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Stock Market Today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 04 March 2024.
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 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.
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