In the broader market, the S&P BSE Mid-Cap index was down 0.38% while the S&P BSE Small-Cap index slipped 0.50%.
The market breadth was negative. On the BSE, 861 shares rose and 1455 shares fell. A total of 163 shares were unchanged. In Nifty 50, market breadth was positive with 21 stocks advancing and 28 stocks declining. 1 stock remained unchanged.
Buzzing Index:
The Nifty Realty index was up 0.92% at 302.50, outperforming the other sectoral indices on the NSE.
Phoenix Mills (up 7.33%), Unitech (up 4.95%), Housing Development and Infrastructure (HDIL) (up 4.72%), DLF (up 1.56%), Oberoi Realty (up 0.52%) and Sobha (up 0.42%) advanced.
Indiabulls Real Estate (down 2.63%), Sunteck Realty (down 2.36%), Mahindra Lifespace Developers (down 2.19%), Prestige Estates Projects (down 2.13%), Peninsula Land (down 1.62%), Parsvnath Developers (down 0.99%), Anant Raj (down 0.8%), D B Realty (down 0.24%), Godrej Properties (down 0.15%) and Omaxe (down 0.13%) declined.
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Stocks in Spotlight:
Navin Fluorine surged 18.59% to Rs 1438 after the company said that it has entered into a $410 million (about Rs 2900 crore) multi-year contract with a global company for manufacture and supply of a high performance product in the fluorochemicals space. The project will entail an investment of about $51.50 million (Rs 365.50 crore) in the manufacturing facility and $10 million (Rs 71 crore) in captive power plant. The company will execute this capex and the project through its wholly owned subsidiary, Navin Fluorine Advanced Sciences. The facility will be located at Dahej, Gujarat. The capex will be funded through a mix of internal accruals and debt. The supplies are expected to commence from Q4 of FY2022.
Sonata Software was up 0.07% to Rs 336.75. The company said that its wholly‐owned subsidiary, Sonata Software North America Inc, has signed an agreement to acquire upto 17% stake in US-based SemiCab. The strategic investment is aligned with Sonata's strategy of acquiring or making strategic investments in companies, that have IP that enables digital transformation of businesses. The investment will make Sonata's Platformation focus sharper in being the digital transformation partner of choice for customers in retail, distribution and other verticals that rely on logistics, the company said in a filing. The stake has been acquired for investment of upto $1.4 million in cash and upto $300K for services over a period of 1 year subject to SemiCab achieving agreed milestones.
Lupin added 0.22% to Rs 674.75. The drug maker in an exchange filing during market hours today announced the launch of Ethacrynic Acid Tablets USP after receiving an approval from the United States Food and Drug Administration (U .S. FDA) earlier. The company said that the product would be manufactured at Lupin's Nagpur OSD facility, in India. Ethacrynic Acid Tablets which are generic equivalent of Edecrin Tablets are indicated for the treatment of edema when an agent with greater diuretic potential than those commonly employed is required. The tablet is mainly used in treatment of the edema associated with congestive heart failure, cirrhosis of the liver and renal disease. It is also indicated for Short-term management of hospitalized pediatric patients, other than infants, with congenital heart disease.
Shilpa Medicare hit an upper-circuit limit of 5% at Rs 515.20 after its board approved the sale of biological unit of Shilpa Medicare through slump sale to Shilpa Biologicals, a wholly owned subsidiary of the firm. The biological unit is currently under construction stage and has not yet commenced commercial operations. The net worth of the proposed unit is estimated to be around 22% to 24% (i.e. Rs 321.77 crore approximately) on standalone financials basis. The consideration for the proposed sale will be paid in cash. The sale is expected to be completed on or before 31 March 2020 subjected to shareholder's approval. The announcement was made after market hours yesterday, 24 February 2020.
Numbers to Track:
MCX Gold futures for 03 April 2020 settlement fell 1.77% to Rs 42810.
In the foreign exchange market, the rupee appreciated against the dollar. The partially convertible rupee was trading at 71.86, compared with its previous closing low of 71.955.
The yield on 10-year benchmark federal paper fell to 6.366% at 14:23 IST compared with 6.367% in the previous trading session.
In the commodities market, Brent crude for April 2020 settlement was up 15 cents to $56.45 a barrel. The contract fell $2.20 or 3.76% to settle at $56.30 a barrel in Friday's trading session.
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