Shares of Rail Vikas Nigam (RVNL) rose over 3% to Rs 186 in Wednesday's trade on BSE after KRDCL - RVNL JV received a letter of award (LoA) for Rs 123 crore order to redevelop Varkala Sivagiri railway station.The order will be executed in 30 months as stated in a BSE filing by RVNL.Further, RVNL has also signed a MoU (Memorandum of Understanding) with REC, as disclosed in a separate filing.
Open FlipWill the international team announced by the Adani group on January 1, 2024, to redevelop Dharavi, Mumbai’s largest slum and possibly the world’s largest urban redevelopment project, be able to create a historic landmark? After all, Singapore executed a similar urban transformation in 1966 when it invoked the Land Acquisition Act of 1966. And the Housing Development Board (HDB) of Singapore.
Open FlipExide Industries Ltd, part of the heavy electrical equipment space, has rallied more than 20% in the last 3 months which helped the stock to breakout from a multi-year swing high formed in 2018.Short-term traders can look to buy the stock on dips for a possible target of Rs 372 in the next 3-4 weeks, suggest experts.The stock rose from Rs 260 as on 3rd October 2023 to Rs 322 recorded on 1st Jan.
Open FlipTelecom operator Vodafone Idea on Wednesday said its chief regulatory and corporate affairs officer P Balaji has resigned. In a BSE filing, Vodafone Idea said Balaji will cease to be a senior management personnel of the company with effect from January 10, 2024. In his resignation letter, which was shared by the company as part of the filing.
Open FlipONGC Videsh said it is exploring options including allocation of oil by Venezuela's state oil company PdVSA to repatriate its pending $600 million dividend for a stake in a project in the south American nation. Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. sanctions on the South American country last year. ONGC Videsh (OVL), the overseas investment arm.
Open FlipNotwithstanding a lower-than-estimated revenue growth reported by the Avenue Supermarts in its December quarter updates, top foreign and domestic brokerages remain positive about the prospects of the company that operates DMart stores. While Macquarie and Morgan Stanley have maintained their 'Outperform' and 'Overweight' ratings on the stock, domestic brokerage Motilal Oswal.
Open FlipShares of National Fertilizer, Madras Fertilizers, GSFC and Rashtriya Chemicals and Fertilizers have gained 25-40 percent in the past one month on the back of heavy volumes generated by high-frequency trading firms. Hrti Private Limited and Graviton Research Capital have been particularly active in these stocks on January 1 and 2, and previously on December 28, 6 and 4.
Open FlipICICI Direct's currency report on EURINR Euro slipped by 0.89% yesterday amid strong dollar and risk aversion in the global markets. Further, economic concerns weighed on single currency. Data showed manufacturing activity in euro zone contracted for 18th consecutive month. For today, EURUSD is likely to slip further towards 1.0900 levels amid strong dollar and pessimistic global market sentiment.
Open FlipSteel products maker Shri Balaji Valve Components Limited (SBVCL) made a strong market debut on January 3, with the stock listing at almost double the issue price. The share was trading at Rs 199.50, a premium of more than 99 percent over the issue price of Rs 100 and was locked in the upper circuit. The initial public offering (IPO) was entirely a fresh issue of 21.6 lakh equity shares.
Open FlipThe rally in technology stocks in India may face a speed bump as companies report their December-quarter earnings next week in the face of rising skepticism among analysts. Brokerage firms including Citigroup Inc. and Jefferies Financial Group Inc. are now sounding caution on the sector’s outperformance, citing rich valuations and tepid growth prospects.
Open FlipIndia proposed a set of conditions that local lenders and overseas banks operating in the country must meet before paying shareholders dividends, to overhaul two-decade old regulations. Lenders have to meet specific capital requirements for three financial years before giving out dividends, according to a statement on the proposed rules from the Reserve Bank of India on Tuesday.
Open FlipGlenmark Pharmaceuticals on Wednesday said it has launched a biosimilar of the popular antidiabetic drug, Liraglutide in India. The drug is being marketed under the brand name Lirafit following the approval from the Drug Controller General of India (DCGI), the company said in a statement. It is priced at around Rs 100 for a standard dose of 1.2mg (per day) and will lower the cost of therapy.
Open FlipInvestors continued to book profits on January 3 as S&P BSE Sensex dropped over 350 points and the NSE Nifty 50 lost over 100 points soon after opening. At 10:30am, the Sensex was trading at 71,525 and the Nifty 50 at 21,556. Market watchers expect this correction to continue in the next few days which, in turn, will make the overall breadth 'healthy' after seeing non-stop record runs.
Open FlipFrontline banking, insurance and infrastructure companies remained analysts’ top picks last month on the back of strong economic growth, robust credit offtake and pick-up in the capex cycle. However, IT and pharma stocks wallowed on the pessimism list amid global and domestic headwinds, as per Moneycontrol’s Analyst Call Tracker for December. ICICI Bank maintained its position as the company.
Open FlipThe dollar was trying to find a floor on Tuesday in holiday-thinned trade, pressured by signs that inflation in the world's largest economy is cooling that will likely give the Federal Reserve room to ease interest rates next year. The yen meanwhile steadied near its recent five-month peak on the prospect that the Bank of Japan (BOJ) could soon mark an end to its ultra-easy policy.
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