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Power Grid Wins Transmission Bid, Indian Hotels Unveils ‘Accelerate 2030,’ and UPL Secures $350M Investment
Power Grid Wins Transmission Bid, Indian Hotels Unveils ‘Accelerate 2030,’ and UPL Secures $350M Investment
Written by - Fisdom Research
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November 21, 2024
2 minutes
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Market Snapshot
Indian benchmark indices faced renewed pressure on November 21, reversing the gains from the previous session, with the Nifty dropping below 23,300 intraday.
Weak global cues, rising geopolitical tensions, and heavy selling in Adani Group stocks following bribery charges against Gautam Adani and others in a New York federal court weighed on market sentiment.
Sector-wise, Energy, FMCG, Oil & Gas, PSU Bank, Media, Auto, and Metal indices declined 1-2%, while the Realty index gained 1% and the Information Technology index rose 0.5%.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY REALTY
0.9
NIFTY HEALTHCARE INDEX
-0.2
NIFTY IT
0.5
NIFTY BANK
-0.5
NIFTY PRIVATE BANK
0.1
NIFTY FINANCIAL SERVICES
-0.6
NIFTY PHARMA
-0.1
NIFTY CONSUMER DURABLES
-0.6
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,300
23,800
Bank Nifty
50,200
51,000
Top News
Power Grid Corporation gained over 3 percent after the company was selected as the successful bidder for acquiring Khavda V-A Power Transmission Ltd, a special purpose vehicle (SPV) to establish a transmission system for evacuating power from a renewable energy zone in the Khavda area of Gujarat for Rs 18.95 crore..
Indian Hotels gains over 4 percent following the announcement of its ‘Accelerate 2030’ strategy, which focuses on increasing the revenue share from new and re-imagined businesses to over 25 percent, alongside scaling up management fees to exceed Rs 1,000 crore by FY30. Brokerage firm Jefferies also raised the target price on the stock to Rs 900.
UPL rose nearly 2 percent after the company announced an investment of $350 million by Alpha Wave Global, a leading global investment firm. The agriculture solutions provider said that it has signed a definitive agreement with the investment firm under which Alpha Wave Global will invest $350 million to acquire approximately 12.5 per cent stake in Advanta Enterprises.
Enviro Infra Engineers to open IPO on Nov 22
Paramesu Biotech files draft papers for Rs. 600 crore IPO
Niva Bupa Healthcare shares list at 6% premium over IPO price.
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