Sensex gains 191 pts, Nifty nears 22,100; realty, auto shine, IT drops

Stock market highlights on March 22: In the broader markets, too, positive sentiment lifted the BSE MidCap index 0.38 per cent and the BSE SmallCap index 1.06 per cent

11:52 AM

IndiGo exploring purchase of widebody aircraft to counter Air India

The airline is still considering several options, with an order for about 30 Airbus SE A350s emerging as the most likely choice, said the people, who asked not to be identified because the information isn’t public. A decision could be announced in the next few weeks, the people said, cautioning that IndiGo could still change its mind about timing and the number of planes. READ MORE

11:42 AM

ALERT :: DB Realty enters into one-time settlement with Bank of India

>> The long pending issue between the Bank of India and the company stands resolved without any liability whatsoever to the company.

11:26 AM

IT shares sink as Accenture cuts guidance; TCS, Infosys, HCL fall up to 4%

Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, Coforge, Tech Mahindra, Persistent Systems, L&T Technology Services, LTIMindtree, and Mphasis from the Nifty IT index dropped between 2 per cent and 4 per cent. READ MORE

11:14 AM

ALERT :: Welspun Corp receives order worth Rs 2,039 crore

Check details here

11:00 AM

ALERT :: Gensol Engineering receives largest-ever EPC order from a leading power generation utility

>> Gensol Engineering has secured the largest-ever turnkey EPC order in size and value from a leading power generation utility in the state of Maharashtra.

>> The project involves the development of a 100 MWAC/135 MWp ground-mount solar PV power project across 500 acres in Maharashtra

>> Total order value stands at Rs 520 crore.

10:47 AM

5 reasons why the fall in mid, smallcaps in 2024 is not similar to 2018

Towards 2018-end, another round of market sell-off was triggered by domestic credit crunch in the non-bank finance companies (NBFC) space post IL&FS debt default, amid overall slowing gross domestic product (GDP) growth environment both globally and in the domestic market. READ MORE

10:30 AM

ALERT :: Man Infraconstruction acquires another project in South Mumbai

>> With the total construction area of approximately 22 lakh square feet offering a RERA carpet area of around 5.3 lakh square feet for sale, the project is expected

to generate total sales value of above Rs. 2,100 crore.

>> The project is executed under our asset-light Development Management (DM) model and we have secured a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP.
 

>> MICL is poised to achieve an expected Profit Before Tax of over Rs 400 crore from this project. 
 

10:14 AM

Apple loses $113 billion in value as European, US regulators close in

It’s not the first time Apple is coming under regulatory scrutiny. The company and its peers have for years faced accusations of enriching themselves by suppressing competitors. But as Apple’s products have grown ever-more popular and established themselves as part of daily life around the world, authorities have also become more combative and wary of its power. READ MORE

10:03 AM

VIEW: Trading volumes on a decline ahead of holiday-shortened week

In the near-term the market is likely to consolidate around the present levels without sharp up moves or down moves. In view of the truncated next week with only three trading days, volumes have dipped significantly in recent days.

This is likely to continue. However, big intraday dips are likely to be bought since DIIs are sitting on big cash and there is value in pockets of largecaps like banking.

IT is likely to remain under pressure in view of the poor guidance from Accenture. Any sharp intraday up moves may face selling from FIIs since the US bond yields continue to remain high.

 

Global market construct continues to be supportive with the US and Japanese markets posting new record highs. A significant takeaway from the Fed chief’s message yesterday is the upward revision in the expected US GDP growth in 2024 to 2.1% from 1.4%. This augurs well for the global economy.

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

9:45 AM

TVS Holdings rises 2%; declares interim dividend of Rs 94 apiece

9:43 AM

PCBL up 2%; board to meet on March 27 to consider fund raising

Its board will meet on March 27, 2024 to consider and approve the proposal for raising of funds by way of issue of one or more instruments/ securities.

9:40 AM

Sarda Energy zooms 12% as its JV wins licence for iron ore block

Its JV subsidiary Natural Resources Energy Pvt Ltd has been awarded the Letter of Intent for composite licence for Surjagad 1 iron ore block in the state of Maharashtra. 

9:38 AM

Mazagon Dock up 2%; to lease land parcel at a cost of Rs 354 crore

The company said it will lease a land parcel measuring from the Mumbai Port Authority (MbPA) for its Mumbai yard at a cost of Rs 354 crore and for a period of 29 years. 

9:35 AM

BDL gains 2% on announcing dividend; stock split plan

The company's board has approved an Interim Dividend of Rs 8.85 per share. It has also given a nod to a sub-division/ stock split of existing 1 share into 2 shares of face value of Rs 5 each. 

9:33 AM

Prestige Estates up 4% on announcing new land acquisiton for Rs 468 crore

It has announced its latest acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR, for Rs 468 crore. The acquired land will be developed primarily as residential, complemented by education and retail.