Market pulse at 11:15 AM today

Here is the stock market performance at 11:15 AM today.

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Escorts record highest ever February sales to 11,230 tractors led by healthy demand in domestic market

So far in the financial year FY21 (April 2020-February 2021), Escorts sales stand at 94,404 tractors rising by 17.2% yoy.

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Reliance arm invests an additional $26.76M in skyTran, raises stake to 54.46%; Stock jumps 1.5%

Incorporated in 2011, skyTran is a US-based technology company that has developed breakthrough passive magnetic levitation & propulsion technology.

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APL Apollo board nods amalgamation scheme of Shri Lakshmi and Apollo Tricoat

APL Apollo on Saturday approved a draft scheme of amalgamation of Shri Lakshmi Metal Udyog Limited and Apollo Tricoat Tubes.

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Godrej Properties emerges as the highest bidder for two plots in Navi Mumbai worth Rs166cr

The Mumbai-based real estate developer will acquire two plots in Sanpada, Navi Mumbai from the City and Industrial Development Corporation (CIDCO)

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Phoenix Mills allots 32,500 equity shares under ESOP; Stock gains 3%

Phoenix Mills allots 32,500 equity shares under ESOP

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Market pulse at 10:15 PM today

Market pulse at 10:15 PM today

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CARE revises credit ratings on Gayatri Projects' bank facilities; stock down 1%

The long-term rating on the companys bank facilities has been revised to CARE B from Care D with Stable Outlook.

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Markets rally after positive economic data; Sensex tops 780 pts, Nifty 50 climbs 210 pts; Bank outperforms; Power Grid leads

India's Gross Domestic Product (GDP) for the third-quarter ending December 2020 (Q3FY21), witnessed a marginal growth of 0.4% to Rs36.22 lakh cr against Rs36.08 lakh cr a year ago same period.

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RailTel stock hits new record-high after securing work order worth Rs106cr from Railways Ministry

The tenure for completion of three works is 18 months, the company said.

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Zensar Tech subsidiary completes divestment of 100% equity shareholding in Aquila; stock gains 3%

Zensar Technologies Inc. was holding 100% of the equity in Aquila but after divestment Aquila has ceased to be part of Zensar Group.

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Supreme Court of China penalised RMB 159.32 million on Camlin Fine Sciences' JV partner Wanglong Tech

Penalty of RMB 159.32 million has been levied by Supreme Court of China on Wanglong Technology for alleged infringement of intellectual property used in the process for manufacturing Vanillin.

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RBI bought net $3.99 billion in spot forex market in December

The Reserve Bank of India (RBI) bought a net $3.99 billion from the spot foreign exchange market in December compared to a net purchase of $10.26 billion in December, its monthly bulletin released on Monday showed.

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NSE triples its investment to INR 900 crores in technology infrastructure over last 3-4 years

NSE's tech initiatives are driven by a strong technology workforce of approximately 1500 plus employees and vendor staff.

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Stock market news that you should not miss today

Here is the important stock market news to watch out for today.

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SGX Nifty indicates positive opening for Indian markets

For today, expect Chinese stocks also to see a strong rebound as factory data due today could see sharper than expected growth.

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Top stocks in focus: Reliance Industries, Axis Bank, Bharti Airtel, DLF, auto stocks

Check out the stocks that will be in focus during trade today based on recent and latest news developments.

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Commodity Mantra Morning Update: Metals lower oil sideward

Here is our technical view on Commodities.

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Companies recast performance metrics during Covid

Given that many organisations plan to have work-from-home this year as well, the major changes in the process are the evaluation parameters and appraisal outlook, where organisations are more outcome-focused than the number of working hours clocked in.

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First spectrum auction in 5 yrs starts today

The government will begin the auction of mobile telecom airwaves for the first time in five years from Monday as around 2,250MHz of spectrum — worth nearly Rs 4 lakh crore at just the reserve price — will be sold across various bands. The designated 5G sale will happen later.

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Berkshire buys back record $25bn of stock

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Automatics find more buyers in used car market

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IDBI ties up with LIC arm for credit card

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Pakistan explores options to import cotton from India to meet shortfall

The Economic Coordination Committee of the Khan cabinet will take a final decision on the matter, according to a report in Pakistani daily The Express Tribune. Khan also holds the commerce portfolio.

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Govt extends last date for annual GST filing till March-end for FY 20

"In view of the difficulties expressed by the taxpayers in meeting this time limit, government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021 with the approval of Election Commission of India," the Central Board of Indirect Taxes and Customs (CBIC) said Sunday.

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Household inflation expectations above official numbers under inflation targeting regime: Report

CPI inflation consistently remained above the upper band of the target between above April and November caused largely by supply side constraints created by the pandemic induced nation-wide lockdown.

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Mobile app improves price data collection of essential commodities: Govt

The mobile app for price monitoring for 22 essential commodities has started providing effective real time information about retail and wholesale prices from 127 locations across the country, the statement said.

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Companies 'feel betrayed' due to capping of Covid vaccine price: Shaw

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1 crore more free LPG connections in 2 yrs: Oil Secretary

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Pakistan may resume import of cotton from India: Report

Citing sources in the Ministry of Commerce, The Express Tribune reported that Adviser to the Prime Minister on Commerce Abdul Razak Dawood may take a decision on whether to import cotton and yarn from India next week.

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The five hotspots where food prices are getting people worried

Global food prices are at the highest in more than six years, driven by a jump in the cost of everything from soybeans to palm oil because of demand from China, vulnerable supply chains and adverse weather.

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Odisha keen to sign up for PLI scheme for electronics and IT

“We are keen on the IT PLI because the state is well connected and there is availability of skilled labor. It is a huge and aspirational sector for us,” said Nitin B Jawale, Managing Director, Industrial Promotion and Investment Corporation of Odisha, the investment promotion agency of the state.

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96 per cent people faced drop in earnings during lockdown: Survey

Job losses and non-availability of casual work were the key reasons for this, and every fifth respondent was forced to go hungry because of no money to buy food, Mukta Srivastava, Maharashtra's convener for the Anna Adhikar Abhiyan, told.

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NHAI develops single lane of 25.54 kms road in record time

According to Gadkari about 500 employees of the contractor company worked hard for this. "Along with these employees, I congratulate the National Highways Authority project manager, officers, all the representatives of the contractor company and the project officers," Gadkari said.

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View: It makes sense to export, not scrap old cars

ities must definitely ban vehicles that cannot pass emission tests, and this has nothing to do with age: many vehicles are serious polluters because of bad maintenance even if relatively new. Indian cities need mandatory vehicular testing every two years, as in the US, by serious institutions.

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IndiGo to operate 5,000-series flights from T1 in Mum

IndiGo will be operating flight numbers with subset series 6E 5500-6E 5900 to and from Terminal 1 (Vile Parle) at the Mumbai International Airport from March 10 as directed by Mumbai International Airport Limited (MIAL), said the airline in a press statement on Saturday.

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Ind-Ra upgrades FY21 credit growth estimates to 6.9%

On account of the excess liquidity in the system, a similar trend was observed in CD-overnight index swap negative spread, which is showing green shoots in credit demand.

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We must continue to trade with China: Bajaj Auto MD Rajiv Bajaj

Favouring continuation of trade with China, Bajaj Auto managing director Rajiv Bajaj on Saturday said goods should be procured from wherever they are most competitively available. He was speaking at a session on 'Building Reliable Supply Chain' at the second day of the three-day virtual Asia Economic Dialogue 2021, jointly convened by the ministry of external affairs and Pune International Centre.

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PM asks toy makers to use more eco-friendly material

Prime Minister Narendra Modi on Saturday exhorted toy manufacturers to use less plastic and more eco-friendly and recyclable material in a bid to increase the share of the domestic industry in the global market. Inaugurating the first India Toy Fair, the Prime Minister said, "We have to become Aatmanirbhar in the toy sector and also cater to the global market".

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Indian Oil plans $4.5bn Panipat refinery expansion

Indian Oil Corp will invest Rs 32,946 crore ($4.46 billion) to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the country’s top refiner said on Friday.

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Gadkari urges MSMEs to install rooftop solar

The minister for micro, small and medium enterprises (MSMEs) and road transport & highways said rooftop solar offers an excellent value proposition to MSMEs by significantly bringing down cost of electricity consumption, which on an average, is up to one-fifth of their operations cost.

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FM highlights India's Covid response at G20 meet

Speaking at the virtual meeting of the G20 finance ministers and central bank governors, she said India's domestic policies have been based broadly on supporting citizens through measures such as credit guarantees, direct transfers, food guarantees, economic stimulus packages and accelerating structural reforms.

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Trading halt: NSE defends decision to stay with primary site

The country's largest stock bourse NSE on Friday said it stuck to the primary site for carrying out trading on Wednesday and did not switch to the disaster recovery site after a considered view while dealing with telecom connectivity issues which led to the nearly four-hour halt in trading earlier this week.

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Govt sets 50L users threshold for 'social media intermediary'

The government has fixed fifty lakh registered users as the threshold for defining 'significant social media intermediary', which will have to adhere to additional obligations and compliance under the new IT rules that seek to crack down on misuse of social media platforms.

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Maruti crosses 20 lakh cumulative exports mark

The country's largest carmaker Maruti Suzuki India (MSI) on Saturday said it has achieved the milestone of 20 lakh cumulative exports. The auto major achieved the milestone as a batch of products comprising S-Presso, Swift and Vitara Brezza left for South Africa from the Mundra Port in Gujarat.

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Govt sets 50 lakh users threshold to define 'significant social media intermediary' under IT rules

The government has fixed fifty lakh registered users as the threshold for defining 'significant social media intermediary', which will have to adhere to additional obligations and compliance under the new IT rules that seek to crack down on misuse of social media platforms.

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FM Nirmala Sitharaman attends G20 Central Bank Governors' Meet

Union Finance and Corporate Affairs Minister Nirmala Sitharaman has participated virtually in the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Italian Presidency to discuss policy actions for transformative and equitable recovery.

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RBI extends due date for NPCI-rival NUE

The RBI has extended the deadline for submitting applications to set up a new umbrella entity (NUE) in the payments system that will rival the National Payments Corporation of India (NPCI). Earlier, interested parties were to submit their application by February 26, which has now been extended to March 31.

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Global demand for non-ferrous metals helps Indian engineering exports survive pandemic

A near 16 per cent increase in overall engineering exports during January,2021 over the same month last year was influenced by a sharp rise of 66.66 per cent in shipments of copper/products to USD 138.50 million from USD 83.10 million.

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US owes India USD 216 billion as American debt soars to USD 29 trillion: lawmaker

America's national debt was USD5.6 trillion in 2000. During the Obama administration, it actually doubled. In 2020, the US national debt was USD 23.4 trillion, that was USD 72,309 in debt per person.

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'US owes India $216bn as debt soars to $29tn'

The US, the world's largest economy, owes India $216 billion in loan as the country's debt grows to a record $29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan.

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Covid claims cross Rs 9,000 crore mark: Irdai

nsurance companies have settled claims worth Rs 9,078 crore arising out of the coronavirus pandemic, regulator Irdai’s chairman S C Khuntia said on Friday.

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Rupee sinks 105 paise, worst fall since March

The domestic currency crashed by over a rupee against the dollar on Friday to close at 73.47 — the biggest single-day fall since the post-pandemic crash on March 23, 2020. Bankers said that the rupee and government bonds fell in tandem with the selloff in equities and a surge in the dollar as global markets turned risk-averse.

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View: Can digital news media be blocked?

The very fact that a publisher has control over the content disentitles them to be categorised as ‘intermediary’. To frame rules therefore for OTT, which may not fall within the category of ‘intermediary’ and online news media, which will possibly not fall within this category may therefore be totally unsustainable.

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Need same inflation target for 5 more years: RBI

The Reserve Bank of India has said that the current inflation target of 2-6% should continue for the next five years as consumers still have expectations of an elevated inflation. The central bank’s statement comes at a time when some commentators have said that it should be more tolerant of inflation in the wake of the economic crisis brought about by the pandemic.

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Zomato to shut office catering business

The Delhi NCR-headquartered food tech company had acquired Bengaluru-based online caterer and office canteen aggregator Tonguestun Food in 2018 for an estimated $18 million to foray into the space, which industry executives said is highly unorganised.

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Rising fuel cost pushes India Inc to hike prices

Rising fuel expenses are having a cascading effect on manufacturing costs across sectors, which is resulting in higher prices for the end consumer. On Thursday, RBI governor Shaktikanta Das also pointed out that rising fuel prices have a cost-push factor.

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Economy out of recession, 0.4% growth in October-December

Growth returned to the economy in the October-December quarter of 2020-21 helping it to move out of the recession that had gripped following one of the strictest Coviv-19 lockdowns imposed last year. The contraction in the June quarter was 24.4% while in the September quarter it was 7.3%. An economy is said to be in recession after posting two consecutive quarters of contraction.

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Kaveri Seeds becomes world’s first seed producer to have over a lakh acres in production

The bulk of the newly acquired seed production area is dedicated to the non-cotton sector and mostly towards high-margin hybrid rice, maize and vegetable seeds, and nearly half of the land is located in and around the Telugu states of Andhra Pradesh and Telangana, India’s largest listed producer of hybrid seeds said.

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No material impact on revenues due to fire incident at Jhagadia unit: UPL

There are alternate sources available for the products that were manufactured in the said plant, the company responded to clarification sought by exchange.

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RailTel Corp beats bearish markets on debut by listing at a premium; Stock skyrockets 29% against IPO price

RailTel is admitted to dealings on the Sensex in the list of 'B' Group Securities.

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Zensar Tech gains over 2% after authorising subsidiary to divest 100% shareholding in Aquila

Company said, with a view to focus on the core businesses of Zensar group, over which it can exercise control, it is proposed to divest the investment by Zensar Technologies Inc. in Aquila.

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Paramount Communications allots over 1% cr equity shares to Promoters as part of Warrants; Stock dips 2%

The warrant holders have exercised the right to convert the warrants into equivalent number of equity shares of the Company.

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Nitin Gadkari on NHAI at webinar 'Highway to prosperity': Given up changing these people

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India looks set to beat recession even as new virus cases loom

New curbs on movement of people or restrictions on businesses are a risk to the nascent recovery, given that gains in the October-December quarter probably came from the reopening of the economy, which is primarily driven by domestic consumption. The government also boosted spending in the final months of last year to spur growth.

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Market pulse at 10:15 AM today

Here is the stock market performance at 10:15 AM today.

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Bank of Baroda approves fundraise of Rs4,500cr through QIP issue; stock slips 3%

The Bank has fixed a floor price of Rs85.98 per equity share for the QIP issue.

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Markets halt winning spree; Sensex sheds near 1,100 points; Banks worst hit; IndusInd, ICICI Bank, Axis Bank, HDFC twins weigh

Sensex was dragged by heavyweight banking, financials, auto, oil and tech stocks.

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Ashok Leyland completes acquisition of 38% shares in Hinduja Tech from Nissan International; stock dips 2%

The company acquired 5.85cr shares of Rs10 each of Hinduja Tech from Nissan International for a total consideration of Rs70.20cr.

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Dilip Buildcon becomes L-1 bidder for two HAM projects worth Rs2241cr

Both projects are expected to complete in 24 months.

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Ganesh Housing Corporation hits 52-week high despite downgrade in ratings by Brickwork

The credit rating agency has moved ratings of long-term bank facilities of the company from BWR BB- (Negative) to BWR B- (Negative) Issuer not cooperating.

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Sensex falls over 900 points in opening trade; Nifty below 14,850

Equity indices fell in opening trade on Friday with benchmark BSE sensex plunging over 900 points, as a spike in global bond yields sparked a sell-off in world equities. The 30-share BSE index dropped 905 points or 1.77 per cent to trade at 50,134; while the broader NSE Nifty was down 282 points or 1.87 per cent at 14,815.

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Wipro employees had a role in Citi's big blunder

Two Wipro employees had a role to play in what has been described as one of Citibank's biggest blunders. The case involves one where Citibank acted as an administrative agent for a term loan taken by Revlon, and where it was to wire approximately $7.8 million in interest payments to Revlon’s lenders.

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No check-in bag? Prepare to fly cheap on flights

Flying within the country without any check-in baggage could soon get much cheaper. Light fares offered by airlines for passengers with only cabin baggage, before the two-month domestic flight suspension last March, could be lower by a maximum of Rs 200 from the lowest level check-in baggage inclusive fares.

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After Rs 25 hike, LPG refill price up Rs 100 in Feb

Household cooking gas became costlier by Rs 25 on Thursday, marking the third increase this month, taking the total increase to Rs 100 per cylinder. The increase comes on a day benchmark Brent crude hit a 13-month high at $67.70 and global LPG (liquefied petroleum gas) has spiked on higher demand due to the recent cold wave that swept across the US and Europe.

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Stock market news that you should not miss today

Here is the important stock market news to watch out for today.

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SGX Nifty indicates negative opening for Indian markets

For today, expect global cues to see weakness in early trade as rise in yields could see banks under pressure.

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Top stocks in focus: Infosys, Kotak Bank, HCL Tech, Bank of Baroda

Check out the stocks that will be in focus during trade today based on recent and latest news developments.

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FB signs pay deals with 3 Australian news publishers

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'Reveal ‘originator’ of unlawful msg in 72 hrs'

Social media and global internet giants such as Facebook, WhatsApp, Twitter, Instagram and YouTube will not be able to withhold information on the source of unlawful and inflammatory messaging beyond 72 hours when asked by investigating and cybersecurity agencies, and will need to be more mindful and prompt to the requests of their subscribers, particularly women, on the removal of objectionable content.

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