On March 16, the benchmark indices had a volatile session but closed positively. The Sensex increased by 0.14%, or 78.94 points, to reach 57,634.84 at the close, while the Nifty grew by 0.08%, or 13.40 points, to end at 16,985.60. Titan Company’s share price closed 2.21% higher, thanks to upbeat commentary from brokerages. According to JPMorgan, Titan is a preferred discretionary play, and they anticipate market share gains driven by strategic initiatives.
The stock price of Zee Entertainment rose by 1% after it agreed to repay dues owed to IndusInd Bank, resolving insolvency proceedings and getting closer to merging with a Sony Group unit to create a $10 billion media giant, as per sources. DLF saw a rise in the stock price of over 4% due to record-breaking pre-formal launch sales of more than Rs 8,000 crores for its luxury high-rise residences, The Arbour, at DLF Sixtythree on Golf Course Extension in Sector 63, Gurugram.
Godawari Power’s stock price increased by 1%, following the company’s announcement that it might consider its first-ever share buyback during its board meeting on March 18. Similarly, NACL Industries’ subsidiary, NACL Multichem, received clearance from the Ministry of Environment, Forest and Climate Change to build a manufacturing facility in Andhra Pradesh, leading to a 2% rise in stock price. The plant will produce agrochemicals, synthetic organic chemicals, and fluorine-based chemicals with a production capacity of 264.615 TPD and a co-generation power plant of 6 MW.
Patel Engineering’s stock price also rose by over 3% after it was declared the lowest bidder for two micro irrigation projects worth Rs 1,265 crore in Madhya Pradesh and Karnataka. Nykaa’s stock price closed positively today, with foreign brokerage firm Nomura reiterating its “buy” rating on Nykaa shares and setting a target price of Rs 214 apiece.
Lastly, ICICI Prudential’s share price increased by over 6% on Thursday, following the appointment of Anup Bagchi, Executive Director of ICICI Bank and Non-executive Director of the company, as the MD & CEO for a five-year term from June 19, 2023, or the date of regulatory approval(s), whichever is later.