Stock Market Live Updates 7 March 2024: Asian stocks rise as Powell hints at rate cuts this year

tock Market today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 7 March 2024.

• March 07, 2024 12:29
  

  Stock market live news: A total of 3,822 stocks were actively traded, 2,213 advanced, 1,505 declined and 104 stocks remained unchanged

  150 stocks hit 52-week high and 42 stocks hit 52-week low on BSE.

• March 07, 2024 12:27
  

  Stock market live updates: Here’s what Arun Kailasan, Research analyst at Geojit Financial Services, said about prospects for India’s power sector

  “India’s GDP is forecast to grow at 7.3% YoY in FY24, and the summer is fast approaching. As a result, the demand for power is expected to go up in the medium term. Currently, the burden of meeting the energy requirements of the country is on the thermal power plants. In February alone, thermal power plants accounted for over 82% of the total generation, while 11% of the generation was from renewable sources. We are positive that renewable energy generation will go up as the coming months provide a seasonal advantage. However, we are pessimistic in the case of hydroelectric generation, which has seen a 29% YoY decline in February due to a 20% decline in reservoir levels. To compensate for this, the PLFs of coal-based and gas-based plants have increased by 317 bps YoY and 310 bps YoY, respectively. 

  “Consequently, the thermal plant generation is expected to rise by 9.41% YoY, while hydro generation is forecast to decline by 1.41% YoY. Given strong demand and favorable coal and gas prices, we expect coal-based and gas-based power generation companies to see bottom-line expansion. Hence, we expect companies with higher thermal and renewable portfolios to perform well in the next 3 to 6 months. Although the long-term prospects remain positive due to capacity expansion and lower raw material costs, we are cautious due to the high premiums in valuations. Hence, we have a SELL recommendation on Torrent Power and JSW Energy, while we have a HOLD strategy for Tata Power and NTPC.”

• March 07, 2024 12:17
  

  Stock market live news: Top gainers, losers at this hour

  Major gainers on the NSE at 12.13 pm include- Bajaj Auto (3.19%), Tata Steel (2.31%), JSW Steel (2.04%), Tata Motors (2.03%), UPL (1.84%)

  Major losers include Mahindra and Mahindra (-3.80%), Bharat Petroleum Corporation (-1.80%), SBI Life insurance company (-1.76%), Reliance industries (-0.82%), Maruti Suzuki (0.78%)

• March 07, 2024 12:10
  

  Stock market live updates: Bharti Airtel’s stock hit a 52-week high at ₹1,213.60

  Bharti Airtel Ltd. expands network in Mandsaur district by deploying additional sites across 871 villages to enhance connectivity for 11.7 lakh of rural population as a part of its rural enhancement project in Madhya Pradesh. 

  The initiative aims to provide high-speed connectivity for work, study, and entertainment. 

  The shares were trading 0.90% higher at ₹1204.55..

• March 07, 2024 12:02
  

  Stocks in news today: TT Limited

  TT Limited signed MoU with Bizcrum Infotech Private Limited to promote and expand market reach through their B2B platform. The collaboration aims to leverage digital platforms and ground-level networks to expand business and reduce market entry costs and credit risks. The shares were up by 2.84% to ₹112.10 on the BSE.

• March 07, 2024 11:28
  

  Commodities market: Gold rate has touched a new peak of ₹65,298 per 10 gm on the Multi Commodity Exchange (MCX) as the US dollar index touched a five-week low after US Fed testimony

  In remarks to the House panel, US Fed chief Jerome Powell told the US lawmakers that he and his colleagues would “keep our heads down” in a charged presidential election year, with interest rate cuts still likely in coming months but only if warranted by further evidence of falling inflation. 

• March 07, 2024 11:24
  

  IPO news: GP Eco Solutions, an integrated solar energy solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge

  The initial public offering (IPO) comprises a fresh issuance of 32.76 lakh euity shares, each with a face value of ₹10. The Noida-headquartered company distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants. 

  Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. According to the DRHP, GP Eco proposes to utilize ₹12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest ₹7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and for setting up a new facility.

• March 07, 2024 11:23
  

  Share market live news: SpiceJet resolves $49.8 million dispute with Echelon Ireland Madison One Ltd., acquiring two airframes, marking its third settlement and totalling savings of ₹685 crore.

  SpiceJet’s shares were up by 3.84% to ₹64.30 on the BSE. 

• March 07, 2024 11:18
  

  Stocks in focus today: Wardwizard Innovations

  Wardwizard Innovations reports a 112% increase in electric two-wheeler sales, dispatching 2,018 units in February 2024, and sale of 11 electric three-wheelers. 

  The company reported surpassing 100,000 electric two-wheeler sales in India and unveiled a hydrogen-powered electric two-wheeler concept at the Bharat Mobility Global Expo 2024. 

  Wardwizard Innovations’ shares were up by 2.81% to ₹68.68 on the BSE.

• March 07, 2024 10:56
  

  Stocks in news today: Zydus Lifesciences received USFDA’s Post Application Action Letter for its Ahmedabad API facility, confirming readiness to commercially manufacture and supply Enzalutamide API.

  Zydus Lifesciences’ shares were up by 0.91% to Rs 970.85 on the BSE. 

• March 07, 2024 10:48
  

  Stock market live updates: Prestige Estates launches residential project in Whitefield, Bengaluru

  Prestige Estates Projects Ltd has announced the launch of its new residential project – Prestige Somerville – in Whitefield, Bengaluru.

  According to the company’s statement, the project comprises 306 apartments across two high-rise towers spread over 6.5 acres of land and has a revenue potential of ₹800 crore. It also has about 1 lakh sq ft of open and green spaces.

  Prestige Estates Projects stock traded at ₹1,181 on the NSE, down by 1.20 per cent as of 10:08 am.

• March 07, 2024 10:47
  

  Buzzing stocks: Tata Power Company

  Tata Power has announced that it became an Indian Integrated Power entity with validated science based targets. It aims to reduce scope 1 GHG emissions by FY2037 from a FY2022 baseline and achieve a reduction in scope 1 and 3 GHG emissions from the generation of all sold electricity within the same time frame. 

  Tata Power’s shares were up by 3.37% to ₹408.10 on the BSE.

• March 07, 2024 10:38
  

  Share market live updates: Here’s what VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said on market trends

  “There are some distinct trends in the market now. One, large caps are outperforming mid and small caps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space. 

  “The 3.7% decline in the small cap index this week when Nifty appreciated by 0.5% is a big underperformance. This trend is likely to continue since valuation in the broader market remains highly elevated and the regulator has sent a clear message regarding the froth in the segment. Therefore, investors have time, even now, to switch from small caps to fairly valued large caps and partly to fixed income products. At this stage in the market, safety should be given priority over return.”

• March 07, 2024 10:33
  

  Stock market live updates: Reliance Infrastructure faces setback as Delhi High Court allows appeal by Shanghai Electric Group against an earlier judgement, concerning arbitration dispute.

  According to the company, it is planning to challenge the order and safeguard its interests after a detailed review. 

  Reliance Infra’s shares were down by 0.66% to ₹2986 on the BSE.

• March 07, 2024 10:32
  

  Share market live updates: Larsen and Toubro Ltd’s hydrocarbon vertical secured an offshore order from ONGC for a project

  The project involves new process gas compressor modules and facility upgrades off India’s West Coast. Larsen and Toubro Ltd’s shares were up by 0.50% to ₹3661.75 on the BSE.

• March 07, 2024 10:30
  

  Stock market live news: Exhicon Events Media Solutions Limited signed an agreement to acquire 51% equity share of Nucleus Integrated Communication and Entertainment Private Limited

  Exhicon’s shares were up by 6.21% to ₹334.30 on the BSE.

• March 07, 2024 10:28
  

  Nifty F&O Outlook: Wait for dips to go long

  The Nifty 50 March Futures (22,576) is down 0.06 per cent. Support is in the 22,550-22,500 region. We expect this support to hold. 

  Nifty 50 March Futures contract has potential to see 22,650 on the upside. But the price action thereafter will need a close watch. Failure to breach 22,650 can trigger a corrective fall.

• March 07, 2024 10:20
  

  Stocks in news today: Suzlon Energy Ltd. secured a 72.45 MW order from Juniper Green Energy Private Limited for 23 wind turbines with a rated capacity of 3.15 MW each

  These turbines will installed in Gujarat’s Dwarka district. The project is expected to power approximately 59 thousand households and reduce CO2 emissions by around 2.35 lakh tonnes per year. Suzlon will provide equipment supply, project execution, and operations and maintenance services for the project. 

  The Suzlon Energy Ltd’s shares were up by 4.93% to ₹40.43 on the BSE.

• March 07, 2024 10:18
  

  Share market live updates: GPT Infraprojects has received ₹135 crore contract from North Central Railway, Agra, Uttar Pradesh.

  GPT Infraprojects stock surged by 3.30 per cent on the NSE to trade at ₹178.45 

• March 07, 2024 10:16
  

  Stock market live news: Macrotech Developers Ltd has informed the exchanges that the company’s board has approved issue price of ₹1,098 per share for QIP.

  Macrotech Developers’ stock price declined 0.76% to trade at ₹1,187.50 on the NSE.

• March 07, 2024 10:14
  

  Stock market live updates: Infosys had renewed its partnership with ATP until 2026, for AI innovations in professional tennis

  Infosys’ share price declined 0.7% to trade at ₹1,616.10 on bSE. 

• March 07, 2024 10:13
  

  Stocks in focus: IIFL Finance

  IIFL Finance stock jumped 9.72 per cent on the NSE, to trade at ₹419.35 as of 9.49 am. The stock had hit a 52-week low in yesterday’s trade. JM Financial stock rose by 1.75 per cent to trade at ₹87.

• March 07, 2024 10:12
  

  Buzzing stocks: Tata Investment Corporation stock is locked in upper circuit at ₹9,756.85, higher by 5 per cent on the NSE.

• March 07, 2024 10:10
  

  Stocks in news: Shares of HAL hit a 52-week high at ₹3,320 on the NSE.

  HAL stock is currently trading at ₹3,300.80, higher by 2.25 per cent. 

• March 07, 2024 10:09
  

  Stock market live news: Sensex, Nifty open at record highs

  Benchmark indices opened at record highs on Thursday’s trade. BSE Sensex traded at 74,119.39, up by 33.4 pts or 0.05 per cent as of 9.30 am, and Nifty traded at 22,494.50, up by 20.45 pts or 0.09 per cent.

  The Chief Investment Strategist at Geojit Financial Services, Dr V K Vijayakumar, emphasised that there are some distinct trends in the market now. “One, large caps are outperforming mid and small caps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank, and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space.”

• March 07, 2024 10:06
  

  Market news: Motilal Oswal says that all-India average cement price dropped 1.4% MoM (₹5 per 50kg bag) in February, primarily due to price reductions in the East, South, and North regions.

  However, prices remained stable in the West and Central regions. Despite the price rise, demand has remained healthy due to government-led infrastructure projects and housing demand.

• March 07, 2024 09:59
  

  Stocks in news today: Bajaj Electricals Limited

  Bajaj Electricals Limited opts to pay ₹11.75 lakh to settle claims by Karnataka GST Authority for alleged RCM liability and ITC reversal, including a ₹59,000 penalty, without appeal. The company clarifies no impact on financial operations or activities due to this. The shares were up by 0.49% to ₹993.50 on the BSE.

• March 07, 2024 09:49
  

  Currency market live news: Rupee jumps 9 paise to 82.74 against US dollar in early trade

  The rupee stayed firm and rose 9 paise to 82.74 against the US dollar in early trade on Thursday on the back of a weak American currency overseas and sustained inflow of foreign funds in the domestic capital markets.

  The local currency also found support from positive equity markets, however, volatile crude oil prices capped its rally, forex traders said.

  At the interbank foreign exchange, the domestic currency opened at 82.82 and gained further to trade at 82.74 against the greenback, climbing 9 paise from its previous close.

  On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar.

  Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined by 0.07 per cent to 103.24.

• March 07, 2024 09:47
  

  Stock market live updates: Top gainers, losers at this hour

  Top gainers on the NSE at 9.40 a.m. include – Tata Steel (3%), JSW Steel (2.70%), UPL (2.19%), Bajaj Finance (1.83%), Bajaj Finserv (1.64%)

  Top losers were Mahindra and Mahindra (-3.46%), Axis Bank (0.85%), SBI Life (-0.84%), Bharat Petroleum Corporation (-0.80%), Titan company (-0.75%)

• March 07, 2024 09:43
  

  Stock market live updates: FADA releases auto retail sales for February 2024

  2W, 3W, PV, tractors and CV sectors registered growth rates of 13%, 24%, 12%, 11% and 5% respectively, according to retail data released by the Federation of Automobile Dealers Associations (FADA) today.

  Record-Breaking PV Sales & Inventory Concern

  The PV segment recorded a 12% YoY growth, marking the highest February sales figures ever, driven by new product introductions and enhanced vehicle availability. Elevated inventory levels in the PV segment, remaining at 50-55 days, pose a significant concern, necessitating OEMs to adjust production to reduce dealer carrying costs.

  2W market: 2W market growth of 13% YoY was notably driven by the rural sector, demand for premium models and strong performance of entry-level segments.

  3W market: The 3W market saw a significant 24% YoY increase, with EVs constituting 53% of this growth, highlighting a shift towards electric e-Rickshaws and an increase in first-time users.

  CV Sector: The CV sector achieved a 5% YoY growth, overcoming challenges such as cash flow shortages and election-related purchase deferrals.

  Outlook for March 2024 suggests cautious optimism, with potential growth driven by robust signals from the rural market and financial year-end buying activities.

• March 07, 2024 09:41
  

  Broker’s Call| Here’s what Nuvama Institutional Equities said about Mahanagar Gas

  “Mahanagar Gas has cut CNG price by ₹3.3/scm (3.5%) to pass on lower cost (38% q-o-qQ fall in input spot LNG) as well as to normalise margins. 

  “We view the 15% knee-jerk dip in the stock as an ideal buying opportunity.”

• March 07, 2024 09:39
  

  Stock market live news: Sensex, Nifty open flat; IIFL Fin recovers 9%

  India’s equity benchmarks BSE Sensex and NSE Nifty50 opened on a flat note on Thursday. Within the Sensex pack, JSW Steel, Tata Steel, Bajaj Finance were the major gainers, M&M, Infosys, ICICI Bank and Axis Bank were the major laggards. 

  IIFL Finance advanced nearly 9% to trade at ₹416.30 as Fairfax India Holdings announced its commitment to provide liquidity support amidst the recent RBI embargo on the company’s gold loan disbursements. The stock price of NBFC declined nearly 40% in the last two trading sessions.

• March 07, 2024 09:28
  

  Global market live news: Key economic data slated for release today

  German Factory Orders m/m, ECB rate meet from Euro zone and unemployment claims, Fed Chair Powell testifies from the US zone.

• March 07, 2024 09:27
  

  Commodities market live updates: Silver up at $ 24.04

  Silver rose after Federal Reserve Chair Jerome Powell said in prepared remarks for his congressional testimony that the central bank plans to lower its benchmark interest rate later this year. Powell stated that a rate drop might occur this year, but only when there is greater confidence that inflation is consistently approaching the 2% target. 

  In other news, US private payrolls increased by 140K in February, somewhat less than expected. The JOLTS report also showed that job vacancies were somewhat lower than expected.

• March 07, 2024 09:27
  

  Stocks in news today: JSW Steel

  JSW Steel’s consolidated crude steel production is up 5 per cent y-o-y at 21.5 lakh tonnes in Feb 2024 against 20.51 lakh tonnes in Feb 2023. Capacity utilisation at Indian operations stood at 92 per cent in the reporting month.

• March 07, 2024 09:24
  

  Commodities market live news: Gold bull run continues, hits $2146-mark

  Gold prices held at a record high after US Federal Reserve Chair Jerome Powell said interest rate cuts are still possible in the coming months if inflation remains low. Powell told US lawmakers that interest rate reduction were still possible in the coming months, but only if there was more evidence of declining inflation. 

  Fed President Neel Kashkari stated that it is acceptable for the Fed to decrease interest rates just twice, if not once, this year. In December, Fed officials predicted three rate decreases this year, bringing the Fed policy rate down to 4.5%-4.75% from its current range of 5.25%-5.5%.

• March 07, 2024 09:23
  

  Market live news: Crude oil futures traded lower on Thursday morning despite China witnessing growth in export and import during January and February.

  At 9.18 am on Thursday, May Brent oil futures were at $82.88, down by 0.10 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $79.03, down by 0.13 per cent. March crude oil futures were trading at ₹6544 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6600, down by 0.85 per cent; and April futures were trading at ₹6513 as against the previous close of ₹6569, down by 0.85 per cent.

• March 07, 2024 09:23
  

  Stock market live updates: The aggregate toll collection of IRB Infrastructure Developers and its associate IRB Infrastructure Trust, has gone up by 31% y-o-y in February 2024.

  Both the entities reported aggregate toll collection of ₹462 crore in February against ₹352 crore year ago.

  The share price of IRB Infrastructure advanced 2.06% to trade at ₹62.00 on NSE.

• March 07, 2024 09:11
  

  Buzzing Stocks: Stocks to watch today

  Vedanta: The company is exploring all possible legal solutions, including the possibility of filing a review petition against the top court’s decision that rejected the mining giant’s plea to restart operations at its copper smelter in Thoothukudi, Tamil Nadu.

  * Infosys:* The IT major has announced the renewal of its digital innovation partnership with the ATP Tour until 2026, aimed at driving Al-first innovations in professional tennis.

  * Hindustan Aeronautics:* The company has signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

  * Mahindra and Mahindra:* Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.

  * Bajaj Finserv:* The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.

  * Asian Paints:* The company’s unit entered into the requisite agreements with Gujarat Chemical Port to set up an ethylene storage and handling facility in Dahej, Gujarat.

  * Glenmark Pharmaceuticals:* The company has started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.

  * Life Insurance Corp.:* The insurer has increased its stake in LIC Mutual Fund from 40.93% to 44.61% through private placement.

  * NLC India:* The government will sell up to 9.71 crore shares, including the green shoe option, via an offer for sale at Rs 212 per share.

  * Subex:* The company announced it has secured a deal with a prominent telecom operator in Southeast Asia for deploying its state-of-the-art business assurance and fraud management solutions on Hyper Sense.

  * OnMobile Global:* The company appointed François-Charles Sirois, Executive Chairman, as CEO and Sanjay Baweja resigned from the role of ‘Global Chief Executive Officer and Managing Director’.

  * Kaynes Technology India:* The company’s unit signed a technology provision agreement with ISO to enable the unit to set up a supply chain for OSAT business in India.

  * Jupiter Wagons:* The company received an order worth Rs 956 crore from the Ministry of Railways for the manufacture and supply of 2,237 BOSM Wagons.

  * Bajel Projects:* Sanjay Bhagat has resigned as CEO due to personal reasons.

  * Seamec:* The company’s unit has decided to sell its vessel, Seamec Nidhi, to Joyo Shipping for $10.5 million.

  * Cyient:* The company has joined the eSync Alliance, a network of businesses focusing on automotive OTA connectivity.

  * Redtape:* The company incorporated REDTAPE Sports Goods in China.

  * GPT INFRA:* The company received an order worth Rs 135 crore from North Central Railway, Uttar Pradesh.

  * Exide Industries:* The company will invest Rs 70 crore in unit Chloride Metals to finance long-term capital requirements.

  * Allcargo Gati:* The company’s total monthly volume for the month of February stood at 104 kilo tonnes, up 15% Yoy.

  * UPL:* The company’s unit, UPL Corp., signed a pact with Masarrah Investment for a manufacturing complex in Saudi Arabia.

  * Vikas Lifecare:* The company received a patent for a multi-layered plastic recycling process.

  New Listing 

  Mukka Proteins: The company’s shares will debut on the stock exchanges on Thursday at an issue price of Rs 28 apiece. The Rs 224 crore IPO was subscribed 136.99 times on its third and final day. Bids were led by non-institutional investors (250.38 times), institutional investors (189.28 times), and by retail investors (58.52 times).

  IPO Offerings 

  RK Swamy: The public issue was subscribed to 25.94 times on day 3. The bids were led by non-institutional investors (34.36 times), retail investors (34.03 times), institutional investors (20.58 times) and reserved for employees (2.52 times). 

  *JG Chemicals:*The public issue was subscribed to 6.4 times on day 2. The bids were led by non-institutional investors (9.64 times), retail investors (8.32 times), and institutional investors (0.45 times). 

  Gopal Snacks: The public issue was subscribed to 0.56 times on day 1. The bids were led by non-institutional investors (0.49 times), retail investors (0.89 times), and no bids by institutional investors.

  Block Deals 

  Dollar Industries: Bajrang Kumar Gupta sold 5 lakh shares (0.88%), Fidelity Asian Values PLC bought 1.36 lakh shares (0.24%), and Fidelity Funds Asian Smaller Companies Pool bought 3.63 lakh shares (0.64%) at Rs 490 apiece. 

  Bulk Deals

  Zomato: Antfin Singapore Holding sold 17.63 crore shares (2.04%) at Rs 160.4 apiece, while Morgan Stanley Asia bought 5.68 crore shares (0.66%) at Rs 160.1 apiece. 

  CarTrade Tech: Springfield Venture International sold 6.32 lakh shares (1.34%), MCP3 SPV LLC sold 3.16 lakh shares (0.67%) at Rs 738.5 apiece, ICICI Prudential Mutual Fund bought 6.77 lakh shares (1.44%), and ICICI Prudential Asset Management bought 2.71 lakh shares (0.57%) at Rs 738.5 apiece.

  Samvardhana Motherson International: Sumitomo Wiring Systems sold 30 crore shares (4.41%) at an average price of Rs 121.11 apiece. 

  RBL Bank: Mathew Cyriac bought 32.5 lakh shares (0.54%) at Rs 250.91 apiece.

  Insider Trades 

  Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on March 6. 

  AAVAS Financiers: Partners Group sold 41.57 lakh shares, Lake District Holdings sold 58.39 lakh shares on March 5. 

  Pledge Share Details

  Ramco Industries: Promoter P.R. Venketrama Raja created a pledge of 14 lakh shares on March 4.

  Trading Tweaks 

  Price Band changes from 10% to 5%: Ashapura Minechem. 

  Price Band changes from 20% to 10%: IIFL Finance. 

  Ex/record dividend: Sanofi India. 

  Ex/record Stock Split: Manorama Industries. 

  Moved out short-term ASM framework: Data Patterns.

  F&O BAN

  1. MANAPPURAM

  2. MGL

  3. ZEEL

• March 07, 2024 08:37
  

  Stocks in focus: IGL cuts CNG prices by ₹2.50 in Delhi-NCR

  Indraprastha Gas (IGL) has slashed the prices of compressed natural gas (CNG) by ₹2.50 per kg. The revised prices become effective from Thursday.

  “The retail consumer price of CNG is being reduced by ₹2.50 per kg across all geographical areas of IGL from 6 a.m. on Thursday, 7 March 2024. The revised selling price of CNG in Delhi will be ₹74.09 per kg, while it will be ₹78.70 per kg in Noida, Greater Noida and Ghaziabad GA from 6 a.m. tomorrow morning,” IGL said on X (formerly Twitter) late Wednesday night.

  IGL supplies CNG for vehicles and piped natural gas (PNG) for households in Delhi-NCR and other areas. 

• March 07, 2024 08:36
  

  Stock market live updates: Sensex, Nifty set to open at new record high as Powell’s rate assurance drives global rally

  India’s equity benchmarks BSE Sensex and NSE Nifty50 are set to open at a fresh record high on Thursday, tracking a rally in Asian peers after US Federal Reserve Chair Jerome Powell assured likely rate cuts this year and ruled out near-term risk of economic recession.

  The GIFT Nifty was trading at 22,643.50 as of 7:54 a.m., indicating that the Nifty 50 will open above its Wednesday’s close of 22,474.05.

  Asian markets were higher. Wall Street equities closed higher, after Fed Chair Powell said in a congressional testimony that rate cuts can be expected in 2024. He also added the central bank was on a “good path” toward achieving a soft landing of the economy and ruled out any short-term risk of recession.

• March 07, 2024 07:54
  

  Stock market live updates: Fed’s Powell still expects rate cuts, but inflation progress “not assured”

  US Federal Reserve Chair Jerome Powell told the US lawmakers on Wednesday he and his colleagues would “keep our heads down” in a charged presidential election year, with interest rate cuts still likely in coming months but only if warranted by further evidence of falling inflation.

  Rate cuts “really will depend on the path of the economy. Our focus is on maximum employment and price stability, and the incoming data as they affect the outlook, and those are the things we’ll be looking at,” Powell told the House Financial Services Committee. “We are just going to keep our heads down and do our jobs and try to deliver what the public is expecting from us.”

• March 07, 2024 07:38
  

  Share market live updates: RBI found deficiency in 67% of IIFL gold loan accounts put up for auction

  The recent audit conduced by RBI has found gold loan-to-value ratio deviation in 67 per cent of the gold loan account at IIFL Finance, which has been directed to stop extending fresh gold loan by the banking regulator on Monday.

  Of the 18.9 lakh gold loan extended by IIFL in FY’23, 82,000 accounts have gone for auction due to default by the borrowers. Of these 82,000 accounts, RBI inspection has found deviation in 55,000 accounts at the time of auctions.

• March 07, 2024 07:36
  

  Market live news: RK Swamy IPO subscribed 26 times on retail & HNI support

  The initial public offer of Chennai-based integrated marketing services firm R K Swamy has received an overwhelming response from investors. Till 7 pm on the final day (Wednesday, March 6) of bidding, the ₹423.56-crore IPO received 25.94 times subscription securing bids for 21,35,31,650 shares against 82,32,946 shares on offer.

• March 07, 2024 07:35
  

  Stock market live updates: Jefferies downgrades IIFL Finance, expects RoE hit of 460-480 bps

  Brokerage firm Jefferies has downgraded its rating on IIFL Finance following RBI’s directive to the company to stop incremental gold loan sanctions, citing hit on earnings due to rapid unwinding of the profitable gold loan book (32 per cent of AUM), lower co-lending income and potentially higher cost of funds.

• March 07, 2024 07:34
  

  businessline analysis| JG Chemicals IPO: Should you subscribe?

  Based on 9MFY24 earnings, JG Chemicals is valued at 35 times EPS. But based on FY23 earnings, which was not impacted by sharp movements in zinc prices, the IPO is valued at 15 times earnings. 

  While the premium captures a recovery in margins, scope for organic growth can favour investors. Click here to know more about JG Chemicals IPO.

• March 07, 2024 07:29
  

  Stock market live updates: Aramco Digital and LTIMindtree to launch KSA Digital and IT Services company

  Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree have signed a shareholders’ agreement to create an IT services company in the Kingdom of Saudi Arabia.

  The joint venture is being formed under the Aramco Namaat Industrial Investments Program.

• March 07, 2024 07:22
  

  Market live news| Bandhan Long Duration Fund: Should you invest in the NFO?

  Bandhan Long Duration fund will invest in bonds and money market instruments that mature over the long term. So, the Macaulay duration for the fund’s portfolio would be more than seven years.

  As such, long duration funds are more susceptible to rate changes on the upside. Rate hikes can have an adverse impact in such funds, while rate cuts help them gain.

  With the factors mentioned earlier, a rate cut over the next year or so can have a positive impact in long duration funds. 

• March 07, 2024 06:54
  

  Market live news| Stock to buy: Bharti Airtel

  The short-term outlook is bullish for Bharti Airtel. The stock has been rising very well since the beginning of this week. The share price has surged about 6 per cent so far this week.

  The overall trend is up and the momentum is strong. Support is around ₹1,160. Intermediate dips are likely to be limited to this support. Considering the strength in the recent rise, buyers are likely to come into the market at lower levels.

• March 07, 2024 06:53
  

  Share market live updates: Day trading guide for March 7, 2024: Intraday supports, resistances for Nifty50 stocks

  Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

• March 07, 2024 06:50
  

  Stock market live updates: Asian stocks rise as Powell hints at rate cuts this year

  Stocks in Asia rose Thursday after US equities advanced, helped along by comments from Federal Reserve Chair Jerome Powell that interest rates will likely fall this year. Shares in Australia and Japan gained ground, while futures in Hong Kong also drifted higher, taking cues from New York trading Wednesday, per a Bloomberg report.

  The S&P 500 Index rose 0.5% to reclaim its 5,100 mark, and the tech-heavy Nasdaq 100 advanced 0.7%. US futures were little changed in Asia, the report added.

  Powell said in testimony to a House of Representatives panel that while he sees no urgency in cutting rates given the strength of the US economy, it would likely be appropriate to do so “at some point this year.”