News Overview

Tailwinds for domestic manufacturers is being provided government support for local production through productivity-linked incentive (PLI) schemes

Cipla, Adani Enterprises, ITC, Bajaj Auto, and Tata Motors were the top losers on the Nifty 50

The RBI added in a separate statement that it has revoked the CoRs of four non-bank financial companies (NBFCs): Kamdhar Leasing and Finance Ltd., R.M.B. Finance Company, Nimisha Finance India, and Suyash Finovest.

Investors can apply for shares in lots, with one lot comprising 50 shares of the automobile retailer company. The IPO comprises a combination of fresh shares and OFS (Offer for Sale). The company aims to raise ₹601.55 crore from its IPO, with ₹250 crore from the issuance of fresh shares and the remaining ₹351.55 crore reserved for the OFS.

The company also secured a letter of award (LoA) from the Himachal Pradesh State Electricity Board for infrastructure development in both the North and South zones, with project costs of ₹409.65 Crore and ₹888.56 Crore, respectively, to be completed within 24 months.

While growth in passives remained steady, the love for alpha funds was quite evident.

Adani clarified that the group has no interest in bidding for AAI’s residual shares in Delhi, Bengaluru, and Hyderabad airports.

HG Infra Engineering also secured a contract for the construction of a 4-lane elevated corridor at Kalimandir-Dimna Chowk-Baliguma (Jamshedpur) section of NH-33 (New NH-18, from km 241.940 to km 251.961) under NH(O) on Engineering, Procurement and Construction (EPC) mode in Jharkhand.

The month of February 2024 saw record SIP inflows despite it being a shorter month.

Against its annual contracted value of USD50m supplies for Librela, Syngene has supplied USD94m worth of Librela to Zoetis over the past 13 months, which likely implies that Librela supplies to Zoetis will continue to taper off in CY24 and will present a tough base for Syngene going ahead. Syngene shipped just USD2m worth of Librela in Feb’24 vs USD21/13m in Dec’23/Jan’24 respectively.