On Wednesday, 2645 stocks advanced, 1301 declined and 132 remained unchanged on Bombay Stock Exchange with advance decline ratio of 2 indicating a positive closing in the broader market. The market was initially tepid because of massive decline in US futures after Nvidia was asked to take permissions to export AI chips to China. But later, as the US futures market recovered, following a hint of talks between US and China, the Indian indices market went higher. The trend of the major indices on Wednesday’s trading is given in the table below.
On NSE, 54 securities advanced and closed at a new 52-week high whereas 11 securities sank to close at their new 52-week lows. In sectoral indices, Nifty Auto and Nifty Pharma were among the biggest losers. Nifty PSU bank, Nifty Media and Nifty Energy were among the biggest gainers.
Gensol Engineering (-5.00%) plummeted following a directive from the Securities and Exchange Board of India (SEBI). The market regulator has barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the equity markets with immediate effect. SEBI's action stems from concerns over alleged fund diversion and governance lapses, indicating that the promoters were reportedly managing the listed public entity as if it were their own private firm. SEBI had also put a halt on Gensol Engineering's proposed stock split of 1:10. The regulator cited that allowing the split at this stage might not be in the best interest of investors, especially given the serious allegations of financial impropriety.
Indian Renewable Energy Development Agency (IREDA) (+5.64%) reported FY24-25 results. Its net profit was Rs1,699 crore, a 36% increase compared to the previous fiscal year. The total revenue for FY24-25 also grew by 36% y-o-y to Rs6,742 crore.
Apollo Hospitals Enterprise (+1.46%) aggressively pursuing acquisitions in North India, including cities like Noida and Varanasi, to capitalize on rising demand for advanced healthcare. This strategy aligns with its ongoing Rs6000 crore ($720 million) capital expenditure plan to add 3,500 beds over the next three years. It recently acquired 1.2 acre plot in Lucknow adjacent to its current 330 bed facility to add 200 beds by 2028, the cost of this acquisition was Rs300 crore.
Biocon Biologics, a subsidiary of India's Biocon (+0.09%), reached a settlement with Regeneron, clearing the path for its aflibercept biosimilar, Yesafili, to be launched in the US market. The agreement resolves pending patent litigation, allowing Biocon to introduce the eye medicine, used for conditions like macular degeneration, in the latter half of 2026 or potentially earlier.
Indian companies raised over $50 billion through external commercial borrowings (ECBs) in the fiscal year to February, according to central bank data. Tata Steel led the pack, followed by non-banking finance companies (NBFCs). February alone saw $2.63 billion in ECB registrations, totaling $50.1 billion for the April-February period. This surge comes as domestic lending faces a slowdown due to higher risk weights assigned to certain sectors by local banks. Consequently, NBFCs and other firms are increasingly looking to overseas markets for competitive borrowing rates to fund expansion and refinance existing debt, particularly for infrastructure projects.
KFin Technologies (+4.49%) will acquire a majority 51% stake in Singapore-based Ascent Fund Services for $34.7 million. The deal involves a combination of subscribing to new shares and purchasing existing shares, with plans to acquire the remaining 49% over the next five years, reaching 100% ownership by 2030. Ascent Fund Services, established in 2019, is an independent fund administrator with a growing global presence, operating across 18 countries and managing funds for over 260 asset managers.
Oil India (OIL) (+3.37%) successfully secured nine exploration blocks in the latest Open Acreage Licensing Policy (OALP) Round IX bidding. This acquisition significantly expands OIL's total exploration acreage from 60,000 square kilometers to 110,000 square kilometers, marking an 83% increase.
Bajaj Electricals (+7.45%) entered into an exclusive collaboration agreement with SEAK s.r.o., a Slovak company specializing in lighting control electronics and software. Under this agreement, SEAK will manufacture and supply lighting control products utilizing its proprietary power line control technology. Bajaj Electricals will then use these products for resale and for its tunnel lighting projects across India. This includes the supply, installation, testing, and commissioning of these systems.
Aster DM Healthcare (+2.22%) secured approval from the Competition Commission of India (CCI) for its acquisition plan, which includes a share swap acquisition of equity in Quality Care India Limited (QCIL) from BCP Asia II Topco IV Pte. Ltd and Centella Mauritius Holdings Limited, followed by the amalgamation of QCIL into Aster DM Healthcare through a merger by absorption, with the consideration for the amalgamation being the issuance of Aster's equity shares to QCIL's shareholders.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:
