Morning Update for 24 February 2021

Previous closing (23 February 2021)

    Nifty50: 14,707 ▲ 32 (+0.2%)

   Sensex: 49,751 ▲ 7 (+0.0%)

Nifty Bank: 35,116 ▼ 140 (-0.4%)

In the news

NTPC buys GAIL’s share in Ratnagiri Gas

• NTPC will acquire GAIL’s 25.51% stake in Ratnagiri Gas and Power (Dabhol project). After the acquisition, NTPC will extend its stake in the Dabhol project to 86.49%. The state-owned thermal power company will simultaneously divest its 14.82% stake in Konkan LNG. 
• The Dabhol project has India’s largest gas-based combined cycle power station. GAIL and NTPC last closed with gains of 4.8% and 1.4%, respectively.

Cochin Shipyard soars on big-ticket navy deal

• The premier state-owned shipbuilder was the lowest bidder for an estimated ₹10,000 crore project of the Indian Navy to build next-generation missile vessels.
• The stock rose 11% intraday and retained much of its gains at the closing bell. The company trades close to its 52-week-high of ₹396, which it hit on 11 January 2021.

Westlife surges as McD nears pre-Covid sales

• The McDonald’s master franchise holder Westlife Development is seeing traction as many of its restaurants are doing pre-Covid level of sales. While its delivery and drive-through business continue to do well, the dine-in business has returned to nearly 80-90% of its pre-Covid levels.
• Its management believes that in the March quarter, the company would achieve positive same-store sales growth. Its shares are very close to their lifetime high of ₹499 per share. 

REC issues bonds for power sector

• The Rural Electrification Corporation, the state-owned infrastructure finance company, has issued bonds worth $500 million to fund the power sector. 
• The bonds will be due in 2026, with repayments to be made in the US dollar. The bonds will list on the international exchanges and will carry an interest of 2.25%. Its shares closed flat yesterday and the above announcement was made after market hours.

Events of the week

• Wednesday: New home sales, Crude oil inventories (US)
• Thursday: Initial jobless claims, Pending home sales (US)
• Friday: GDP (India)

Sectoral indices (Previous closing)

Global markets (at 8:30 am today)

Fact of the day

Since 2005, the name 'East India Company' has been owned by an Indian entrepreneur named Sanjiv Mehta. The brand makes luxury teas and coffees.
Source: Wion

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