Barometers end near the day's low; Sensex drops 540 pts, Nifty ends below 17,600 mark.

The domestic equity barometers ended with deep cuts after a weak session on Thursday. The Nifty ended below the 17,600 level after hitting the day's high of 17,772.35 in early trade. Barring metal stocks, shares across sectors declined with auto, IT and FMCG shares falling the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 541.81 or 0.90% to 59,806.28. The Nifty 50 index lost 164.80 points or 0.93% to 17,589.60.

In the broader market, the S&P BSE Mid-Cap index slipped 0.55% while the S&P BSE Small-Cap index declined 0.20%.

The market breadth favored the sellers. On the BSE, 1,575 shares rose and 1,919 shares fell. A total of 121 shares were unchanged.

Trading was volatile due to expiry of weekly index options on the NSE.

Buzzing Index:

The Nifty Auto index fell 1.83% to 12,781.20. The index had advanced 2.20% in the past three sessions.

Mahindra & Mahindra (down 3.34%), Balkrishna Industries (down 3.19%), Tube Investments of India (down 2.18%), TVS Motor Company (down 1.95%) and Eicher Motors (down 1.89%) were the top losers.

Among the other losers were Maruti Suzuki India (down 1.73%), Tata Motors (down 1.71%), Sona BLW Precision Forgings (down 1.47%), Hero MotoCorp (down 1.46%) and MRF (down 1.45%).

Stocks in Spotlight:

Reliance Industries fell 2.37%. Radisys Corporation, a wholly owned subsidiary of Reliance's Jio Platforms has signed definitive aggreements to acquire Mimosa Networks from Airspan Networks Holdings for $60 million on a debt free, cash free basis.

Power Grid Corporation of India fell 0.57%. The company has announced its plans to issue unsecured, non-convertible, non-cumulative, redeemable, taxable PowerGrid bonds-LXXI aggregating upto Rs 900 crore on private placement basis. The PSU's committee of directors for bonds has approved issue of bonds having base size of upto Rs 300 crore and green shoe option upto Rs 600 crore.

State Bank of India (SBI) declined 1.01%. The country's largest lender has raised Rs 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year on Wednesday at coupon rate of 8.25%. The proceeds of bonds will be utilized in augmenting Additional Tier 1 Capital and overall capital base of the bank and for strengthening capital adequacy in accordance with RBI Guidelines.

Bharat Forge slipped 0.99%. The company through its E-Mobility subsidiary, Kalyani Powertrain, inaugurated its first E-bike manufacturing facility at MIDC Chakan on 8 March 2023. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake assembly of E-bikes for Tork Motors, 64.29% owned by Kalyani Powertrain.

Kirloskar Oil Engines shed 0.34%. Ten investors have picked up 13.65% stake in the company through bulk deals on Wednesday (8 March 2023), at an average price of Rs 322 per share, amounting to Rs 636 crore. Three promoters offloaded 17.71% stake in the company.

Jindal Stainless lost 0.93%. iShares Core MSCI Emerging Markets ETF has picked up 33.69 lakh equity shares (0.64% stake) in the stainless steel company through open market transactions, at an average price of Rs 309.42 per share.

Shoppers' Stop rose 0.10%. Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands, a subsidiary of Shoppers Stop, to expand its brand footprint in India. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in second half of 2023 in key cities in India.

Sequent Scientific was locked in 20% upper circuit. The company said that it will not acquire Tineta Pharma and the share purchase agreement entered by the company with Tineta and its promoters stands terminated.

Muthoot Finance declined 0.63%. The NBFC's board approved raising upto Rs 6,500 crore in one or more tranches by issuing redeemable non convertible debentures (NCDs) on private placement basis.

Ugro Capital added 1.65%. The investment and borrowing committee of the company's board allotted 5,000 non-convertible debentures (NCDs) aggregating to Rs 50 crore including a green shoe option of 2,500 NCDs for Rs 25 crore through private placement basis.

G R Infraprojects advanced 2.14%. The civil construction company announced that it has been emerged as lowest (L‐1) bidder for a tender by National Highways Authority of India (NHAI) under Bharatmala Pariyojana in Bihar on hybrid annuity mode. The bid project cost stood at Rs 1,248.37 crore. The construction is expected to be completed in 730 days from appointed date and the operation period is 15 years from the commercial operation date.

Global markets:

Shares in Europe declined while markets in Asia mostly ended lower on Thursday as investors digested more comments from U.S. Federal Reserve Chairman Jerome Powell.

Powell reportedly reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he reportedly said he hasn't made up his mind about what the central bank will do regarding interest rates when it meets later in March.

Japan's GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan's GDP, inched up by only 0.3%.

Meanwhile, China's consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).

In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell's congressional speech.

Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

Barometers sharply pare losses; FMCG shares edge lower.

The domestic equity barometers sharply pared losses as they bounced back from the day's low in mid-morning trade. The Nifty traded above the 17,700 level after hitting the day's low at 17,668.90 in morning trade. FMCG stocks recorded some bit of profit taking after continuously advancing in the past three sessions.

The barometer index, the S&P BSE Sensex, was down 101.14 or 0.17% to 60,246.95. The Nifty 50 index lost 32.25 points or 0.18% to 17,722.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.32%.

The market breadth was positive. On the BSE, 1,835 shares rose and 1,424 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 0.48% to 45,501.65. The index had gained 1.99% in the past three sessions.

ITC (down 1.1%), Godrej Consumer Products (down 0.71%), Tata Consumer Products (down 0.43%), Hindustan Unilever (down 0.33%) and Marico (down 0.2%) were the top losers.

Among the other losers were Colgate-Palmolive (India) (down 0.13%), United Breweries (down 0.12%), Procter & Gamble Hygiene and Health Care (down 0.12%), Britannia Industries (down 0.08%) and Dabur India (down 0.07%).

On the other hand, Varun Beverages (up 2.06%), Emami (up 0.59%) and United Spirits (up 0.47%) moved up.

Stocks in Spotlight:

Power Grid Corporation of India added 0.70%. The company has announced its plans to issue unsecured, non-convertible, non-cumulative, redeemable, taxable PowerGrid bonds-LXXI aggregating upto Rs 900 crore on private placement basis. The PSU's committee of directors for bonds has approved issue of bonds having base size of upto Rs 300 crore and green shoe option upto Rs 600 crore.

Religare Enterprises jumped 8.04%. The company said that its subsidiary, Religare Finvest (RFL) has completed the entire one time settlement (OTS) payment of Rs 2,178 crore to sixteen OTS lenders. RFL will receive the No-Dues Certificates (NDC) from the OTS lenders as per the terms of the OTS agreement.

Sequent Scientific zoomed 13.16%. The company said that it will not acquire Tineta Pharma and the share purchase agreement entered by the company with Tineta and its promoters stands terminated.

Global markets:

Asian shares traded in a mixed manner on Thursday as Bank of Japan kicks off its two-day monetary policy meeting.

Japan's GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan's GDP, inched up by only 0.3%.

Meanwhile, China's consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).

In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell's congressional speech.

Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

Shares trade with strong gains; IT stocks in demand.

The key equity barometers continued to trade with strong gains in mid-afternoon trade. The Nifty traded tad below 17,750 mark. IT shares advanced for second day in a row.

The barometer index, the S&P BSE Sensex, was up 497.36 points or 0.83% to 60,306.33. The Nifty 50 index added 146.30 points or 0.83% to 17,740.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index advanced 0.88%.

The market breadth was strong. On the BSE, 2,136 shares rose and 1,392 shares fell. A total of 189 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.411 from 7.430 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7000, compared with its close of 81.9750 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.07% to Rs 55,830.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 104.45.

The United States 10-year bond yield fell 0.87% to 3.928.

In the commodities market, Brent crude for May 2023 settlement lost 60 cents or 0.70% to $85.23 a barrel.

Buzzing Index:

The Nifty IT index rose 1.35% to 30,218.15. The index has gained 1.68% in two sessions.

Mphasis (up 2.8%), Infosys (up 2.08%), LTI Mindtree (up 1.69%), Coforge (up 1.5%) and Wipro (up 1.08%) were the top gainers.

Among the other gainers were Tata Consultancy Services (up 1.01%), HCL Technologies (up 0.53%), Persistent Systems (up 0.24%) and Tech Mahindra (up 0.13%).

Stocks in Spotlight:

PNC Infratech rose 2.25%. The company said that it has received provisional completion certificate for an Uttar Pradesh-based national highway project awarded by NHAI on hybrid annuity mode effective from 1 March 2023.

Vardhman Textiles added 0.33%. The company said that its board will meet on Thursday, 9 March 2023, to consider and approve Issue of non-convertible debentures upto an amount of Rs 150 crore on private placement basis.

Neogen Chemicals jumped 5.74%. The company entered into a definitive agreement to acquire 100% stake in BuLi Chemicals India from Livent for Rs 25 crore. BuLi Chem is engaged in carrying out Manufacture and sale of N Butyl Lithium and other organolithium products. It has presence in India.

Sensex gains 648 pts; oil & gas shares rises over 4% in four days.

The key equity indices continued to trade with strong gains in early afternoon trade. The Nifty traded above 17,750 level. Oil & gas shares advanced for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 648.25 points or 1.08% to 60,457.22 The Nifty 50 index added 179.20 points or 1.02% to 17,773.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index advanced 1.09%.

The market breadth was strong. On the BSE, 2249 shares rose and 1196 shares fell. A total of 184 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 1.49% to 12.3625. The Nifty 29 March 2023 futures were trading at 17,831.25, at a premium of 57.7 points as compared with the spot at 17,773.55.

The Nifty option chain for the 9 March 2023 expiry showed maximum Call OI of 30.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 47 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Oil and Gas index advanced 1.93% to 7,248.85. The index jumped 4.43% in four trading sessions.

Mahanagar Gas (up 5.61%), Adani Total Gas (up 5%), Indraprastha Gas (up 2.73%), Oil India (up 2.71%), GAIL (India) (up 2.71%), Oil & Natural Gas Corporation (up 2.37%), Gujarat State Petronet (up 2.29%), Indian Oil Corporation (up 1.73%), Hindustan Petroleum Corporation (up 1.42%) and Aegis Logistics (up 1.22%) edged higher.

Stocks in Spotlight:

Olectra Greentech jumped 3.24% after the company said that Evey Trans (EVEY) has received two letter of awards (LoAs) from Telangana State Road Transport Corporation (TSRTC) for 550 electric buses. The value of these 550 bus supply would be approximately Rs 1,000 crore for Olectra.

Mahanagar Gas (MGL) surged 5.78%. The company signed share purchase agreement (SPA) to acquire 100% stake in Unison Enviro (UEPL), a subsidiary of Ashoka Buildcon. The company will acquire 100% shareholding for a cash consideration of Rs 531 crore.

Force Motors advanced 3.17% after the company registered 105.9% jump in domestic sales to 2,236 units in February 2023 from 1,086 units sold in February 2022.

Key indices extend gains; Sensex jumps 673 pts, Nifty nears 17,800 level.

The key equity indices extended gains and hit fresh intraday highs in morning trade. The Nifty marched towards the 17,800 level. Metal shares rose for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 673.36 points or 1.13% to 60,482.33. The Nifty 50 index added 197.15 points or 1.12% to 17,791.50.

In the broader market, the S&P BSE Mid-Cap index rose 1.07% while the S&P BSE Small-Cap index advanced 1.21%.

The market breadth was strong. On the BSE, 2352 shares rose and 891 shares fell. A total of 185 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Buzzing Index:

The Nifty Metal index rose 1.98% to 5,779.90. The index has added 5.60% in two sessions.

Adani Enterprises (up 12.84%), Jindal Stainless (up 5.78%), National Aluminium Company (up 2.24%), APL Apollo Tubes (up 1.91%) and Vedanta (up 1.4%) were the top gainers.

Among the other gainers were Welspun Corp (up 1.13%), Hindalco Industries (up 0.8%), Hindustan Copper (up 0.58%), Hindustan Zinc (up 0.58%) and MOIL (up 0.29%).

On the other hand, Jindal Steel & Power (down 0.64%), Ratnamani Metals & Tubes (down 0.3%) and JSW Steel (down 0.13%) moved lower.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) rose 1.48%. The National Company Law Tribunal (NCLT) has given approval for the amalgamation of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, a subsidiary of HDFC.

Hindustan Aeronautics added 1%. The company has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax (OSD) for the Assessment Yeas 2012-13. The order has allowed R&D expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. The above refund of Rs 570.05 crore includes of interest Rs 163.68 crore.

Krsnaa Diagnostics gained 0.85%. The company announced that it has operationalized diagnostics center at Fazilka, Punjab. This is part of the agreement with the Government of Punjab for procurement, operation and maintenance of 25 CT scanners, 6 new MRI machines, 30 pathological laboratories, 1 referral laboratory and 95 collection centers across the State of Punjab.

Indices extend gains; Nifty climbs above 17,500; PSU banks advance.

The domestic equity barometers extended gains in morning trade amid positive global cues. The Nifty marched above the 17,500 level. All the sectoral indices on the NSE were in the green, with banking and media shares gaining the most.

The barometer index, the S&P BSE Sensex, was up 661.95 points or 1.12% to 59,571.30. The Nifty 50 index added 194.60 points or 1.12% to 17,516.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index advanced 0.67%.

Buyers outnumbered sellers. On the BSE, 2,192 shares rose and 917 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,128.80 crore in the Indian equity market on 1 March 2023, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index jumped 3.56% to 3,900.70. The index declined 0.01% in the past trading session.

Punjab & Sind Bank (up 5.67%), UCO Bank (up 5.39%), Bank of India (up 4.96%), Bank of Maharashtra (up 4.42%), Union Bank of India (up 4.41%), Indian Overseas Bank (up 3.89%), State Bank of India (up 3.79%), Bank of Baroda (up 3.74%), Central Bank of India (up 3.64%) and Indian Bank (up 2.59%) advanced.

Stocks in Spotlight:

Foseco India advanced 1.64%. The company on Thursday (2 March 2023) informed about a cyber security incident involving unauthorized access to its IT systems. The company said that based on the preliminary assessment, there was no assessed material impact on its operations.

Natco Pharma added 2.93% after the company announced that its board will meet on Wednesday, 8 March 2023, to consider a proposal for buyback of fully paid up equity shares of the company.

MOIL rose 2.82% after the company recorded manganese (Mn) ore production of 1.31 lakh tonnes in February, 2023, thereby registering a growth of 10% over the same period last year. Sales at 1.32 lakh tonnes of manganese ore during February 2023, was higher by 19% vis-à-vis February 2022.

Sensex drops 502 pts, Nifty holds 17,300; VIX slips below 13 mark.

The domestic equity barometers ended with steep losses on Thursday. The Nifty settled below the 17,350 mark. Trading was volatile due to expiry of weekly index options on the NSE. IT, auto and banks shares witnessed major selling.

The barometer index, the S&P BSE Sensex declined 501.73 points or 0.84% to 58,909.35. The Nifty 50 index lost 129 points or 0.74% to 17,321.90.

Axis Bank (down 2.29%), TCS (down 1.91%), Infosys (down 1.64%) and HDFC Bank (down 0.92%) pulled the indices lower.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.19% to 12.97.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index slipped 0.22%.

The market breadth was negative. On the BSE, 1,581 shares rose and 1,876 shares fell. A total of 143 shares were unchanged.

The National Stock Exchange on Wednesday said it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release.

Politics:

The counting of votes for Assembly elections in Tripura, Nagaland and Meghalaya is underway.

As per the latest trends, the BJP alliance is set to retain power in Tripura and Nagaland.

In Meghalaya, no party is inching towards the majority mark. Chief Minister Conrad Sangma's National People's Party (NPP) have won 17 seats so far and is leading in eight others, emerging as the single largest party. The majority mark in Meghalaya, where the assembly has 60 seats, is 31.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.442 from 7.434 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.5800, compared with its close of 82.4900 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.09% to Rs 55,782.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.28% to 104.77.

The United States 10-year bond yield jumped 0.95% to 4.034.

In the commodities market, Brent crude for May 2023 settlement added 55 cents or 0.65% to $84.86 a barrel.

Global Markets:

Shares in Europe declined while Asian stocks ended mixed on Thursday, as investors braced for further hikes ahead as Federal Reserve speakers reiterated more hikes are needed to tame inflation.

Minneapolis Fed President Neel Kashkari on Wednesday said the Fed will “continue doing what we're doing until we finish the jobs, and I'm committed to doing that.” The U.S. 10-year Treasury yield briefly topped 4% overnight.

In the US, all the major averages finished lower on Wednesday as bond yields rocketed higher.

The tech-heavy Nasdaq Composite led Wednesday's losses, falling 0.66%, while the S&P 500 dipped 0.47%. The Dow Jones Industrial Average added just 5.14 points.

The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days.

Stocks in Spotlight:

Maruti Suzuki India declined 2.42% after the car major said its total production skid 5.79% to 1,59,873 units in February 2023 compared with 1,69,692 units in February 2022.

Eicher Motors fell 0.46% after the company's total motorcycles (Royal Enfield) sales increased 21% to 71,544 units in February 2023 from 59,160 units sold in February 2022.

Hero MotoCorp advanced 1.12% after the company sold 394,460 units of motorcycles and scooters in February 2023, recording 10% growth over the corresponding month of the previous year (February 2022), when the company had sold 358,254 units.

TVS Motor Company added 0.44%. The company said that it has registered sales of 276,150 units in the month of February 2023 as against 281,714 units in the month of February 2022, recording a de-growth of 2% on YoY basis.

Rail Vikas Nigam (RVNL) jumped 12.22% after the company along with its joint venture (JV) has been emerged as Lowest Bidder (L1) for Vande Bharat project. The total quantity is 200 Trainsets and cost per set is Rs 120 crore. Rail Vikas Nigam's share in the order is 25%.

Anant Raj surged 4.12% after the company announced that its board will meet on Saturday, 4 March 2023, to consider the fund raising proposal.

Sunteck Realty rose 0.43% after the Mumbai-based luxury real estate developer said it leased out approx. 2 lakh square feet of built-up area of its premium commercial building Sunteck BKC51 situated off Bandra Kurla Complex (BKC) to Upgrad Education for a lease term of 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure. The project is at near completion stage and the possession is to be completed by June 2023.

KNR Constructions rose 2.11% after the company received letter of acceptance (LoA) for development of greenfield highway project in Andhra Pradesh. The bid cost of project is Rs 665 crore. The completion period of project is 24 months and operation period is 15 years from commercial operation date (COD).

IPO Update:

The initial public offer (IPO) of Divgi TorqTransfer Systems received bids for 14.48 lakh shares as against 38.41 lakh shares on offer, according to stock exchange data 17:00 IST on, Thursday (2 March 2023). The issue was subscribed 38%.

The issue opened for bidding on Wednesday (1 March 2023) and it will close on Friday (3 March 2023). The price band of the IPO is fixed at Rs 560-590 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.