Sensex snaps 3-day winning run, ends 362 pts down; Airtel, HDFC Bank drag

Market wrap on March 26, 2024: The NSE Nifty 50 shed 92 points, but managed to end above 22,000-mark. The BSE MidCap index, outperformed and finished with a gain of 0.7 per cent.

2:33 PM

ALERT:: Insolvency Petition filed against Strides arm; stock up 1%

2:18 PM

India making mistake believing 'hype' about growth, says Raghuram Rajan

India is making a big mistake believing the “hype” around its strong economic growth since there are significant structural problems that need to be fixed for the country to meet its potential, former central bank Governor Raghuram Rajan said. READ MORE

2:05 PM

SpiceJet settles liabilities worth $91 mn with Export Development Canada

Indian budget carrier SpiceJet said on Tuesday it agreed with government agency Export Development Canada to settle liabilities worth around $91 million, allowing it to take ownership of most of its Q400 aircraft.
 

The announcement sent the company's shares up 3.7% in afternoon trade. Read

1:55 PM

Mid-, Small-Caps: Correction coming to an end; Time to buy, says Nuvama

Equity markets, the mid- and small-cap stocks, in particular have witnessed a correction in month of March, while the frontline stocks outperformed. The NSE MidCap 100 index so far this month has declined 2.1 per cent, and the Nifty SmallCap 100 has shed 5.8 per cent. In comparison, the Nifty 50 has gained 0.3 per cent. Read

1:42 PM

Zerodha's Nikhil Kamath leads $10 mn round in coffee specialty brand Subko

Subko, a Mumbai-based brand known for its specialty coffee, craft-baked goods, and bean-to-bar chocolate, has secured a significant investment of $10 million. Leading the round is renowned investor and co-founder of Zerodha, Nikhil Kamath, valuing the company at approximately $34 million post-money. Read

1:29 PM

GAIL plans to commission its first green hydrogen project in April

State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said.

The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added. Read

1:16 PM

Sanghvi Movers up 9%, hits 52 week high on incorporation of subsidiary

Shares of Sanghvi Movers, a major player in the crane rental industry moved up 9 per cent at Rs 1,256 a piece in Tuesday’s intra day deals on BSE. In comparison, the BSE Sensex was down 0.33 per cent at 72,564 levels. Read

12:46 PM

S&P Global raises India's FY25 GDP growth forecast by 40 bps to 6.8%

S&P Global on Tuesday raised India's gross domestic product (GDP) growth forecast for Financial Year 2024-25 (FY25) by 40 basis points to 6.8 per cent or lower than the central bank and government’s projection of 7 per cent.

It expects India to grow at 7.6 per cent in FY24, making the projection in a report called "Economic Outlook Asia-Pacific Q2 2024: APAC Bides Its Time On Monetary Policy Easing". The New York-based agency retained India's GDP growth prediction for FY26 and FY27 at 5 per cent. Read more

12:39 PM

Smallcap stock zooms 10% as SBI MF buys 3% stake; HDFC MF holds 7% equity

Shares of smallcap firm Savita Oil Technologies soared 10 per cent to Rs 454 in Tuesday's intra-day trade as data revealed SBI Mutual Fund (MF) bought nearly 3 per cent stake in the specialty petroleum company via a block deal on Friday, March 22. 

NSE data showed SBI MF bought 2.07 million shares (20.73 lakh), around 2.99 per cent of the company's total paid-up share capital, at Rs 408 apiece from its promoter entity Mehra Syndicate. This was at a discount of nearly 1 per cent as of closing on March 22. Read more

12:36 PM

Foreign liquidity is drying up in small-and mid-cap space: What this means

Lately, there's been a slowdown. The quantum of new money coming into India from other countries (foreign investors) has dropped significantly. This is the slowest it's been since May 2023 as investors in Europe (Luxembourg) are pulling out a lot of money (outflows) while investors in the US and Japan are also investing less in India compared to usual. Read more

12:08 PM

Mankind Pharma slips 4% on Beige's likely 3% stake sale via block deal

Shares of Mankind Pharma slipped 4 per cent to Rs 2,117 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after over 3 per cent of its equity changed hands via block deals.

Till 11:13 am; as many as 14.2 million equity shares, representing 3.5 per cent of total equity of the pharma giant, changed hands on the NSE, exchange data showed. Read more

12:00 PM

RVNL zooms 6% on signing MoU with Airport Authority of India worth 294 cr

Shares of Railway Vikas Nigam Limited, the construction arm of Indian Railways zoomed 6 per cent at Rs 265 a piece in Tuesday’s intraday trade against a 0.36 per cent dip in BSE Sensex. 

The rally in the stock was seen after the company on March 22 notified the exchanges on entering into a Memorandum of Understanding (MoU) with the Airports Authority of India (AAI) to build an underpass linking the operational area to the AAI residential colony in Kolkata. The project is estimated to cost Rs 229.43 crore. Read more

11:47 AM

Life insurance shares in focus; Max Financial, HDFC Life rally up to 6%

In a relief for life insurance company investors, regulator Irdai has retained most existing surrender charges in the revised product regulations. However, policyholders who cancel their policies will not get as much as what was proposed under the draft exposure norms, which were aimed at curbing mis-selling in December 2023, reports suggedted. READ MORE

11:33 AM

RBI likely to hold rates steady until at least July on strong growth: Poll

"The combination of headline inflation remaining above 5 per cent and the strong Q4 GDP figures will likely leave Monetary Policy Committee (MPC) members cautious about cutting rates too soon," said Alexandra Hermann, a lead economist at Oxford Economics. READ MORE

11:17 AM

With mercury rising, analysts foresee summer surge for consumer durables

“Cooling products like coolers, ACs, and fans, thus, may see peak sales from March through May. As a result, the fourth quarter (Q4)/Q1 may see strong quarters for consumer durables companies. Early signs indicate that this year’s summer season could be exceptionally strong due to the early arrival of hot weather. Thus, we anticipate strong performance across the cooling product range,” said Anil R, a research analyst at Geojit Financial Services. READ MORE