Stock Market Today: An encouraging start for Dalal Street on Friday was indicated by the GIFT Nifty on the NSE IX, which moved up 78 points, or 0.37 percent, at 21,419 points. A long-legged Doji candle formed on the daily chart as the Nifty finished the day 256 points higher at a new record closing high. The market is still in a positive trend in the short term. The significant resistance level of 21550, or the 78.6% Fibonacci extension (measured from the March bottom, the September top, and the October bottom), may be reached by Nifty in the upcoming week. As per Nagaraj Shetti of HDFC Securities, immediate support is positioned at 21050 levels.
Stock Market Today: Stocks in focus
Hero MotoCorp
For a maximum of Rs 140 crore, the biggest two-wheeler manufacturer in the nation will purchase an additional share in its affiliated business, Ather Energy, from an existing shareholder. Hero will own a 39.7% stake in Ather Energy following this transaction, up from a 36.7 percent stake. By January 31, 2024, Hero will have acquired all of the shares in Ather Energy. Additionally, as of March 1, 2024, Hero has named Vivek Anand as the Chief Financial Officer (CFO). Vivek spent the previous four years as DLF’s CFO. Rachna Kumar has also been named Chief Human Resources Officer (CHRO) by the company. Rachna was employed by Whirlpool Asia as the CHRO.
State Bank of India
The largest public sector lender in the nation has signed the transaction documents to pay nearly Rs 50 crore for 3,70,644 shares, or 6.35 percent, in Canpac Trends, a provider of paper-based packaging solutions. The cost per share of the stake will be Rs 1,349.
Mahindra & Mahindra Financial Services
The non-banking finance company announced that the Board of Directors has given its approval for it to pursue the supplemental business activity of obtaining and soliciting insurance business as a corporate agent in the areas of individual and group life, health, and general insurance. The RBI and other regulatory bodies must not object, and the Insurance Regulatory and Development Authority of India (IRDAI) must grant the required approvals.
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