Sensex gyrates 1,175 pts intraday, ends 535 pts higher; Nifty tops 22,200

Stock market highlights on Thursday, February 22, 2024: The Nifty50 index hit a record high of 22,252.5 in late deals

1:58 PM

Market check:: Sensex rebounds, recovers over 500 pts from day's low

1:50 PM

Hospital expansion, new business scale-up to drive gains for Apollo

The stock of the country's largest listed hospital company, Apollo Hospitals Enterprise, is up over 20 per cent since January 1, and half of these gains have come over the last fortnight. Better than expected performance in the October-December quarter (Q3) has led to earnings upgrades, while capacity expansion and rising revenue per bed could translate to strong revenue and profit growth over the next two years. READ MORE

1:38 PM

Traffic handled by major Indian ports hits 5-year high in January

The total traffic for the major ports was 72.5 mn tonnes, the highest since Feb 2019, according to data from the Ministry of Ports, Shipping, and Waterways and the Centre for Monitoring Indian Economy. READ MORE

1:25 PM

Stock of this upstream company has zoomed 100% in three months

In the past eight trading days, Oil India has surged 31% after the company achieved a commendable 5.68 per cent increase in crude oil production, reaching 2.511 million metric tonnes in Q3FY24. READ MORE

1:13 PM

Asian Market Update:: Hang Seng, Nikkei, Shanghai rally over 1%

Source: Yahoo Finance

12:50 PM

ALERT :: Chemfab Alkalis receives Consent to Establish for its OPVC Pipes division

>> The company has received Consent to Establish (CTE) for its OPVC Pipes division located at Sri City enhancing the production capacity from the existing 20 Tonnes Per Day to 65 TPD

>> With this, it can enhance our operations from 2 production lines to 7 production lines.

>> It will be commissioning their third production line by May’24 and the fourth production line by July’24.

>> Further 3 production lines are planned to be added in Financial Year 2025-2026.
 

12:36 PM

Sensex falls 1,000 pts in 2 days, Nifty below 22K: 3 reasons for sell-off

Hawkish US Fed minutes: The US Federal Reserve policymakers have signaled no urgency to pivot to rate cuts as concerns of "upside risks" to inflation begin to emerge, according to the minutes of the Federal Reserve's latest monetary policy meeting. READ MORE

12:24 PM

Grauer & Weil hits new high on bonus issue plan; zooms 50% thus far in CY24

With today’s rally, thus far in the calendar year 2024 (CY24), the stock price of Grauer & Weil (India) has rallied 50 per cent. In comparison, the S&P BSE Sensex was down 0.4 per cent. In past one year, the stock appreciated by 112 per cent, as against 21 per cent rally in the benchmark index. READ MORE

12:11 PM

Mutual funds pare holdings in Zee Ent by 40% post Sony merger deal fallout

The stock went into a free fall, declining 37 per cent in January, after about a dozen brokerages reduced their ratings on Zee and derated the stock. Shares of Zee are down nearly 5 per cent so far this month. Mahindra Manulife, PPFAS and ITI, which had small holdings in Zee as of December, exited the stock completely in January. According to the latest MF portfolios, HDFC, ICICI Prudential and Nippon had the highest exposure to Zee Entertainment among fund houses, shows data from Prime Database. Nippon MF had sold half of its holding in January. READ MORE

11:51 AM

Limited opportunities with PSUs; bet on dividend yield, momentum: Bernstein

Relative to historical averages, the PSU index, Bernstein cautions, is trading at a steep valuation of 11.2x forward price-to-earnings (PE) and 1.8x price-to-book (PB), which is one standard-deviation (+1SD) above the historical average.  READ MORE

11:35 AM

BSE index to rise about 9% in 2024, correction unlikely, suggests poll

Optimism in the stock market has also been driven by expectations the ruling Bharatiya Janata Party, led by Prime Minister Narendra Modi, will retain power in the upcoming national election. READ MORE

11:16 AM

Analysts bullish on ABB India's biz outlook; stock zooms 19% in two days

At 10:24 am, ABB was quoting 6 per cent higher at Rs 5,294.25 as compared to 0.72 per cent decline in the S&P BSE Sensex. The average trading volume on the counter jumped over four-fold today with a combined 2.2 million equity shares changing hands on the NSE and BSE. READ MORE

10:55 AM

India's Feb business activity accelerates to 7-month high on solid demand

Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services, according to a business survey released on Thursday, which also showed an easing in price pressures. Read

10:42 AM

HCLTech, Intel Foundry expand collaboration for semiconductor innovation

HCL Technologies (HCLTech) is expanding a longstanding collaboration with Intel Foundry to co-develop customised silicon solutions for semiconductor manufacturers, system OEMs (Original Equipment Manufacturers), and cloud services providers to enhance foundry services, according to a release on Thursday. Read

10:29 AM

Grasim gains 2%, hits record high on paint biz launch; Asian Paints dips 2%

Shares of Grasim Industries hit a new high of Rs 2,244.95, up 2 per cent on the BSE in Thursday’s intra-day trade after the company announced the launch of its paint business.
 

The chairman of the company Kumar Mangalam Birla will launch Birla Opus Paints Business and inaugurate three Birla Opus Paints plants at Panipat (Haryana), Ludhiana (Punjab) and Cheyyar (Tamil Nadu) on February 22, 2024 from its Panipat plant, Grasim said in an exchange filing. Read