Maruti Suzuki India has reported to the exchanges that the company has received a favorable order from the High Court of Punjab and Haryana, which dismissed the appeal filed by the Central Excise Department regarding the denial of input service credit to the company. Maruti Suzuki’s stock is currently trading at Rs 11,210.25 on the NSE, reflecting a decline of 2.53%.

Indus Towers has been issued an order by the National Faceless Penalty Centre, imposing a penalty of Rs 36,65,422 for underreporting income. The company has stated in a regulatory filing that it intends to contest the order at the appellate authority. On the NSE, the stock is currently trading at Rs 239.35, reflecting a decrease of 0.37%.

KP Energy has successfully commissioned an additional 25.2MW (Phase-VI) Wind Power Project connected to the Interstate Transmission System (ISTS). The project consists of 12 Wind Turbine Generators (WTGs) with a capacity of 2.1MW each, situated at the Sidhpur site in Devbhoomi Dwarka. This Phase-VI commissioning is a segment of the 250.8MW ISTS-connected Wind Power Project, which Apraava Energy Private Ltd was awarded by the Solar Energy Corporation of India Ltd (SECI) under Tranche-VIII bidding. On the BSE, KP Energy’s stock has experienced a decline of 4.99%, trading at Rs 407.05.

Bajaj Healthcare witnessed a surge of up to 9% in intra-day trade on Wednesday following the announcement that the company has entered into a CDMO (Contract Development and Manufacturing Organization) agreement with customers based in the UK/EU. The agreement pertains to the supply of 15 Active Pharmaceutical Ingredients (APIs).

SBI Life, Hindustan Unilever, HDFC Life, Infosys, and TCS were the top gainers in the Nifty 50. While Apollo Hospitals, Bajaj Auto, Power Grid, Eicher Motors, and Maruti Suzuki were the key losers in the Nifty 50 on February 28.

Reliance Capital, the bankrupt company of Anil Ambani, is set to be delisted from the exchanges. The UK-based Hindujas secured approval from the National Company Law Tribunal (NCLT) for the resolution plan aimed at reviving Reliance Capital, and the plan’s specifics were disclosed in an exchange filing.

“As per the Approved Resolution Plan, the entire existing share capital of RCL (Reliance Capital) is slated to be canceled and extinguished with no consideration, as per the NCLT Approval Order. This action ensures that IIHL and/or IIHL BFSI (India) Limited (the Implementing Entity) and its nominees emerge as the sole shareholders of the Corporate Debtor,” the company stated in the exchange filing.

Also Read: Anil Ambani led Reliance Capital to delist from bourses; Read to know more

Shares of One97 Communications Ltd, the owner of the Paytm brand, experienced a 5 percent decline, triggering a lower circuit limit during late-morning trade on Wednesday. The stock dropped by 4.99 percent, reaching Rs 406.15 — its lower circuit limit — on the BSE. A similar decrease was observed on the NSE, where it fell by 4.99 percent to hit the lower circuit limit of Rs 406.20. Notably, One97 Communications’ shares had reached upper circuit limits on Tuesday, Monday, and Friday.

In a filing on Monday, it was announced that Vijay Shekhar Sharma has resigned as the part-time non-executive chairman of Paytm Payments Bank Limited. The bank’s board has been reconstituted, and the filing mentioned that PPBL will initiate the process of appointing a new chairman.

Commenting on the Bank Nifty Techinals on Rupak De, Senior Technical Analyst at LKP Securities said, The Bank Nifty has undergone a correction from its recent peak, reaching the 21-day Exponential Moving Average (21EMA) on the daily timeframe, where it has encountered immediate support.

“The battle between the bulls and bears may persist for a few more days or until a decisive breakout from the range of 46,500-47,000 on a closing basis. A significant decline below 46,500 could lead the index towards 45,500 in the short term. Conversely, a sustained trade above 47,000 might propel the index towards 47,700” added De.

Commenting on the derivative market outlook, Anand James, Chief Market Strategist at Geojit Financial Services, said, Nifty weekly contract has highest open interest at 23000 for Calls and 21500 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21500 for Puts. Highest new OI addition was seen at 22800 for Calls and 21500 for Puts in weekly and at 22800 for Calls and 21500 for Puts in monthly contracts.

“FIIs increased their future index long position holdings by 5.38%, increased future index shorts by 3.15% and in index options by 7.84% in Call longs, 5.40% in Call short, 4.18% in Put longs and 4.36% in Put shorts,” added James.

Commenting on the Dollar-Rupee outlook, Anand James, Chief Market Strategist at Geojit Financial Services, said, The 82.87 vicinity remains sticky, but a range breakout appears on the cards. While the 82.78-83.1 range may have to be broken before the trend gets directional, a rise above 82.94 may be sufficient to signal the onset of positivity.

Reliance Capital, in an official exchange filing, disclosed that the Approved Resolution Plan is considering the delisting of current equity shares from the exchanges. Trading in the stock has been constrained, and its most recent recorded decrease stands at 4.46 percent, bringing it to Rs 11.79.

Vodafone Idea shares experienced a 10% decline, reaching a lower circuit of Rs 14.30, following the board’s approval to raise Rs 45,000 crore through a mix of debt and equity. On February 27, the board sanctioned the fundraising plan, consisting of up to Rs 20,000 crore through equity and equity-linked instruments. Additionally, the company is considering raising Rs 25,000 crore through debt, resulting in a combined fundraising target of Rs 45,000 crore.

Read more: Vodafone Idea touches lower circuit as board approves raising funds; Here’s all you need to know

Providing insights on the Nifty Technicals, Anand James, Chief Market Strategist at Geojit Financial Services, commented that, Sideways trades on either side of 22140 prevailed over yesterday on anticipated lines, but left a positive bias towards close. This allows us to play upsides early in the day, aiming 22240-280 or 22317. However, we do not spot enough strength for a directional move towards 22550, yet. Towards this end, the downside marker may be pushed higher to 22160.

The NSE Nifty 50 was down 160.60 points or 0.72% to 22,037.75. While the 30-stock BSE Sensex was down 491 points or 0.67% to 72,603.23.

Shares of One97 Communication, parent of Paytm, fell 5% to touch the lower circuit of Rs 406.20. The company touched its 52-week-low of Rs 318.05 on February 16.

HDFC Life Insurance, Infosys, TCS, Tech Mahindra, and Bajaj Finance were the top gainers in the Nifty 50. Bajaj Auto, Apollo Hospital, Asian Paints, Power Grid, and Maruti Suzuki were the major losers in the Nifty 50 on February 28.

Patanjali Foods shares have displayed favorable performance across various time frames, demonstrating positive returns. In the past month, the stock exhibited a 1.36% increase, reflecting stability and growth potential. The last six months witnessed even more substantial gains, with a notable surge of 27.13%, indicating a robust upward trend.

Year-to-date, Patanjali Foods shares have experienced a 2% surge, underscoring the stock’s positive momentum in the current fiscal year. Taking a broader perspective, the stock has delivered an impressive return of over 72.29% in the last twelve months, highlighting its sustained growth and attractiveness to investors.

Also Read: Patanjali shares drop over 4% as SC issues contempt notice over ‘misleading ads’

Bharat Highways InvIT’s initial public offering (IPO) opened for subscription today, February 28, and is scheduled to close on Friday, March 1. In a successful round with anchor investors on February 27, the company raised ₹825.97 crore by allocating 8,25,97,350 equity shares at ₹100 each.

Investors have the opportunity to subscribe to the Bharat Highways InvIT IPO within a price band of ₹98 to ₹100 per equity share. The lot size for this IPO is set at 150 equity shares, and subsequent multiples can be subscribed in increments of 150 equity shares.

Also read: Bharat Highways InvIT IPO opens today; Here is all you need to know

Shares of Vodafone Idea fell 10% to touch the lower circuit of Rs 14.30. The fall in the prices could be seen after the company’s board approved raising Rs 45,000 crore through a combination of equity and debt. The stock saw its 52-week low of Rs 5.70 on March 31, 2023.

The broking UBS Securities has given a “Buy” rating on the stock of TCS from “Neutral” earlier. It has also lifted the target price to Rs 4,700, an increase of 16% from the previous price target of Rs 4,050. And believes the company will outperform its peers in revenue growth.

Juniper Hotels lists at a discount of 1.4% at Rs 365 compared to its IPO price of Rs 360 on both the bourses on February 28. The company raised Rs 1,800 crore through IPO. The company was seeing no premium in the grey market. The company opened the bids for retail investors on February 21 and closed on February 23.

In today’s early morning trade, shares of FMCG company Patanjali Foods witnessed a 4.13% dip, reaching Rs 1,555 apiece. This decline follows the Supreme Court’s issuance of a contempt notice to Patanjali Ayurved and its Managing Director, Acharya Balakrishna. The notice was served for allegedly reneging on their commitment to refrain from making “misleading claims” in advertisements for their medicines.

Tata Consumer, Bharti Airtel, Tata Motors, SBI, and HDFC Life Insurance were the top gainers in the Nifty 50. While, Apollo Hospitals, Asian Paints, M&M, BPCL, and Wipro were the key losers in the Nifty 50 on February 28.

The key levels to watch for trading currency. The USD-INR looks sideways with resistance at 83.04-83.10, while on the downside support holds at 82.88-82.80, according to BlinkX. While EUR-INR looks sideways with support at 89.8 and on the upside resistance holds at 90.15-90.20.

The NSE Nifty 50 opened 0.07% higher at 22,214.10, while the BSE Sensex opened 0.09% higher at 73,162.82.

FII noted a buy of Rs 236 crores index future Open Interest at 6 basis points hints at long unwinding. OI PCR improved from 0.84 to 1.02 at an IV of 15.1 on an improvement in action in the puts option. 22000,22100,22200 saw major OI addition in the puts option on the view that 22k should hold for monthly expiry. ATM 22200 strike has an OI PCR of 0.7 hinting a positive stance. Overall a neutral options matrix on the expected price band of 22,000-22,300, said BlinkX & JM Financial on Nifty’s weekly expiry due on February 29.

Spot gold continues to trade in a narrow range ahead of the key US data Q4 GDP growth rate, ISM manufacturing, and PCE deflator inflation. The metal settled steady at $2031 after trading in a narrow range of roughly 0.50%.

US durable goods orders (January) fell by 6.10% as against the forecast of a decline of 5%; durables ex-transport data was down by 0.3% Vs the expectation of a rise of 0.20%, though Shipments were stronger than expected. 

House price purchase Index QoQ (4Q) rose 1.50% as compared to the prior data of 2.10%. S&P CoreLogic CS 20-City m-o-m data was almost in line with the forecast.  Consumer sentiment fell to a three-month low at 106.7 in February according to the Conference Board. After two consecutive months of improvement, the index fell short of expectations of 115.

“Gold may continue to range trade ahead of US PCE deflator data to be released Thursday. Support for the metal is at $202/$2006. Resistance is at $2033/$2050,” said Praveen Singh, Assistant Vice President of Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas.