Stock Market Today: Sensex, Nifty Close At Fresh Record High On Strong Q3 GDP

The yield on the 10-year bond closed 2 bps lower at 7.06% on Friday.

Source: Bloomberg

The local currency closed flat at 82.91 against the U.S. Dollar.

Source: Bloomberg

Benchmark equity indices ended the last day of the week higher after the country's third-quarter GDP beat economists' estimates.

The Nifty ended at 22,338.75, up by 355.95 points or 1.62% and the Sensex closed at 73,745.35, up by 1,245.05 points 1.72%. Intraday, the Nifty hit a new life high of 22,353.30 points and the Sensex hit a new high of 73,819.21 points.

"Benchmark equity indices opened on a positive note and surged into the green sharply as positive overnight global cues and strong Q3 GDP data boosted investor sentiment," said Avdhut Bagkar Technical and Derivatives Analyst, StoxBox. "Better-than-expected Core PCE reading, the Fed’s preferred inflation gauge met consensus forecasts, helped ease concerns surrounding interest rate cuts."

The markets will remain open on Saturday as a part of the framework for the business continuity plan and disaster recovery site for stock exchanges and depositories and would involve an intraday shift from the primary to the disaster recovery site.

Shares of ICICI Bank Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and Tata Steel Ltd., contributed the most to the gains.

Meanwhile, those of Infosys Ltd., Dr Reddy's Laboratories Ltd., HCLTechnologies Ltd., Sun Pharmaceutical Industries Ltd., and Britannia Industries Ltd. capped the upside.

All sectoral indices ended higher except Nifty Media, Nifty Pharma, and Nifty IT. Nifty Metal, Nifty Auto, and Nifty Bank gained the most.

Broader markets underperformed benchmark indices. The S&P BSE Midcap ended 0.89% higher, and the S&P BSE Smallcap settled 0.68% higher. 

On BSE, all 20 sectors ended higher. The S&P BSE Metal index jumped over 3% to emerge as the top gainer. The S&P BSE Services index rose 0.14% to become the worst performer.

Market breadth was skewed in favour of buyers. Around 2,377 stocks rose, 1,463 stocks declined, and 107 stocks remained unchanged on BSE.

On a weekly basis, sectoral indices on the NSE ended mixed. Nifty Media fell nearly 7% this week.

• Production at 74.8 MT vs 68.8 MT, up 8.7% YoY

• Sales at 65.3 MT vs 58.3 MT, up 12% YoY

Source: Exchange Filing

• Total sales at 1.97 lakh units vs 1.72 lakh units, up 15% YoY

• Domestic PV sales at 1.6 lakh units vs 1.47 lakh units, up 8.7% YoY

• Total domestic sales at 1.69 lakh units vs 1.55 lakh units, up 8.66% YoY

• Total exports at 28,927 units vs 17,207 units, up 68.11% YoY

Source: Exchange Filing

India's benchmark stock indices were trading higher through midday after hitting fresh record high on Friday supported by gains in index heavyweights ICICI Bank Ltd. and Reliance Industries Ltd.

The Nifty hit fresh high of 22,304 and the Sensex touched lift-time high of 73,574.02 after the country's third-quarter GDP beat economists' estimates.

India GDP grew 8.4% year-on-year in third quarter ended in December 2023, beating analysts' estimate of 6.6% for the period in a Bloomberg's Survey.

As of 12:37 p.m., the NSE Nifty 50 was 310.90 points, or 1.41% higher at 22,293.70, and the S&P BSE Sensex gained 1,042.92 points, or 1.44%, to trade at 73,543.22.

"Expected March series will be strong buying interest due to positive macro and micro data. Strong private sector investment and a pick-up in services spending will be positive for market sentiment," said Vikas Jain, senior research analyst at Reliance Securities Ltd.

Expectations are positive for semiconductor related stocks after the government approved a $15 billion semiconductor plant in India. Cabinet approved $9 billion allocation rooftop solar projects will be positive for solar power stocks. Government approved subsidy of $3 billion fertiliser will be positive for mining stocks and change in critical mining royalty will boost metal and mining stocks, Jain said.

Shares of HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Kotak Mahindra Ltd., and Reliance Industries Ltd. positively contributed to changes in the Nifty.

Britannia Industries Ltd., Cipla Ltd., HCL Technologies Ltd. and Sun Pharmaceutical Industries Ltd. weighed the index.

On NSE, nine sectors of 12 gained, and three decline. The NSE Nifty Metal was the top performer and the NSE Nifty Media was the top loser.

Broader markets underperformed benchmark indices, with the S&P BSE Midcap and S&P BSE Smallcap rising 0.51% and 0.62%, respectively, through midday trade on Friday.

Micap and Smallcap spaces are likely to see some time-bound correction in near future, as companies in the segment need to come up with topline growth to justify the valuation they are setting, said Dharmesh Kant, head of equity research, Cholamandalam Securites Ltd.

"Look at number of Q3, it's all about operating leverage. Top line has not grown to that extent; at best 12-14%—for 500 Mcap companies. Looking beyond 200 Mcap companies, it's such a dismal set of numbers; aggregated PAT has gone up by only 3%. That's where the concern has been in the entire mid-to-small cap segment," Kant said.

On BSE, 17 sectors of 20 advanced, and three declined. The S&P BSE Metal rose over 2% to emerge as the top performing sector. The S&P BSE IT fell 0.60% to become the top loser.

Market breadth was skewed in the favour of buyers. Around 2,475 stocks rose, and 1,203 stocks declined, and 137 stocks remained unchanged on BSE.

• Total sales at 3.68 lakh units vs 2.76 lakh units, up 33% YoY

• Total 2-wheeler sales at 3.58 lakh units vs 2.67 lakh units, up 34% YoY

• Domestic 2-wheeler sales at 2.68 lakh units vs 2.21 lakh units, up 21% YoY

• EV sales at 17,959 units vs 15,522 units, up 16% YoY

• 3-Wheeler sales at 10,614 units vs 9,124 units, up 16% YoY

• Total exports at 98,856 units vs 53,405 units, up 85% YoY

• 10.9 lakh shares changed hands in a large trade

• 0.01% equity changed hands at Rs 149.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Dr Reddy's Laboratories Ltd. fell sharply after an exchange filing by the company said it along with its US subsidiary named as defendants in a complaint filed by Walgreen Co., Kroger Specialty Pharmacy, CVS Pharmacy.

The Court has consolidated lawsuit with several other lawsuits making similar allegations against company. The company said that it believes that allegations against it lack merit and will vigorously defend the litigation.

• 1 crore shares or 2% equity changed hands in two large trades

• Buyers and sellers not known immediately

Source: Bloomberg

• Contract with HAL for procurement of Aero-engines for MiG-29 aircraft

• HAL contract valued at over Rs 5,250 crore

• 2 contracts with L&T for procurement of Close-in Weapon System and procurement of High-Power Radar

• L&T contracts valued at over Rs 13,369 crore

• 2 contracts with BrahMos Aerospace for procurement of BrahMos missiles and Ship borne BrahMos system

• Contract for procurement of BrahMos missiles signed at a cost of Rs 19,518.7 crore

• Contract for procurement of Ship borne BrahMos system signed at a cost of Rs 988.07 crore

Source: PIB

• There is a significant potential for power demand growth in India

• Non-fossil sources will lead the capacity addition

• Thermal power will continue serving base load demand

Source: Investor Presentation

• U.S. FDA inspection closes without any 483 observation

• U.S. FDA inspected Hyderabad unit from Feb 26 to March 1

Source: Exchange Filing

In pact to deploy 'Messaging as a Platform' in India

Source: Exchange Filing

Gets order Worth Rs 111 crore from Indian Oil Corp, other OEMs

Source: Exchange Filing

• Construction project worth Rs 709.1 crore from East Central Railway

• Emerges as lowest bidder for construction of double line track formation in Bihar

Source: Exchange Filing

Tarakkad has previously worked with brands like Ecom Express, TCNS Clothing, Siam Makro Thailand

Source: Press release

Waaree Renewable Technologies Ltd was locked in its upper circuit limit of 5% after an exchange filing said that the company has received an order worth Rs 1,401 crore from North Eastern Electric Power Corp for execution of EPC work.

The scrip was locked in its 5% upper circuit limit at Rs 5.835.apiece, the highest level. This compares to a 1.35% advance in the Sensex.

It has risen 653.57% in the last twelve months. Total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 75.27, indicating that the stock may be overbought.

Nifty takes 5 sessions to hit fresh record high.

Sensex takes 33 session to hit fresh record high.

Co to provide benefits & expense management platform, business spends management platform to Europ Assistance India

Source: Exchange Filing

• 76 lakh shares changed hands in a large trade

• 1% equity changed hands at Rs 470.05 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 14.2 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 588.7 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Board approved fundraise of up to Rs 500 crore via issuance of shares on rights basis, an exchange filing said.

The stock jumped as much as 7.70% to Rs 579.65, its highest level since February 21. It pared gains to trade 5.37% higher at Rs 567.30 apiece, as of 10:55 a.m. This compares to a 0.94% advance in the NSE Nifty 50 Index.

It has risen 38% on a year-to-date basis. Total traded volume so far in the day stood at 1.29 times its 30-day average. The relative strength index was at 53.99.

One analyst tracking the company has a 'buy' rating for the stock, according to Bloomberg data.

• 13 lakh shares changed hands in a large trade

• 0.3% equity changed hands at Rs 1,142 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Landmark cars jumped nearly 10% to their highest level in over two weeks after the company said it has received a Letter of Intent to open a dealership for MG Motor India Ltd in Ujjain, Madhya Pradesh.

M/s Aeromark Cars Pvt, a wholly owned subsidiary, will open the dealership store which will provide services like sale and after sales on behalf of MG Motor India Ltd, the exchange filing said.

This is Landmark Cars Ltd's third such dealership for MG Motor India Ltd in Ujjain, after establishing such stores in Indore and Bhopal, according to an exchange filing.

The scrip rose as much as 9.77% to Rs 789.95 apiece, the highest level since Feb 12. It was trading 7.38% higher at Rs 772.75 apiece, as of 10:27 p.m. This compares to a 1.00% advance in the NSE Nifty 50 Index.

It has risen 39.50% in 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 50.44.

Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.3%.

• Gets two orders from state govt agencies

• Transportation division gets order worth Rs 1,303.7 crore; Building division gets order worth Rs 172.3 crore

Source: Exchange Filing

• Conducts 24th auction for sale of commercial space in New Delhi on Feb 29

• Sells total commercial inventory of 2.05 lakh sq ft worth Rs 827.8 crore

Source: Exchange Filing

Shares of Paytm snapped their three-day fall and jumped over 5% after NDTV Profit reported that the company has likely signed a deal to move its merchant accounts to Yes Bank, citing people with direct knowledge of the matter.

Shares of Suven Pharmaceuticals Ltd jumped 13% on NSE to the highest level since Jan 23 after it announced to merge with Cohance Lifesciences Ltd via exchange filing.

The merged entity will be called Suven Pharmaceuticals Ltd. Shareholders will receive 11 shares of the merged entity for 295 shares of Cohance Lifesciences.

• Domestic PV sales at 42,401 units vs 30,358 units, up 40% YoY

• Domestic 3-wheeler sales (including electric 3Ws) at 6,158 units vs 5,350 units, up 15% YoY

• Total exports at 1,539 units vs 2,250 units, up 32% YoY

• Domestic CV sales at 22,825 units vs 20,843 units, down 9.5% YoY

• Total tractor sales at 21,672 units vs 25,791 units, down 16% YoY

• Domestic tractor sales at 20,121units vs 24,619 units, down 18% YoY

Source: Exchange filing

Asia Index is a JV of co with S&P Dow Jones Indices

Source: Exchange Filing

Zomato Ltd rose as much as 4.87% to Rs 173.50 apiece, the highest level since its listing on July 22, 2021. It pared gains to trade 0.94% higher at Rs 167.00 apiece, as of 09:56 a.m. This compares to a 0.83% advance in the NSE Nifty 50 Index.

It has risen 203.82% in 12 months. The relative strength index was at 71.71, which implied the stock is overbought.

Out of 28 analysts tracking the company, 24 maintain a 'buy' rating, and 4 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.0%.

660 MW capacity unit of North Karanpura Super Thermal Power Project completes trial operation

Source: Exchange Filing

CG Power Shares rose more than 11% to hit an over three month high has entered a joint venture with Japan based semiconductor solutions provider Renesas Electronics Corporation, and Thailand-based Outsourced Semiconductor Assembly and Test provider- Stars Microelectronics to build an Outsourced Semiconductor Assembly and Test Facility in India.

The scrip rose as much as 11.66% to Rs 494.95 apiece, the highest level since November 23. It pared gains to trade 7.7% higher at Rs 477.96 apiece, as of 9:56 a.m. This compares to a 0.84% advance in the NSE Nifty 50 Index.

It has risen 59.26% in the last twelve months. Total traded volume so far in the day stood at 3.99 times its 30-day average. The relative strength index was at 64.79.

Out of eight analysts tracking the company, five maintain a 'buy' rating, two and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 4%.

• Total sales at 3.47 lakh units vs 2.80 lakh units, up 24% YoY

• Total CV sales at 51,978 units vs 44,870 units, up 16% YoY

• Domestic CV sales at 36,367 units vs 32,956 units, up 10% YoY

• Total 2-wheeler sales at 2.95 lakh units vs 2.35 lakh units, up 25% YoY

• Domestic 2-wheeler sales at 1.71 lakh units vs 1.20 lakh units, up 42% YoY

• 2-wheeler exports at 1.24 lakh units vs 1.15 lakh units, up 8% YoY

Source: Exchange filing

Benchmark equity indices opened higher today, extending Thursday's gains on the back of gains in the shares of HDFC Bank, ICICI Bank and Larsen & Toubro.

At pre-open, the S&P BSE Sensex Index was up 106.02 points or 0.15% at 72,606.31 while the NSE Nifty 50 was at 22,048.30, up 65.50 points or 0.30%

"Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 21,150 and 22,200," said Deven Mehata, research analyst at Choice Broking.

Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., Tata Steel Ltd., and Tata Motors contributed the most to the gains.

Meanwhile those of Infosys Ltd., Apollo Hospitals Enterprises Ltd., Sun Pharmaceutical Industries Ltd., Nestle India Ltd., and Cipla Ltd. capped the upside.

All sectoral indices rose with Nifty Metal and Nifty Oil & Gas jumping the most while Nifty Media and Nifty Pharma traded flat.

Broader markets also rose with S&P BSE Mid Cap jumping 0.58% and S&P BSE Small Cap rising 0.91%.

All 20 sectors compiled by BSE advanced. S&P BSE Oil & Gas rose the most.

The market breadth was skewed in the favour of the buyers. About 2,310 stocks rose, 524 declined, while 86 remained unchanged on the BSE.

At pre-open, the S&P BSE Sensex Index was up 106.02 points or 0.15% at 72,606.31 while the NSE Nifty 50 was at 22,048.30, up 65.50 points or 0.30%.

• Concerns look overdone

• Recent PLI by NGO to establish regulated fee structure for patients

• Believes litigation at early stage;unlikely to result in near-term adverse outcome

• Adverse newsflow is not uncommon and has not always come into effect

• Sees price weakness as buying opportunity

• The yield on the 10-year bond opened flat at 7.07%.

• It closed at 7.08% on Thursday

Source: Bloomberg

• The local currency strengthened by 4 paise to open at 82.87 against the U.S. Dollar.

• It closed at 82.91 on Thursday.

Source: Bloomberg

• Paytm Payments Bank shareholders to simplify shareholders' agreement to improve governance

• One 97 Communications approves termination of existing PPBL agreements and amendment of shareholders agreement today

Source: Exchange filing

• Real GDP growth at 8.4% YoY in Q3FY24, record ~180 bps upside surprise to consensus

• Real GVA (6.5%) close to expectation; gap against real GDP explained by 32% YoY jump in indirect taxes

• Advise caution on large gap with GVA, fall in agriculture activity, and two-paced economic growth

• CSO’s FY24 annual estimate of 5.9% YoY real GDP growth in 4QFY24 seems conservative

• No signs of “over-heating” and don’t see RBI getting more hawkish on this GDP surprise

• Expect first rate cut in October; acknowledge MPC could be more patient if no material growth slowdown

• Target Price of Rs 200 (earlier Rs 195)

• Lower Henry Hub prices may reduce petchem input gas cost by $0.5/mmbtu

• Gas trading differentials in Q4TD (similar to Q2FY24) imply steady trading EBITDA

• APM gas allocation decline offset by lower spot LNG prices, likely leading to segmental EBITDA gains in Q4FY24

Hikes ATF price by Rs 624/Kl to Rs 1,01,396.54/Kl for domestic airlines

Source: IOC website

• JV agreement to build and operate an Outsourced Semiconductor Assembly and Test facility in India

• Union Cabinet approved the JV project on Feb 29 under India’s Semiconductor scheme

Source: Exchange Filing

• GGL cuts industrial PNG prices to Morbi cluster, effective Mar 1, 2024

• Price cut of Rs 3.8/scm to Rs 41.7/scm

• Price cut to ramp up volumes, which remain weak since Q2FY23

• Underlying decline in propane price pose risk to volume recovery

• Room for incremental price cuts now appears low

• To face challenges managing margins if propane prices dip

• To cut FY25 Ebidta/EPS estimates by 11%/14% if company is unable to meet mgmt guidance

• Bearing fruits with Government approval of 3 new projects with $15 billion investments

• Tata Electronics $11 billion investment with PSMC Taiwan will have 50K wafers/month

• Tata Semiconductor Assembly also plans to set up $3.3 billion ATMP facility in Assam

• CG Power will also be building $0.9 billion ATMP facility with Renesas and Stars Microelectronics in Gujarat

• Micron has already setting up assembly and testing facility, phase 1 of $2.8 billion to start in late 2024

• India advantage of low manufacturing cost, large fiscal support and strategic goodwill in West, on the right path

• Credit growth slowed to 0.7% MoM, but higher than historical seasonality

• YoY growth sustained at 16.2%

• Credit to services and personal loans slowed, NBFC lending declined, trade credit sustained

• Credit to large corporate fell, dragging MoM growth

• Credit card momentum resilient

• Credit to NBFCs declined by 1.1% MoM and slowed to 15.6% YoY

• Expect growth in banks’ lending to NBFCs to continue to moderate

Increases price by Rs 25.50 /19-kg cylinder to Rs 1,795 in Delhi

Source: IOC website

• Deal gives Warner Music access to co's full catalogue

• Warner Music to take on commercial & distribution responsibilities for all Tips Music’s frontline and catalogue music

Source: Exchange Filing

• U.S. Dollar Index at 104.08

• U.S. 10-year bond yield at 4.26%

• Brent crude down 0.07% at $83.62 per barrel

• Nymex crude up 0.32% at $78.51 per barrel

• GIFT Nifty was up 0.24% or 53.5 points at 22,205.00 as of 7:49 a.m.

• Bitcoin was down 0.39% at $61,189.82

• Nifty March futures up by 0.48% to 22,160.5 at a premium of 177.7 points.

• Nifty March futures open interest up by 32.6%.

• Nifty Bank March futures up by 0.84% to 46,546.7 at a premium of 425.8 points.

• Nifty Bank March futures open interest up by 33.8%.

• Nifty Options March 7 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 21,000.

• Bank Nifty Options March 6 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 46,000.

• Securities in ban period: Nil

• Price band revised from 10% to 5%: Hind Rectifiers.

• Price band revised from no band to 20%: Delta Corp.

• Moved out short-term ASM framework: BLS E-Services, Centum Electronics, Entertainment Network.

• ADF Foods: Reliance Commercial Finance bought 6.9 lakh shares (0.62%) at Rs 190 apiece, and Top Class Capital Markets sold 8.6 lakh shares (0.78%) at Rs 191.31 apiece.

• Bharat Heavy Electricals: BNP Paribas Arbitrage sold 3.50 crore shares (1%) at Rs 227.27 apiece.

• CMS Info Systems: Elimath Advisors bought 8.5 lakh shares (0.54%) at Rs 378.82 apiece.

• Lumax Auto Technologies: Albula Investment Fund sold 30 lakh shares (4.4%), while Nippon India Mutual Fund bought 25 lakh shares (3.66%) at Rs 450.5 apiece.

• NMDC: BNP Paribas Arbitrage sold 3.32 crore shares (1.13%) at Rs 225.68 apiece.

• Union Bank of India: BNP Paribas Arbitrage sold 5.21 crore shares (0.7%) at Rs 145.95 apiece.

• GMR Airports Infra: BNP Paribas Arbitrage sold 8.14 crore shares (1.35%) at Rs 83.91 apiece.

• Piramal Enterprises: BNP Paribas Arbitrage sold 19.83 lakh shares (0.83%), while East Bridge Capital Master Fund I Ltd bought 19.83 lakh shares (0.83%) at Rs 898.5 apiece.

• Dish TV: East Bridge Capital Master Fund I bought 2.84 crore shares (1.54%) at Rs 21.05 apiece, while BNP Paribas Arbitrage sold 2.84 crore lakh shares (1.54%) at Rs 21.05 apiece.

• One 97 Communication: The company has likely signed a deal to move its merchant accounts to Yes Bank, NDTV Profit reported exclusively.

• Adani Enterprises: The company has divested its entire stake in Vizag Tech Park for Rs 151 crore to Adani Infrastructure and Developers.

• Adani Group Stocks: The group reported a record Ebitda growth of 63.6% year-on-year in Q3 FY24, driven by its core infrastructure business.

• Vedanta: The company incorporated Hindmetal Exploration Services by Hindustan Zinc, a subsidiary of the company, to explore, discover, develop and tap mineral resources.

• Auto Stocks: Automakers will announce their February sales figures on Friday. Companies such as TVS Motor, Bajaj Auto, Tata Motors, Maruti Suzuki India and Hero MotoCorp will be in focus.

• CG Power And Industrial Solutions: The company, in partnership with Renesas Electronics Corp., will make an investment of Rs 7,600 crore to set up a semiconductor unit in Gujarat.

• ICICI Bank: The company acquired a further stake in ICICI Lombard worth Rs 431 crore. ICICI Lombard is now a subsidiary of the bank.

• Suven Pharmaceuticals: The company will merge with Cohance Lifesciences. The shareholders of Cohance will receive 11 shares of the merged company for 295 shares of Cohance.

• Biocon: The company arm signed a licence pact with Janssen Biotech and Johnson & Johnson to commercialise Bmab 1,200 in the U.S. The US FDA conducted an inspection at the company’s unit between Feb. 20 and 28 and has Form 483s with four observations.

• Star Cement: The company received a Letter of Intimation from Coal India on being successful bidders for the procurement of 3.12 lakh metric tonnes of coal per annum for a period of 10 years from the date of entering into fuel supply reements. This is in addition to the existing FSA for subsidiaries.

• Andhra Cements: Promoter Sagar Cements has sold a 5% stake in the company via an offer for sale.

• Dilip Buildcon: The company’s unit received an order worth Rs 1,955 crore from the National Highways Authority of India for the construction of the Four-Lane Urga-Patalgaon section in the State of Chhattisgarh.

• Chalet Hotels: The company approved the acquisition of partners’ shares in Ayushi and Poonam Estates LLP for Rs 315 crore.

• Cantabil Retail India: The company has opened 13 new showrooms in India during the month of February. The total number of showrooms now stands at 529.

• Hester Biosciences: Sanjay Dalal, the chief operating officer, has stepped down from his current role.

• Avantel: The company has received a purchase order worth Rs 5.48 crore from Garden Reach Shipbuilders.

• Landmark Cars: The company received a letter of intent from MG Motor India for opening a dealership in Ujjain, Madhya Pradesh.

• Aurobindo Pharma: The U.S. FDA completed an inspection at the company’s unit between Feb. 19 and 29 with seven observations.

• Delta Corp: The company incorporated Delta Penland, a new wholly owned subsidiary, which is proposed to be a joint venture company with Peninsula Land for real estate development.

• Pidilite Industries: The company appointed Sudhanshu Vats as managing director designate and appointed Kavinder Singh as executive director and joint managing director designate.

• Godrej Industries: The company has made further investments in Godrej Capital. It now holds an 89.48% stake in the company.

• Rallis India: The company appointed Gyanendra Shukla as MD and CEO for 5 years, with effect from April 1.

• MPS: The company's unit, MPS North America, acquired AJE to scale AI capabilities and enter the B2C market.

• MOIL: The company has increased the prices for ore with manganese content below Mn 44% by 5%.

• Larsen & Toubro: The company commissioned the first indigenously built hydrogen electrolyser at Hazira.

Markets in the Asia-Pacific region were trading on a mixed note as investors await China's official PMI reading for February, and assess U.S. Personal Consumption Expenditure data.

Markets in South Korea remain closed on Friday.

China's PMI data, scheduled for release later on Friday, is estimated to be at 48.8 in February, lower than reading of 49.2 in the preceding month, due to a week-long holiday impacting activities, according to Bloomberg.

U.S. PCE Data or Federal Reserve's preferred inflation gauge rose in line with the estimate, giving traders a little relief that Fed will cut rates this year, and now when by how are remained to be bet at, Bloomberg reported.

Initial claims for unemployment benefits in the world's largest economy grew to 215,000, beating consensus estimate of 210,000, Bloomberg reported.

Brent crude was trading 0.07% lower at $83.62 a barrel. Gold was flat at $2,044.37 an ounce.

The March futures contract of GIFT Nifty was trading up 0.24% or 53.5 points at 22,205.00 as of 7:49 a.m.

India’s benchmark indices ended a choppy session higher ahead of the announcement of the GDP data on Thursday, led by ICICI Bank Ltd. and Reliance Industries Ltd.

The S&P BSE Sensex closed 195.42 points or 0.27%, higher at 72,500.30, while the NSE Nifty 50 advanced 31.65 points or 0.14%, to end at 21,982.80.

Overseas investors turned net buyers of Indian equities on Thursday after three consecutive sessions of selling.

Foreign portfolio investors mopped up stocks worth Rs 3,568.1 crore, while domestic institutional investors turned sellers and offloaded equities worth Rs 230.2 crore, the NSE data showed.

The Indian currency strengthened by 2 paise to close at 82.91 against the U.S. dollar.