Gift Nifty Up 59 Points | ITC Expands Luxury Chain | REC Approves Interim Dividend | Top Buzzing Stocks Today

Wed, 20 Mar Pre-Open

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On Tuesday, Indian share markets continued the downtrend as the session progressed and ended the day weak.

Following weak global Asian stock markets after a trend reversal by the Central Bank of Japan, the Indian stock market witnessed sharp selling pressure during Tuesday deals.

At the closing bell on Tuesday, the BSE Sensex closed lower by 735 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 242 points (down 1.1%).

Bajaj Auto, Titan and Hindalco were among the top gainers.

TCS, BPCL and Cipla on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap ended 1.4% lower and the BSE Small Cap index ended 1.1% lower.

Sectoral indices are trading negative with socks IT sector, FMCG sector and oil & gas sector witnessing most selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 65,540 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading 59 points higher at 21,920 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Patanjali Foods share price will be in focus today.

The Supreme Court has asked Baba Ramdev and Acharya Balkrishna to appear personally before the court to respond to contempt proceedings initiated for continuing to run misleading advertisements that claimed to permanently cure several diseases.

The Court also noted that Patanjali continued misleading advertisements despite the assurance given by Patanjali's counsel last November before the Court that it would refrain from making such advertisements.

RPP Infra will also be a top buzzing stock.

RPP Infra Projects share was locked in a 5% upper circuit in the early trade on 19 March after the company announced receiving a Rs 941.3 m order from State Industries Promotion Corporation of Tamilnadu Limited (SIPCOT).

The company has been requested to remit the security deposit amount of Rs 14 m for the due fulfilment of this contract in the shape of a demand draft / irrevocable bank guarantee with validity for a contract period + one year and a claim period for a further three months as a security deposit for the due fulfilment of this contract.

ITC Expands Luxury Chain

ITC Hotels on Tuesday announced the signing of a 55-key property in Uttarakhand's Rishikesh under the Storii brand, boutique properties in the premium segment.

Given the increased focus on wellness and immersive guest experiences, Rishikesh has emerged as a favourite among travellers, both domestic and international.

In addition to banquet facilities and multiple dining options, the property will offer various recreational amenities. Surrounded by serene environs with stunning river vistas, Storii Rishikesh offers a serene escape from the bustle of urban life.

Currently, ITC's Hotel group has 9 operating properties and a pipeline of 4 across its various brands in Uttarakhand.

Storii represents a curated collection of boutique properties designed to meet the evolving needs of global travellers.

Each property, whether nestled in breathtaking locales or steeped in historical significance, offers a unique experience, ensuring that the Storii brand continues to captivate travellers with its distinctive narrative.

ITC is one of the best dividend-paying stocks. For more, check out the best dividend stocks you can count on.

Apart from that, we also covered an editorial a couple of months ago explaining why the prospects for ITC look good. You can read it here - ITC: Load, Aim...Fire.

REC Approves Interim Dividend

State-owned REC's board on Tuesday approved a third interim dividend of Rs 4.5 per share with face value of Rs 10 each for 2023-24. Earlier, the company has already announced two interim dividends, totalling Rs 6.5 per share for the current financial year.

A regulatory filing stated that the board, in its meeting held on Tuesday, approved the declaration of interim dividend at the rate of Rs 4.5 per equity share of Rs 10 each for the financial year 2023-24.

The record date for the interim dividend is Thursday, 28 March 2024, and it will be paid on or before 17 April 2024, to those shareholders.

The board also approved the sale and transfer of the entire shareholding of three wholly-owned subsidiaries, presently held by REC Power Development and Consultancy, a wholly-owned subsidiary of REC to the successful bidders selected through a tariff-based competitive bidding process.

The three subsidiaries are Kallam Transco, Meerut Shamli Power Transmission and Jalpura Khutja Power Transmission.

It also approved the incorporation of a wholly-owned subsidiary company of REC for dealing in permissible activities as a Finance Company in the International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat, subject to receipt of no-objection certificate from the Reserve Bank of India.

JBM Auto Bags Electric Buses Order

JBM Ecolife Mobility, a subsidiary of JBM Auto, announced on Tuesday that it has bagged a Rs 75 bn order of 1,390 electric buses.

The tender has been awarded by Convergence Energy Services Limited (CESL) for the procurement, supply, operation and maintenance of the buses under the PM-eBus Sewa Scheme. The firm will also be responsible for the development of allied electric and civil Infrastructure on gross cost contracting (GCC) under the scheme.

The order has to be executed within the next 12 to 18 months.

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!

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