Marico Ltd has announced the second interim equity dividend for the financial year 2023-24 at Rs 6.50 per equity share of Rs 1 each. The record date for determining the list of entitled shareholders is set for Wednesday, March 6, 2024. Shareholders eligible for the interim dividend will receive the payout on or before Thursday, March 28, 2024. Marico stock is currently trading at Rs 523.90 on the NSE, reflecting a 0.33% decrease.

Garnet International has reported a reduction in its stake in Sukartik Clothing Pvt. Ltd. (SCPL) to 47.31% following the allotment of equity shares through a preferential issue. Consequently, SCPL no longer qualifies as a subsidiary but is now recognized as an associate company of GIL. In response to this development, Garnet International’s stock experienced a 2.02% decline on the BSE, trading at Rs 58.70.

“Indian Rupee traded on a flat note. Weak US Dollar and positive domestic markets supported Rupee. However, surge in crude oil prices and FII outflows capped sharp gains. US Dollar declined on strong Euro and Pound amid upbeat economic data and hawkish comments ECB President Christine Lagarde,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

Choudhary, also added that, we expect Rupee to trade with a slight positive bias on weak Dollar and positive global equities. However, elevated crude oil prices and geopolitical tensions in the Middle East may cap sharp gains. We may see month-end Dollar demand from OMCs and importers. Investors may remain cautious ahead of GDP and inflation data from US this week. USDINR spot price is expected to trade in a range of Rs 82.60 to Rs 83.10.

TCS, Tata Motors, IndusInd Bank, Sun Pharma, and Power Grid are the top gainers on NSE Nifty 50 whereas top losers include Bajaj Finance, Here MotoCorp, Divi’s Lab, UPL, and State Bank Of India.

In analyzing the technical aspects of derivative market, Anand James, Chief Market Strategist at Geojit Financial Services, pointed out that the Nifty weekly contracts exhibit the highest open interest at 23000 for Calls and 21000 for Puts. Concurrently, monthly contracts also showcase the highest open interest at 23000 for Calls and 21000 for Puts. The most significant addition to new open interest is observed at 22200 for Calls and 18650 for Puts in both weekly and monthly contracts.

James further remarked, “Foreign Institutional Investors (FIIs) augmented their holdings in future index long positions by 3.98%, reduced future index shorts by 1.65%, and recorded a 13.09% increase in Call longs, a 7.22% rise in Call shorts, a 20.09% surge in Put longs, and a 16.58% uptick in Put shorts.”

If NPCI approves the company’s third-party application provider application, “this will enable a seamless transition and continued UPI services for Paytm customers. We await NPCI’s response as well as further updates from Paytm on the potential impact to businesses in Feb-24,” said the broking firm Morgan Stanley in its research report.

Macquarie has an “Underperform” rating with a target price of Rs 275 per equity share. The brokerage in its research report further said that they don’t expect RBI to authorise any related party transaction between Paytm and Paytm Payments Bank.

Providing insight into the USD-INR outlook, Anand James, Chief Market Strategist at Geojit Financial Services, said We were expecting brief upsides as long as above 82.87, but the region remained sticky. We will start again with the same bias, but directional moves are expected only once beyond the 82.78-83.1 region.

The stock of Hero MotoCorp fell 2% to Rs 4,408. The stock was the key loser in the Nifty 50. The stock touched a 52-week high of Rs 4,949.05 on February 12. The stock has a lower band of Rs 4,046.50.

The Indian equity bull run of 2023 has significantly bolstered the fortunes of major asset management companies (AMCs), propelling average equity assets under management (AUM) to an impressive 45% year-on-year growth for large players or funds with over 1 lakh crore average AUM.

Topping the list with a staggering 57% growth in total average AUM is the Tata fund house, closely followed by Nippon India Mutual Fund, which achieved a commendable 46% growth.

The aggregate average AUM for this subset of mutual funds has surged by approximately 30%.

In the realm of average equity, Nippon India Mutual Fund stands out with an exceptional 65.5% YoY increase, trailed by Edelweiss Mutual Fund at 60% and HDFC Mutual Fund at 57%. Notably, the equity component forms a modest 22% of the total portfolio for Edelweiss Mutual Fund.

Mirae Asset Mutual Fund claims the highest proportion of equity AUM, constituting 84% of its total assets among the major AMCs, followed by SBI Mutual Fund and Nippon India Mutual Fund.

Read More: Top mutual fund AUM surge 45% in 2023 – What's driving the fund flow

Shares of One97 Communication, the parent firm of Paytm, rose 5% to touch the upper circuit of Rs 449.50 from the previous close of Rs 428.10. However, the shares came off the highs to Rs 427.90. The surge in the company’s share came after Vijay Shekhar Sharma stepped down from the position of Chairman.

TCS, Tata Motors, HDFC Life, Power Grid, and Titan were the top gainers in the Nifty 50. While, Hero MotoCorp, Adani Enterprises, Adani Ports & SEZ, UPL, and Divi’s Laboratories were the key losers on February 27.

Shares of Reliance Industries gains up to 1% to Rs 2,992 during intra-day trade on Tuesday following reports that Qualcomm is reportedly partnering with JIO to launch a $99 5G smartphone.

The company’s Singapore arm will raise its stake in Germany-based Killwatt GmbH to 49% from 39.28%. The company acquired 8,000 shares of Killwatt GmbH at €500 per share. The shares of TVS Motors drops more than 1% to Rs 2,133 in the intra-day trade on Tuesday.

Jindal Steel and Power’s shares rose by over 1% to Rs 781.25 during intra-day trade on Tuesday following the announcement that the company has deployed 10 electric buses and 27 electric SUVs at its Angul unit in Odisha, India.

Shares of Tanla Platforms rose by more than 2% to Rs 1020 during intra-day trade on Tuesday following the launch of its new product, Trubloq.AI. This innovative offering utilizes generative AI to enhance the trusted Trubloq experience. Tanla Platforms aims to simplify digital commerce for Indian Small and Medium-sized Businesses (SMBs) through WhatsApp-based solutions.

The NSE Nifty 50 was down 7.95 points or 0.04% at 22,114.10. While the BSE Sensex was up 7.38 points or 0.01% at 72,797.51.

Religare Finvest, a wholly-owned subsidiary of the company, has successfully settled all outstanding debts with external lenders, effectively resolving all legacy issues. Consequently, the shares of Religare Enterprises experienced a slight dip of up to 1%, reaching Rs 228.60 during intra-day trade on Tuesday.

Exicom Tele-Systems’ Rs 429-crore IPO achieved full subscription within hours of its opening on February 27, as retail investors and High Net Worth Individuals (HNIs) quickly subscribed to their allocated shares. The price band is set from Rs 135 to Rs 142 per share. The Rs 429 crore IPO is a combination of a fresh issue of Rs 329 crore and an offer of sale of Rs 100 crore.

The sectoral-index consumer durables rose 0.8% to intraday’s high of 32,064.80. The index was trading highest among its peers.

Platinum Industries IPO opens for bidding on Tuesday, with a price band ranging from Rs 162 to Rs 171 per share. The Initial Public Offering (IPO), totaling Rs 235.30 crore, comprises solely of a fresh issue. Notably, the company has successfully secured Rs 70.5 crore from anchor investors.

“We believe the Exicom Tele-Systems Ltd IPO gives investors a unique opportunity to invest in a prominent leader providing solutions for the electric vehicle (EV) charger industry and a growing player in the critical power solutions sector. With a market share of 60% in residential and 25% in public charging segments, Exicom holds a dominant position in India’s EV charger market which we think the next growth would come. By leveraging their early mover advantage, Exicom offers a diverse range of EV charging solutions with their comprehensive portfolio and robust R&D capabilities which position them to capitalize on the exponential growth of the EV market in India and globally. We also believe Exicom’s vertical integration and focus on customer-centric product development position them as a preferred choice in the EV charger and critical power solutions segments,” said Rajan Shinde, Research Analyst, Mehta Equities.

Taking all factors into account, “we are recommending investors to “SUBSCRIBE” to the issue for listing perspective only.”

The company raised Rs 3,000 crore at an issue price of Rs 135.65 per share. Morgan Stanley, Societe Generale, HDFC Life, BNP Paribas, SBI Life, and Sundaram MF are among the investors. The shares of Union Bank of India gains marginally higher by 0.03% to Rs 147.30 in the intra-day trade on Tuesday.

“Considering the EV sector’s robust outlook, the company’s first mover advantage in both power management solutions and EV charging infrastructure, improving financial and operational track record and future expansion plans, we assign a “Subscribe” rating on a medium to long term basis,” said Geojit Financial Services in an IPO note.

Promoter Sion Investment Holdings, linked with Baring Private Equity Asia, is set to initiate an offer to sell 4.17 crore shares, equivalent to a 26.67% stake in the company. The floor price for this offering is fixed at Rs 360 per share, presenting a 9.3% discount compared to the prevailing market price. Currently, shares of CMS Info System are trading 0.83% lower at Rs 393.70.