India Financial News

CLSA downgraded certain stocks with stretched valuations and weaker industry spreads compared to their nemesis. The Hong Kong-based brokerage downgraded JSW Steel and Tata Steel while reiterating its underperform rating for Jindal Steel & Power. JSW Steel shares fell 3% to the day's low of Rs 818.50 on the NSE in the early trade. CLSA has downgraded the stock to 'Sell' from an earlier 'Underperform' rating while slashing its target price to Rs 730 from Rs 810. Today's correction comes on the back of a three-day rally. At 10:05 am, more than 14.27 lakh shares changed hands on the NSE with the total traded value at Rs 117.66 crore.

Tata Electronics will set up a semiconductor fab in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan. This unit will be constructed in Dholera, Gujarat. The plant will attract Rs 91,000 crore investment.

₹10,000 crore and, by its estimates, add about 40% to industry capacity. Even as stocks of major paint companies took a hit in recent days, their long-term trajectory explains this beeline to get into the business. Since March 2015, an index of paint stocks has delivered a compounded annual return of 16%, against 11% delivered by the Sensex.

Bank Nifty was up by 185.75(0.39%) at 04 Mar 2024 10:44:54 IST.In the BSE Sensex index NTPC, Power Grid Corporation Of India, Tech Mahindra, Bharti Airtel, Sun Pharmaceutical Industries were the top gainers while Tata Steel, Mahindra & Mahindra, Ultratech Cement, Infosys, Asian Paints were the top losers.In the Bank Nifty index Bank Of Baroda, ICICI Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank Of India were the top gainers while IDFC First Bank, Bandhan Bank, were the top losers.For the complete list of 52 week high stocks click here. Milestone Alert! Livemint tops charts as the fastest growing news website in the world

Avadh Sugar & Energy Ltd.(up 6.53%), Triveni Engineering & Industries Ltd.(up 6.47%), Uttam Sugar Mills Ltd.(up 3.93%), Dalmia Bharat Sugar and Industries Ltd.(up 3.36%), Bannari Amman Sugars Ltd.(up 2.31%), Balrampur Chini Mills Ltd.(up 1.99%), Magadh Sugar & Energy Ltd.(up 1.66%), Bajaj Hindusthan Sugar Ltd.(up 1.45%), DCM Shriram Industries Ltd.(up 1.43%) and Shree Renuka Sugars Ltd.(up 1.07%) were among the top gainers.

Ola Electric has emerged as the leading patent publisher in the country for the 2022-23 period. According to data from Intellectual Property India, Ola Electric has published 205 patents in the EV and EV-related technologies space, surpassing its competitors. TVS follows in second place with 156 published patents, while Suzuki, Honda, and BYD hold third, fourth, and fifth place respectively, with 78, 77, and 58 published patents. Ola Electric aims to raise Rs 5,500 crore through its IPO by issuing new shares. The company's draft papers filed with Sebi show that some existing shareholders will also be selling over 9.5 crore shares. Out of the funds raised, Ola Electric plans to allocate Rs 1,600 crore for research and development (R&D), highlighting the importance of innovation in its business model. With R&D centers in India, the UK, and the US, Ola Electric is dedicated to designing and developing new EV products and core components. Its R&D efforts focus on battery technology, software related to EVs, vehicle safety and security, controllers, motors and transmissions, as well as vehicle body components, artificial intelligence, and other related technologies.

Gemini caused a major controversy, Google has said sorry to the Indian Prime Minister and called its platform 'unreliable', ToI reported on February 4 quoting minister of state for IT & Electronics Rajeev Chandrasekhar. Chandrasekhar told the newspaper that the govt had sent Google a notice seeking an explanation on «unsubstantiated» results returned by Gemini in response to a particular query on PM Modi. Google replied and said, «Sorry, the platform is unreliable,» the minister added. The government has announced that AI platforms will now require a permit to operate in India. India should not be used as a testing ground for AI platforms, especially considering the criticism they have faced worldwide for providing unsubstantiated, biased, misinformed, or unverified results, it said.

Moody's on Monday raised India's GDP growth estimate to 6.8 per cent from 6.1 per cent for 2024. India's economic growth in the three months through December was much higher than most estimates. This was attributed to a sharp fall in key subsidies which provided a boost to GDP, reported Reuters, citing two government officials. India's economy grew 8.4 per cent during the October-December quarter, its fastest pace in one-and-half years, and much faster than the 6.6 per cent estimated by economists polled by Reuters.

Domestic benchmark index NSE Nifty gained 51.5 points to 22429.9, while the BSE Sensex traded 152.05 points up at 73958.2.

Adani Green Energy Ltd. and associated firms are offering the 18-year note at initial price guidance in the 7.125% area, according to a person familiar with the matter, who asked not to be identified because the matter isn’t public.

NEW DELHI, MUMBAI : Latin America's largest lender Itau is looking to open a branch in India, two people aware of the development said. Representatives from Itaú Unibanco Holding SA's retail, wholesale and asset management divisions held preliminary talks with government officials in New Delhi and expressed their willingness to open shop in the country, the people cited above said on condition of anonymity. Foreign banks seeking to enter India need to secure approval from the Reserve Bank of India (RBI).

₹13,999 for the 4GB RAM /128GB storage variant. However, with the expected ₹1,500 card discount, the price of the smartphone may go down to ₹11,999.

RK Swamy IPO: The initial public offering (IPO) of RK Swamy Limited is going to hit the Indian primary market today. The public issue will remain for subscribers till 6th March 2024. The integrated marketing communications company has fixed the RK Swamy IPO price band at ₹270 to ₹288 per equity share.

₹500 crore for local industries, particularly micro, small and medium businesses, in states such as Punjab and Haryana, and border areas of the National Capital Region (NCR). The disruption caused by the government’s road blockades has not only caused traffic issues but also hampered critical distribution networks, affecting the livelihoods of residents and commuters. India boasts a rich history of protests dating back to the Independence movement.

Investing.com-- Adani Group is marketing a $409 million bond in potentially its first dollar debt sale after a damning short seller report last year, Bloomberg reported on Monday.

Laapataa Ladies consistently grew over the weekend. After having earned ₹75 lakh on its release day, it managed to earn ₹1.60 crore on Saturday. Riding on great reviews from critics and viewers alike, Kiran Rao’s latest directorial earned ₹1.8 crore on Sunday.

Godrej Consumer Products Ltd (GCPL) may see better-than-peers earnings growth ahead, under chief executive officer Sudhir Sitapati’s leadership. The company is taking the right steps to improve the overseas and India portfolio. It plans to bolster the financial position of the GAUM (Godrej Africa, USA, and Middle East) segment, which formed over 24% of GCPL’s consolidated revenue in the nine months ended December (9MFY24).

The government has mandated that platforms and intermediaries equipped with AI and generative AI capabilities that enable the creation of deepfakes must obtain its approval before they offer services in India. Platforms have also been asked to label themselves as “under testing" and make explicit to users the potential failures this technology is prone to.

Lok Sabha elections this year. During the meeting, a 100-day agenda for immediate steps to be taken after a new government is formed in May was deliberated upon for its quick implementation.

Sensex gained 60.80 points, or 0.08%, to close at 73,806.15, while the Nifty 50 settled 39.65 points, or 0.18%, higher at 22,378.40. “The Nifty is resuming its bullish momentum after a period of two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level.

₹41.7 per standard cubic metre for its industrial piped natural gas (PNG) supplies to the Morbi cluster, effective 1 March. This move is expected to push up near-term volumes, especially considering that the Morbi region contributed to approximately 40% of Gujarat Gas' total sales volumes, which stood at 9.16 million standard cubic metres per day (mscmd) during the December quarter (Q3FY24). Notably, the majority of volumes in the Morbi region comprise industrial PNG.