Trade Financial News

By Jarrett Renshaw

Paytm founder Vijay Shekhar Sharma voiced confidence that his digital payments pioneer will overcome regulatory setbacks in India this year and stage a comeback as a stronger company. “The biggest thing that I’ve learned is that many times your teammate and adviser may not be getting it correct,” Sharma said at a financial technology conference in Tokyo Tuesday, his first public appearance since Indian regulators ordered his banking affiliate to halt certain activities. “And it is important for you, yourself to be taking care of it versus just letting a teammate or a adviser suggest that what should it be.” Sharma is fighting to put his digital-payments company back on stable footing after regulators placed severe curbs on the banking affiliate, the backbone for much of its financial and payments services. Both Paytm and Paytm Payments Bank are part of the billionaire’s fintech empire, but the bank isn’t controlled by the publicly traded mobile wallet pioneer.

Reserve Bank of India has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors said. The move is aimed at promoting the Indian currency in international trade and cutting dependence on dollars, said the executives, who asked not to be named due to the sensitivity of the matter. The government is worried that India’s booming demand for energy will put downward pressure on the rupee, and also wants to leverage the growth in consumption to its own advantage, they said. The three refiners — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. — have already approached oil exporters on the matter, but the suppliers are pushing back due to currency risk and conversion charges, the executives said. The central bank has asked the Indian refiners to bear part of the currency transaction charges, but they are also resisting the idea on the grounds it will erode margins, they said.

Karnataka aims to become a $1 trillion economy by 2032 by growing at a sustained rate of 18%, Industries minister MB Patil said on Monday. The state, he said, would soon bring out a new clean mobility policy that would make the state a premier destination for EV manufacturing. Patil, who was speaking at the inauguration of the 54th World Trade Centre Association (WTCA) Global Business forum, said that the state’s Industrial Policy for the period 2020-25 provided multiple financial incentives to create favourable economics for investors. “Karnataka is also partnering with technology companies to leverage industry 4.0 technologies and the state will drive automation and develop AI-powered subscription products or services,” he added. This was the first edition of the summit in Karnataka and the second held in India. The event, jointly organised by the New York World Trade Centers Association and Bengaluru World Trade Centers Association, was inaugurated by Deputy Chief Minister DK Shivakumar.

Tata Sons, the holding company of the Rs 30 lakh crore conglomerate, grows louder, investors have already started betting on Tata Chemicals which could be the biggest beneficiary of the mega IPO. Shares of Tata Chemicals rallied 8% to the day's high at Rs 1,084.80 on BSE on Tuesday. Classified as an upper-layer NBFC last year by RBI Tata Sons must list itself on stock exchanges by September 2025. It was last year reported that Tata Sons could be worth Rs 11 lakh crore and a 5% stake sale would lead to an IPO size of about Rs 55,000 crore.

Tata Motors into two separate listed entities — CV and PV — will eventually lead to the exclusion of the smaller stock (commercial vehicles unit) from Sensex and Nifty just like what happened during the demerger of Jio Financial Services from Reliance Industries (RIL). «Tata Motors is currently a member in all passive indices. However, once the demerger is complete, with the smaller entity (CV business) becoming a standalone entity, it will exit Nifty50 and Sensex. We're looking at a wait of around 15 months or so for this to materialise,» Nuvama's Abhilash Pagaria said.

Bajaj Holdings & Investment Ltd. slipped 1.45 per cent to Rs 8718.8 in Tuesday's trade as of 01:55PM (IST). The stock hit a high price of Rs 8860.6 and low of Rs 8687.3 during the session. The return on equity (ROE) for the stock stood at 10.97 per cent. Traded volume on the counter stood at 01:55PM shares and turnover at Rs 0.45 crore around that time. The stock of Bajaj Holdings & Investment Ltd. quoted a 52-week high price of Rs 9355.0 and 52-week low prices of Rs 5791.05, respectively.

ETFs. Bitcoin's price surged from $42,265 on January 1, 2024, to $68,537 on March 4, 2024. This surge represents a nearly 62% increase.

MphasiS Ltd. fell 2.27 per cent to Rs 2538.85 at 01:50PM hours (IST) on Tuesday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 4,537 shares with a turnover of Rs 1.15 crore till 01:50PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 30.58, while the price-to-book value ratio stood at 4.27.

long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase. -Bata India's stock price gained 2.46%, and open interest saw a rise of 1.93%.

LTIMindtree Ltd. traded 1.54 per cent lower in Tuesday's session at 01:45PM (IST). The stock opened at Rs 5203.55 and has touched an intraday high and low of Rs 5217.95 and Rs 5111.95, respectively, during the session so far. The stock quoted a 52-week high of Rs 6442.65 and a 52-week low of 4130.3. About 12,316 shares changed hands on the counter so far.

Tata Elxsi Ltd. dropped 0.43 per cent to Rs 7655.75 at 01:40PM (IST) in Tuesday's trade. The counter has hit a high of Rs 7690.0 and low of Rs 7607.65 so far during the session. The stock had closed at Rs 7689.45 in the previous session. The counter has had a total traded volume of 2451 shares so far with a value of Rs 1.87 crore on the NSE. It traded at a price-to-earnings multiple of 59.82 and a price-to-book ratio of 17.8.

digital assets like cryptocurrencies and non-fungible tokens (NFTs) are increasingly capturing investor attention. Take, for example, MicroStrategy, a publicly traded IT company, known for its products in market intelligence, mobile software, and cloud-based services. They increased their Bitcoin holdings to 193,000, by adding 3000 new BTC coins on February 26. This purchase was made when Bitcoin was trading around $51,000-$52,000, bringing their total investment to nearly $10 billion. While the potential for high returns is enticing, navigating this complex and volatile market requires a cautious and informed approach. Let’s explore the potential benefits and inherent risks of including digital assets in your 2024 portfolio, helping you decide if this investment aligns with your financial goals and risk tolerance.

Colgate-Palmolive (India) Ltd. fell 1.47 per cent to Rs 2540.0 at 01:35PM hours (IST) on Tuesday. Earlier in the day, the stock saw a gap down start to the session. As per data available on BSE, total traded quantity on the counter stood at 3,456 shares with a turnover of Rs 0.88 crore till 01:35PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 54.62, while the price-to-book value ratio stood at 23.88.

SpiceJet on Tuesday said that it has settled Rs 93-crore dispute with one of its aircraft lessor Cross Ocean Partners. SpiceJet said that as part of the arrangement, the airline will also benefit from transfer of airframe and an engine at no additional cost, augmenting its operational capabilities. The carrier last week said that it has mutually settled a Rs 250 crore dispute with another lessor Celestial Aviation.

Vishal Malkan, Malkansview.com, says: “I will go with the flavour of the week which is PSU banks which are doing well, like Canara Bank, Bank of Baroda. My favourite is PNB which has broken above that resistance of 125; closing above that, would be a good sign and we can look at targets of Rs 135, 140 and 145 in the next few trading sessions. Another stock which is doing well today is AB Capital.” Bank Nifty seems to be coming out of a slumber. There was a bit of a breakout. But today again, the market has tempered a bit. What is your view at the index level right now? Vishal Malkan: I will first go with the Nifty part, which has given a good breakout above that 22,200 in the last few trading sessions, sustaining above that, holding on to those levels. It looks like we can have further upside up to 22,700 odd. But as far as Bank Nifty is concerned, there is a slight kind of resistance which is not working out well, which is around 48,000, which was created in the last fall when there was a gap down, there is a big resistance. Once it crosses 48,000, then only we can look for fresh highs in Bank Nifty. Apart from that, stock specific, there are a lot of ideas where we can have decent returns.

Crompton Greaves Consumer Electricals Ltd. dropped 0.96 per cent to Rs 296.3 at 01:14PM (IST) in Tuesday's trade. The scrip hit a high of Rs 300.2 and low of Rs 295.25 so far during the session. The stock had closed at Rs 299.2 in the previous session. The counter had a total traded volume of 01:14PM shares so far with a turnover of Rs 0.45 crore on BSE. The stock traded at a price-to-earnings multiple of 43.76 and a price-to-book ratio of 7.01.

Bitcoin's runaway rally is being driven by investors in Asia. Traders in South Korea, China and other Asian countries are responsible for roughly 70% of bitcoin trading volumes, much like they were in 2021 when bitcoin last hit such heady highs, according to crypto exchange data from The Block.

Havells India Ltd. slipped 1.16 per cent to Rs 1534.15 in Tuesday's trade. It hit a high of Rs 1559.3 and low of Rs 1525.7 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 1343.22, while the 50-DMA was at Rs 1395.39. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

Delhivery shares: Kotak Equities upgrades stock to ‘Buy’, raises target price; sees over 24% upside Analysts at Antique Stock Broking said that "OMCs are up 70%–100% over the last four months compared to Nifty’s 15%. Despite the sharp run-up, valuations remain inexpensive and fundamentals robust. Both refining and marketing margins remain strong, while LPG is likely to turn profitable again in 2–3 months".

Russian Central Bank Governor Elvira Nabiullina says the country will use “several stages” to roll out its digital ruble.