European shares rose to a record high on Thursday, boosted by a rally in global stocks that also saw Japan's blue-chip Nikkei index hit an all-time high. Europe's broad STOXX 600 index rose to 495.77 points, surpassing the 495.46 reached in Jan. 2022, as unexpectedly strong revenue forecasts from U.S. chip giant Nvidia lifted sentiment around the world.

Notwithstanding the multibagger returns that a number of PSU stocks have given in the last 2-3 years, global broking firm Bernstein says momentum and dividend yield strategies can still deliver returns in near term. Most factors in India are at record valuations on an absolute basis, however both dividend yield and momentum look attractive on relative valuations.

Stock market today: Despite weak trends in the Indian stock market today, shares of Rail Vikas Nigam Limited or RVNL and Salasar Techno Engineering Ltd opened upside in the opening bell. RVNL share price today opened upside at ₹261.90 apiece on NSE and went on to touch an intraday high of ₹262.60 apiece within a few minutes of the stock market's opening.

Reported Consolidated quarterly numbers for The Indian Wood Products Co. L are: Net Sales at Rs 44.50 crore in December 2023 down 0.04% from Rs. 44.51 crore in December 2022. Quarterly Net Profit at Rs. 0.62 crore in December 2023 down 4.45% from Rs. 0.65 crore in December 2022. EBITDA stands at Rs. 3.50 crore in December 2023 up 3.86% from Rs. 3.37 crore in December 2022.

Reported Consolidated quarterly numbers for Sarveshwar Foods are: Net Sales at Rs 229.38 crore in December 2023 up 24.72% from Rs. 183.91 crore in December 2022. Quarterly Net Profit at Rs. 4.92 crore in December 2023 up 186.72% from Rs. 1.72 crore in December 2022. EBITDA stands at Rs. 17.54 crore in December 2023 up 87.19% from Rs. 9.37 crore in December 2022.

The benchmark indices rebounded from the day’s lows to trade flat on February 22 as low-level buying was seen in several scrips, including key auto and metal names. The broader market outperformed the headline indices. At 2.05pm, the Sensex was up 79.27 points or 0.11 percent to 72,702.36, and the Nifty was up 17.20 points or 0.08 percent to 22,072.20. Market breadth was in favour of losers.

Reported Consolidated quarterly numbers for Saurashtra Cement are: Net Sales at Rs 446.69 crore in December 2023 up 88.2% from Rs. 237.36 crore in December 2022. Quarterly Net Profit at Rs. 12.57 crore in December 2023 up 306.52% from Rs. 6.09 crore in December 2022. EBITDA stands at Rs. 47.29 crore in December 2023 up 1486.91% from Rs. 2.98 crore in December 2022.

To ensure uninterrupted supply of maize for ethanol makers, the government has allowed cooperatives Nafed and NCCF to sell maize at a base price of Rs 2,291 per quintal to distilleries this year. Nafed and National Cooperative Consumers' Federation of India (NCCF) will procure maize at a minimum support price of Rs 2,090 per quintal in the 2023-24 crop year and supply to the distilleries.

Reported Consolidated quarterly numbers for Ganesh Benzoplast are: Net Sales at Rs 106.20 crore in December 2023 up 7.3% from Rs. 98.97 crore in December 2022. Quarterly Net Profit at Rs. 16.08 crore in December 2023 up 10.79% from Rs. 14.51 crore in December 2022. EBITDA stands at Rs. 25.64 crore in December 2023 down 1.95% from Rs. 26.15 crore in December 2022.

Reported Consolidated quarterly numbers for Chemplast(OLD) are: Net Sales at Rs 888.10 crore in December 2023 down 25.28% from Rs. 1,188.58 crore in December 2022. Quarterly Net Loss at Rs. 89.38 crore in December 2023 down 429.33% from Rs. 27.14 crore in December 2022. EBITDA stands at Rs. 6.08 crore in December 2023 down 93.58% from Rs. 94.67 crore in December 2022.  

Reported Consolidated quarterly numbers for Transpek Industry are: Net Sales at Rs 148.32 crore in December 2023 down 24.51% from Rs. 196.47 crore in December 2022. Quarterly Net Profit at Rs. 14.08 crore in December 2023 down 43.05% from Rs. 24.72 crore in December 2022. EBITDA stands at Rs. 32.30 crore in December 2023 down 29.81% from Rs. 46.02 crore in December 2022.

The Reserve Bank of India (RBI) on February 22 said it has imposed a monetary penalty of Rs 1.50 lakh on The Adinath Co-Operative Bank for violating rules. The bank has been fined for non-compliance with the directions issued by the RBI on ‘placement of deposits with other banks by primary (urban) co-operative banks (UCBs).

Bharat Dynamics, the state-run defense equipment manufacturing company, has slashed its revenue guidance for the financial year 2023-2024 amid supply chain concerns from Israel. Bharat Dynamics has pared its revenue guidance to ₹2,900 crore - ₹3,000 crore from ₹3,200 crore in FY24 versus, implying a 21% growth versus FY22, according to a report by Elara Capital.

Reported Consolidated quarterly numbers for ICE Make Refrigeration are: Net Sales at Rs 82.43 crore in December 2023 up 23.62% from Rs. 66.68 crore in December 2022. Quarterly Net Profit at Rs. 2.07 crore in December 2023 down 53.37% from Rs. 4.43 crore in December 2022. EBITDA stands at Rs. 4.40 crore in December 2023 down 41.02% from Rs. 7.46 crore in December 2022.

Reported Consolidated quarterly numbers for Anjani Portland Cement are: Net Sales at Rs 166.98 crore in December 2023 up 10.56% from Rs. 151.03 crore in December 2022. Quarterly Net Loss at Rs. 5.93 crore in December 2023 up 57.76% from Rs. 14.04 crore in December 2022. EBITDA stands at Rs. 11.76 crore in December 2023 up 64.94% from Rs. 7.13 crore in December 2022.