As the US Federal Reserve hiked interest rates by 25 bps, SGX Nifty hinted that the domestic equity indices could see a start in the red on Thursday. On the Singapore Exchange, Nifty futures were trading lower, down by 49.5 points, at the 17,108.5 level. On Wednesday, the markets rose for the second consecutive session after a range bound session. At close, Nifty was up 0.26% or 44.4 points at 17151.9 while Sensex settled at 58,214, 0.24% higher.
“Volumes on the NSE were the lowest in more than 9 months. Smallcap index rose more than the Nifty even as the advance decline ratio remained high at 1.64:1. Asian stocks rose on Wednesday while European stocks struggled for momentum after a tentative recovery in the past two sessions. UK’s inflation unexpectedly accelerated to 10.4% in February,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Reliance Industries
Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL), announced the expansion of its FMCG portfolio with the launch of a range of home and personal care products, including soap, dishwash bars, toilet and floor cleaners and laundry detergent powder, liquid and bars.
Hero MotoCorp
The auto major will hike prices by 2% on its motorcycles to cover increases in cost as a result of the transition to On-Board Diagnostic II. The move will affect certain scooters and the prices will vary from model to model.
Larsen and Toubro
L&T entered into a binding agreement with McPhy Energy, a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market. Under this partnership, McPhy will grant an exclusive license of its pressurized alkaline electrolyzer technology to L&T for manufacturing of electrolyzers, including future product upgrades.
NBCC
HSCC (India), a wholly-owned subsidiary of NBCC, received the letter of award to construct a medical college in Jalgaon, Maharashtra and maintain it for five years for a total consideration of Rs 625.5 crore.
PC Infratech
Sonauli Gorakhpur Highways, a subsidiary, received its appointed date, 6 March 2023, for the four-laning of Sonauli-Gorakhpur section of NH-29 in UP.
Emami
Emami is planning its third round of share buybacks, in an attempt at strengthening shareholders’ “value and confidence” along with boosting share prices. The size of the proposed buyback is expected to be around Rs 200 crore.