufacturing and deteriorating consumer mood caused investors to increase their wagers on the first Fed rate cut in June, which increased the appeal of keeping non-yielding assets. 

Global silver demand is expected to rise by 1%, driven mostly by a projected record high in industrial demand and a revival in jewellery and silverware consumption. Industrial demand is predicted to increase by 4% to a record 690 million ounces, above last year’s peak.

The rupee stayed flat at 82.90 against the US dollar in early trade on Wednesday, resisting downward pressure from a stronger American currency and volatile crude oil prices in the overseas markets.

The local unit was also dragged down by the negative sentiment in the equity markets, however, it found support due to some fresh inflow of foreign funds, forex traders said.

At the interbank foreign exchange, the domestic currency opened at the previous day’s closing level of 82.90 and oscillated between 82.89 and 82.91 against the greenback.

Venus Remedies stock inched up by 0.16 per cent on the NSE to trade at ₹338.25 as of 10.53 am.

LTIMindtree Ltd and Aramco Digital collaborate to establish a digital and IT services company in Saudi Arabia, focusing on disruptive digital services and industry 4.0 integration. 

The joint venture aims to support Vision 2030 by creating skilled job opportunities and fostering IT localization. The shares were up by 0.29% to ₹5146 on the BSE.

Major gainers on the NSE at 9.30 am include- SBI Life insurance company (1.47%), BPCL (1.05%), Bajaj Auto (0.91%), HDFC Life Insurance (0.82%), Coal India (0.66%)

Major losers include- Apollo Hospitals (-1.31%), Dr Reddy’s (-0.92%), Tech Mahindra (-0.90%), Wipro (-0.68%), Cipla (-0.67%)

India’s equity benchmarks BSE Sensex and NSE Nifty opened with a negative bias on Wednesday. Both the indices lost around 0.2% each in early trade, tracking weak global cues. 

Crude oil futures traded higher on Wednesday morning as the industry data showed a small increase in crude oil inventories in the US. At 9.07 am on Wednesday, May Brent oil futures were at $82.13, up by 0.11 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.25, up by 0.13 per cent. March crude oil futures were trading at ₹6490 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6481, up by 0.14 per cent; and April futures were trading at ₹6462 as against the previous close of ₹6455, up by 0.11 per cent.

• ZEEL

Ex/record dividend: DCM Shriram, Marico. 

Moved into short-term ASM framework: Dishman Carbogen Amcis. 

Moved out short-term ASM framework: Yasho Industries.

Usha Martin: Promoter Peterhouse Investments sold 2.5 lakh shares on March 5. 

ADF Foods: Promoter Krish Bhavesh Thakkar bought 30,000 shares between March 1 and 2.

TD Power Systems: BNP Paribas Arbitrage sold 46 lakh shares (2.94%), and Vittoria Fund-Oc,Lp bought 46 lakh shares (2.94%) at Rs 320.5 apiece. 

Aavas Financiers: Lake District Holdings sold 58.39 lakh shares (7.38%), Partners Group sold 41.57 lakh shares (5.25%), SBI Mutual Fund bought 63 lakh shares (7.96%), and Amansa Holdings bought 23.59 lakh shares (2.98%) at Rs 1370 apiece.

R K Swamy: The public issue was subscribed to 6.01 times on day 2. The bids were led by non-institutional investors (9.71 times), retail investors (18.31 times), and institutional investors (0.37 times). 

JG Chemicals: The public issue was subscribed to 2.47 times on day 1. The bids were led by non-institutional investors (2.9 times), retail investors (3.64 times), and institutional investors (0.02 times). 

Gopal Snacks: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 381 to Rs 401 per share. The Rs 650 crore IPO is completely an offer-for-sale issue. The company has raised Rs 194 crore from anchor investors.

JM Financial: The Reserve Bank of India directed the company to stop any form of financing against shares and debentures with immediate effect. This includes the sanction and disbursal of loans against the initial public offer of shares as well as against subscriptions to debentures.

JSW Energy: The company’s step-down unit signed a battery energy storage purchase agreement with Solar Energy Corp. for 250 MW/500 MWh of battery energy storage systems. The company has signed an agreement for the first project out of the total awarded project capacity of 500

NHPC: The company started work on Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh. The company’s unit is to invest ₹800 crore in a 1,200 MW renewable power park to be constructed in 24 months and generate 2,400 MU of electricity every year.

Wipro: The company acquired a 27% stake in B2B sales platform SDVerse LLC for $5.85 million in cash. The transaction will be completed before the end of March. General Motors, Magna, and Wipro have teamed up to develop SDVerse LLC.

Aditya Birla Fashion: Caladium Investment exercised the right to convert all 6.6 crore warrants into equity shares.

IRCTC: The company signed a MoU with Swiggy to provide pre-ordered meals via IRCTC e- Catering Services.

Sanghi Movers: The board approved the incorporation of a wholly owned unit.

Sonata Software: The company will open a delivery centre in Poland to address the growing demands from its global clients.

Force Motors: The company produced 2,987 vehicle units for the month of February and sold 2,366 units domestically.

ONGC: The board approved an additional investment of ₹99 crore in unit ONGC Green.

Indian Hotels: The company invested ₹35 crore in its unit through the right issue.

Bharat Forge: The company had made an investment of ₹179.9 crore in its unit, Bharat Forge Global Holding.

Havells India: The company plans to add kitchen appliances to its portfolio, outsource the entire range of products and serve the domestic market.

Bank of India: The bank invests Rs 60.35 crore in the National Asset Reconstruction Company under preferential share issuance. The bank stake in NARCL will remain at 9% after the allotment of new shares.

Indiabulls Real Estate: The company believes MIDC’s order to vacate a 512.1-hectare plot in Nashik SEZ in a month is unlawful and is evaluating legal options to defend itself.

REC: The board will meet on March 16 to consider an interim dividend.

Bharti Airtel: The telco approved the allotment of 56.8 lakh shares to FCCB holders at a conversion rate of Rs 518 per share.

CESC: The company’s unit, Crescent Power, acquired a 100% stake in Purvah Green Power.

Centum Electronics: The company received an order worth ₹187 crore from DRDO for the realisation of space-based EW payloads.

The Reserve Bank of India (RBI) has approved the appointment of BK Divakara as a Whole-Time Director (Executive Director) of CSB Bank for three years.

The private sector bank will seek shareholders approval for this appointment, per CSB Bank’s regulatory filing.

The share price of CSB closed at ₹369.35, ₹20.40, or 5.85 per cent, higher on NSE on Tuesday. 

Bloomberg on Tuesday said it will include India Fully Accessible Route (FAR) bonds in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices, to be phased in over a ten-month period, starting January 31, 2025. This comes about five months after JP Morgan had announced it would include India in its widely tracked emerging market debt.

The inclusion of Indian bonds in these two key indices could attract billions of dollars of foreign investment in the Indian government securities (G-Sec) market. This could potentially lead to a decline in Indian bond yields and strengthen the rupee.

Indian shares are set for a muted start on Wednesday, after snapping a four-session winning streak in the previous session, tracking Asian peers ahead of the Federal Reserve Chair’s congressional testimony and key US jobs data.

The GIFT Nifty was trading at 22,415 as of 7:53 a.m. IST, indicating that the Nifty 50 will open near its Tuesday’s close of 22,356.30.

Both the Nifty 50 index and BSE Sensex logged losses on Tuesday, pulling back from four straight sessions gains after data showed India’s economy grew at its fastest pace in six quarters.

Gold prices on Tuesday surged ₹800 to hit a fresh record high of ₹65,000 per 10 grams in the national capital amid strong global trends, according to HDFC Securities.

In the previous close, the precious metal had closed at ₹64,200 per 10 grams.

Silver also rallied ₹900 to ₹74,900 per kg. In the previous trade, it had settled at ₹74,000 per kilogram.

Online food ordering and delivery platform, Swiggy, on Tuesday signed an MoU with the Indian Railway Catering and Tourism Corporation (IRCTC) whereby it will deliver pre-ordered food on trains.

The service will start with four stations – Bengaluru, Bhubaneshwar, Visakhapatnam and Vijayawada – from March 12 and will be expanded to 59 additional city stations in the coming weeks.

Online grocer bigbasket is targeting an initial public offering of its shares in 2025, Chief Executive Officer and co-founder Hari Menon said. 

“Probably 2025 is the date. We are leaving this to the Tatas, but I think we are gunning for 2025,” Menon told businessline on the sidelines of an event to launch a frozen food line in collaboration with celebrity chef Sanjeev Kapoor. 

Next year is set to be a busy year for the Tata group, with group holding company Tata Sons and Tata Capital set to launch IPOs having been classified as upper-tier NBFCs according to Reserve Bank of India guidelines. 

Tata Sons may fetch a market valuation of of ₹7-8-lakh crore in an initial public offering, according to Mumbai-based investment banking firm Spark PWM Pvt Ltd. If it commands a market-cap of ₹8-lakh crore, then it would be among the top four listed companies.

The investment advisory firm expects the IPO to happen in the next 18 months, as Tata Sons was classified as an “upper-layer” non-banking financial company by the central bank in September 2022. Any upper-layer non-banking financial company must list its shares within three years. This requirement indicates that Tata Sons is expected to enter the capital market by September 2025.

Star Health and Allied Insurance Company Ltd. said though patients’ average length of stay in hospitals has come down since 2008, the average medical insurance claim size has grown four times.

With rapid medical advancements, patients have seen a reduction in the average length of stay in hospitals by up to 20 per cent since 2008. However, the average claim size has seen a four-fold jump, indicating significant medical inflation and the increasing cost of sophisticated equipment and treatment.

During its Q3FY24 earnings call, the management indicated that medical inflation remained high as far as the overall industry was concerned. But Star Health was managing it through efficient claims and network management.

Sonata Software plans to set up a delivery centre in Kraków, Poland as part of strategic expansion plan, the company said in a press release. The nearshore centre will support the growing demands for business transformation, modernisation and cost optimisation initiatives, from global clients in Europe.

Sonata Software plans to make significant investment in the delivery centre in Poland with an aim to advance its regional capabilities, to offer enhanced value to its clients by enabling close-to-client service delivery, and to penetrate the European market effectively, company said in release.

Target: ₹1,450

CMP: ₹1,275.95

“Kajaria Ceramics has, over the years, solidified its presence as the primary pan-India tiles player, selling over 100msm in volume (industry size: about 2,070msm) in a highly competitive & fragmented market. Kajaria’s leadership position, strong brand salience, and large distribution network have helped it gain market share in the last decade (revenue CAGR: 10 per cent, 300bps above industry).

“We expect market-share gains to sustain, with nearly doubling of capex intensity in FY23-26E (average spend: ₹3 bnpa) vs. the past 5 years.” 

“We visited PH Diagnostics (Vijaya Diagnostics Centre’s subsidiary) facilities in Pune and share the key highlights in this note. Purpose of the visit was to observe the qualitative nature of the business, radiology equipment and assess the positioning vis-à-vis reference labs of the some of the competitors.

“We also had a conversation with PH founder Dr Hemant Dhoka to gather insights about Pune market, key growth drivers and expansion plans. PH houses high quality 3T and 1.5T MRI machines though 32 slice CTs are relatively basic in nature. Operating 1 spoke and 2 hubs, PH handles about 18k footfalls in a month, or about 6 per cent of Vijaya’s annual 3.4 million patients.”

The Adani Group’s net debt has ballooned in FY24 and is expected to end the year at $26 billion, up about a fourth from last year, even as the group anticipates ending the year with an EBITDA in excess of $9.5 billion, driven by its core infrastructure businesses. 

At the end of FY23, the group debt was around $21 billion, after the frantic deleveraging by the group in the wake of the Hindenburg Research allegations in early 2023. 

Despite the increase in debt, the net debt to EBITDA ratio is seen in the region of 2x at the end of March, down from the 3.3x last March and 3.8x prior to Hindenburg. The EBITDA had already crossed $9 billion by the end of February, sources said. 

Tata Motors’ management might have decided to demerge its passenger vehicle (PV) and commercial vehicle (CV) businesses, but most domestic analysts do not see great potential in the stock price as they see only a “limited upside” following the sharp run-up in the price recently. The stock of Tata Motors closed at ₹1,021.95 on Tuesday, up 3.52 per cent on the BSE. During the day, the stock rose as high as 8 per cent to hit an all-time high of ₹1,065.60.

The stock was the biggest gainer among the Sensex and Nifty constituents for the day. Its market capitalisation jumped ₹11,588.24 crore to ₹3,39,619.70 crore.

Turnover: (NSE + BSE) 

Cash Volume: 95499.79 + 8552.49 Total: 104052.28 

F&O Volume:* 432590.16 + 282275.84 Total: 714866 

Provisional Cash 

FII/FPI: NET BUY: +574.28 

(15,215.15 - 14,640.87) 

DII: NET BUY: +1834.61 

(11,888.65 - 10,054.04)

India is becoming a hub for specialised medical testing and samples from countries without certain diagnostic capabilities are shipped to India for processing, says Ameera Shah, Promoter and Managing Director, Metropolis Healthcare, drawing a parallel with medical tourism.

Just as overseas patients come to hospitals in India, in this case, it’s the samples that are transported, she said, pointing to the trend. A few large organised pathology networks also operate in this segment, Shah said, adding “we are definitely going out there now and trying to get more countries and more labs to send specialised samples to us in India. So, that’s definitely more of an active effort.”

The Centre is in discussions with the industry on the proposed lowering of the Goods and Services Tax (GST) on flex-fuel vehicles (FFVs) from the current rate of 28 per cent, but has not come to a consensus yet as stakeholders remain divided on the matter.

Senior officials at the Ministry of Heavy Industries (MHI), along with some industry representatives and senior officials from other departments concerned, had a meeting recently to look into the matter, but no conclusion was drawn as some of the companies do not agree to the proposal, multiple sources told businessline.

India’s crude oil imports from its traditional source, Saudi Arabia, inched up to a four month high in February 2024 at more than 8,33,590 barrels per day (b/d).

It was aided by softening prices of Saudi Arabia’s flagship grade, Arab Light and declining number of vessels ferrying Russian crude oil due to tightening sanctions by the US and Western countries.

According to Vortexa, Saudi Arabian crude oil exports to India rose by 28 per cent year-on-year (y-o-y) and 21 per cent month-on-month (m-o-m) last month. In fact, crude oil imports to India from the Arabian nation were the fourth highest in FY24, ending March.

With short-term liquidity turning into a big surplus, theReserve Bank of India (RBI) conducted two back-to-back variable rate reverse repo (VRRR) auctions on Tuesday to soak it up.

Short-term liquidity surplus stood at ₹1,62,347 crore as of March 4 against ₹65,620 crore on March 3, per RBI’s data on money market operations. Overall excess liquidity stood at ₹40,902 crore against a deficit of ₹19,220 crore.

The funds which banks otherwise deploy in weekly government security (G-Sec) auctions are now available with them as the government’s borrowing programme ended in mid-February. Moreover, banks are seeing accretion in funds due to government spending.

IIFL Finance’s gold business is expected to undergo some massive changes in the coming months. As a start, the company will replace its internal assayers with certified external personnel to assess the value and quality of the underlying asset before loans can be extended.

The company also plans to revamp and beef up its compliance team and the search is on to bring in a new compliance officer. 

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

JD. com, Inc. (Pre market) (Sector - Retail)

Brown Forman Corporation (Pre market) (Sector- Miscellaneous)

Campbell Soup Company (Pre market) (Sector - Miscellaneous)

Dollar Tree, Inc. (Tentative) (Sector - Retail)

15:00 UK Construction PMI (Expected: 49.0 versus Previous: 48.8) 

18:45 US ADP Non-Farm Employment Change (Expected: 149k versus Previous: 107K)

20:30 US Fed Chair Powell Testifies

20:30 US JOLTS Job Openings (Expected: 8.80M versus Previous: 9.03M)

The outlook is bullish for Bank of Maharashtra. This stock has been in a strong uptrend. After witnessing a corrective fall in February, the stock has now resumed its uptrend. The strong 4 per cent rise on Tuesday confirms the same.

Strong support is in the ₹61-60 region. Cluster of moving averages are also poised in this region. That makes the chances less for the stock to decline below ₹60 going forward.

Stocks in Asia fell after tech heavyweights dragged down US indexes ahead of Federal Reserve Chair Jerome Powell’s testimony to Congress. Equity benchmarks edged lower in Japan, South Korea and Australia, per a Bloomberg report.

Investors are closely watching the development of China’s congress after official announcements of an ambitious 5% growth target. US benchmark indexes lost traction after a rally that has spurred concern about sky-high valuations, with caution prevailing before Powell heads to Capitol Hill for his semiannual testimony before Congress, the report added.

The S&P 500 dropped 1%, while the Nasdaq 100 slipped almost twice as much. Tesla Inc. extended a two-day selloff to 11%, while Apple Inc. suffered its fifth straight loss. Contracts for US equities advanced in early trading.