Stock Market LIVE Updates: GIFT Nifty indicates a positive start; US, Asian markets mixed

Hindustan Zinc on February 26 incorporated a new subsidiary, Hindmetal Exploration Services Pvt Ltd, to develop strategic, deep-seated and offshore minerals.

On February 27, Hindustan Zinc said the objective of the subsidiary is “to explore, discover, develop and tap mineral resources including strategic minerals, deep-seated minerals and offshore minerals through systematic exploration of all types of mineral deposits and to participate in the auctioning of mining blocks containing critical minerals”.

“Hindmetal Exploration Services Private Limited is a private limited company incorporated on February 26, 2024 under the provisions of the Companies Act, 2013, with its registered office in the State of Rajasthan. Its main object is exploration of all types of minerals,” said Hindustan Zinc in a stock exchange filing.

Adani Defence & Aerospace will invest more than Rs 3,000 crore in its new ammunition and missiles complexes in Kanpur by 2027, Chief Executive Officer Ashish Rajvanshi has said.

The complex, which will be the largest ammunition manufacturing facility in South Asia, was inaugurated on February 26 and has begun with an initial investment of Rs 1,500 crore and is expected to create around 4,000 jobs, with another 20,000 jobs expected to be created indirectly among micro, small, and medium enterprises and local companies. Read More

Gensol Electric Vehicles Pvt. Ltd. (GEVPL), a subsidiary of Gensol Engineering, has received the certification and approval for its unique and revolutionary electric vehicle, from the Automotive Research Association of India (ARAI).

RK Swamy Ltd, an integrated marketing services provider in India, has set the price band at Rs 270-288 a share for its initial public offer that will open for subscription on March 4.

The anchor investor bidding will be open on March 1 and the offer will close on 6th. Allotment will be on March 7 and credit of shares to depository accounts will be on 11th. The stock will be listed on exchanges on March 12.

The IPO will be a mix of fresh shares worth Rs 173 crore, and an offer-for-sale (OFS) of 87 lakh equity shares by promoters and investors.

On the upper band price, the total issue size will be at Rs 423 crore and the total market capitalisation of the firm is pegged at Rs 1,450 crore. Read More

Vodafone Idea Board approved fundraising of up to Rs 45,000 crore through equity and debt, said the telecom company in an exchange filing on February 27.

The company said it will raise Rs 20,000 crore through a combination of equity or equity-linked instruments and the rest via debt and promoters will also participate in the proposed equity raise.

The company said it will call for a meeting of its shareholders on April 2, 2024 and post-shareholder approval it expects to complete the equity fund raise in the coming quarter. Read More

The Nifty opened on a weak note however it recovered and closed the day in the green. On the daily charts we can observe that the Nifty held on to the support zone of 22100 – 22070 where the 40-hour average was placed. Overall, the Nifty has been consolidating in the broad range (21900 – 22300) since the past few trading sessions.

The Bollinger bands are contracting indicating rangebound price action. The hourly momentum indicator has triggered a positive crossover which is a buy signal and thus intraday dips are likely to be bought into. On the downside, 21900 shall act as a crucial support while 22300 is the immediate hurdle.

As far as the Bank Nifty is concerned, it has been rangebound between 46300 – 47400. In today’s trading session it held on to the 40-day average (46300) and bounced back. We expect the positive momentum to continue over the next few trading sessions. On the upside immediate hurdle is placed at 47000 and above that 47200.

The Bharti Group will gradually exit from non-core businesses such as insurance, food and skilling and focus on transforming Airtel into a digital entity, chairman Sunil Bharti Mittal said in an interview to the Mint newspaper.

It would also boost its Africa operations, payments bank, and satellite broadband. Mittal termed Elon Musk’s Starlink satellite broadband as formidable competition.

Titan Company on February 27 said it would buy a 0.36 percent stake held by individual shareholders in jewellery brand CaratLane for Rs 60.08 crore.

The acquisition of the stake would make CaratLane a wholly-owned subsidiary of Titan. At present, the luxury accessories manufacturer owns 99.64 percent of the total equity share capital of CaratLane.

Titan, in an exchange filing, said it “executed relevant documents today” to purchase a balance of 1,19,489 equity shares held by the individual shareholders, “representing 0.36 percent of the total paid-up equity share capital of face value of Rs 2 each”.

The cost of the acquisition came in at “Rs 60.08 crore”, and the indicative period for completion of the transaction would be March 31, 2024, Titan added. Read More

The Nifty has formed a bullish engulfing pattern after two days of weakness. Additionally, the trend remains positive as the index has consistently stayed above the near-term moving average. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high. A decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000.