American depository receipts of the HDFC Bank fell 9.14% to settle at $55.59 indicating a negative start for the banking stock. The fall in ADRs can be attributed to the third-quarter results.

The company reported a jump of 33% in the net profit to Rs 16,372 for the quarter. But the bank’s provisions rose 50% to Rs 4,216 crore.

American depository receipts are stocks of foreign companies trading on the American stock exchanges without the hustle of getting listed on the American stock exchanges. They are issued by the American banks.

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Indian equity closed on a record-high note on Thursday. The NSE Nifty 50 hit a new all-time high of 24,087.45, surpassing the psychological level of 24,000. The index later closed 183 points or 0.78% higher, than its previous close, at 24,045. Interestingly, Nifty took 23 sessions to reach the mark of 24,000 from 23,000. 

Similarly, the BSE Sensex touched a new record high of 79,396 and is just 760 points away from touching the psychological level of 80,000. Sensex closed 569 points or 0.72% higher at 79,243. UltraTech Cement, LTIMindtree, Grasim Industries, NTPC, and Wipro were the major gainers in the Nifty 50 on Thursday. 

Sectoral Index

Nifty Midcap 100 jumped 178 points or 0.32% closing the day’s trading at 55,424. …

The broking firm Motilal Oswal Financial Services remained bullish on the stock of Grasim Industries. The brokerage house has iterated a “Buy” rating on the stock and kept the target price unchanged at Rs 2,670. It has also kept the estimates for earnings per share unchanged for FY24 – 26.

The brokerage said it values its stake in subsidiary companies at a discount of 40%, standalone business seven times to its operating profit, and paint business one time to the investments. 

However, Motilal said that the company’s paint business has not been accounted for in its current market price. 

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In the first month of 2024, IPOs of 23 companies opened up for retail investors for subscription, both in the Mainboard and SME segments. The total amount raised by the companies was nearly Rs 3,500 crore. The Mainboard segment raised 5.6 times more than SME IPOs in January. 

In the Mainboard segment, five companies raised around Rs 2,950 crore. Medi Assist Healthcare raised the most. The company raised around Rs 1,170 crore. Jyoti CNC Automation stands at second by raising Rs 1,000 crore. The remaining three aggregating raised nearly Rs 1,100 crore.

Meanwhile, 18 companies collectively raised Rs 522.54 crore in the SME segment. In which Baweja Studios raised – Rs 97.20 crore – the most in the category. 

Market rally leads to higher re…

Shares of Power Grid Corporation of India Ltd witnessed a surge of over 7%, nearing their record high, following the PSU power firm’s robust financial performance in the December 2023 quarter. The company reported a notable 10.5% year-on-year (YoY) rise in net profit, reaching Rs 4,028.3 crore compared to Rs 3,645.3 crore in the corresponding quarter of the previous year.

Power Grid shares climbed 7.42% to Rs 287.85, surpassing the previous close of Rs 267.95 on the BSE. The stock opened higher at Rs 273.35 and emerged as the top gainer on the Sensex for the day. The market cap of the firm reached Rs 2.63 lakh crore on the BSE, with a turnover of Rs 42.28 crore as 15.01 lakh shares changed hands.

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