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JSW Steel Ltd rose 2.38% today to trade at Rs 1012.7. The BSE Metal index is up 1.2% to quote at 31298.57. The index is down 0.62 % over last one month. Among the other constituents of the index, APL Apollo Tubes Ltd increased 2.07% and Jindal Stainless Ltd added 1.81% on the day. The BSE Metal index went up 26.7 % over last one year compared to the 16.75% surge in benchmark SENSEX.
JSW Steel Ltd has added 4.66% over last one month compared to 0.62% fall in BSE Metal index and 0.85% rise in the SENSEX. On the BSE, 3794 shares were traded in the counter so far compared with average daily volumes of 56254 shares in the past one month. The stock hit a record high of Rs 1063.35 on 04 Oct 2024. The stock hit a 52-week low of Rs 762 on 14 Mar 2024.
The flagship BSE Sensex will see a notable update, with JSW Steel being removed and Zomato making its debut.
The BSE 100 index will also undergo a substantial overhaul. Ashok Leyland, P.I. Industries, IDFC First Bank, Indian Railway Catering and Tourism Corporation, UPL, and APL Apollo Tubes are slated for removal. In their place, Jio Financial Services, Suzlon Energy, Adani Green Energy, Adani Power, Samvardhana Motherson International, and PB Fintech will be added.
In the BSE Sensex 50 index, companies being removed include HDFC Life Insurance Company, Bharat Petroleum Corporation, and LTI Mindtree. Meanwhile, Zomato, Jio Financial Services, and Hindustan Aeronautics will be added.
The BSE Sensex Next 50 will undergo an extensive reshuffling. Eight companies, including Adani Green Energy, HDFC Life Insurance Company, Bharat Petroleum Corporation, LTIMindtree, Samvardhana Motherson International, PB Fintech, Suzlon Energy, and Adani Power, will join the index.
On the other hand, companies such as Zomato, Hindustan Aeronautics, Ashok Leyland, P.I. Industries, IDFC First Bank, Indian Railway Catering and Tourism Corporation, UPL, and APL Apollo Tubes, will exit.
At 13:25 IST, the barometer index, the S&P BSE Sensex, rallied 833.40 points or 1.05% to 79,951.69. The Nifty 50 index added 287.40 points or 1.20% to 24,195.50.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index advanced 1.79% and the S&P BSE Small-Cap index jumped 1.74%.
The market breadth was strong. On the BSE, 2,827 shares rose and 1,133 shares fell. A total of 189 shares were unchanged.
Economy:
India's foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.
The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.
Additionally, India's reserve position with the IMF also declined by $51 million, reaching $4.247 billion in the reporting week.
Gainer & Losers:
Oil and Natural Gas Corporation (ONGC) (up 5.27%), Bharat Electronics Limited (BEL) (up 4.98%), Adani Enterprises (up 4.37%), Larsen & Toubro (up 3.84%) and Bharat Petroleum Corporation (BPCL) (up 3.78%) were major Nifty gainers.
JSW Steel (down 2.85%), Infosys (down 0.91%), HCL Technologies (down 0.82%), HDFC Life Insurance Company (down 0.71%), Tech Mahindra (down 0.45%) were major Nifty losers.
Stocks in Spotlight:
Central Bank of India jumped 7.13% after the Reserve Bank of India (RBI) approved the banks entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL.
UPL rose 1.19% after the company signed strategic partnership agreement with CH4 Global to bring the latter’s methane-reducing feed supplement, ‘Methane Tamer’ to millions of cattle per day.
Escorts Kubota gained 3.12% after its wholly owned subsidiary, Escorts Kubota Finance is intending to commence its business activities of non-banking financial institution from 26 November 2024.
Dhanuka Agritech gained 1.25% after the company signed an agreement with Bayer AG, Germany, for the acquisition of the crop protection active ingredients, Iprovalicarb and Triadimenol, along with the trademark Melody for Iprovalicarb.
Wardwizard Innovations & Mobility advanced 2.89% after the company signed a memorandum of understanding (MoU) with Ampvolts to develop advanced EV charging infrastructure in India and abroad.
Bliss GVS Pharma rose 0.95%. The company’s Maharashtra-based facilities received a GMP compliance certificate from the National Agency for Medicines and Medical Devices of Romania post an EU GMP inspection.
Global Markets:
The Dow Jones index futures were up 239 points, signaling a strong opening for U.S. stocks today.
European market advanced while Asian stocks traded mixed on Monday as investors awaited a slew of economic data this week, including China's industrial data and India's third-quarter GDP numbers.
On Monday, Singapore released its inflation figures for October. Singapore saw its headline inflation rate fall to 1.4%, the lowest rate of inflation since March 2021.
Looking ahead, October inflation readings from Australia are due Wednesday, and November inflation numbers from Japan's capital city of Tokyo will be released on Friday. Tokyo's inflation figures are widely considered a leading indicator of nationwide trends.
China on Monday kept its medium-term lending rate steady as the country’s central bank seeks to stabilize the Yuan, which has come under pressure following Donald Trump’s victory in the U.S. presidential election.
The People’s Bank of China kept the medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank’s official statement.
On Friday, US stocks moved higher as industries poised to benefit from the incoming administration’s pro-business and deregulation policies outperformed. The Dow Jones Industrial Average led major indices, gaining nearly 1% to close at 44,296.51 points. Meanwhile, the S&P 500 added 0.35% to finish at 5,969.30 points, and the NASDAQ Composite rose more modestly, inching up by 0.16% to 19,003.65 points.
Among individual stocks, Boeing Co. surged over 4%, boosting the broader industrials sector. The aircraft manufacturer’s gains came after it secured a $2.39 billion contract modification from the US Department of Defense.
Economic data released Friday pointed to steady momentum in the US economy. The S&P Global Manufacturing PMI for November rose slightly to 48.8 from October’s 48.5, signaling a slower contraction. Meanwhile, the more critical Services PMI jumped to 57.0 from October's 55.0, reflecting robust activity in the services sector. These figures, coupled with last week’s strong jobless claims data, reinforce the view of a relatively healthy US economy.
The Reserve Bank of New Zealand is expected to announce a rate cut on Wednesday, a move that could impact regional financial markets.
The business deal complies with the memorandum of understanding (MoU) signed on 1 March 2024, between JSW Steel Italy SrL and the Ministry of Industries and Made in Italy (MIMIT), which outlined the process for transferring rights over the northern portion of the property.
According to the terms of the agreement, Metinvest must pay JSW Steel Italy Piombino SpA. a release fee of Euro 30 million as full payment for the deal.
The performance and transfer of rights to Metinvest are subject to Metinvest complying with certain procedures with the Government and Institutions within a specific timeframe. Above commercial agreement is furtherance of the MoU and will lead towards realisation and execution of the Accordo Di Programma (AdP or The Program Agreement).
As per the MoU, JSW and MIMIT have identified various areas of cooperation between JSW and the Government Institutions for the implementation of the Rail Mill Modernisation Project which includes revamping of the rolling mills, setting up hardening facility and increasing the length of the rails being produced to upto 120 meters.
The cooperations with MIMIT and government institutions are aimed at the revival of the industrial site of Piombino as a steel hub.
Meanwhile, in a separate filing, the company informed that it has been declared as the preferred bidder by the Office of the Director, Directorate of Mines & Geology, Government of Goa, for Codli Mineral Block XII at Dharbandora in Goa.
'The company is declared as 'preferred bidder' with highest final offer price at 92.60% of the value of mineral dispatched, it said. The projected iron ore resources are 48.5 million tonnes in addition to 2.7 million tonnes of ore in dumps, JSW Steel said.
The firm will take all requisite steps to obtain letter of intent and statutory clearances to execute the lease deed with Mine Development and Production Agreement (MDPA) and start the mining operations.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
The company’s net profit slumped 85.43% to Rs 404 crore on 10.90% decline in total revenue to Rs 39,684 crore in Q2 FY25 over Q2 FY24.
Shares of JSW Steel shed 0.81% to Rs 940 on the BSE.
JSW Steel Italy SrL, a subsidiary of JSW Steel today signed a Commercial Agreement with Metinvest Adria S.p.A. The Commercial Agreement is in line with the MoU dated 01 March 2024 signed between JSW Steel Italy SrL and The Ministry of Industries and Made in Italy(MIMIT) wherein the mechanism for the transfer of rights relating to the northern area of the property was defined.
As per the Agreement, Metinvest is obliged to pay a release fee of Euro 30 Mn. to JSW Steel Italy Piombino SpA. as all inclusive consideration for the transaction.
The performance and transfer of rights to Metinvest are subject to Metinvest complying with certain procedures with the Government and Institutions within a specific timeframe. Above commercial agreement is furtherance of the MoU and will lead towards realisation and execution of the Accordo Di Programma(AdP or The Program Agreement).
As per the MoU, JSW and MIMIT have identified various areas of cooperation between JSW and the Government Institutions for the implementation of the Rail Mill Modernisation Project which includes Revamping of the Rolling Mills, Setting up Hardening Facility and Increasing the length of the Rails being produced to upto 120 meters.
The cooperations with MIMIT and Government Institutions are aimed at revival of Industrial Site of Piombino as Steel Hub.