Stock Market Live: Sensex at day’s low, down 250 points, financial, IT shares fall. news on markets

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1:22 pm

Patanjali misleading advertisement case: Ramdev apologizes in Supreme Court

As per the directions of the Supreme Court, both Ramdev and Patanjali Ayurveda’s Managing Director Acharya Balkrishna appeared in person. The company tendered its ‘unconditional apology’ for violating the court order. Read more
1:11 pm

Tata Technologies’ JV with BMW to develop automotive software grows 7%

This joint venture aims to create an automotive software and IT development center in India. The agreement between the two companies includes setting up operations in Pune, Bengaluru and Chennai, according to a joint statement issued by both parties. Read more

12:57 pm

Bajaj Auto hits new high on strong March sales; Stock is close to buyback price

The company’s total sales increased by 25 percent year-on-year (YoY) to 365,904 units in March 2024, from 291,567 units in the same month last year. Domestic sales increased 18 percent year-on-year to 220,393 units, while export sales increased 39 percent to 145,511 units compared to the same month last year. Read more

12:32 pm

WARNING :: IRDA has made it mandatory to issue insurance policies in electronic form from April 1, 2024

>> CAMS Insurance Repository Services Limited, one of the wholly owned subsidiaries of the company, is an IRDAI registered insurance repository and is facilitating issuance of policies in electronic mode.

12:00 PM

Alert:: Choice International-Arm wins Rs 520 crore project

>>Choice Consultancy Services Pvt Ltd, a wholly owned subsidiary of the company, has bagged a project for development of solar plant worth Rs 520 crore for Jodhpur Vidyut Vitran Nigam Ltd in joint venture with Solar91 Cleantech Pvt Ltd.

>>This initiative involves installing 34.72 MW (AC) solar plants with operation and maintenance period of 25 years during the implementation period of 12 months.

11:47 am

Alert: Aeroflex Industries to acquire 100% stake in Hyd-Air Engineering Pvt Ltd

>> Cost of acquisition: Rs 17.21 crore

>> Indicative time period to complete the acquisition: Within 60 days from the date of execution of share purchase agreement

Details here

11:32 am

Real-estate firm Sobha Ltd receives income tax demand notice of Rs 46 crore

Realty firm Sobha Limited has received a demand notice of around Rs 46 crore from the Income Tax Department.

The notices were issued by the Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices pertain to assessment years (AY) 2016-17 and 2022-23. Read more

real estate

11:16 am

Oil rises on expectations of higher demand as Middle East concerns rise

Oil prices rose on Tuesday on signs of improving demand in China and the United States, the world’s biggest oil consumers, and growing concerns that escalating conflict in the Middle East could hit supplies from the region.

Brent futures for June delivery rose 41 cents to $87.83 a barrel by 0440 GMT. US West Texas Intermediate (WTI) crude futures for May rose 41 cents to $84.12 a barrel, hitting their highest since Oct. 27 in the previous session. Read more

oil prices

11:10 am

16-year high: At 59.1 in March, India’s manufacturing PMI highest since 2008

India’s manufacturing sector has achieved a significant milestone, with the HSBC India Manufacturing PMI reaching 59.1 in March, its highest level in 16 years. This surge in performance signals strong growth, with production and sales growing at the fastest rate since October 2020. According to the report, India saw a near-record increase in input stocks.

The PMI was recorded at 56.9 in February, the fastest pace in five months. PMI in January was 56.5. The manufacturing PMI has remained above the crucial 50 mark for 33 consecutive months, indicating growth rather than contraction. Read more

economic development manufacturing

11:01 am

BMW, Tata Technologies to form JV to develop automotive software

German automotive major BMW Group and global product engineering and digital services firm Tata Technologies on Tuesday said they will form a joint venture to set up an automotive software and IT development center in India.

A joint statement from the companies said the two companies have signed an agreement to form a joint venture (JV) with the aim of setting up automotive software and IT development centers in Pune, Bengaluru and Chennai. Read more

10:58 am

We do not feel any special nervousness among investors: Sayan Mukherjee

As the markets enter the new financial year, they are keenly keeping an eye on the outcome of the domestic general elections and the policies to be introduced by the new government. Sticky inflation and a delay in rate cuts by the US Federal Reserve could become a point of concern for the market, Sayan Mukherjee, managing director and head of equity research in India at Nomura, tells Punit Wadhwa in a one-on-one conversation in Mumbai. Read more

Sayan Mukherjee, Nomura

10:32 am

Alert: India manufacturing PMI hits 16-year high of 59.1 in March

>> HSBC India PMI rose to 16-year high on the back of the strongest growth in output and new orders since October 2020, paralleling the second-fastest surge in input inventories in the history of the survey.

>> Seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index™ (PMI) rose to a 16-year high of 59.1 in March from 56.9 in February.

>>The significant improvement in operating conditions reflects strong growth in new orders, output and input stocks as well as renewed job creation.

>> Manufacturing output expanded in March for the thirty-third consecutive month and by the largest extent since October 2020.

10:25 am

Adani Ports up 4%; Market cap reaches Rs 3 trillion on strong cargo volumes

Shares of Adani Ports and Special Economic Zone (APSEZ) surged 4 per cent to hit a new high of Rs 1,425 on the BSE in intra-day trade on Tuesday. This came as the company handled its highest ever monthly cargo volume (including international ports) of over 38 million metric tonnes (MMT) in March 2024.

In the last two trading days, the shares of Adani Group company have increased by 6 percent. It was at a higher price for eight consecutive days, increasing by 15 percent during this period. The stock surged 84 percent in the last five months. Read more

Adani Ports

10:21 am

IREDA imposes 5% upper circuit on record loan approvals, disbursements in FY24

Shares of Indian Renewable Energy Development Agency (IREDA) hit upper circuit of 5 per cent on BSE on Tuesday after the clean energy financier reported record loan growth for the recently concluded financial year 2023-24 (FY24).

In an exchange filing released after market close on Monday, IREDA said it recorded the highest-ever loan approvals of Rs 37,354 crore in FY24, while loan disbursement stood at Rs 25,089 crore. With this, the total loan book has reached Rs 59,650 crore, a record growth of 26.71 per cent. Read more

IREDA

9:43 am

10% upper circuit imposed on Aditya Birla Fashion’s demerger plan

Shares of Aditya Birla Fashion & Retail (ABFRL) closed 10 per cent higher at Rs 232.85 on the BSE in Tuesday’s intraday trade after the company authorized the management to evaluate the vertical demerger of Madura Fashion & Lifestyle (MFL). Happened. Conversion of business from ABFRL to a separate listed company. Read more

Aditya Birla Fashion & Retail (ABFRL)

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