Previous close (3 March 2021)
Nifty50: 15,245 ▲ 326 (+2.1%)
Sensex: 51,444 ▲ 1,147 (+2.2%)
Nifty Bank: 36,368 ▲ 948 (2.6%)
In the news
Adani Port buys stake in Gangavaram Port
- The Adani Group company has acquired a 31.5% stake in the Vishakhapatnam-based Gangavaram Port (GP) for ₹1,954 crore. It is also in discussions to acquire an additional 58.1% stake from the promoters.
- GP is a debt-free company and generated PAT of ₹516 crore in FY20. Its acquisition increases APSEZ’s market share in India to 30% across 12 locations. The news came after market hours, while APSEZ closed 1.7% higher yesterday.
AC sales to rise faster than expected
- Industry experts believe that during Q1FY22 (summer of 2021), AC sales could grow by around 25% YoY. The strong demand is expected to be driven by a forecast of a hotter summer and people preferring to stay at home.
- Shares of AC manufacturers such as Blue Star (+2.1%), Voltas (+0.3%), JC-Hitachi (+1.0%) and Amber Enterprises (+2.7%) were up yesterday.
Kalpataru Power bags new orders
- The engineering, procurement and construction (EPC) company has bagged orders worth ₹1,554 crore in its power transmission business. It has received orders from India, CIS countries, Latin America and Europe.
- With this, its total order book stands at ₹8,000 crore. Its shares have gained 4% this month, over and above a 21% rise in February.
Gold prices hit 7-month low
- Prices of gold futures are down to ₹44,960 per 10 gram, nearly 20% from their August highs of ₹56,200.
- The downtrend is primarily on account of rising US treasury yields versus the non-yielding yellow metal. Further, the strengthening US dollar and a sustained rally in the global equity markets reduce gold’s attractiveness as a safe-haven asset.
Events of the week
- Thursday: Initial jobless claims (US)
Sectoral indices (Previous closing)
| Top gainers | Top losers |
| Nifty Metal ▲ 3.3% | Nifty Auto ▼ 0.6% |
| Nifty PSU Bank ▲ 3.1% | NA |
Global markets (at 8:30 am today)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▼ 1.8% |
| Hang Seng (Hong Kong) | ▼ 2.0% |
| SSE Composite (China) | ▼ 1.5% |
| Dow Jones (US) (3 March) | ▼ 0.3% |
Fact of the day
The brand name 'Vaseline' is a combination of the German word for water (wasser) and the Greek word for oil (oleon).
Source: Vaseline
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