Market breadth was split evenly between buyers and sellers. Around 1904 stocks advanced, 1894 stocks declined, and 131 stocks remained unchanged on BSE.
The FPO has been subscribed 0.16 times or 16% as of 3:00 p.m. on Thursday.
Institutional investors: 0.40 times or 40%.
Non-institutional investors: 0.12 times or 12%.
Retail investors: 0.05 times or 5%.
LTIMindtree Ltd signed a pact with Vodafone Idea Ltd. to deliver IoT solutions.
Source: Exchange filing
Net premium income rose 5.5% to Rs 20,533 crore from Rs 19,469 crore
Net profit was at Rs 412 crore compared to Bloomberg's estimate of Rs 384 crore (Cons).
Net profit rose 15% to Rs 412 crore from Rs 359 crore .
Total income rose 30% to Rs 27,945 crore from Rs 21,470 crore.
FY24 new business margin is at 26.3%
Deepak S Parekh steps down as Chairman and Non-Executive Director effective today.
Keki Mistry named as new Chairman effective immediately.
Source: Exchange filing
Muthoot Finance Ltd.'s board approved update of existing GMTN Programme aggregating to $2 billion.
Alert: GMTN stands for Global Medium Term Note.
Source: Exchange filing
Veranda Learning Solutions Ltd. is in business transfer agreement with Logic Management Training.
The unit is to acquire business operations of Logic Management Training.
Source: Exchange filing
Capacite Infraprojects Ltd. has received an order worth Rs 256 crore from Macrotech Developers
The company also received an order worth Rs 293 crore from Raymond Realty.
Source: Exchange filing
Nestle's Shocker: Excess Sugar In Baby Food Products In India, Other Asian Countries, Finds Study
Bharti Airtel Ltd. signed a pact with Dialog and Axiata Group to merge Sri Lanka operations.
Dialog will acquire 100% of the issued shares in Airtel Sri Lanka.
Dialog will issue shares worth 10.36% stake to Bharti Airtel via share swap.
Sri Lanka's Telecom Regulatory Authority has already approved the proposed merger.
Source: Exchange filing
Jyoti Structures Ltd. has commissioned Khavda to Bhuj project line with contract value of Rs 382.1 crore.
Source: Exchange filing
Ramkrishna Forgings Ltd. has received an approval to supply power train components in the U.S.
Source: Exchange filing
Sterling Tools Ltd. has signed a MoU with South Korea's Yongin Electronics for EV components facility.
Partnership expected to generate Rs 250 crore in business over next 5 years.
Alert: Yongin Electronics is a components supplier for the Hyundai Kia Motor Group
Source: Exchange filing
Market breadth was skewed in favour of buyers. Around 2,257 stocks advanced, 626 stocks declined, and 101 remained unchanged on BSE.
Endurance Technologies Ltd. has approved capacity addition for aluminium die casting and machining parts at a cost of Rs 63.1 crore.
Source: Exchange filing
The NSE Nifty 50 was trading 64.45 points or 0.29% higher at 22,212.35, and the S&P BSE Sensex was trading 456.10 points or 0.62% lower at 72,943.68.
The yield on the 10-year bond opened 2 bps lower at 7.16%.
It closed at 7.18% on Tuesday.
Source: Bloomberg
The local currency strengthened by 3 paise to 83.51 against the U.S. Dollar.
It closed at 83.54 a dollar on Tuesday.
Source: Bloomberg
Goldman Sachs initiated a 'Buy' on Power Grid Corp of India, with a target price of Rs 355, which implied 29% upside.
Largest beneficiary of transition linked grid capex, not priced in stock price, the brokerage said.
Goldman Sachs expects it to fund 30% of India's grid capex by FY23E given low debt and strong FCF.
Cost of equity reduction led by beta compression is expected to drive re-rating.
Goldman Sachs initiated a 'Buy' on Hitachi Energy India, with a target price of Rs 8,250, which implied a 9% upside.
The brokerage prefers its positioning as pure upstream manufacturing beneficiary.
Hitachi Energy India Ltd. is expected to benefit from global transmission equipment shortage tailwinds.
Goldman Sachs initiated cover with a Sell rating on Schneider Electric Infra.
The brokerage set the target price of Rs 470, which implied 41% downside.
Risk-reward unfavourable post 375% stock rally over last 12 months.
The brokerage expects 18% core earnings CAGR over FY23-40E.
Jefferies maintained a 'Buy' rating with a target price Rs 1,950, which implied an upside of 18%.
Growth in net premiums reflects better underwriting, the brokerage said.
Motor and fire see higher improvement in profitability.
Health and commercial lines are to lead growth.
Partnership with Policybazaar is positive.
Nomura downgraded ABB India Ltd. to 'Neutral' from 'Buy' rating.
The brokerage set price target of Rs 6,660, up from Rs 5,740), implying 0.2% upside.
Recent stock rally of 54% in past six months warrants rating downgrade.
Nomura raised CY25 earnings by 5% on margins touching 15% by CY26.
Structural changes over last three years is leading to 14-15% margin trajectory.
Premium valuation is to sustain driven by improved margins visibility.
Morgan Stanley maintained 'Overweight' on Oil and Natural Gas Corp of India at Rs 304 target, which implied 7% upside.
ONGC's outperformance is likely to continue with improved capital allocation.
Stable regulations is expected to support 18-20% ROE.
Slow ramp-up in domestic production by end 2024 flagged with upside from improving earnings.
Morgan Stanley believed ONGC provides stable cashflow
U.S. Dollar Index at 105.93
U.S. 10-year bond yield at 4.59%
Brent crude up 0.15% at $87.42 per barrel
Nymex crude up 0.08% at $82.76 per barrel
Bitcoin was up 1.05% at $61,496.30
The FDA inspection at the Piramal Pharma Ltd.'s Riverview manufacturing facility in the US closes with no observations.
Source: Exchange filing
SEPC Ltd. has fixed size of rights issue at up to Rs 200 crore.
Source: Exchange filing
Jubilant Pharmova's US subsidiary, Jubilant Cadista, is to stop manufacturing operations of its solid dosage formulation facility due to pricing pressure.
Jubilant Cadista is to continue sales and marketing operations for US market.
Source: Exchange filing
Max Financial Services Ltd. has approved allotment of 14.25 crore Max Life shares to Axis Bank for Rs 1,612 crore.
Source: Exchange filing
Power Grid Corp Bags Three Transmission Projects In Rajasthan, Gujarat
Paytm Refutes Media Reports On PPSL's Licence Application Deferral
Navin Fluorine International: To meet analysts and investors on April 18.
Coffee Day Enterprises: Tikri Investments bought 40 lakh shares (1.89%) at Rs 70.94 apiece.
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