Trade Financial News

VOC Port at Tuticorin in Tamil Nadu will become India's first green hydrogen hub as it will develop an ecosystem of green ports and also emerge as a transshipment hub when Prime Minister Narendra Modi launches numerous initiatives on February 28, Union Minister Sarbananda Sonowal said on Tuesday. Also, Chennai would become the gateway to the Eastern Maritime Corridor to Vladivostok, Russia, and further increase the bilateral trade between the two countries, he said. «Tomorrow PM Modi will lay the foundation stone, inaugurate, and dedicate to the nation 36 transformative projects worth over Rs 17,000 crore. This is a step towards Viksit Bharat @2047,» Sonowal told reporters here. About 30 projects under his Ministry of Ports, Shipping and Waterways worth Rs 10,324 crore would be inaugurated, foundation laid or dedicated by the prime minister, he said. Of these, six projects worth Rs 7,587 crore are only in the two ports in Tamil Nadu.

Siddharth Srivastava, ETF Products & Fund Manager, Mirae Asset Investment Managers (India), says “from a macroeconomic indicators point of view, there are no red flags. Things look robust. But I think investor expectations this year or for next year or so should be muted. Somewhere around low teens is what investors should be okay with unless and until there is a next good set of news which will provide the next momentum to the market.” Let us begin by discussing the market setup itself. We are very poised at an inflection point where there are no major triggers for the markets because elections are priced in, earnings are behind us, and there is no other major event ready to watch out for. What do you then think is the right expectation in terms of returns from the Indian markets this year? Siddharth Srivastava: From a valuation point of view, investors should remain cautious, especially in the microcap, smallcap category. There are pockets of opportunities, especially in the largecap and the midcap side. But markets will consolidate. Earnings need to come out at a reasonably good level to justify the valuations where we are currently on. I think that will drive the next possible support in the markets.

By Stefano Rebaudo

Investing.com — Workday (NASDAQ:WDAY) reported better-than-expected fourth-quarter earnings and detailed plans to acquire human resources group HiredScore in a bid to boost to its artificial intelligence capabilities. 

Investing.com — Zoom Video Communications (NASDAQ:ZM) has reported fourth-quarter results that beat Wall Street estimates thanks to solid demand for its products during a time of increased hybrid working habits.  

Varun Beverages Ltd. traded 3.26 per cent down in Tuesday's trade at 02:04PM (IST). Around 391,139 shares changed hands on the counter. The scrip opened at Rs 1532.8 and touched an intraday high and low of Rs 1532.95 and Rs 1475.3, respectively, in the session so far. Shares of the company of Varun Beverages Ltd. quoted a 52-week high of Rs 1560.3 and a 52-week low of Rs 633.3.

Meghana Malkan, Malkansview.com, says “there are two sectors that I would go by. One is the realty sector, the other is the pharma sector. Some kind of trade is being set in these two sectors. For example, when it comes to pharma, Zydus Lifescience is something I would be looking at. I will also be looking at Sun Pharma. Lupinis the third one.”. Let us talk about the market. It is pretty quiet, isn't it? We have been consolidating for a while now. We have seen these sharper moves towards the day and otherwise. But what is your view? What are you making of the moves coming in the markets? Will we see a prolonged phase of consolidation after hitting new highs? Meghana Malkan: Yes, we have been consolidating, but we are consolidating with the weakness at base. For example, if you talk about Nifty, I see very strong resistance coming at 22,200 and there are divergences on momentum indicators that makes Nifty on the weaker side. But where I see more weakness is in Bank Nifty. Bank Nifty is way weaker than Nifty and I believe it has a potential to go all the way down to 45,700. So, this is how I read both the indices.

Tata Elxsi Ltd. rose 0.93 per cent to Rs 7636.0 in Tuesday's trade. It hit an intraday high of Rs 7751.3 and low of Rs 7605.1, respectively, during the day. The stock quoted a 52-week high price of Rs 9191.1 and low of Rs 5883.05.

Jubilant Foodworks Ltd. traded 0.45 per cent down in Tuesday's trade at 01:39PM (IST). Around 38,443 shares changed hands on the counter. The counter opened at Rs 489.05 and touched an intraday high and low of Rs 492.2 and Rs 480.6, respectively, in the session so far. The stock of Jubilant Foodworks Ltd. quoted a 52-week high of Rs 586.35 and a 52-week low of Rs 412.2.

In line with the investor demand, the company's shares trading with a premium of Rs 102 in the unlisted market.

Tube Investments of India Ltd. dropped 0.76 per cent to Rs 3543.35 at 01:54PM (IST) in Tuesday's trade. The counter hit a high of Rs 3581.45 and low of Rs 3523.35 so far during the session. The stock had closed at Rs 3570.75 in the previous session. The counter had a total traded volume of 01:54PM shares so far with a turnover of Rs 0.37 crore on BSE. The stock traded at a price-to-earnings multiple of 51.86 and a price-to-book ratio of 12.43.

Shriram Finance Ltd. fell 6.91 per cent to Rs 2313.5 at 01:49PM 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 58,209 shares with a turnover of Rs 13.77 crore till 01:49PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 13.12, while the price-to-book value ratio stood at 1.08.

Voltas Ltd. traded at Rs 1096.85 on BSE at 01:44PM (IST) on Tuesday, down 0.08 per cent from previous close. The stock quoted a 52-week low price of Rs 745.0 and a high of Rs 1114.85.

By Linda Pasquini and Alexander Hübner

SINGAPORE (Reuters) -Bitcoin hit a two-year high on Tuesday on signs of large players buying the cryptocurrency, while smaller rival ether topped $3,200 for the first time since 2022.

The price of the leading cryptocurrency Bitcoin rallied over 10% to soar above $57,000 for the first time since November 2021. The price rally caused total shorts positions to bleed over $268 million in the last 24hrs, including $158 million in bitcoin shorts, as per Coinglass data.

OTC crypto crime appears to be on the rise in South Korea, where police say they have arrested a “multinational gang” who allegedly locked a woman in a car before stealing cash.

Bitcoin price soared to a two-year high, touching nearly $57,000 in Asian trading, marking a significant milestone in the cryptocurrency’s journey.

South African comedian and entertainer Trevor Noah has expressed regret over not investing in  Bitcoin (BTC)  during its early days when it was practically “worth nothing.” 

‘Viksit Bharat’. He sees the Indian economy rising further in leaps and bounds by making the country a 'developed nation worth $30 trillion economy by 2047. The Indian equity market has been an instrumental part of the country's economic growth.

₹429 crore from this public offer. Let us check Exicom Tele Systems IPO subscription status, GMP and other key details: Exicom Tele Systems IPO has been subscribed 1.75 times in total so far on Tuesday, the first day of the bidding process. The public issue received bids for 3.18 crore equity shares as against 1.82 crore shares on the offer, as per data available on NSE till 11:25 am.