Banks, Metals, Capital Goods lift Sensex 213 pts; Adani Group shares slip

CLOSING BELL ON AUGUST 23, 2023: The NSE Nifty 50 ended with a gain of 48 points; Shares related to Chandrayaan-3 mission were also in demand on Wednesday.

1:12 PM

Asian Market Update:: Shanghai slips up to 2% in mixed trade

Source: Yahoo Finance

1:02 PM

ALERT :: USFDA approves JB Pharma's ANDA for Doxepin Hydrochloride Capsules

>> Approval received for 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg capsules, the generic version of Sinequan (Pfizer)

>> This is used for the treatment of anxiety, depression, and other target symptoms of psychoneurosis

>> The drug will be manufactured at JB Pharma’s formulation manufacturing facility in Panoli, Gujarat

>> Doxepin Hydrochloride Capsules had an estimated annual sales of $23.90 million in the United States as of June, 2023

 

12:54 PM

Liquidity continues to be in deficit, banks expect RBI repo auction

“The neutral level of liquidity is around Rs 65,000 crore-70,000 crore. Only to maintain RTGS (Real Time Gross Settlement) or any funds transfer, a bank has to maintain at least Rs 75,000 crore excess liquidity, more than the CRR (cash reserve ratio) requirement. So, a bank cannot fund it by borrowing at 6.75- 6.77 per cent continuously. So, Rs 1 trillion to Rs 1.5 trillion of banking liquidity is a must,” a dealer at a state-owned bank said. READ MORE

12:43 PM

Goldman sees India IT growth pick up in medium-term; initiates coverage

"Given the structural advantages of a large, skilled and low-cost workforce, coupled with a diversified geographical footprint, we expect Indian IT firms to continue gaining share." They also note that historical data suggests periods of economic slowdown have been followed by elevated growth for Indian IT services companies, driven by increased enterprise outsourcing and pent-up demand. READ MORE

12:33 PM

BHEL, Adani Power: Mid-cap index hits new all-time high, eyes 40,000-mark

Nifty Midcap 100

Outlook: Moving towards 40,000

 

Despite the index experiencing selling pressure in the overbought category of the Relative Strength Index (RSI), the price action has remained dominant and succeeded to scale higher levels. The underlying momentum has been resilient and continues to attract bullish bias. The support area of 38,000 to 37,500 needs to be protected to hold the upside bias towards 40,000-level. READ MORE

12:23 PM

ALERT :: BHEL off lows as it manufactures India's first set of Catalysts for Selective Catalyst Reactors

>> The first set of indigenously manufactured SCR catalysts for the 5x800 MW Yadadri thermal power station in Telangana, were flagged off from the company’s Solar Business Division (SBD) unit in Bengaluru

>> BHEL has set up a state-of-the-art SCR catalyst manufacturing facility at its SBD unit to cater to NOx abatement in thermal power stations

12:13 PM

IDFC, IDFC First Bank up for 7 straight days despite market volatility

On Wednesday, IDFC registered a fresh 52-week high at Rs 125.25, and was up 0.8 per cent at Rs 124 with trades of around 4.15 lakh shares so far on the BSE. On the other hand, IDFC First Bank hit a fresh 52-week high at Rs 93.63, and was up 0.8 per cent at Rs 92.57 on the BSE. The counter had seen trades of around 11 lakh shares so far. READ MORE

12:05 PM

ALERT :: Brightcom Group issues statement on Sebi's interim order

>> We have immediately set up an internal team to thoroughly review the details and implications.

>> The company is evaluating potential action courses to address this situation effectively. We are in consultation with legal experts 

11:54 AM

ALERT :: Shriram Properties, ASK Property Fund invests Rs 206 crore in JV

>> Shriram Properties Limited and ASK Property Fund have announced a joint investment of Rs 206 crore towards 100% of development rights in an ongoing project in Chennai, through SPL's wholly owned subsidiary, Shrivision Elevations Private Limited.

>> The Project acquisition formalities were completed and is being launched as "Shriram 122 West" shortly.

>> With a total saleable area of 1.9 million square feet spread across two phases, the Project has an aggregate revenue potential of Rs1,200 crore in the next five years.

Click here for more details
 

11:44 AM

Comment :: Why were Jio Financial shares put in T2T category?

When a stock is expected to move to high volatility, it is put under trade-to-trade. The volatility in JFSL was expected since institutional selling was on the cards and interested buying too was expected. The volatility seen in the stock after listing justifies the decision to move the stock to the T segment.

Investors who are optimistic about the stock can buy from the market for delivery without any restrictions.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

11:35 AM

Suzlon freezes at 5% upper limit, hits 6-year high; up 25% over QIP price

With today’s gain, Suzlon Energy was trading 25 per cent higher over its qualified institutional placement (QIP) issue price of Rs 17.55 per share. On August 14, the company had raised Rs 2,000 crore by allotting 1,139.6 million shares to qualified institutional buyers. The company proposed to utilise the proceeds for the repayment of a portion of certain outstanding borrowings availed by the company; and general corporate purposes. READ MORE

11:25 AM

Buzzing stock :: SCI sprints 9% amid demerger buzz

>> According to a report, the Ministry of Corporate Affairs has issued order for demerger of SCI

>> Demerged entity to be listed shortly

>> SCI is yet to issue statement on the report.

11:13 AM

SoftBank-owned Arm files for IPO in US, could be biggest in nearly 2 years

It could rank near or even just below the tech industry's largest-ever IPOs: Alibaba Group Holding Ltd's $25 billion 2014 offering and 2012's $16 billion debut by Meta Platforms, then known as Facebook Inc.

 

Masayoshi San-led SoftBank acquired UK-based Arm in 2016 at a valuation of $32 billion. On Monday, when the papers were filed, the company's value was reported at $64 billion. READ MORE

11:03 AM

ALERT :: L&T Construction wins 'large' order for its Power Transmission & Distribution business

>> Large order wins are in the range of Rs 2,500 to 5,000 crore

>> Stock hits 52-week high pf Rs 2,726, up 1%

10:53 AM

Linde India at new high, soars 16% in 2 days on winning LoA from Indian Oil

"The company has been awarded a ‘Letter of Acceptance’ dated 22 August 2023 by Indian Oil Corporation Limited (IOCL) in connection with the job-work contract for setting-up of Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex for production and supply of Instrument Air, Plant Air and Cryogenic Nitrogen to IOCL Panipat Refinery Expansion Project (P25)," Linde India said in an exchange filing. READ MORE