In a surprising turn of events, infrastructure stock Sanmit Infra has become one of the biggest wealth destroyers of 2024. The penny stock has plummeted nearly 50% in the current calendar year, leaving investors in shock. From Rs 46.80 in December 2023, the stock has nosedived to Rs 24.93, erasing almost half of investors’ wealth

The stock market continues to rise with Nifty reaching a new high of 22,125 and maintaining a strong bullish momentum. Bank Nifty is also performing well, staying above its short-term moving averages. Experts predict a range of 46,800 to 47,000 for the upcoming sessions, with support at 46,000-46,200 and resistance at 50 DMA level of 46,750-46,800. Key sectors like auto, IT, metal.

VMRDA to auction bulk land parcels and vacant plots in Vizag and Vizianagaram districts, with upset prices ranging from ₹20,000 to ₹67,500. These auctions will have a significant impact on neighboring real estate prices. Application process currently underway, with auctions taking place on March 6, 7, 13, and 14.

The Indian small and midcap stocks have been experiencing a "monster rally" which has led to their outperformance compared to widely followed indices such as the Nifty and BSE Sensex. However, this has also resulted in stretched valuations and unrealistic expectations. Despite fears of overheating, funds continue to flow into these stocks due to the potential for earnings growth.

Indian sugar mills produced 2.5% less sugar from Oct-Feb compared to last year, with Maharashtra seeing the biggest drop while Uttar Pradesh saw a 10.7% increase. Telangana's rabi crop acreage is lower than last year, with pulses and maize being the most affected. The state received normal rainfall but reservoir levels are lower compared to last year.

Indian banks have seen a significant decrease in non-performing assets, with the net NPA ratio falling to a 10-year low of 3.9% in March 2023. Uday Kotak, billionaire banker, credits regulators, policymakers, and practitioners for this success and believes that India can become a $30 trillion economy by growing at a modest 9% over the next 23 years. He also highlighted the importance.

JSW Steel, one of the major steelmakers in India, is considering using liquified petroleum gas (LPG) as an alternative to coal to reduce carbon emissions. They have approached LPG company Confidence Petroleum for plans to infuse LPG into their Anjar steel plant. This move comes after Tata Steel's announcement of talks with GAIL Ltd to replace diesel usage with liquified natural gas.

So far Adani group has incubated and listed six highly successful companies, including Adani Ports and SEZ, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, and Adani Wilmar. The group’s CFO Jugeshinder Singh recently said it plans to list Adani New Industries, Adani Airport Holdings, AdaniConneX, its metal and mining units, and Adani Road Transport between 2026 and 2028.

Juniper Green Energy and Envision Energy are working together to build a 300-MW wind energy project in Gujarat, with Envision supplying the turbines and overseeing installation and maintenance. The project aims to produce 1,000 GWh of clean energy per year and will be commissioned in phases by the end of 2025. Both companies are committed to supporting India's Atmanirbhar Bharat vision.

Jefferies India raised RIL's stock price target to Rs 3,140, highlighting its undervaluation compared to Nifty index. It retained a buy rating and increased EBITDA estimates for FY24/25 by 2%/1%, citing strong oil-to-chemical operations. The recent boost in diesel spreads and potential discounts on Venezuelan oil provide further upside potential.

Deepak Fertilisers and Petrochemicals Corporation saw a 10% surge in its share price after announcing a long-term supply agreement for LNG with Norway's Equinor. This will improve the company's value chain and provide a strong foundation for all its product segments. The agreement includes annual supplies of up to 0.65 million tonnes over 15 years, and also allows for trading LNG parcels.

Indian PSU stocks have become a hot investment choice, leading to record-high ownership of PSUs in MFs. After initially being restricted to largecap PSUs, MFs are now broadening their participation in the sector, attracted by its strong performance and potential for further growth under Modi's government. This trend is reinforced by sector-specific triggers.

The Indian rupee weakened slightly against the US dollar due to volatility in the market and economic data releases. India's retail inflation and trade balance showed improvements, while concerns about a Fed rate cut were heightened by US inflation rates surpassing expectations. The dollar index rose, while other economies' PMIs will be important to watch this week.

The Q3 of FY24 saw moderate revenue growth and reasonable net profit growth for banks, with a decline in net interest margin (NIM). Loan growth remains stable, but liquidity is still low. Private banks may see a consolidation phase in stock prices until margins improve. Meanwhile, post-correction, HDFC Bank, ICICI Bank, SBI, and Axis Bank are all viewed positively by InCred Equities analysts.

Gold And Silver Prices Today: Gold prices witnessed a marginal increase on the current day. The price of 24 carat gold stood at Rs.64002.0 per 10g, showing a rise of Rs.592.0. Meanwhile, the price of 22 carat gold was recorded at Rs.5862.6 per gm, up by Rs.542.0.The percentage change in the price of 24 carat gold over the past week has been 1.15%.