Sectoral Update: Metal Index Soars 4%, Auto, Bank, Capital Goods, and Oil & Gas Register 2%
Markets Soar to New Heights Following India’s Stellar Q3 Growth Data. On March 1, benchmark indices continued their upward trajectory, buoyed by India’s impressive 8.4% growth in the October-December quarter, surpassing expectations. The Sensex concluded the day 1,245.05 points higher, or 1.72%, at a record high of 73,745.35. Similarly, the Nifty surged 356 points, or 1.62%, to reach an all-time high of 22,338.80. Market breadth remained positive with 2,388 shares advancing, 1,300 declining, and 111 remaining unchanged.
Happy Forgings Surges 5.58% to Rs 980 as Motilal Oswal Initiates Coverage with ‘Buy’ Call”
Shares of Happy Forgings witnessed a significant surge of 5.58% to reach Rs 980 following Motilal Oswal’s initiation of coverage with a ‘buy’ recommendation. The brokerage’s optimism stems from the company’s expanded capacities, diversified product portfolio, successful client acquisitions, and promising prospects in industrial and export sectors.
ICICI Bank Stock Jumps 3.12% to Rs 1,085 as Stake in ICICI Lombard General Insurance Rises
ICICI Bank witnessed a notable surge of 3.12% to reach Rs 1,085 following the private lender’s increase in stake in ICICI Lombard General Insurance through an open market transaction, marking the second acquisition within a week. This move closely follows the recent purchase of a 1.6% stake in the insurer for Rs 1,356 crore by the private sector lender.
Tata Investment Corporation Climbs 5% as Tata Group Set to Establish Semiconductor Plants
Shares of Tata Investment Corporation surged by 5% to reach Rs 7,644.85, following the Union Cabinet’s approval of three semiconductor plant proposals, with two being spearheaded by the Tata group. The proposed plants, slated for construction in Gujarat and Assam, hold a combined estimated cost of Rs 1.26 lakh crore.
Suven Pharma Surges 12.49% Following Announcement of Amalgamation with Cohance Lifesciences
The stock of Suven Pharma experienced a significant gain of 12.49% to reach Rs 708, propelled by the company’s announcement of a scheme of amalgamation for a merger with Cohance Lifesciences. Suven Pharma disclosed that the transaction is anticipated to be completed over the next 12-15 months, pending approval from shareholders and regulatory authorities.
CMS Info Systems Rises 4% as CEO Rajiv Kaul Boosts Stake
“Shares of CMS Info Systems climbed by 4% to Rs 399.5, following news that CEO Rajiv Kaul has increased his stake in the company. In a post-market hours release, CMS Info Systems revealed that Kaul raised his stake to 6.2% from 2.6% by exercising his employee stock options (ESOPs).
CG Power Surges 4.46% as Company Seals Joint Venture Deal for Semiconductor Facility
Shares of CG Power and Industrial Solutions witnessed a robust rally of 4.46% to reach Rs 463, following the company’s announcement of a joint venture agreement with Renesas Microelectronics and Stars Microelectronics. The agreement aims to establish and manage an outsourced semiconductor assembly and test facility.
Lemon Tree Hotels Climbs 1.51% Following Opening of Seventh Resort in Rajasthan
The shares of Lemon Tree Hotels saw a 1.51% increase, reaching Rs 141.5, subsequent to the inauguration of its seventh Lemon Tree Resort located in Kumbhalgarh, Rajasthan.
Aurobindo Pharma Slides as USFDA Issues Seven Observations for Injectable Facility
The stock of Aurobindo Pharma experienced a downturn after the company received seven observations from the United States Food and Drug Administration (USFDA) following an inspection of the injectable facility operated by Eugia SEZ Pvt Ltd, a wholly-owned subsidiary, in Telangana’s Mahaboobnagar district from February 19 to 29.
Dr. Reddy’s Labs Declines 3.65% Amid Antitrust Motion in US District Court
The shares of Dr. Reddy’s Laboratories saw a decline of 3.65%, reaching Rs 6,190, following the company’s inclusion as a defendant in an antitrust motion filed in the US District Court for New Jersey.
Paytm Surges 5% and Hits Upper Circuit as Board Approves Discontinuation of Inter-Company Agreements
The stock of Paytm witnessed a notable gain of 5% and reached upper circuit, reaching Rs 423.45, following the approval from the fintech’s board for the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL).