Sensex ends 376 pts up, Nifty above 22K; Auto stocks rally, SpiceJet up 11%

Stock market highlights on February 16, 2024: Sensex, Nifty gain for fourth day; Paytm snapped its three-day decline to close at the 5 per cent upper circuit

2:40 PM

ALERT:: Zydus Life gets final USFDA nod for Isosorbide Mononitrate tablets; stock up 1%

Zydus Lifesciences in an exchange filing today said it received final approval from the USFDA for Isosorbide Mononitrate Extended-Release, Tablets USP, 30 mg, 60 mg, and 120 mg.

2:28 PM

Corporate finance firm REC to issue multiple-tenor bonds, say bankers

India's REC plans to raise funds through two bonds, one maturing in three years and two months and the other in 10 years, three bankers said on Friday.  
 

The state-run company plans to raise up to 30 billion rupees ($361.31 million), including a greenshoe of 25 billion rupees via shorter-tenor bonds, and up to 25 billion rupees, including a greenshoe of 20 billion rupees via 10-year notes. Read

2:14 PM

P2P lending; best in spring water brands: Top personal finance stories

M Rajeshwar Rao, deputy governor at Reserve Bank of India, recently at a public event highlighted the risks associated with lending on peer-to-peer (P2P) platforms. In this week’s lead story, Business Standard outline the main risks and suggest measures lenders can take to mitigate them. Read

2:02 PM

Paytm hits 5% upper limit after registering new low; stock down 58% in Feb

Shares of One97 Communications, which provides financial services under the Paytm brand and its banking arm Paytm Payments Bank, were locked in the 5 per cent upper circuit at Rs 341.50 on the BSE on Friday at 01:42 pm. Read

1:49 PM

Small Indian exporters reel as Red Sea crisis helps rivals nab business

The crisis has begun to upend global supply chains, with Chinese exporters also stumbling in pain. Many suppliers sign export deals on a cost, insurance and freight basis, making them responsible for any increases in freight and insurance costs. Read

1:33 PM

Aurobindo Pharma US FDA inspection at unit ends with zero observations

The US FDA inspection at synthetic peptide API facility was concluded with zero observations, said the company. 

1:15 PM

M&M hits new high, up 12% in 2 days; strong Q3, Volkswagen deal aid buying

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 1,864.65, as they rallied 6 per cent on the BSE in the Friday’s intra-day trade amid heavy volume after the company and Volkswagen signed supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs). Read

1:00 PM

SBI seeks lower reserve requirement for green deposits, says chairman

The State Bank of India has asked the Reserve Bank of India for a reduction in the cash reserve ratio that needs to be maintained on green deposits raised by banks, Chairman Dinesh Kumar Khara said on Friday.
 

Currently, banks have to maintain a CRR of 4.5 per cent on their total deposits, with no distinction provided for green deposits. Read

12:45 PM

Foreign investors back India bonds over pricey stocks in tactical bet

Overseas investors are pouring more money into India’s sovereign bonds than stocks, drawn by their relatively lower valuations and upcoming inclusion into global debt indexes.
 

Global funds have plowed a net $4.1 billion into the nation’s debt since Jan. 1, with government securities luring the bulk of the flows ahead of their addition to JPMorgan Chase & Co.’s emerging market index from June. Read

12:31 PM

India's economic growth may exceed 6% for rest of the decade: Goldman Sachs

India’s economic growth may exceed 6 per cent for the rest of the decade, driving more investments from China into the South Asian country, Goldman Sachs Group Inc.’s India economist said.   
 

The long term growth potential is likely “inching higher toward 6.5 per cent, or slightly higher,” Santanu Sengupta said in an interview with Bloomberg Television’s Haslinda Amin Friday. He forecast growth at 6.3 per cent for the next fiscal year that starts in April, lower than Reserve Bank of India’s projection of 7 per cent. Read

12:16 PM

Stock of this debutant SME solar company has zoomed 215% over issue price

Shares of Alpex Solar were locked in the 5 per cent upper circuit at Rs 362.70 on the National Stock Exchange (NSE) on Friday a day after BofA Securities bought over 200,000 shares of the company via open market on its listing. Read

12:04 PM

CV growth worries, sustainable margin gains key concerns for Bosch

The stock of auto component major Bosch has been hitting 52-week highs repeatedly over the past week on the back of a better-than-expected operational performance in the December quarter. Further, hopes of an improved gross margin performance have led to an upward revision of earnings per share of the company. Read

11:49 AM

Entero Healthcare makes weak debut; lists 5% below its issue price

Entero Healthcare Solutions made a weak stock market debut with its shares listing at a 5 per cent discount. The stock listed at Rs 1,201 against issue price of Rs 1,258 on the BSE in Friday.
 

On the National Stock Exchange (NSE), the stock of the pharmacy retail company listed 2 per cent lower at Rs 1,228.70 against its issue price. The stock hit an intra-day high of Rs 1,258. Read

11:35 AM

Auto shares rally; Maruti Suzuki, TVS, Hero Moto, Bajaj, M&M hit new highs

Shares of automobiles companies were in demand Friday as the BSE Auto index rose over 2 per cent, hitting a new high.
 

Maruti Suzuki India (MSIL), TVS Motor Company, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra (M&M) also made fresh highs on the BSE, rallying 3-4 per cent. Read

11:18 AM

IHMCL removes PPBL's name from list of banks authorised to issue FASTag

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel. Read