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12:47 PM
Govt may earmark Rs 4 trillion for next year’s food, fertiliser subsidies
The Ministry of Consumer Affairs, Food and Public Distribution has estimated next year’s food subsidy bill at Rs 2.2 trillion ($26.52 billion), the two sources said. That is 10 per cent higher than a projected outlay of nearly Rs 2 trillion ($24.11 billion) for the current 2023-24 fiscal year. READ MORE
12:30 PM
ALERT :: LIC becomes most valued PSU stock
>> M-cap tops Rs 5.7 trillion
>> Surpasses SBI, which has m-cap of Rs 5.56 trillion
12:21 PM
This PSU stock has zoomed over 100% in last six weeks
MSTC earns stable service income through the e-commerce business. The direct trading sales and service income from trading through facilitator mode (majorly purchase of raw material for secondary steel producers and petrochemical industry) has been gradually reducing with shift in focus towards the e-commerce business. READ MORE
12:08 PM
Fund houses on Sebi’s radar for sops to mutual fund distributors
Incentivising MFDs with such reward trips based on achievement of specific sales targets is not in line with the letter and spirit of regulatory guidelines. It should be totally avoided, Amfi said, asking industry players to withdraw such incentive programmes. READ MORE
11:53 AM
Trading Strategy :: How to trade markets amid Wednesday’s crash?
>> 21,650–21,500 is a key demand zone for the Nifty till buy-on-dip texture continues.
>> Below 21,500, we can expect short-term weakness towards the 21,000–20,800 zone.
>> Bank Nifty has key demand zone around 46,500–46,250; we can expect a bounceback at these levels.
>> Below 47,250, there will be a risk of further weakness. On the upside, 47,500–48,000 will be resistance areas
Views by: Santosh Meena, Head of Research, Swastika Investmart
11:22 AM
Adani stocks found buyers in India’s retail investors during Hindenburg row
“Many of the retail investors came in after the crash,” said Chakri Lokapriya, managing director at Mumbai-based asset manager RedStrawBerry LLP and former fund manager at BNP Paribas Asset Management. “They have exhibited a sense of maturity to hold on given that infrastructure companies take longer to realize their earnings potential.” READ MORE
11:08 AM
PNC Infratech sale could lead to valuation upgrades for road assets
Nearly 6,000-7,000 km of road projects are in the final stage of approval, which could come up for awarding in the near term. There are reports of the revamp of the process and drawing up of a new mega pipeline. Key players who stand to gain as awards pick up include L&T, NCC, HG Infra Engineering, PNC Infratech and Ashoka Buildcon. READ MORE
10:55 AM
ALERT :: PTC Ind arm signs long-term purchase agreement with Dassault Aviation
>> Aerolloy Technologies Limited, a wholly owned subsidiary of PTC Industries Limited, and Dassault Aviation, the French global leader in military aircraft, have announced a multi-year agreement for the supply of Titanium casting parts made in India.
>> From 2024 onwards, Aerolloy will produce the full range of Titanium castings parts for the Rafale multirole fighter aircraft and the Falcon business jet program.
10:25 AM
ALERT :: L&T Construction wins significant orders for its Buildings & Factories biz
>> The Buildings & Factories (B&F) Business of Larsen & Toubro (L&T) has secured orders in India & Oman.
>> The Residential Business of B&F has secured a significant repeat order from Government Planning & Development Authority, Maharashtra to construct EWS Housing, 14 towers and related infrastructure works in Navi Mumbai.
>> Further the business through the L&T Oman entity has been awarded the contract for a Mixed-Use Development project in Muscat by a reputed private client.
Alert: Significant order falls under ‘Rs 1,000 to 2,500 crore’ category
10:12 AM
Opinion | Davos 2024: Is India’s economic growth showing Chinese characteristics?
For one thing, the most-populous nation no longer needs qualifiers like “the world’s fastest-growing free-market democracy” to highlight its exceptionalism — at 7.3%, it’s expanding quicker than any other major economy. Nor does New Delhi need to apologize for frequent political change. Narendra Modi has been prime minister for the past decade, and will most likely win a third five-year term. For a West that has fallen out of love with China under President Xi Jinping, India is quite naturally the next big thing. READ MORE
9:43 AM
PNC Infratech gains 2% on order win worth Rs 1,174 crore
>> It has received Letter of Award from M.P. Road Development Corporation for projects worth Rs 1,174 crore.
9:37 AM
ICICI Securities slips 1% despite 67% Y-o-Y rise in Q3 net
>> ICICI Securities reported a standalone net profit of Rs 465 crore in Q3FY24, up 67 per cent Y-o-Y, while its standalone revenue from operations was Rs 1,322 crore, up 50 per cent on year.
9:35 AM
DCB Bank gains over 1% in trade as RBI okays appointment of Praveen Kutty as MD and CEO
>> he Reserve Bank of India has approved the appointment of Praveen Achuthan Kutty as the Managing Director & CEO of the bank for a period of three years with effect from April 29, 2024.
9:31 AM
TV18 Broadcast dips 2% as firm reports loss in Q3 vs PAT last year
>> It reported a consolidated net loss of Rs 55.83 crore for Q3FY24 as against net profit of Rs 37.81 crore Y-o-Y, due to investments made on the sports and digital segment.
>> Its consolidated revenue from operations was also down 5.17 per cent Y-o-Y to Rs 1,676.19 crore.
9:30 AM
ICICI Lombard zooms 5% on healthy Q3 show
>> The insurance firm reported a 22.4 per cent Y-o-Y rise in third-quarter profit at Rs 431 crore, helped by a growth in premiums and investment income.
>> Net premium earned during the quarter rose 13.5 per cent to Rs 4,305 crore.
9:27 AM
LTTS rises 2% in weak market as mgt maintains revenue guidance for FY24
>> L&T Technology Services, on Tuesday, retained its revenue growth forecast for the current financial year at 17.5 per cent – 18.5 per cent as all its five business verticals posted year-on-year growth for Q3FY24.
>> L&T Technology’s consolidated net profit rose to Rs 336 crore from Rs 297 crore a year earlier, marginally above analysts’ estimate of Rs 331 crore. Revenue from operations rose 12 per cent Y-o-Y to Rs 2,422 crore.
9:24 AM
HDFC Bank crashes 7% on mixed Q3
>> India’s largest private sector lender reported a 34 per cent jump in its standalone net profit to Rs 16,373 crore for Q3FY24, topping estimates by over 1 percentage point.
>> Net interest income (NII) increased 24 per cent Y-o-Y to Rs 28,471.34 crore, missing estimates.
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