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Stock Market Live Updates: Nifty Ended Above 22k, Sensex Down 358 Pts; Realty Outperforms
On Tuesday, the Indian benchmark ended in red amid high volatile session. Nifty ended at 22,020.85 level down 75.90 pts or (0.34%) while Sensex ended 357.98 pts or (0.49%) lower at 72,473.96. On the Nifty pack the top 5 gainers were BAJFINANCE, HINDALCO, ADANIPORTS, BRITANNIA and NTPC whereas the top 5 losers were BHARTIARTL, POWERGRID, EICHERMOT, WIPRO and DIVISLAB.
TVS Srichakra Shares In Focus
The top 2- and 3-wheeler tyre company in India, Eurogrip Tyres, has started a thorough marketing campaign that highlights the tyres' exceptional grip. The centerpieces of the campaign are commercials featuring M S Dhoni and the players of his CSK team.
Top 5 Gainers and Losers Today
Stock Market Live Updates
Archies Shares In Focus
Archies Limited on Tuesday secured purchase orders for the supply of paper bags from Oaks India Industries Private Limited aggregating to Rs 78.60 Lakhs.
LIC Announces Big Update On GST Matters
On March 26, 2024, Life Insurance Corporation of India filed an appeal with the Commissioner (Appeals), Ahmedabad, against an order dated January 3, 2024, that was given by the Additional Commissioner, Central Goods & Service Tax, Gandhinagar. An appeal has been filed against an order that demands Rs. 19,64,584 in GST for the fiscal year 2017–18, coupled with interest and a penalty of Rs. 19,74,584.
Eicher Motors Incorporates Wholly Owned Subsidiary Royal Enfield Europe B.V.
Eicher Motors has established a wholly-owned subsidiary named Royal Enfield Europe B.V. in the Netherlands. This initiative aims to enhance the non-motorcycle supply chain presence in Europe.
Maruti Suzuki Recalls 11,851 Units Of Baleno & 4,190 Units Of WagonR
Maruti Suzuki India has initiated a recall of 11,851 Baleno units and 4,190 WagonR units produced between July 30, 2019, and November 1, 2019. The recall is due to a potential defect in a component of the fuel pump motor, which could, in rare instances, result in engine stalling or starting issues. Concurrently, Maruti has made an investment of Rs 1.99 crore in Amlgo Labs, a technology-driven startup, acquiring over 6.44% shareholding.
Uno Minda Enters License agreement With Starcharge Energy Pte
Uno Minda has forged a technical license agreement with Starcharge Energy Pte Ltd to produce and distribute electric vehicle supply equipment in India. These products include wall-mounted AC chargers tailored for easy home charging. Through this collaboration, Uno Minda enhances its range of EV-specific products for the passenger car market.
UltraTech Cement Commissions 1 MTPA Brownfield Cement Capacity At Roorkee
UltraTech Cement has initiated operations for a brownfield cement capacity expansion of 1 million tonnes per annum (mtpa) at Roorkee, Uttarakhand. This development has elevated the capacity of the unit to 2.1 mtpa, contributing to a total grey cement manufacturing capacity in India of 138.39 mtpa.
Shipping Corp Transfers All 16 Non-Core Assets To Shipping Corp Land & Assets
The Shipping Corporation of India has conveyed all 16 of its peripheral assets in Kolkata to the Shipping Corporation of India Land & Assets. Shipping Corporation of India Land & Assets was subsequently listed on the stock exchanges as of March 19, 2024.
Adani Ports Share Rally
Adani Group-backed ports flagship company, Adani Ports has made a big announcement of acquiring a 95% stake in Gopalpur Ports from its existing shareholders. Through this acquisition, Adani Ports continues with its strategy of East Coast to West Coast parity. On Tuesday, Adani shares traded near its 52-week high.
SRM Contractors IPO
SRM Contractors, a key player in civil construction, opens its initial public offering (IPO) today, March 26. The price band for the IPO has been set between Rs 200 to Rs 210 per equity share. The IPO comprises a fresh issue of up to 62,00,000 equity shares, totaling up to Rs 130.20 crore, with no offer-for-sale component.
Hinduja Global Solutions and its subsidiary reach an agreement for the sale of optical fibre assets
Indusind Media and Communications (IMCL), a subsidiary of the business, has agreed to purchase the optical fibre assets from Hinduja Global Solutions for a sum of Rs 208.04 crore. A bank guarantee was issued by the subsidiary Hinduja Global Solutions UK (HGS UK) for the release of million from Betaine BV to HGS International, Mauritius. This was due to the sale of the healthcare business in January 2022. HGS UK is now a subordinated creditor and guarantor. The guarantee will remain in effect through October 31, 2026.
Rupee Appreciates Against Dollar
The Indian rupee appreciated mildly in the opening bell. The rupee opened at 83.34 level against US dollar on Monday, compared to Friday's print of 83.43 per dollar. Rupee followed the trend of Asian currencies that strengthened against dollar index who faced profit booking. This comes after China and Japan take measures to defend their local currencies.
Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
“This Tuesday morning, amidst cautious optimism, traders focus on the Federal Reserve's inflation fight and upcoming policy meetings, with attention on the PCE index due Friday. Volatility is expected as March F&O contracts expire Thursday, while IT stocks may trade sluggishly following Accenture's revised revenue forecast. TCS kicks off the Q4 earning season on April 12th. Preferred trades include buying Nifty and Bank Nifty with specified ranges and targets. INDIGO, BANK OF BARODA, and DIXON TECHNOLOGIES are highlighted as bullish prospects. The top pick is INDIGO, with suggested entry, stop, and target points based on Momentum Play strategy.”
Telecom Egypt and Tejas Networks have announced a strategic cooperation
In order to replicate its experience implementing the Bharatnet (rural broadband project) and NKN (national knowledge network) projects in Egypt, Tejas Networks has signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute). The establishment of local manufacturing and research and development facilities for Fiber-to-the-Home (FTTH) products, the training of Egyptian engineers and technicians in cutting-edge telecom and networking technologies, and the establishment of technical support services in Egypt for both domestic and international clients are further significant areas of cooperation.
Beige Ltd, a ChrysCapital affiliate, may sell 2.9% of Mankind Pharma in a block transaction worth Rs 2,460 crore.
According to reports cited by CNBC-TV18, Beige Ltd., a subsidiary of private equity firm ChrysCapital, is seeking to sell a 2.90 percent share in pharmaceutical company Mankind Pharma through block agreements. According to the source, the offer price for the transaction is probably going to be between Rs 2,103-2,214 per share, which represents a discount of up to 5% from the previous close. Beige Ltd will receive Rs 2,460 crore from the deal at the lower end of the offer price. Based on the most recent shareholding data provided by Mankind Pharma, the ChrysCapital affiliate is the owner of 2.99 percent of the firm.
Adani Ports Pays Rs 3,080 crore to acquire a 95% stake in Gopalpur Ports
The largest port operator in India, Adani Ports & Special Economic Zone Ltd., announced in an exchange filing on Tuesday that it has finalised agreements to purchase a 95% shareholding in Gopalpur Ports Ltd. from its current shareholders for a cash payment of Rs 1,349 crore.
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