India Financial News

Indian Hotels Company Ltd. gained 0.72 per cent to Rs 591.5 at 12:32PM (IST) in Friday's trade. The scrip has hit a high of Rs 594.95 and low of Rs 585.15 so far during the session. The stock had closed at Rs 587.25 in the previous session. The counter has had a total traded volume of 3703954 shares so far with a value of Rs 217.62 crore on the NSE. It traded at a price-to-earnings multiple of 71.93 and a price-to-book ratio of 5.77.

Uddhav Thackeray faction on March 7. As reported by PTI, this petition challenges the decision of Maharashtra Assembly Speaker Rahul Narwekar, who declared Chief Minister Eknath Shinde's Shiv Sena bloc as the "true political party" following the party's division in June 2022. Moreover, the Thackeray faction's plea was set to be heard on March 1 before a bench led by Chief Justice D Y Chandrachud.

Atishi is also likely to present the budget for the 2024-25 financial year next week on March 4, according to sources. This will be Atishi’s first budget as Delhi’s Finance Minister after she was inducted into Chief Minister Arvind Kejriwal’s cabinet in March last year. The budget session of the Delhi assembly began on February 15 and was expected to run until February 21.

Indian Express has stated that Pandya committed to play for Baroda in the Syed Mushtaq Ali T20s and Vijay Hazare Trophy when he is not involved with the national team. Citing a senior BCCI official, the IE also reported that Pandya has affirmed his intention to maintain his partnership with Baroda in domestic tournaments whenever he is not on national team duty. “We have had discussions with Pandya, who has been told to play domestic white-ball tournaments when he is available.

India Q3 GDP data: Indian economy grows by 8.4% in Dec quarter driven by construction, manufacturing sector Asia's third-largest and the world's fastest-growing major economy expanded 8.4% in the October-December quarter, partly helped by a surge in manufacturing, according to data released by the government on Thursday. That growth rate was much stronger than the 6.6% expansion predicted in a Reuters survey, where the highest forecast was 7.4%. The manufacturing sector, which accounts for 17% of India's economy, expanded 11.6% year-on-year last quarter.

₹30 lakh crore, which accounts for 7.7% of the total value of all listed companies in India. The billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries topped the chart of biggest holdings of retail investors. They held ₹1.58 lakh crore worth Reliance shares.

1] GDP of India: “In another pleasant surprise, India's real GDP grew 8.4% YoY in 3QFY24, compared to the market (and our) forecast of 6.5-7%. Further, the last two quarters' growth was also revised up to 8.1% (from 7.7% earlier). FY22 growth was revised up to 9.7% (from 9.1%) and FY23 was revised down to 7% (from 7.2%).

Stock market today: After the announcement of India's stellar gross domestic product (GDP) for the third quarter of the current fiscal year, auto stocks in India are witnessing strong demand since early morning deals on Friday. Tata Motors shares are up over 2 per cent, Mahindra & Mahindra (M&M) share price is up by around one per cent, Bajaj Auto share price gained to the tune of 2 per cent, Hero MotoCorp shares gained around 1.50 per cent, whereas Maruti Suzuki and Ashok Leyland shares gained nearly one per cent in early morning deals on Friday. According to stock market experts, auto stocks are in an uptrend today as the real GDP of India for Q3FY24 has come to 8.4 percent, which is much better than expected.

HyperOS experience. March will witness the deployment of HyperOS to a new set of devices in India, including the Xiaomi 12 Pro, Redmi Note 12 5G, Redmi Note 12 Pro 5G, Redmi Note 12 Pro+ 5G, Redmi Note 13 5G, Redmi Note 13 Pro 5G, and Redmi Note 13 Pro+ 5G.

₹7,600 crore (or $222 million) semiconductor facility in Sanand, Gujarat, as part of India's chip push. The Union Cabinet on February 29 approved the establishment of three semiconductor plants with a combined investment of ₹1.26 lakh crore. To encourage domestic manufacturing of semiconductors, the government is also offering incentives amounting to ₹76,000 crore.

Purv Flexipack is likely to finalise the share allotment process today. Investors can check the status of Purv Flexipack IPO allotment by logging in to the official website of the registrar, which is Link Intime India in this case. Follow the step by step process mentioned below to check the status of allotment.

India's manufacturing industry enjoyed robust growth in February with activity expanding at its fastest pace in five months, led by accelerated global demand and lower inflationary pressures, a private survey showed. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 56.9 in February from January's 56.5, beating a preliminary estimate of 56.7. India's manufacturing PMI has been above the 50-mark that separates growth from contraction for 32 months.

Ambuja Cements Ltd. gained 1.21 per cent to Rs 613.9 at 10:30AM (IST) in Friday's trade. The counter hit a high of Rs 615.25 and low of Rs 607.0 so far during the session. The stock had closed at Rs 606.55 in the previous session. The counter had a total traded volume of 10:30AM shares so far with a turnover of Rs 3.73 crore on BSE. The stock traded at a price-to-earnings multiple of 38.48 and a price-to-book ratio of 2.29.

On the BSE, Sagar Diamonds(down 19.94 per cent), Indo Us Bio-Tech(down 12.44 per cent), Max Healthcare(down 8.91 per cent), Informed Tech(down 7.55 per cent) and Ind Swift Ltd(down 7.18 per cent) were among the stocks that plunged over 5 per cent during the session.

Lexus Granito(India)Ltd.(up 3.98%), MOIL Ltd.(up 3.77%), Madhav Marbles & Granites Ltd.(up 3.42%), Pokarna Ltd.(up 2.77%), Ashapura Minechem Ltd.(up 1.98%), Sandur Manganese & Iron Ores Ltd.(up 1.72%), Gujarat Mineral Development Corporation Ltd.(up 1.70%), Coal India Ltd.(up 1.45%), NMDC Ltd.(up 1.42%) and Aro Granite Industries Ltd.(up 1.11%) were among the top gainers.

The Employees' Provident Fund Organisation (EPFO), the retirement fund body, permits subscribers to withdraw funds from their EPF Account. To facilitate smooth withdrawals, members need to maintain accurate bank account records. Instances have occurred where individuals close their bank accounts without updating their new account details in their EPF Account. Incorrect bank details can result in failed credit transactions. Subscribers can rectify this issue by updating their bank account details through the EPFO portal.

Tube Investments of India Ltd. traded at Rs 3587.3 on BSE at 10:00AM (IST) on Friday, up 2.99 per cent from previous close. The stock quoted a 52-week low price of Rs 2432.0 and a high of Rs 4120.8.

Rs 420 after Paytm and Paytm Payments Bank mutually agreed to discontinue various inter-company agreements.

Deepak Shenoy, Founder, Capital Mind, says: “We would like to buy more when the stocks go up rather than just on declines. But we are still very positive on a few themes that are very specifically India, because of the infrastructure changes, because of the focus on a lot of Indian local domestic improvements where adding more players in logistics for instance allows us to see the urban and rural consumption divide narrowing down over a period of time because of accessibility, roads, rail, and cargo infrastructure. We are adding a few players. We have very little changes from last time but we have added a couple of special situations. Indian manufacturing space is where we are targeting. From semiconductors to a bunch of players around infrastructures, around domestic manufacturing, auto ancillaries we have added.” I understand you were part of that meeting where the finance minister met the fintechs. What really came out of it, was Paytm top of the heap? Deepak Shenoy: No, we were talking more about the problems faced by the fintech industry in general from a perspective of what could be done to improve the situation. Some of them involve a deeper consultation with the RBI, some of them are issues around how the taxation laws are created, some of them were ideas about new products.

Sadhav Shipping debuted with a premium of 42% on the NSE SME platform on Friday. The stock listed at Rs 135 as against an offer price of Rs 95. Ahead of the listing, the company's stock traded with a premium of Rs 30 in the unlisted market.

Indian equity indices traded with gains on Friday, as faster-than-expected domestic economic growth and in-line U.S. inflation data boosted sentiment. The BSE Sensex was trading 405 points or 0.56% lower at 72,905. Nifty50 was trading at 22,119, up 139 points or 0.63% at around 9.20 am.