Morning Update :– Hindalco, JSW Steel, Tata Steel, M&M, and ICICI Bank were among the Nifty’s biggest gainers, while Hero MotoCorp, Infosys, TCS, Tech Mahindra, and Apollo Hospitals fell.
Sensex – Rise +82 Points at :- 73,139
Nifty 50 – Rise +28 Points at :- 22,225
Indian Market
FII AND DII
| FII Sold | 1,335.51Â Cr |
| DII Bought | 1,491.33 Cr |
Indian Market News
- US markets closed lower as Nvidia drags ahead of reports.
- Asian markets trade largely lower; Nikkei and Taiwan weighted down.
- Oil increases; markets consider Red Sea attacks and US rate reduction.
- Dollar follows global rates lower; sterling hefty
- Union Bank of India announces Rs. 3,000 crore QIP at Rs. 142.78 per share.
- Juniper Hotels IPO: Institutional investors buy Rs 810 crore worth of shares via anchor book
- Zed Entertainment clarifies that they are ‘not participating in any conversations’ with Sony to resurrect the merger proposal.
- Wipro and Intel Foundry announced a new collaboration to boost chip design and development.
- Yum Restaurants plans to sell its whole 4.4% share in Devyani International, according to sources.
- Sun Pharma will acquire 16.33% share in Surgimatix for $3.05 million.
- The Indian economy continues to maintain momentum in the first half of FY24.
Global Markets updates
GIFT Nifty
The GIFT Nifty’s trends suggest that the Indian stock market’s overall index had a flat start, losing 15 points, or 0.07 percent. The 22,249.50 level was the trading range for the Nifty futures.
US Markets
US markets finished Tuesday’s trading session lower. The Nasdaq saw the worst losses after chipmaker Nvidia made a mistake before of its much anticipated earnings report. Meanwhile, increases in Walmart contained losses on the Dow Industrials.
The Nasdaq Composite dropped 144.87 points, or 0.92 percent, to 15,630.78, while the S&P 500 shed 30.06 points, or 0.60 percent, to finish at 4,975.51 points. At 38,56.80, the Dow Jones Industrial Average dropped 64.19 points, or 0.17 percent.
Asia Markets
Wednesday’s negative trading on Asian markets followed the losses on Wall Street.
According to the Reuters Tankan poll, business confidence among Japanese manufacturers dropped in February, plunging to -1 from the previous month’s score of 6. This is the first reading that is negative since April of last year.
Crude
In early Asian trading on Wednesday, oil prices gained some ground as investors balanced lower expectations for U.S. rate cuts against worries about major producers cutting their output and attacks on shipping in the Red Sea.
By 0100 GMT, U.S. West Texas Intermediate (WTI) oil futures were up 9 cents, or 0.12 percent, at $77.13, while Brent crude futures increased 12 cents, or 0.15 percent, to $82.46 a barrel.
On Tuesday, the WTI and Brent prices fell 1.4% and 1.5%, respectively.
News Updates
To resuscitate the merger proposal, Zed Entertainment makes it clear that it is “not involved in any negotiations” with Sony.
Zed Entertainment Enterprises Ltd. stated on Tuesday that the company is “not involved in any negotiations” and that the rumours of new talks with Sony to resurrect the abandoned merger proposal are untrue.
The Economic Times earlier on Tuesday said, citing sources, that ZEEL had made a last-ditch effort to resurrect the $10 billion merger with Sony Corp.
Zed Entertainment responded to a news article regarding the alleged resumption of talks with Sony by saying, “We would like to clarify that the Company has not been involved in any negotiations,” in a stock exchange filing.
Union Bank of India declares a Rs 142.78 per share QIP worth Rs 3,000 crore.
A qualified institutional placement (QIP) worth Rs 3,000 crore was announced by PSU lender Union Bank of India on Tuesday, with a floor price of Rs 142.78 per share.
In comparison to the Union Bank of India’s scrip’s closing price of Rs 141.2 on the BSE on Tuesday, the floor price is at a slight premium. Additionally, the bank declared that the issue would open on February 20.
According to sources, Yum Restaurants will sell its whole 4.4% share in Devyani International.
According to sources cited by CNBC-TV18 on February 20, Yum Restaurants India is expected to raise Rs 814.8 crore by selling its whole 4.4 percent share in fast service restaurant company Devyani International through a block sale.
The floor price, which is 7.6 percent below Devyani International’s closing price on Tuesday, is probably set at Rs 153.5 per share.
Yum Restaurants India had 5 crore shares in Devyani International as of December 30. In September 2021, Yum Restaurants India purchased a 4.41 percent share in Devyani International; following that, it continued to own equity in the business.
Sabre Investment Consultants is the other shareholder with a 1.01 percent investment in Yum Restaurants India. Additionally, Devyani International is owned 2.94 percent by Dunearn Investments (Mauritius) PTE Limited.
RBI Bulletin: The Indian economy is maintaining its growth from the first half of FY24.
The Reserve Bank of India’s (RBI) monthly report states that the economic momentum of the Indian economy from the first half of the current financial year is expected to continue into the second half.
“High frequency indicators show that the Indian economy is maintaining the momentum it had in the first half of 2023–2024. The next leg of expansion is anticipated to be fueled by expectations of a fresh wave of capital expenditures by the corporate sector, according to the central bank’s monthly State of the Economy article, which was published on February 20.
Novelis, a subsidiary of Hindalco, submits paperwork to the SEC regarding a possible US IPO.
The US Securities and Exchange Commission (SEC) received a draft registration statement from Novelis Inc., a wholly owned subsidiary of Hindalco, on February 20. The statement related to the company’s proposed initial public offering (IPO) of common shares.
The only shareholder of Novelis, a wholly-owned subsidiary of Hindalco Industries Limited, is anticipated to make an offer for the common shares. The profits from Novelis’s sole shareholder’s sale of common shares will not be received by Novelis.
Subject to market and other conditions, Novelis, a leading producer of sustainable aluminium solutions and the global leader in aluminium rolling and recycling, anticipates completing the public offering following the SEC’s review process.
Stocks in news
ABB India: The industry leader in automation and electrification technology reported a net profit of Rs 345 crore for the quarter that ended in December 2023, up 13% from the same time the previous year. The fourth quarter of CY23 saw a 14% year-over-year rise in revenue from operations to Rs 2,757 crore, while order intake rose by 35% to Rs 3,147 crore.
Devyani International: Yum Restaurant India is expected to use block transactions to sell a 4.4 percent equity share in Devyani International, according to sources cited by CNBC-TV18. The floor price, which represents a 7.4% discount to the closing price on February 20, has been set at Rs 153.5 per share. The block deal is expected to be worth Rs 814.8 crore in total.
Swan Energy: Announced that the board has given the go-ahead for the qualified institutions placement (QIP) programme to begin on February 20. The floor price per share is set at 703.29 rupees.
Union Bank of India: Funds up to Rs 3,000 crore may be raised through qualified institutions placement (QIP) issues, according to approval from the Committee of Directors for Raising Capital Funds. On February 20, the QIP issue began trading with an equity share floor price of Rs 142.78.
Thermax: To expand its line of building chemicals, the company has signed a Licence and Technical Assistance Agreement with Flowtech Co., based in South Korea, to acquire the technology needed to produce polycarboxylate ether products.
GOCL Corporation: Through bulk or block deals, promoter Hinduja Capital, Mauritius, plans to decrease the shareholding in GOCL by approximately 1 percent, or from the current 73.83 percent to about 72.83 percent. This will make it possible for the organisation to acquire the licences required to enter and grow the defence industry.
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