Hindustan Zinc, NTPC, Adani Power, Tata Steel hit 52-week highs
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NTPC, Hindustan Zinc, Adani Power, Tata Steel and Steel Authority of India (SAIL) were among 24 stocks from the BSE500 and Small-cap indices hitting their respective 52-week highs in intra-day trade.
Dalmia Bharat, Datamatics Global Services, Mastek, Pokarna, Sonata Software, Graphite India and Sterlite Technologies were other stocks that hit their 52-week highs.
At 10:55 am; the S&P BSE Sensex was up 0.57% or 155 points at 27,391, after hitting high of 27,423 in intra-day deal. The S&P BSE 500 and S&P BSE Smallcap indices were up 0.7% each.
Hindustan Zinc was up 4% to Rs 296 on reports that the government has demanded around Rs 15,000 crore in dividend payout from the company as the partly state-owned mining firm is sitting on surplus cash reserve.
Pokarna surged 16% to Rs 1,313, extending its 24% surge in past eight trading sessions on the BSE. The company on Tuesday announced that its subsidiary Pokarna Engineered Stone (PESL), has secured exclusive rights to use Bretonstone technology in India through March 2020.
Pokarna has used Bretonstone technology since 2009, when the company first began processing quartz in its Visakapatnam production facility.
Earlier on Monday, the company said PESL has plans to expand its quartz surfaces production capacity by 130% with an investment of Rs 325 crore in a Greenfield facility.
Mastek rallied 13% in past two trading sessions to Rs 197 after the company reported a strong 46.8% quarter on quarter (Q-o-Q) growth in consolidated net profit at Rs 11.23 crore for the third quarter ended December 31, 2016 (Q3FY17), driven by improvement in operational efficiencies and tax expenses.
IT software Products Company had profit of Rs 7.65 crore in September quarter. It had profit of Rs 79 lakh in Q3FY16.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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