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Benchmark equity indices rose more than 2% before paring some gains, as global markets rebounded amid a decline in oil prices. Investor also focused on election results in the key state of Uttar Pradesh. The Sensex closed 1.5% higher and Nifty jumped 1.53%. Brent crude was trading at $117.04 per barrel and WTI Crude stood at 113.78 per barrel.
Broader indices also rose with Nifty Midcap 100 gaining 0.91% and BSE Smallcap advancing 1.18%.
Top gainers among Nifty sectoral indices were FMCG[3.03%], PSU Bank [2.33%], Metal [2.28%], Realty [2.23%] and Bank [1.95%]. Top loser was IT [-0.12%].
Indian rupee rose 26 paise to 76.31 against the US dollar.
Stock in News Today
Tata Power: The company has signed an MoU With Enviro to deploy EV Charging Points in Gurugram. Enviro is the facility management arm of NCR-based real estate developer Vatika Group. Under the agreement, Tata Power will install 59 EV charging points at 18 locations across properties of Vatika Group. These chargers will be made available as Public Charging Stations and Semi-Public based on the nature of the premises.
Larsen & Toubro (L&T): The company announced that its construction arm has secured ‘significant’ orders for its various businesses. The company classifies orders worth Rs 1,000-2,500 crore as significant. The company has secured an engineering, procurement and construction (EPC) order from IRCON International Ltd. It has also secured an order from a global FMCG manufacturer for design and construction of a food processing facility in Gujarat, India. In addition, the business has also secured an order to expand a super specialty hospital in Kolkata by 250 beds on design & build basis.
Future Group companies: Future Lifestyle Fashions has received termination notices for sub-leased properties from Reliance entities in relation to 34 “Central” stores and 78 “Brand Factory” stores of the company. These stores have been historically contributing approx. 55% to 65% of retail revenue operations of the company. Similarly, Future Retail stores have been served notices to terminate the lease of its 835 stores.
Exide Industries: The battery manufacturer has entered into a long-term technical collaboration agreement with China’s SVOLT Energy Technology Co Ltd for lithium-ion cell manufacturing. Under the agreement, SVOLT will grant Exide an irrevocable right and licence to use, exploit and commercialise necessary technology and know-how owned by SVOLT for lithium-ion cell manufacturing in India.
Zydus Lifesciences: The pharma company announced that the U.S. FDA has made three observations on the group’s injectable facility at Jarod. The U.S. FDA inspection took place between Feb. 24 and Mar. 10. Zydus in an exchange filing said that it is committed to address and resolve the issues to the satisfaction of U.S. FDA.
Hindustan Oil Exploration: The company has signed an contract with Gujarat State Petroleum Corp. to sell 0.3 mmscmd (metric million standard cubic meters of gas per day) natural gas from its B-80 block in India’s western offshore. Gujarat State won the e-auction held on March 8. Hindustan Oil will sell B-80 gas to GSPC for two years.
Kalpataru Power Transmission: The company has secured a Letter of Intent (LoI) for Power Transmission and Distribution project in international market. The LoI is for a project valued at Rs 3,276 crore and pertains to design, engineering, supply and construction of HVDC power transmission line of 700 km.
RattanIndia Enterprises: The company’s subsidiary, NeoSky India, plans to develop and launch consumer micro drones in India. NeoSky’s drones will be widely used at weddings, in sports coverage, broadcasting, amateur travel vlogs, surveillance and warehouse management.
Jindal Steel & Power (JSPL): The company reported an 8% year on year increase in steel sales to 5.9 lakh tonnes in February 2022 as compared to 5.47 lakh tonnes sold in February 2021. The company said that exports contributed 24% to the sales volume. On production side, JSPL’s steel production stood at 6.57 lakh tonnes in February 2022 which was 1% higher than previous year.