Closing of the last day

By Prarit

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 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 crores 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 crores. 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 gainersTop losers
Nifty Metal
▲ 3.3%
Nifty Auto
▼ 0.6%
Nifty PSU Bank
▲ 3.1%

Global markets (at 8:30 am today)

IndicesToday’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%