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India Market Recap
Domestic equity benchmarks Sensex and Nifty 50 India's nded the previous session and the week on a higher note driven by gains in financial and energy stocks amid optimism over trade deal progresses and India's participation in Pax Silica. This outweighed continued losses in information technology. The BSE Sensex added 316.57 points or 0.38% to settle at 82,814.71 and Nifty 50 gained 0.5% to close at 25,571.25. Intraday, both blue-chip indices gained 0.8%.
IT stocks posted fourth week of losses, on advances in artificial intelligence platforms like Anthropic's Claude. The Indian rupee ended 31 paise weaker at 90.986 against the dollar.
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Stocks In News
- IDFC First Bank: The bank has identified fraudulent activities at its Chandigarh branch and suspended four officials pending investigation. A mismatch was found between actual account balances and those provided to certain account holders. The aggregate amount under reconciliation is around Rs 590 Crore. The Haryana government has urged the closure and transfer of these government-linked accounts to another bank. An independent external agency will be appointed to conduct a forensic audit.
- HEG: Promoters Nivedan Churiwal and Sudha Churiwal have received show-cause notices for alleged violations of trading norms. They reportedly traded without the necessary clearances and disclosures and have been advised to immediately divest their stake.
- ICICI Bank: The Maharashtra GST Department has raised a tax demand of Rs 50.4 Crore, along with an additional Rs 50.4 Crore towards interest and penalty.
- Baazar Style Retail: The company has opened a new Style Baazar store at Morabadi, Jharkhand.
- WeWork India: The company has entered into a lease deed to add 1.7 lakh sq ft of capacity in Bengaluru, with an investment of Rs 42 Crore.
- Redington: The Income Tax Authority has quashed a tax demand of Rs 136 Crore previously issued for the assessment year 2022.
- RBL Bank: Rajeev Ahuja has retired as Executive Director, while the RBI has approved the appointment of Jaideep Iyer as Whole-time Director for a three-year term.
- Lotus Chocolate Co: Operations at the company's Telangana plant will be temporarily suspended for 15 days from 24 February to assess infrastructure and capacity.
- Canara Bank: The bank has entered into a distribution pact with SBI Funds Management to distribute SBI's mutual fund products.
- Syngene International: SBI Mutual Fund has sold a 2.7% stake in the company, reducing its total shareholding to 6.56%.
- RailTel: The company has received a Letter of Intent (LoI), in consortium with Ashoka Buildcon, for a multi-year modernisation project in Maharashtra worth Rs 1,136 Crore.
- Nuvama Wealth Management: Its arm, Nuvama Wealth and Investment, has received a warning letter from the exchange following a recent inspection; no financial impact is expected.
- Titan Company: The company has opened a new retail store in Patna, taking its total store count to 257.
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- Tips Music: The company reported no adverse findings following a four-day GST inspection by the Mumbai GST authorities.
- Sakar Healthcare: The company has provided a progress update on its proposed acquisition of a 49% stake in Ksolare Energy.
- Purple Fabric: The company has launched ‘TeamSpace', an AI-powered technology services platform, at a starting price of Rs 99,500 per month.
- K.P. Energy: The company has fixed 6 March as the record date for its previously announced 4-for-1 bonus issue.
- Vikram Solar: The company has signed a Rs 2,000 Crore pact with Jupiter International to procure 2 GW of TopCon and PERC solar cells.
- Hindustan Copper: A court has stayed the Jharkhand government's demand for Rs 929 Crore in compensation, with no coercive action permitted.
- BHEL: A Visakhapatnam court has ordered the attachment of Rs 55.8 Crore from the company's bank account.
- NCC: The Delhi High Court has granted interim protection, keeping the NHAI debarment order in abeyance until 10 March.
- R&B Denims: The company has secured a sales order worth Rs 216 Crore to supply 1.2 Crore metres of denim fabric products.
- Ujaas Energy: Anurag Mundra has been appointed Chairman following the demise of CMD Shyamsunder Mundra.
- MedPlus Health: Its arm, Optival Health Solutions, has received drug licence suspension orders for two additional stores in Karnataka. Separately, another retail store in Karnataka has also received a suspension order.
- Cipla: The US FDA has classified the unit of the company's supply partner, Pharmathen International, as “Official Action Indicated” following a GMP inspection in Greece.
- Prestige Estates: The company has signed a pact with BMRCL to adopt and co-brand the Bellandur Metro Station as ‘Prestige Bellandur Metro Station'.
- SBI Life Insurance: The board will meet on 25 February to consider and declare an interim dividend for FY2025–26.
- Adani Ports: Its arm, Adani Gangavaram Port, signs an MoU with NMDC and Vale Brazil to manage an iron ore ecosystem at a Special Economic Zone.
- Jindal Steel: Promoter entity Skyhigh Sustainable completes the acquisition of a 4.87% stake in the company.
- IDBI Bank: The bank transfers its demat business operations to its arm, IDBI Capital Market Services.
- UPL: The company approves a scheme of arrangement to create a listed crop protection platform; UPL Global Sustainable Agri Solutions is set to be listed.
- Suraj Estate Developers: The company approves the issuance of 4.5 crore NCDs worth Rs 45 crore to IDBI Trusteeship and invests Rs 30.4 crore in Hally Pacific.
- GHCL: The company's arm, Dan River Properties, was voluntarily closed effective February 18.
- MedPlus Health: The company's arm receives a drug license suspension order for one of its retail stores located in Karnataka.
- Finkurve Financial Services: The board will meet on February 25 to consider a fund-raising proposal via Non-Convertible Debentures (NCDs).
- Cohance Lifesciences: Jasti Property and Equity Holdings sells a 2% stake via the open market, bringing the Jasti family's shareholding to 6.2%.
- Elgi Equipments: The company's arm incorporates a new wholly-owned entity, ELGI Equipments Arabia Co.
- JSW Infrastructure: The board approves the issuance of 25 crore shares through a QIP, rights issue, or other financial means.
- Ceinsys Tech: The company announces that CS Tech AI has successfully listed on the National Stock Exchange (NSE).
- Quality Power Electrical: The company secures an order worth Rs 18 crore for the supply of instrument transformers.
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- LT Foods: The company incorporates a new arm, LTF Global Investments, based in Dubai.
- Aster DM Healthcare: HDFC Mutual Fund increases its stake in the company to 7% after acquiring an additional 2.2% stake.
- NTPC Green Energy: The company commences commercial operations for a 158.4 MW part capacity of its 250 MW solar project in Andhra Pradesh.
- Bharti Airtel: The company partners with Zscaler to launch an AI & Cyber Threat Research Center to enhance cyber resilience.
- Pine Labs: The company's arm completes the 100% stake acquisition of Agya Technologies for Rs 13.9 crore.
- Narayana Hrudayalaya: The company acquires 3.3 acres of land in Bengaluru to establish a Global Capability Centre (GCC).
- Panorama Studios: The company executes an assignment pact with Minara Film Corp for airborne rights.
- Brigade Group: The company is set to debut its flagship ‘Brigade Showcase' event in Hyderabad on February 21 and 22.
- HCLTech: The company completes the 100% stake acquisition of its arm, Wobby BV.
- Saregama India: The company incorporates a new arm, Saregama Performing Arts and Music Festivals, in the UAE.
- Vedanta: The board will meet on February 25 to consider raising funds through the issuance of NCDs.
- Aditya Birla Capital: The company allots 25,000 NCDs worth Rs 250 crore on a private placement basis.
- Dishman Carbogen Amcis: The company's arm, CARBOGEN AMCIS BV, receives a GMP compliance certificate for its site in the Netherlands.
- Abans Financial Services: Abhishek Bansal is re-appointed as the Managing Director of the company for a period of five years.
- Sastasundar Ventures: The Ministry of Corporate Affairs approves the company's name change to 'Health X Platform Ltd'.
- NHPC: The company will implement two major hydroelectric projects in J&K - Uri-I Stage-II and Dulhasti Stage-II - with a combined investment of Rs 5,703 crore.
IPO Offerings
- Shree Ram Twistex: The IPO will open today. The total issue size is Rs 110.24 crore and is entirely of fresh issue. The price band of Rs 95 to Rs 104 per share.
- Clean Max Enviro Energy Solutions: The IPO will open today. The total issue size is agg. up to Rs 3,100 crore of which the fresh issue component is Rs 1,200 crore and OFS of up to Rs 1,900 crore. The price band of Rs 1,000 to Rs 1,053 per share.
Bulk & Block Deals
- ENERGYINF: NEO TREASURY PLUS FUND bought 30.50 lk shares for Rs 85 each, SHAHI EXPORTS sold 30.50 lk shares for Rs 85 each.
- Baazar Style Retail: EKTA HALWASIYA bought 4 lk shares for Rs 328.76 each.
- R&B Denims: PINE OAK GLOBAL FUND bought 6 lk shares for Rs 193.07 each and AMRAV DEVI CHORARIA sold 5.52 lk shares for Rs 192.61 each.
Insider Trades
- Info Edge (India): Sanjeev Bikhchandani, Promoter & Director, sold 1.25 lk shares.
- Choice International Ltd: Shreeyam Trade Dynamics, Promoter Group revokes pledge of 6.87 lk shares
- Time Technoplast Ltd: Time Exports, Promoter, bought 1.01 lk shares
- La Opala RG Ltd: GENESIS EXPORTS, Promoter, bought 63,000 shares
- HCL Technologies Ltd: Vama Sundari Investments Delhi, Promoter, bought 98,650 shares
- Surya Roshni Ltd: Cubitex Marketing, Promoter Group, bought 50,000 shares.
- Star Cement Ltd: Prem Kumar Bhajanka, Promoter & Director, bought 19.86 lk shares
F&O Cues
- Nifty Feb futures is up 0.55% to 25,584.70 at a premium of 13.45 points.
- Nifty Options 24th Feb Expiry: Maximum Call open interest at 27,000 and Maximum Put open interest at 25,000.
- Securities in ban period: SAMMAANCAP, SAIL
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