Markets

Oil pares gains amid uncertain demand outlook; Brent at $83/bbl

Oil prices fell on Tuesday, February 20, with an uncertain outlook for global demand knocking value off crude futures contracts, despite some risk premium from the Israel-Hamas conflict. Tensions in the Red Sea continue, with the crew of a ship abandoning the vessel after the attack on Sunday evening, the first such evacuation since the Yemen-based group started targeting ships late last year. Brent futures dipped 22 cents or…

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World markets today: US stocks fall as early rate cut hopes fade

US stock indices opened lower on Tuesday on fading hopes for early interest rate cut.  The Dow Jones Industrial Average fell 51.73 points, or 0.13 per cent, at the open to 38,576.26. The S&P 500 opened lower by 16.25 points, or 0.32 per cent, at 4,989.32, while the Nasdaq Composite dropped 95.81 points, or 0.61 per cent, to 15,679.84 at the opening bell. European equities mostly rose on Tuesday…

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Metal stocks hit after China’s iron ore slumps to 3-month low on sluggish demand

Metal stocks including Hindalco, Vedanta, National Mineral Development Corporation (NMDC), Tata Steel traded lower on Tuesday, February 20 after data suggested that iron ore slumped to a three-month low as investors fretted that steel demand wouldn’t stage a strong recovery in China after the Lunar New Year break. Futures sank more than five per cent in Singapore to hit the lowest intraday price since early November, following a drop…

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Union Bank of India to raise ₹3,000 crore via QIP at ₹142.78 per share

PSU lender Union Bank of India, on Tuesday, announced that it plans to raise ₹3,000 crore through a qualified institutional placement (QIP), with a floor price set at ₹142.78 per share. “We wish to inform you that the Committee of Directors for Raising Capital Funds (“Committee”) has at its meeting held today i.e. February 20, 2024 approved the raising of funds for an amount not exceeding ₹3,000 crore through…

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Stock markets extend winning run to 6th day, Nifty scales fresh lifetime high

As many as 18 Sensex shares closed in the green while 12 settled in the red. | Photo Credit: Reuters Benchmark Sensex spurted by 349 points while Nifty scaled a fresh lifetime high on the sixth straight day of gains on February 20, driven by buying in banking and select FMCG shares. The 30-share BSE Sensex reversed its early losses and closed higher by 349.24 points or 0.48% at…

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PNC Infra, HG Infra, Ahluwalia Contracts top Road Infra ideas of Axis Securities

During the December quarter , road infrastructure companies continued to benefit from strong order book led by government spending. However the festive season, state elections and pollution control measure in the Delhi National capital region (NCR) etc were some dampeners when it came to execution. Analysts at Axis Securities said that companies under their coverage reported revenue growth of 7%. Earnings before interest, tax, depreciation and amortisation (Ebitda) was…

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Ramkrishna Forgings Rises 5% On Winning $220 mn Order From North American Customer – News18

Last Updated: February 20, 2024, 14:26 IST Ramkrishna Forgings bags $220 million order from North American customer Ramkrishna Forgings says it is poised to further expand its offering in key markets and contribute significantly to the automotive industry Shares of Ramakrishna Forgings gained 5 per cent intraday on February 20 after the company secured a contract worth $220 million in the North American market. This contract spans over a…

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At ₹376, Paytm shares hit upper circuit for third straight session

File. | Photo Credit: Reuters Shares of Paytm’s parent firm One97 Communications rallied 5% and touched upper circuit for the third straight session on February 20. According to reports, the Directorate of Enforcement (ED), which has been probing One97 Communications’ arm Paytm Payments Bank Ltd (PPBL), has not found any breaches of the foreign exchange rules so far. However, the reports said, the central agency has found certain lapses…

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Bank stocks to continue seeing consolidation in short term; Here’s why

Banks Q3 Results Review: The third quarter of FY24 was marked by continued moderation in revenue growth, while reasonable net profit growth for the banking sector amid benign credit costs. The banks delivered 13% year-on-year (YoY) earnings growth during the quarter ended December, led by 11% YoY Net Interest Income (NII) growth and around 45% YoY decline in provisions. A compression in net interest margin (NIM) was seen across…

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Vibhor Steel Tubes Lists At Premium Of 181% At Rs 425/Share; Should You Book Profit Or Buy? – News18

Last Updated: February 20, 2024, 12:33 IST Vibhor Steel Tubes IPO received a strong response from the primary market investors Vibhor Steel Tubes stock makes stellar market debut; should you book profit, buy more or hold? Vibhor Steel Tubes stock makes bumper market debut: Vibhor Steel Tubes debuts the bourses on a bumper note with an 181% premium at the NSE at Rs 425 on February 20. The debut…

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Rupee rises 2 paise to 82.99 against U.S. dollar in early trade

Image for representational purposes only. | Photo Credit: Getty Images The rupee rose 2 paise to 82.99 against the U.S. dollar in early trade on February 20, amid softening crude oil prices in the overseas market. Forex traders said, however, a strong American currency, withdrawal of foreign funds and subdued equity market sentiment kept the local unit under pressure. At the interbank foreign exchange, the domestic currency opened at…

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Stock Market Update: Sensex Drops Over 150 Points, Nifty Below 22,100; ZEEL Rallies 7% – News18

Last Updated: February 20, 2024, 09:46 IST Sensex Today: After scaling a fresh record high in intraday trade on Monday, the benchmark Nifty50 index started 50 points lower on Tuesday at 22,073 amid tepid global sentiment. The S&P BSE Sensex, meanwhile, opened 167 points lower at 72,541 levels. Power Grid, Kotak Bank, Ultratech Cement, HDFC Bank, and Asian Paints were the top gainers on the BSE benchmark, while M&M,…

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Deepak Fertilisers shares surge nearly 10% on 15-year LNG contract with Equinor

Deepak Fertilisers and Petrochemicals share price jumped nearly 10% following the announcement that the company had signed a 15-year LNG contract with Norwegian giant Equinor. Deepak Fertilisers share price opened at ₹518.65 apiece on BSE and touched an intraday high of ₹546 and a low of ₹512.50 apiece.  According to analysts, recently Deepak Fertilisers share price saw a strong sell-off and significantly underperformed the broader markets; however, in today’s…

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Stocks to Watch: Whirlpool, Vibhor Steel, ONGC, Sula Vineyards, NBCC, and Others – News18

Last Updated: February 20, 2024, 08:19 IST Stocks to Watch on February 20: Indian markets started the week on a positive note on Monday, with Nifty scaling fresh new peaks. The broader market continued its outperformance in expectation of improvements in private capex and optimism about political stability. Whirlpool: The promoter firm, Whirlpool Mauritius (WML), which holds 75 per cent stake in the Indian arm, is expected to sell…

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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 20

Buy or sell stocks for today: On account of the participatory rally in majority segments, the Indian stock market ended higher for the fifth straight session. The Nifty 50 index hit a new high of 22,186 before ending at 22,122 level. The BSE Sensex shot up 281 points and closed at the 72,708 mark while the Bank Nifty index added 150 points and ended at 46,535 level. The small-cap…

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Investors are turning wary of crowded India trade after run-up

The stellar rally in Indian equities that’s made them an investor favorite has run into headwinds that go beyond elevated valuations.   Earnings misses, the attractiveness of rival markets amid expectations of a dovish policy shift by the Federal Reserve and a nascent recovery in Chinese equities are casting doubts over India extending a rally that saw the nation’s main gauges posting a record eighth straight year of gains…

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Nifty valuation rises, but not everyone is worried

Mumbai: The stock market’s engines may have more steam left despite Nifty’s new peak fuelling valuation jitters, analysts said. This is because even as valuations exceed the historic average, earnings of Nifty companies have raced ahead as well. On Monday, bulls kept up the momentum amid thin volumes to drive the Nifty to a new high, led by ICICI Bank, Reliance Industries, Bharti Airtel, ITC, and Bajaj Finance. The…

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Oil prices remains stable due to ongoing Middle East conflicts

The global oil benchmark Brent crude remained relatively stable, staying near the $83 per barrel mark, despite persistent worries about demand, on Monday. This stability was attributed to ongoing conflicts in the Middle East, which countered some of the concerns regarding demand fluctuations. Brent crude futures saw a slight decline of 9 cents, reaching $83.38 a barrel by 1434 GMT. Meanwhile, the March contract for U.S. West Texas Intermediate…

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