Indices at previous closing
Nifty50: 14,956 ▲ 18 (+0.1%)
Sensex: 50,441 ▲ 35 (+0.0%)
Nifty Bank: 35,275 ▲ 47 (+0.1%)
In the news
Sugar stocks up on improved sector outlook
- The government’s recent decision to advance the 20% ethanol blending target in petrol from 2030 to 2025 bodes well for the sugar industry. Ethanol is expected to be a key driver for the sugar industry and is expected to bring stability in the sugar sector, which is plagued with excess inventory.
- The improved outlook for the sector resulted in an uptick in sugar stocks such as Balrampur Chini (+6.4%), Simbhaoli Sugar (+4.9%), Dhampur Sugar (+4.6%) and Dwarikesh Sugar (+4.1%).
Coal India lines up big-ticket projects
- Coal India has approved the investment of ₹47,000 crore on mining projects in an effort to boost output to meet revival demand and replace imported fuel. In FY20, India imported 24.8 crore tonnes of coal.
- The approvals are for 32 sites that will have a cumulative peak production capacity of 19.3 crore tonnes per year. This is the highest capacity ever approved in a year. The stock closed 1.5% higher yesterday.
K’taka stamp duty cut fails to enthuse developers
- The government of Karnataka has announced a cut in stamp duty from 5% to 3% on properties worth ₹35-45 lakh. However, it is believed that listed real estate developers won’t benefit from this decision.
- The average value of apartments sold by listed companies in key areas is around ₹60 lakh. Shares of Karnataka-based listed real estate players such as Prestige (-0.5%) and Brigade (-0.4%) closed lower.
PSP Projects bags new orders
- The construction company said that it has received work orders worth ₹1,491 crore for construction of medical colleges and hospitals in Uttar Pradesh.
- The company has also secured new work orders worth about ₹25 crore for residential and institutional projects in Gujarat. Outstanding order book now at ₹4,737 crore, which is 3 times its FY20 revenues. The news regarding orders came after market hours, and the stock closed nearly flat yesterday.
Events of the week
- Tuesday: EIA energy outlook (US)
- Wednesday: CPI and Crude oil inventories (US)
- Thursday: Initial jobless claims (US), Holiday (India)
- Friday: Consumer Inflation and IIP (India)
Sectoral indices (5 March)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 1.6% | Nifty Realty ▼ 1.0% |
| Nifty Media ▲ 1.0% | Nifty FMCG ▼ 0.5% |
Global markets (at 8:30 am today)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.2% |
| Hang Seng (Hong Kong) | ▲ 1.1% |
| SSE Composite (China) | ▼ 0.6% |
| Dow Jones (US) (8 March) | ▲ 0.9% |
Fact of the day
Koumpounophobia is the fear of buttons. Steve Jobs had it, which explained his affinity for touchscreens and turtlenecks.
Source: Spectator
Yay ? or ? Nay?
We'd love your thoughts on this morning update.
The Ease My Trip IPO is live! You can subscribe to the public issue with Upstox here.
If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.
Disclosures and Disclaimer
Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.