During early morning trading today, shares related to the space sector surged by up to 7% following the approval of amendments to the Foreign Direct Investment (FDI) policy by the Union Cabinet on Wednesday. The policy alteration aims to attract overseas players and private companies to participate in the space segment. This decision was made during a Cabinet meeting chaired by the Prime Minister.

Eight Indian companies, including NHPC Ltd, Tide Water Oil (India) Ltd, Gujarat Themis Biosyn Ltd, AVT Natural Products Ltd, AK Capital Services Ltd, Sunshield Chemicals Ltd, SG Mart Ltd, and MAS Financial Services Ltd, will be in the spotlight when the stock market opens on February 22. These companies have announced various shareholder benefits such as interim dividends, bonus issues.

The RBI will address grey areas in overseas investment regulations that have caused confusion for wealthy Indians, business families, and startups. Questions like whether individuals can invest in unregulated funds in Singapore or if a local startup can invest in a foreign fintech firm will be clarified. The lack of clarity has led to banks stalling remittance proposals

Mumbai-based Platinum Industries Ltd has set a price band of Rs 162-171 for its IPO. The issue opens on Feb 27 and closes on Feb 29, with the allotment on Feb 29 and the listing on March 5. The company plans to use the proceeds to invest in its Egyptian arm and for capital expenditure and working capital requirements. It does not have listed peers in the specialty chemicals industry.

Zee Learn reported strong financial results for the December 2023 quarter, with a 23.76% increase in net sales to Rs. 67.73 crore and a significant jump in net profit by 100.68% to Rs. 1.09 crore. The company also saw a rise in EBITDA by 28.21% to Rs. 17.77 crore. Their stock price on NSE closed at Rs. 9.50 on February 21.

Manjeera Constructions reported a significant increase in its quarterly numbers for December 2023 compared to the same period in 2022. Net sales increased by 19.55% to Rs. 14.87 crore, net profit saw a substantial growth of 149.61% to Rs.6.68 crore, and EBITDA rose by 1044.58% to Rs. 7.84 crore. The company's EPS also increased from Rs. 10.

Gold prices increased today as the US dollar eased and tensions in the Middle East heightened safe-haven demand. On the MCX, gold futures for April 2024 opened higher at ₹62,155/10g and touched an intraday high of ₹62,169/10g, while spot gold is trading flat at $2,025/oz. Silver prices also saw buying interest with an opening of ₹70,724/kg on MCX and an intraday high of ₹70.

On February 22, benchmark Indian indices opened flat and closed in the red with Nifty forming a bearish engulfing pattern. Experts predict support in the 22000-22030 range, but a potential correction may occur if it falls below 21980. Call writing was seen at 22100-22200 strikes and put writing at 22000-21900 strikes, suggesting a trading range of 21900-22300.

In the December quarter of 2023, VJTF Eduservices reported a significant decrease in net sales and net profit compared to the same period in 2022. However, EBITDA increased slightly and their stock price has seen impressive returns over the past 6 and 12 months, closing at 131.49 on February 21, 2024. Their balance sheet also shows an increase in expenditures, particularly in employee costs.

Nelco, a leading VSAT provider in India and part of the Tata Group, saw an 8% rise in stock price along with increased volumes. This marks the end of a two-day decline after a sharp reversal in March 2023. The company posted improved YoY financials in Q3FY24, contributing to the positive market sentiment towards Tata Group stocks.

Reported Consolidated quarterly numbers for Gammon India are: Net Sales at Rs 15.33 crore in December 2023 up 104.13% from Rs. 7.51 crore in December 2022. Quarterly Net Loss at Rs. 169.61 crore in December 2023 up 8.68% from Rs. 185.74 crore in December 2022. EBITDA stands at Rs. 120.29 crore in December 2023 down 41.68% from Rs. 206.26 crore in December 2022. Gammon India shares closed at 1.65.

On Thursday, Japan's Nikkei share average hit an all-time high thanks to strong forecasts from U.S. chip designer Nvidia. However, the global market was still cautious due to struggles in Chinese stock markets and concerns over interest rate cuts from the U.S. Federal Reserve. The dollar was also down and oil prices rose slightly.

Despite negative news, Zee Entertainment stock rallied 2.67% after Bloomberg reported that Sebi found no evidence of fund diversion by promoters. Analysts have downgraded the stock due to concerns about its financial position, corporate governance and litigation outcomes. The proposed merger with Sony had led to a valuation increase, but the deal being terminated caused multiple de-ratings.

India Inc's performance in the December quarter met or exceeded market expectations, except for a few companies in the chemicals, agrochemicals, pharmaceutical, and real estate sectors. These outlier companies saw significant decreases in both revenue and profits due to various external factors such as inventory liquidation, aggressive pricing by China, destocking, and pricing pressure.

Based on recommendations from various sources, Jefferies has an underperform rating and a target price of Rs 2,500 for Asian Paints due to increased competition from Grasim. Citigroup retains Maruti Suzuki as its top pick in the auto sector with a target price of Rs 14,200, citing expected volume uptick and strong quarterly results. Goldman Sachs maintains a neutral rating on Paytm.