Stock Market LIVE: Sensex scales new peak, up 1,000 pts; Nifty hits 22,300 | News on Markets

HUF: The legal hack to double tax benefits and lower your tax outgo

If you want to double your tax benefits, embrace the legal tax-saving manoeuvre known as ‘HUF’ or Hindu Undivided Family. An HUF is a family that comprises all the persons lineally descended from a common ancestor, including wives. As per the Indian tax laws, an HUF is recognised as a distinct entity. It is subject to tax like an individual taxpayer, and you have to file its tax return separately. READ MORE

Mirae Asset Mutual Fund seeks Sebi’s approval for mid, smallcap funds

Mirae Asset Mutual Fund (MF) has sought the regulator’s nod to launch an exchange-traded fund (ETF) tracking the Nifty MidSmallcap400 Momentum Quality 100 index. READ MORE

China’s factory activity slows for 5th month as weak demand hampers growth

China’s factory activity shrank for the fifth straight month in February, suggesting weak demand remains an obstacle for the economy.  

 

The official manufacturing purchasing managers index for last month edged lower to 49.1, the National Bureau of Statistics said in a statement Friday. That compares to the median forecast of 49.0 by economists surveyed by Bloomberg News, and January’s reading of 49.2. Read

Suven Pharma soars 13% on announcing merger of Cohance Lifesciences

Shares of Suven Pharmaceuticals soared 13 per cent to Rs 712 on the BSE in Friday’s intra-day trade after the company announced a proposed scheme of amalgamation for the merger of Cohance Lifesciences (Cohance) with the company. Read

Stock of this music company has zoomed 250% in last 10 months

Shares of Tips Industries (Tips Music) were up nearly 2 per cent to Rs. 527.95 on the BSE in Friday’s intra-day trade after Warner Music announced it has expanded its agreement with the company.

 

Meanwhile, the board of directors of the company also approved the proposal for buyback of up to 5,95,000 equity shares at a price of Rs. 625 per share for a total consideration of Rs. 37.18 crore through a tender offer. Read

Metal stocks show mettle; Index jumps 2.5% led by SAIL, Tata, JSW Steel

Metal stocks were seen flexing muscle on the bourses on Friday as a faster-than-expected growth in the December quarter (Q3) gross domestic product (GDP) boosted sentiment.

 

The Nifty Metal index rallied 2.5 per cent in the intraday trade as against 1 per cent rise in the benchmark Nifty50 index. At 11:35 AM, SAIL, and Welspun Corp were ruling over 6 per cent higher each, followed by Tata Steel (up 4.6 per cent), JSW Steel (3.45 per cent), Ratnamani Metals (3 per cent), Hindalco (2.9 per cent), and Jindal Steel (2.8 per cent). Read

ALERT: Sensex hits record high of 73,574; Nifty near fresh peak

Landmark Cars wins MG Motors dealership in Ujjain; stock rallies 9%

Shares of Landmark Cars sprinted 9.3 per cent to Rs 785.75 apiece on the BSE in Friday’s intraday trade after the company announced that it has received a Letter of Intent from MG Motor India Pvt Ltd for opening a dealership in Ujjain, Madhya Pradesh. Read

Sensex soars over 600 points: 3 factors fueling this rally on March 01

Markets gained ground on Friday with the S&P BSE Sensex rising over 650 points, or 0.9 per cent to trade at 73,166 levels. The Nifty50, on the other hand, moved up 207 points higher to 22,193 levels in the intra-day trade. Read

Decoded: MFs that will be most impacted by Sebi directive on small, mid-cap segments

Marker regulator Sebi’s advisory to mutual funds to moderate flows and rebalance portfolios is unlikely to result in forced selling in small- and mid-caps but is more likely to impact mutual fund schemes with larger assets under management. Read

Feb manufacturing PMI rises to 56.9 on increased production, new orders

Owing to growth in factory production and sales, India’s manufacturing sector grew at the fastest pace in five months, according to a private survey.  India’s HSBC India Manufacturing PMI came in at 56.9 in February, the fastest since October last year when it was 55.5. In January, it was 56.5. The manufacturing PMI has been above the 50-mark that separates growth from contraction for 32 months. Read

Eicher Motors rises; posts 6% YoY sales for February

CG Power surges 11% as JV to set up Rs 7,600-cr semiconductor unit

Shares of CG Power and Industrial Solutions (CG) surged 11 per cent to Rs 494.40 in Friday’s intraday trade amid heavy volumes, after the company said that it will build an outsourced semiconductor assembly and test facility in India in association with Industrial Solutions Limited, Renesas, and Stars Microelectronics. Read

M&M up 1%; reports 24% YoY growth in Feb sales

Paytm gains 3% on discontinues inter-company agreements with its payments bank

Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies. 

Market Check: Sensex extends gains, jumps over 550 points

L&T up 3% on commissioning its first hydrogen electrolyser in Gujarat

It has commissioned its first hydrogen electrolyser at the green hydrogen plant at Hazira, Gujarat.

Bajaj Auto gains 2% on posting 24% jump in Feb sales

Max Health extends slump; sinks 15% in 2 days

Suven Pharma soars 12% as board okays merger with Cohance Lifesciences

Its board has approved the amalgamation scheme of Cohance Lifesciences with Suven, creating one of India’s largest integrated contract development and manufacturing organisation (CDMO) players.