Posts in category Business Standard
Mcap of 5 of top-10 firms hit Rs 1.97 trn; TCS, Infosys biggest losers (24-03-2024)
The combined market valuation of five of the 10 most valued firms eroded by Rs 1,97,958.56 crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys taking the biggest hit amid volatile trends in equities.
Last week, the BSE benchmark climbed 188.51 points or 0.25 per cent.
The market valuation of TCS tanked Rs 1,10,134.58 crore to Rs 14,15,793.83 crore, the most among the top 10 firms.
The valuation of Infosys tumbled Rs 52,291.05 crore to Rs 6,26,280.51 crore.
IT stocks fell on Friday after tech giant Accenture lowered its revenue forecast for the sector for the 2023-24 fiscal.
Hindustan Unilever's market valuation fell by Rs 16,834.82 crore to Rs 5,30,126.53 crore and that of Life Insurance Corporation of India (LIC) declined by Rs 11,701.24 crore to Rs 5,73,266.17 crore.
The market capitalisation (mcap) of HDFC Bank dipped Rs 6,996.87 crore to Rs 10,96,154.91 crore.
However, the valuation of Reliance Industries Limited jumped Rs 49,152.89 crore to reach Rs
FPIs invest over Rs 38K cr in equities in Mar so far amid positive outlook (24-03-2024)
FPIs have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over Rs 38,000 crore, mainly driven by favourable shifts in the global economic scenario and strong domestic macroeconomic outlook.
The investment came following a modest investment of Rs 1,539 crore in February and a massive outflow of Rs 25,743 crore in January, data with the depositories snowed.
With this, foreign portfolio investors' (FPIs) investment has turned positive to the tune of Rs 13,893 crore in equities so far in 2024 and Rs 55,480 crore in the debt market.
Himanshu Srivastava, Associate Director at Manager Research at Morningstar Investment Research India, highlighted that FPIs have become significant buyers in March. The improved global economic conditions and positive Indian macroeconomic scenario have driven FPIs to invest in high growth-oriented markets like India.
Additionally, the recent market correction has provided a buying ...
Global cues, FII activity to guide stock markets next week, say Analysts (24-03-2024)
Stock markets would be driven by global trends and foreign investors' trading activity in the holiday-shortened week, analysts said adding that key equity indices may face volatile trends amid the monthly derivatives expiry on Thursday.
This week markets will have just three trading sessions. Equity markets will remain closed on Monday for Holi and on Friday for Good Friday.
"This week will be shorter due to market closure on both Monday for Holi and Friday for Good Friday. As a result, trading volumes may be lower with limited market cues. However, volatility remains a possibility as we approach the March F&O expiry and the financial year-end," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.
Last week, the BSE benchmark climbed 188.51 points or 0.25 per cent, and the Nifty went up by 73.4 points or 0.33 per cent.
"This week being a truncated week and the derivatives' monthly expiry, we might see some volatility while Nifty is likely to consolidate at higher ...
Bitcoin ‘halving’ spurs exodus of old United States mining computers abroad (23-03-2024)
Bitcoin has surged about 50% this year to around $63,500, though it's down from a record high of $73,798 reached on March 14
Norges Fund Investment Bank of Norway supports ICICI Securities delisting (23-03-2024)
Amid Quantum Mutual Fund voting against the proposed delisting of ICICI Securities, the largest public shareholder Norges Fund Investment Bank has voted in favour of the proposal of the stock broking arm of ICICI Bank.
The foreign fund, which holds nearly 3.25 per cent stake in ICICI Securities, voted in favour on Thursday, the first day of e-voting, as per the information posted on the website of Norges Fund Investment Bank.
The e-voting will remain open till March 26.
The move of the Norway-based Norges Bank provided a shot in the arm of ICICI Securities' plan to delist itself as it needs two-thirds of the public shareholders' support to pass the resolution.
However, Quantum Mutual Fund, which holds a 0.09 per cent stake in ICICI Securities, voted against the resolution on Thursday.
Quantum Mutual Fund opposed the delisting as it did not find the swap share ratio lucrative to the shareholders of ICICI Securities.
As per the scheme of arrangement, shareholders of ICICI Securitie
Gandhar Oil Refinery bags orders worth Rs 17.41 cr (23-03-2024)
Gandhar Oil Refinery (India) has announced that it has received a work order from Ajmer Vidyut Vitran Nigam (AVVNL) amounting Rs 17,41,49,250.
Zydus Life gets tentative USFDA approval for Letermovir tablets (23-03-2024)
The company announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market Letermovir tablets.
Zydus receives USFDA tentative approval for Letermovir tablets (23-03-2024)
Letermovir tablets are used to prevent disease caused by a virus called cytomegalovirus (CMV) in people who have received a bone marrow transplant or kidney transplant. The drug will be manufactured at the group's formulation manufacturing facility at Ahmedabad SEZ, India.
Letermovir tablets, 240 mg and 480 mg had annual sales of USD 289.5 mn in the United States (IQVIA MAT Jan-24).
Vedanta receives affirmation in credit ratings (23-03-2024)
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Tech Mahindra announces restructuring of subsidiaries (23-03-2024)
The Intimation of the same was received by the Company at 09.22 AM (IST) on 23 March 2024.