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Nifty Bank index surged over 3 percent led by the RBL Bank, PNB, IDFC First Bank, IndusInd Bank
Market at 12 PMBenchmark indices were trading higher with Nifty near the 16700 level amid buying seen across the sectors.The Sensex was up 1,406.16 points or 2.58% at 55936.07, and the Nifty was up 433 points or 2.66% at 16681. About 2492 shares have advanced, 596 shares declined, and 82 shares are unchanged.
Linde India Q3 profit jumps 19.4% to Rs 67.8 crore
Linde India clocked 19.4 percent year-on-year growth in consolidated profit at Rs 67.8 crore for the quarter ended December 2021.
Revenue during the same period grew by 35.5 percent to Rs 644.1 crore YoY due to growth 114 percent in revenues from its Project Engineering business and 13 percent growth in Gas business.
The board has declared a total dividend of Rs 13.50 per share for the year ended December 2021.
Linde India was quoting at Rs 2,758.90, up Rs 72.90, or 2.71 percent on the BSE.
NHPC signs facility agreement with HDFC Bank
NHPC has signed a Facility Agreement with HDFC Bank, to securitise the return on equity of Chamera-I power station with 540 MW capacity for a tenor of 10 years.
The amount of securitisation facility is Rs 1,016.39 crore at 5.24 percent per annum discounting rate linked with three months treasury bills.
NHPC was quoting at Rs 27.55, up Rs 0.30, or 1.10 percent on the BSE.
BSE Smallcap index rose 4 percent supported by the Orient Bell, Emami Paper Mills, Sree Rayalaseema Hi-Strength
Adani Power wins payment of compensatory tariff of Rs 4,200 crore from 3 Rajasthan discoms. The share price jumped 14 percent after the company won payment of compensatory tariff of Rs 4,200 crore from 3 Rajasthan discoms. The stock was trading at Rs 124.90, up Rs 13.85, or 12.47 percent. It has touched an intraday high of Rs 127.80 and an intraday low of Rs 117.30.
Nifty, Sensex recover most of Feb 24 losses: 3 factors that are driving the gains
Global equity markets came under severe pressure on February 23 after Russia announced military actions in Ukraine.
Palladium hits 6-month high amid supply fears after US sanctions on Russia
As Russia-Ukraine war rages on, precious metals have gone on a swing. Palladium, a rare shiny metal, has hit a six-month high since August 2021. Palladium rose 4.5 percent on February 23 on fears of a hit to supply from top producer Russia, while gold firmed up above the key $1,900 level as Ukraine declared a state of emergency.
Russia’s Nornickel is a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes. Nornickel produced 2.6 million troy ounces of palladium last year or 40 percent of the global mine production and 641,000 ounces of platinum or about 10 percent of total mine production. Read more
Market Update at 11 AM: Sensex is up 1,595.62 points or 2.93% at 56125.53, and the Nifty jumped 484.30 points or 2.98% at 16732.30.
Life Insurance Corporation of India increases stake in Gillette India
Life Insurance Corporation of India bought 2,000 equity shares in the company via open market transactions on February 23. With this, LIC’s stake in the company stands at 5 percent now, up from 4.99 percent earlier.
The past one year has seen the stock depreciate by 11 percent while it has declined 4 percent in the past one week.
Gillette India was quoting at Rs 5,082, up Rs 183.30, or 3.74 percent on the BSE.
Rupee Opens:
Indian rupee opened 35 paise higher at 75.30 per dollar on Friday against previous close of 75.65.
The dollar index surged 0.98% on Thursday after Russia launched an invasion of Ukraine, as investors moved towards safe haven assets. Further, better-than-expected GDP and initial jobless claims data from the US lifted the dollar. However, sharp gains were capped on a decline in US treasury yields.
Rupee February futures depreciated by 1.49% amid stronger dollar and pessimistic sentiments in domestic markets.
