Sensex drops 533 pts in broad selling; IT, metals worst hit; VIX jumps 4%

Stock market highlights on Monday, February 26, 2024: The Nifty50 shut shop at 22,122, down 91 points or 0.41 per cent. The mid, small-cap indices fell up tp 0.3 per cent.

1:01 PM

Data Patterns surges 24% in 3 days after govt eases space FDI norms

Shares of Data Patterns (India) rallied 8 per cent to hit a record high of Rs 2,550 on the BSE in Monday’s weak intra-day trade. The stock surpassed its previous high of Rs 2,484 touched on September 1, 2023. In comparison, the S&P BSE Sensex was down 0.5 per cent at 72,781 at 12:31 PM. Read

12:46 PM

Adani shares buck trend, rally up to 5% in a slippery market

Shares of Adani Group were seen outperforming in Monday's intra-day deals, with gains up to 5 per cent in an otherwise slippery market. Read

12:33 PM

Intellect Design up 3%; Société Générale implements co's CTX platform

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena said its Corporate Treasury eXchange (CTX) platform has been successfully implemented in France by Société Générale. 

12:25 PM

One-year ascent: Mutual funds go from Rs 40 trillion to Rs 53 trillion

The journey of mutual funds (MFs) from Rs 40 trillion to nearly Rs 53 trillion in the past year is mostly driven by mark-to-market gains in the equity segment and appreciation in the value of debt and gold assets. Read

12:15 PM

Overseas loans' share in total Adani group debt portfolio declines

The share of foreign loans in total Adani group debt portfolio dropped to 61 per cent by September 2023 from 63 per cent as of March 2023, as the group repaid part of its foreign loans and refinanced part of older loans.  
 

The share of Indian lenders, on the other hand, rose to 39 per cent in the total debt pie in September 2023 from 37 per cent in March after a report by US-based short seller Hindenburg Research in January last year, which led to volatility in the share prices of group companies. Read

12:03 PM

Tata Group eyeing $1-2 bn IPO of electric vehicle arm in 12-18 mths: Report

The Tata Group is eyeing to list its electric vehicle (EV) unit Tata Passenger Electric Mobility Ltd (TPEM) as it aims to monetise its investments in the EV business, reported BusinessLine.
 

As per the report, the Tata group is aiming for a $1-2 billion initial public offering (IPO) of the EV unit and the listing could happen in the next 12–18 months. Read

11:48 AM

SpiceJet gains 2% as Celestial Aviation to withdraw insolvency plea against co

Aircraft lessor Celestial Aviation to withdraw insolvency plea 

 

Payment dispute with lessor celestial aviation has been settled, SpiceJet tells NCLT. 

11:39 AM

Realty, consumer services, capital goods see biggest m-cap expansion in 5 years

Real Estate, Consumer Services, and Capital Goods have experienced the largest market cap expansion over the last five years, while Media, FMCG, Auto, and IT have lagged behind the broader market trend, showed data analysed by Yes Securities. Read

11:29 AM

This beverages stock has zoomed 107% in 8 months; hits Rs 2 trn market cap

Shares of Varun Beverages (VBL) hit a new high of Rs 1,560.30, up 3 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market on healthy growth outlook in the forthcoming years.
 

In past one month, the stock has outperformed the market by surging 24 per cent, as compared to 1.3 per cent rise in the S&P BSE Sensex. Further, in past eight months, the market price of VBL has more-than-doubled or zoomed 107 per cent. Read

11:15 AM

Improving leasing trends to support and lay bricks of value for Reits

With the quarter witnessing the highest quarterly gross leasing for a few listed players, coupled with expectations of rising demand for office space, it is positive for listed commercial developers as well as real estate investment trusts (Reits). Read

11:02 AM

Near-term demand remains a concern for listed tile maker Kajaria Ceramics

The December quarter performance of the country's largest listed ceramic tile maker, Kajaria Ceramics, was subdued. Weak domestic demand in the quarter weighed on volumes, while revenues were also below par due to muted realisations. The stock has fallen 9 per cent from its highs this month, given a disappointing Q3 and near-term demand concerns for the rest of FY24. Read

10:43 AM

Paints shares lose sheen post Birla Opus launch; Asian Paints at 10-mth low

Shares of paint companies were under pressure, falling up to 5 per cent on the BSE in Monday's intra-day trade amid concerns that Grasim's entry into the paint sector will intensify the competition.
 

Shares of Asian Paints hit a 10-month low of Rs 2,850, as they slipped nearly 5 per cent after the brokerage firm CLSA downgraded the stock post Birla Opus launch. The stock of the paint maker was trading at its lowest level since April 28, 2023. Read

10:25 AM

Rural Indians are now spending more on processed food, drinks than cereals

For the first time, the share of beverages and processed food (including purchased cooked meals) in the total spending of rural Indian households has crossed that of cereals, according to the latest Household Consumption Expenditure Survey (HCES) released by the Ministry of Statistics and Programme Implementation (MoSPI). Read more

10:13 AM

Paytm gains 5% as RBI asks NPCI to become third-party application provider

Shares of One97 Communications (OCL) were locked in the 5 per cent upper circuit at Rs 428.10 on NSE in Monday's intraday trade after the RBI asked NPCI to look into the possibility of migrating Paytm Payments Bank customers, using the UPI handle '@paytm', to four-to-five other banks, in order to prevent any disruptions in the payment ecosystem. Read

10:06 AM

Skipper rallies 6% on winning Rs 737 crore order from Power Grid