Previous closing (24 February 2021)
Nifty50: 14,982 ▲ 274 (+1.8%)
Sensex: 50,781 ▲ 1,030 (+2.0%)
Nifty Bank: 36,452 ▲ 1,335 (+3.8%)
In the news
IOC plans push on alternative energy
- The state-owned oil major plans to tap into the alternative energy segment with two ethanol plants in Telangana, each worth ₹600 crore, reports suggest. The plants will have the capacity to produce 5 lakh litres per day.
- Plans for a gigawatt-scale battery manufacturing plant—a collaboration with an Israeli company—will also be finalised soon. IOC aims to offer ethanol, methanol along with battery-swapping and charging facilities at its existing fuel stations. The stock closed 0.3% higher yesterday.
Granules’ migraine drug approved by USFDA
- The Hyderabad-based pharmaceutical company has received USFDA approval for its migraine drug. The over-the-counter drug is a generic version of the Excedrin Migraine tablets made by GlaxoSmithKline. It will be manufactured in the company’s Hyderabad facility.
- The stock closed 0.9% higher yesterday but has declined about 26% from its 52-week high made on 1 December 2020.
Private banks permitted in govt-related business
- The Finance Ministry announced yesterday that it has allowed all private sector banks to participate in government-related business like collection of taxes, pension payments and small savings schemes. Currently, only a few large private banks are allowed to do so.
- This creates a level playing field and opens up new business avenues for private (smaller) private banks. Overall, private banks had a positive closing yesterday with Nifty Bank rising by 3.8%.
PLI boost for pharma and IT
- The government will provide ₹22,000 crore worth of sops to the pharmaceutical (₹15,000 crore) and IT hardware (₹7,325 crore) sectors under the production-linked incentive (PLI) scheme.
- The PLI comes at a time when companies across the world are looking to diversify their manufacturing locations to mitigate their dependence on a single location.
Events of the week
- Thursday: February Derivative expiry (India) Initial jobless claims, pending home sales (US)
- Friday: GDP (India)
Sectoral indices (Previous closing)
| Top gainers | Top losers |
| Nifty Bank ▲ 3.8% | Nifty IT ▼ 0.1% |
| Nifty Fin Serv ▲ 3.4% | NA |
Global markets (at 8:30 am today)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 1.6% |
| Hang Seng (Hong Kong) | ▲ 1.8% |
| SSE Composite (China) | ▲ 1.2% |
| Dow Jones (US) (23 Feb) | ▲ 1.3% |
Fact of the day
The BSE is the oldest stock exchange in Asia. It was established in 1875.
Source: Reuters
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