Stock Market LIVE Updates: GIFT Nifty indicates a positive start; Asian markets gain

Canara Bank has received board approval to dilute 13% stake in Canara Robeco Asset Management Company via initial public offering, which is subject to approval of RBI & Department of Financial Services.

Sterlite Technologies announced another milestone in its partnership with Vocus Group, a specialist fibre and network solutions provider in Australia.

The company has been actively involved in collaboratively developing optical fibre solutions tailored to Vocus’ goal of delivering high-speed connectivity across Australia.

Indian Metals and Ferro Alloys has received board approval for withdrawal of Scheme of Amalgamation of Utkal Coal with itself, from the BSE and National Stock Exchange of India. The scheme of amalgamation documents filed with the exchanges on November 21, 2023.

The board has also given approval for acquisition of remaining shares of Utkal Coal and write off of doubtful interest income on loan issued to Utkal Coal amounting to Rs 110.75 crore & account for impairment provision of Rs 111.42 crore against the investment value made by the company in Utkal Coal. Further, the board approved Rs 200 crore investment into ethanol business and its allied by-products, and has declared a special dividend of Rs 15 per share for FY24.

Adani Ports and Special Economic Zone has handled 420 MMT (+24% Y-o-Y) cargo in FY24 (including international ports), with domestic ports contributing Over 408 MMT cargo.

It has also handled its highest ever monthly cargo volumes (incl. international ports) of over 38 MMT in March 2024.

Hindustan Aeronautics has signed a contract worth Rs 1,173.42 crore with Cochin Shipyard, Kochi for supply of 6 sets of LM2500 gas turbines (GT) and GT auxiliaries (GTAE), spares, tools for Indian Navy Next Generation Missile Vessei (NGMV) Project.

HDFC Bank said the board has appointed Sumant Rampal as Group Head – mortgage business with effect from March 28. Rampal, who is appointed in place of Arvind Kapil, was the Group Head-Business Banking Working Capital, Rural Banking Group and Sustainability Livelihood Initiative in HDFC Bank.

The undertone of the market is bullish and there is momentum in the market. The market has been showing signs of consolidation but the spurt in Nifty by 322 points on the last 2 trading days indicates that the upward momentum can sustain.

There are reports of mutual funds introducing restrictions on redemptions from the smallcaps schemes. This is in response to the ‘ frothy’ valuation in this segment and the concerns expressed by the regulator. The consequence of this action would be higher flows of funds into the largecaps, which, in turn, can lift the largecaps. So, watch out for largecaps in automobiles, capital goods, financials and select pharma which are likely to post good Q4 numbers.

The RBI monetary policy meet scheduled for April 3 to 5 is likely to keep rates unchanged and, therefore, is unlikely to impact the market.

Rail Vikas Nigam has emerged as the lowest bidder for upgradation of electric traction system for Kharagpur section of Kharagpur division of South Eastern Railway to meet 3,000 MT loading target. The cost of work is Rs 148.27 crore. Further, the company also emerged as the lowest bidder for the project worth Rs 95.95 crore from NFR-Const HQ-Electrical/NF RLY Construction. Meanwhile, RVNL’s joint venture with Salasar Techno Engineering emerged as the lowest bidder for a project worth $7.15 million from Energy Development Corporation, wherein RVNL share is 49 percent and Salasar 51 percent.

Torrent Power has received Letter of Award from Torrent Power Limited-Distribution Unit for setting up of 150 MW (RE Power) grid-connected wind solar hybrid projects under greenshoe option. The project will be commissioned within 24 months from power purchase agreement, and the contract period will be 25 years from the commissioning of the project.