Latest Stock Market News

​The initial public offer (IPO) of BLS E-Services received a bumper response from investors on Thursday. The issue was subscribed over 160 times at close, driven by strong interest from all the categories.

Six out of nine members of the Monetary Policy Committee voted to keep rates at a 15-year high of 5.25%. Jonathan Haskel and Catherine Mann opted voted for a 0.25 percentage-point hike, while Swati Dhingra voted for a cut of the same size.

The reduction in interest rates in the debt market is leading to increased flow of money into hybrid funds, which provide a tax-efficient way to participate in the reducing debt market. This has positive implications for the private sector as it reduces the crowding out effect of the government, leaving more capital for private sector borrowing. The lower borrowing program announced by the government also reduces pressure on yields, resulting in mark-to-market gains for banks and mutual funds.

Indian benchmark indices ended with declines on Thursday as Nirmala Sitharaman presented the interim budget without any major announcements.

The Budget numbers are undoubtedly encouraging. It trimmed the fiscal deficit to 5.8% of GDP, a slight but symbolic reduction from the previously budgeted 5.9%, and eyes a more ambitious 5.1% for the next financial year.

“The Bank Nifty bulls demonstrated strength as the index closed above the 46,000 level on the Interim Budget Day. The overall undertone remains bullish, with support at 47,800 providing a cushion for the bulls,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Nifty made a pattern of alternating between up and down days for the seventh consecutive day on Thursday to end 26 points lower and form a small bearish candle on Budget Day.

Titan reported a 9% YoY growth in standalone net profit at Rs 1,040 crore in Q3. Revenue from operations increased by 20% YoY to Rs 13,052 crore. EBIT for the quarter grew 11% YoY to Rs 1,478 crore. EBIT margins declined 116 basis points to 11.3%. Total income from the jewellery business rose 23% to Rs 11,709 crore.

Shares of Praveg, a multibagger smallcap stock, rallied 5% after Finance Minister Nirmala Sitharaman announced comprehensive development of tourist centres. Praveg recently received a work order for the development of tents at Agatti Island in Lakshadweep, known for its diverse aquatic life and vibrant festivals. With this addition, Praveg now has 9 properties in operation and 12 under development. The stock has more than doubled in the last year.

Deloitte India partner Rohinton Sidhwa discusses the changes in the TCS rates imposed on foreign exchange remittances. The TCS rate has been reduced from 20% to 5% in many categories. There are also potential changes in the calculation of agricultural income. The finance minister mentioned a PLI for R&D and innovation with a funding of Rs 1 lakh crore. There is also a focus on credit to the tourism sector. Sidhwa believes that the revenue growth assumptions are conservative and expects an increase in tax collection due to rising incomes and an expanding tax net.