- India’s benchmark indices
Sensex andNifty50 are likely to open higher on Tuesday despite negative cues in the global markets. SGX Nifty , an early indicator of how the markets may perform, was up 0.24% or 41 points early in the morning today.- Dr. Reddy’s Labs,
Paytm ,PNB Housing Finance are amongststocks to watch today.
Earlier on Monday, despite opening on a strong note, Indian markets witnessed a massive plunge, with both the benchmark indices falling by 1.5% each as the negative sentiments in the US due to the
India’s retail inflation print continued to be over the Reserve Bank of India’s upper tolerance level of 6% – according to government data, retail inflation stood at 6.44% in February, slightly lower than 6.52% in January.
Concerns of a banking crisis dragged down crude oil prices, too. Brent crude oil prices fell 1.36% on Tuesday to $79.67 per barrel.
Fears of a contagion from the collapse of Silicon Valley Bank led to major declines in banking stocks in the US on Monday, dragging down the benchmark indices. While the Dow Jones Industrial Average closed 0.28% lower, S&P 500 fell 0.15%. The tech-heavy Nasdaq gained during a day of choppy trade, however, closing up by 0.45%.
Most markets in Asia were in the red on Tuesday morning, with Hang Seng falling the most at 2%, followed closely by KOSPI and Nikkei 225, which were both down by 1.95%. Taiwan Weighted was also down by 0.92%, while Shanghai Composite was down 1.35%.
Dr. Reddy’s Laboratories: LIC on Monday said it has increased its shareholding in the company to 7.278% from 5.005%.
GAIL: The state-run company has declared an interim dividend of ₹4 per equity share for the current financial year. With this, the government will receive a dividend of ₹1,355 crore while other shareholders will receive ₹1,275 crore.
PNB Housing Finance: The company received market regulator SEBI’s approval to raise up to ₹2,500 crore through rights issue of shares. The money will be used towards augmenting its capital base.
One97 Communications (Paytm): The fintech company’s credit business continues to grow with disbursements of ₹4,158 crore in February 2023 with an on year growth of 254%. The number of loan disbursals rose 86% to 40 lakh.
Shriram Finance: The NBFC is looking to raise as much as $2.4 billion to fund its growth in the next financial year starting April, according to a report by Reuters.
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