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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
- Home
- Todays Market
- Indian Stock Market News February 20, 2024
Sensex Today Ends 350 Points Higher | Nifty Ends at Record High | Allcargo Logistics Zooms 13% Tue, 20 Feb Closing
After opening the on positive note, Indian share markets gained momentum as the session progressed and ended the day higher.
Equity markets were extremely volatile on Tuesday, laced with stock-specific action.
At the closing bell, the BSE Sensex stood higher by 350 points (up 0.5%).
Meanwhile, the NSE Nifty closed higher by 74 points (up 0.3%).
Axis Bank, NTPC and HDFC Bank were among the top gainers today.
Hero Motocorp, Coal India and TCS on the other hand, were among the top losers today.
The GIFT Nifty ended at 22,239 up by 68 points.
Broader markets ended the day higher. The BSE Mid Cap and the BSE Small Cap index ended 0.2% lower.
Sectoral indices are trading mixed, with socks banking sector, realty sector and power sector witnessing most buying. Meanwhile, stocks in IT sector, auto and metal sector witnessed selling pressure.
Shares of Bosch, CRISIL and Cipla hit their respective 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
The rupee is trading at 82.96 against the US$.
Gold prices for the latest contract on MCX are trading marginally higher at Rs 62,088 per 10 grams.
Meanwhile, silver prices are trading marginally lower at Rs 71,196 per 1 kg.
Speaking of stock markets, there are few railway stocks that sport excellent fundamentals thanks to their unique positioning and strong government back.
Above all, it is the lack of competition from the private sector that has kept their financials impressive.
Therefore, any signs of competition could become a big valuation risk.
Compared to other railway stocks, three stocks are certainly less vulnerable to destruction of shareholder wealth, especially when held for long.
Co-head of Research, Tanushree Banerjee provides details in below video.
Zee zooms 4%. Here's why.
In news from the entertainment sector, shares of Zee Entertainment Enterprises gained over 4% during morning trades on the NSE on 20 February on reports that Zee and Sony Pictures Networks (India) were working on another attempt to revive the mega-merger deal.
According to the report, meetings have taken place over the last fortnight to salvage the deal.
The report added that Zee is expected to inform Sony in the next 24-48 hours if it's willing to accept the terms and conditions.
According to reports, one of the main reasons for the failure of the previous deal was the lack of consensus over who would head the merged entity after Zee MD and CEO Punit Goenka, who was the agreed-upon candidate came under a SEBI probe.
Zee Entertainment Enterprises Limited is a media and entertainment company engaged in providing broadcasting services. It is one of India's leading media and entertainment companies.
The company operates through content and broadcasting segment.
Why Tiger Logistics Share Price is Rising
Moving on to news from the logistics sector, shares of Tiger Logistics rose 1% today after the company set a record for stock split.
The board of international logistics firm Tiger Logistics (India) had approved a proposal to split its shares in the proportion of 1:10.
This means each Equity Share has a face value of Rs 10 each into 10 (Ten) Equity Shares having a face value of Rs 1 each.
The record date for the same has been set as 4 March 2024.
Tiger Logistics India is a leading international logistics company and solution provider covering freight forwarding, transportation and customs clearance.
With an asset-light model, Tiger Logistics works with partners across the board to deliver timely movement of cargo around the world, according to its website.
For the December 2023 quarter, its revenue from operations came in at Rs 519.5 m, down 36% from Rs 828.2 m a year back.
Profit for the quarter came down to Rs 36 m from Rs 82.7 m a year back.
The company was recently awarded another government tender from Hindustan Petroleum Corporation, marking a significant milestone to enter the petro segment.
Why CIE Automotive Share Price is Falling
Moving on to news from the auto ancillaries sector, CIE Automotive India stock sank 2% in trade on 20 February after the net profit for the December quarter fell 9.1% on-year.
The automotive ancillary company recorded a consolidated net profit of Rs 1.8 bn for the quarter ended December 2023, falling 9.1% compared to the year-ago period despite healthy operating numbers.
Revenue from operations for the quarter fell 0.3% to Rs 22.4 bn compared to the year-ago period. The fall in topline and high base due to exceptional gains in Q4CY22 impacted profitability.
The company noted that all businesses in India were performing well with positive expectations, and the company's verticals are ready to grow in 2024 according to market expectations and new project ramp-up.
M&M, Bajaj Auto, Maruti Suzuki, Tata Motors, and Hero MotoCorp are among the company's top customers.
The board of directors recommended a final dividend of Rs 5 per equity share with a face value of Rs 10 each. The record date for the dividend is 13 June 2024.
Over the past six months, CIE Automotive's shares have fallen more than 5%.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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