Benchmarks end flat, MidCap index rises 1.5%; PSB, realty stocks in demand

Stock market highlights on February 7, 2024: In the broader markets, the BSE MidCap index gained over 1.48 per cent, while the BSE SmallCap index advanced 0.35 per cent

10:50 AM

Explained: What's working and what next for Paytm Payments Bank?

How about fresh deposits to my account in Paytm Payments Bank? 

According to the RBI, no further deposits, credit transactions or top ups will be allowed in any customer account, prepaid instruments, wallets, FASTags and NCMC cards, after February 29, 2024. The exceptions are any interest, cashbacks, or refunds which may be credited anytime. READ MORE
 

10:35 AM

Over Rs 15 trillion in direct tax mop-up comes in 'automatically'

There have been fluctuations in individual years, but the share of these routes has broadly shown a rising trend. The TDS route refers to payments being made after retaining tax, such as when a company deducts taxes before paying the salary of an employee. READ MORE

10:22 AM

ALERT :: Godawari Power receives Environment Clearance for expansion of Iron Ore Pelletization Capacity

>> Environment Clearance has been granted for expansion of Iron Ore Pelletization Capacity of the Company from 2.7 MTPA to 4.7 MTPA capacity at Siltara Industrial Area, Raipur, Chhattisgarh.

>> The entire project cost of expansion shall be met out of internal accruals of the company

>> The commercial operation of the expansion program is expected to be commissioned in Q1FY26
 

10:07 AM

SBI rallies 3%, hits all time high on positive medium-term outlook

Among PSU banks, SBI has a healthy provision coverage ratio (PCR), adequate capitalisation, a strong liability franchise, and an improving asset quality outlook, making it the best play of the resilient Indian economy, according to analysts. Healthy business growth, along with stable margins and asset quality, is likely to boost profitability, they said. READ MROE

9:55 AM

Comment :: 'Excessive speculation in low-grade stocks concerning'

A significant feature of the ongoing bull market is its ability to bounce back from dips. This makes the buy on dips strategy successful.

The bounce back happening now is being led by IT and supported by autos and pharma even as Bank Nifty continues to decline.

The fact that new leaders are emerging to take the market forward indicates that the uptrend is intact and new record highs are possible soon.
 

An area of concern is the excessive speculation in low-grade stocks where many are doubling in a few days. These excesses of a bull market warrant caution.

Investors should stay in the comfort of high quality stocks.

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

9:43 AM

Syrma SGS sinks 11% post Q3 results

9:42 AM

Nazara Technologies rallies nearly 3% as Q3 profit grows 47% in Q3

>> Nazara Technologies reported a net profit of Rs 29.52 crore for the quarter ended December 31, 2023, registering a 46.7 per cent jump Y-o-Y

>> Revenue from operations was at Rs 320.4 crore for the quarter, up 2 per cent Y-o-Y.

 

>> Ebitda increased by 24 per cent Y-o-Y to Rs 37.7 crore.
 

9:38 AM

Biocon declines 1.6%; receives ANDA approval for Dasatinib Tablets

>>  Biocon has tentative approval from USFDA for Dasatinib Tablets, which are used to treat Philadelphia Chromosome Positive Chronic Myeloid Leukemia.

9:37 AM

Navin Fluorine tanks 5% as Q3 net drops 27%, Ebitda 51%

>> It reported a 26.8% Y-o-Y decline in net profit at Rs 78 crore for the third quarter that ended December 31, 2023.

>> The company's revenue from operations dipped 11% to Rs 501.8 crore

>> At the operating level, Ebitda tanked 51.3% to Rs 75.7 crore

9:34 AM

Nykaa advances 3% as Q3 net nearly doubles

>> The parent company of Nykaa nearly doubled its consolidated net profit to Rs 16.2 crore during Q3FY24.

9:32 AM

Max Financial rallies 3% on Irdai's nod to Axis Bk for capital infusion in Max Life

>> Insurance regulator, Irdai, has approved capital infusion worth Rs 1,612 crore by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI.

9:30 AM

PB Fintech erases losses; Report say I-T dept may take action against co

>> The income tax authorities may soon begin assessment proceedings against online insurance aggregator PB Fintech, the parent company that houses online marketplaces Policybazaar and Paisabazaar, which has been under the scanner for regulatory lapses and KYC non-compliance, reports suggest. The stcok cracked 6 per cent on Tuesday.

9:28 AM

UPL dips 1% on Moody's downgrade, erases losses later

>> Moody's Investor Service has downgraded its senior unsecured rating (BA1 from BAA3) for UPL Corporation as well as the rating on the company's long-term junior subordinated bonds (BA3 from BA2). 

9:27 AM

Britannia Ind rises 1% amid market strength; Q3 numbers weak

>> Its consolidated net profit fell 40 per cent year-on-year to Rs 556 crore in Q3FY24. Revenue from operations was up 1 per cent Y-o-Y to Rs 4,256 crore. Zee Entertainment: The National Company Law Tribunal's Mumbai bench has issued a notice on Zee Entertainment's plea seeking the implementation of merger with Sony Pictures' India arm. The tribunal will take up the case on March 12.

9:25 AM

Buzzing in trade :: Paytm zooms 5% amid reports of Vijay Sharma's meeting with FM, RBI

>> : Paytm founder, Vijay Shekhar Sharma, met with Union Finance Minister Nirmala Sitharaman on Tuesday and discussed the ongoing issue of the company, ANI reported.

>> He also held talks with the Reserve Bank of India (RBI) to discuss regulatory concerns and know if the company can transfer its wallet business and electronic toll collection system FASTag, Business Standard reported.

>> However, the Reserve Bank of India (RBI) is considering either cancelling the licence of Paytm Payments Bank (Paytm PB) or superseding its board after the settlement of all pipeline transactions and nodal accounts are completed by March 15, Business Standard reported.