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Sensex Trades Over 200 Points Higher; Dow Futures Up by 103 Points

Thu, 25 Feb 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 246 points, up 0.5% at 51,027 levels.

Meanwhile, the NSE Nifty is trading up by 112 points.

Coal India and UPL are among the top gainers today. Nestle India and Titan are among the top losers today.

Both the BSE Mid Cap and BSE Small Cap index are trading up by 1.1%.

On the sectoral front, stocks from the energy sector, are witnessing most of the buying interest.

On the other hand, stocks from the FMCG sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up 28 points (up 0.2%) while Dow Futures are trading up by 79 points (up 0.3%)

The rupee is trading at 72.46 against the US$.

Gold prices are trading flat at Rs 46,528 per 10 grams.

Gold prices today extended decline to the third day in Indian markets amid a risk-on rally. On MCX, gold futures fell 0.2% to Rs 46,439 per 10 grams. In the previous session, gold had declined 0.5%. After the recent decline, gold prices are now down about Rs 10,000 per 10 grams as compared to August highs of Rs 56,200 per 10 grams.

In global markets, gold prices fell 0.4% as a risk-on rally in equities dimmed the appeal of the safe-haven asset. Stocks in Asian rallied today as encouraging vaccine news and dovish comments on inflation from Federal Reserve Chairman Jerome Powell boosted the market sentiment.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Indiabulls Real Estate.

The Competition Commission of India (CCI) has approved the proposed merger of NAM Estates and Embassy One Commercial Property Developments into Indiabulls Real Estate (IBREL).

IBREL as well as Embassy Group's arm NAM Estates and Embassy One Commercial Property Developments had entered into definitive merger documentation to amalgamate ongoing, completed, and planned residential and commercial projects of these two subsidiaries, a regulatory filing said.

"The combined IBREL entity shall become one of India's leading real estate development platforms, with 80.8 million square feet of launched and planned development potential," the filing said.

The merged entity will have about 30 projects. Under the terms of the agreement, IBREL's shares are being valued at Rs 92.5 per share.

Embassy Group already has around 14% stake in Mumbai-based IBREL and the same will increase to 45% after the merger of assets of these two companies.

"Subsequent to the merger being effected, the resultant listed entity shall be owned 44.9% by the Embassy Group, 26.2% by the existing public and institutional shareholders, 9.8% by the existing IBREL promoter group, and 19.1% by Blackstone Real Estate Partners and other Embassy institutional investors," the filing said.

The proposed transaction will be carried out through a series of inter-connected steps, a combination notice filed with the regulator said.

At the time of writing, Indiabulls Real Estate share price was trading up by 7.9% on the BSE.

Speaking of the real estate sector, note that the sector was the top gainer in December 2020 with gains of 16%, followed by metal and IT sector with gains of 9.4%.

The government has been taking proactive measures in the form of moratoriums, tax cuts, construction premium cuts and project timeline deferrals, to help the recovery of real estate sector.

In August last year, the stamp duty rates were reduced from 5% to 2% till December 2020 and 3% till March 2021.

The Maharashtra cabinet on January 6, 2021 also cleared the proposal to reduce all premiums for on-going as well as new real estate projects by 50%, up to December 2021. The decision was taken after the recommendations of the Deepak Parekh committee.

The developers welcomed this strong decision of Maharashtra Government to boost real estate sector which generates maximum employment and had not seen pick up in sales for several years.

How real estate stocks perform in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how you can profitably trade stocks, commodities, and currencies on the same day, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the shipping sector...

Cochin Shipyard Signs Pact for Building Dredgers

Public sector company, Cochin Shipyard (CSL) on February 24, 2021, signed a memorandum of understanding (MoU) with the Dredging Corporation of India (DCI) and IHC Holland BV, a Dutch firm doing design and construction of dredgers, for making world-class dredgers.

The MoU was signed in the presence of the Minister of State for Ports, Shipping and Waterways, Mansukh Mandaviya, in Delhi, according to a press release.

The release said the DCI was in talks with the shipyard, which expressed its willingness to construct Trailing Suction Hopper Dredger (TSHD) adhering to the best designs and technologies available globally.

"The CSL and IHC Holland BV have arrived at an understanding to work together to provide locally built world-class dredgers. High-capacity dredgers in the range of 8,000 cubic metres to 12,000 cubic meters are complex equipment being built in India for the first time," the release quoted Madhu Nair, Chairman and Managing Director of the Cochin Shipyard.

Cochin Shipyard is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, in the state of Kerala, India. Of the services provided by the shipyard are building platform supply vessels and double-hulled oil tankers.

We will keep you posted on more updates from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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