Morning Update :– Power Grid Corp, Kotak Mahindra Bank, Dr Reddy’s Labs, LTIMindtree and ONGC were among major gainers on the Nifty, while losers were Coal India, Eicher Motors, Bajaj Auto, M&M and HDFC Life.
Sensex – Fall -82 Points at :- 72,625
Nifty 50 – Fall -33 Points at :- 22,088
Indian Market
FII AND DII
| FII Sold | Â 754.59Â Â Â Cr |
| DII Bought | Â 452.70 Cr |
Indian Market News
- Oil prices hover at three-week highs on Middle East tensions and China demand.
- The dollar rises above 150 yen as the US and Japan’s interest rate outlooks differ.
- Coal India plans to bid for three mines in key minerals auctions in February.
- Asian markets were mainly lower on Tuesday, with the Shanghai Composite down 0.6 percent and the Kospi down 1%.
- Sugar production is anticipated to decline in 2023-24: Industry
- Vibhor Steel Tubes will debut today: Stock may list at 86-92% premium to the IPO price.
- Zed and Sony made a last-ditch attempt to resuscitate their $10 billion merger deal
- China slashes mortgage reference rates more than expected to stimulate the property market.
- Capital One will buy Discover Financial in a $35.3 billion all-stock deal.
- JSW Steel is considering acquiring a 20% share in an Australian coal mine.
- Tech Mahindra gets 100% ownership in Orchid Cybertech Services.
Global Markets updates
GIFT Nifty
The GIFT Nifty’s trends show that the Indian stock market’s overall index had a flat start, losing 9 points, or 0.04 percent. The 22,162.50 level was the trading range for the Nifty futures.
Asian Markets
Tuesday’s early trading saw mixed results throughout Asian markets, with the Kospi down 0.6 percent and the Nikkei up 0.5 percent.
Gold Prices
Due to a small decline in the value of the US dollar and increased demand for safe-haven gold due to the Middle East crisis, gold prices on Monday reached their highest levels in over a week.
At $2,016.45, an ounce, spot gold was up 0.2 percent and at its highest level since February 13. US gold futures increased to $2,028.20, up 0.2 percent.
Crude
In a shortened session on Monday, Brent crude oil prices ended marginally higher as signals of declining demand countered supply worries stemming from Middle East tensions.
Because of the Presidents’ Day vacation in the United States, UBS analyst Giovanni Staunovo observed that oil markets had lower than average volume. Due to the holiday, Brent futures also settled earlier than usual.
The closing price of Brent futures was $83.56 per barrel, up 9 cents. The price of U.S. West Texas Intermediate (WTI) oil for March delivery increased 30 cents to $79.49 a barrel. This contract expires on Tuesday without a settlement.
At $78.35 per barrel, the WTI contract for April delivery was down 11 cents.
Dollar
In contrast to a recession in Japan and market scepticism about a near-term exit from its easy policy, sticky U.S. inflation supported the case for higher-for-longer interest rates on Tuesday, holding the yen close to a three-month low against the dollar.
Asia’s attention is focused on China’s loan prime rate (LPR) announcement, where it is anticipated that the country will lower its benchmark mortgage reference rate in an attempt to support its flagging economic development.
The offshore yuan slightly dropped to 7.2143 per dollar ahead of the result.
After surpassing the crucial 150 yen per dollar threshold for six consecutive sessions, the greenback last traded at 150.25 yen, which prompted warnings from Japanese officials in an effort to stabilise the currency.
News Updates
The company that promotes Whirlpool intends to sell up to a 24% interest for $451 million.
Multiple industry experts acquainted with the parameters of the agreement have revealed that Whirpool Mauritius Ltd, a promoter entity of Whirpool of India, intends to sell up to 24 percent of the local unit through a block deal for $451 million.
Currently holding 75% of the home appliance manufacturer, the promoter group had previously said it would sell off its share in order to lower its debt levels.
In order to lower its debt levels, Whirpool Corp announced on November 30, 2023, that it will sell up to 24 percent of its ownership stake in Whirlpool of India Ltd.
“The base size of the deal is $282 million, which represents 15 percent of outstanding share capital and the upsize option of the deal is up to $169 million, which represents 9 percent of outstanding share capital,” stated one of the individuals mentioned above.
In February, Coal India will place bids on three mines in important mineral auctions.
Chairman and Managing Director P M Prasad informed analysts during a Monday conference call following the company’s earnings that state-run Coal India would bid for three blocks in crucial minerals auctions held by the nation’s mines ministry in February.
In an attempt to further its clean energy push, India held the first part of its essential minerals auction in November of last year. It is anticipated to earn an estimated 450 billion rupees ($5.42 billion) overall. Companies such as Ola Electric and Shree Cement expressed interest in participating.
In a related development, a senior Coal India official declared that the business will participate in the auctions scheduled for February 26 to bid on nickel and lithium mines.
Stocks in news
Whirlpool of India: Several business professionals acquainted with the specifics of the acquisition anticipate that the promoter may use block deals to sell up to a 24 percent equity stake in Whirlpool. The block sales are expected to total $451 million, with a floor price of Rs 1,230 per share—a 7.6% discount to Monday’s closing price—set.
Kotak Mahindra Bank: On February 19, the private lender revealed a number of changes to its senior leadership. With effect from March 1, 2024, the bank redesigned KVS Manian as the joint MD and Shanti Ekambaram as the deputy MD. KVS Manian and Shanti Ekambaram serve as the bank’s full-time directors at the moment. Additionally, the lender chose Milind Nagnur, who is now the chief technology officer, as the chief operational officer and Devang Gheewalla as the new chief financial officer, effective April 1, 2024.
CIE Automotive India: Despite strong operating results, the automotive ancillary company’s consolidated net profit for the quarter that ended in December 2023 was Rs 177 crore, a 9.1% decrease from the same time the previous year. Compared to the same period last year, revenue from operations for the quarter decreased by 0.3 percent to Rs 2,240.4 crore.
Deepak Fertilisers & Petrochemicals Corporation: Equinor, a global energy provider with its headquarters located in Norway, and the manufacturer of industrial chemicals and fertilisers have reached an agreement for the long-term supply of LNG. Under this arrangement, supplies of up to 0.65 million tonnes per year will be provided for 15 years, starting in 2026.
NBCC India: The state-run construction company has been awarded three work orders totaling Rs 369 crore. These work orders include the refurbishment and furnishing project of ICAI Bhawan in Noida and the infrastructure development works of Rani Lakshmi Bai Central Agricultural University in Jhansi.
Vibhor Steel Tubes: On February 20, the company that manufactures steel tubes and pipes will float its equity shares on the stock exchanges. The price per share for the final issue has been set at Rs 151.
Must read book about investing – check here
Read more Check the latest news Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update