LIC’s tax refund, Titagarh Rail Systems bags order, ESFB partnership and more

Opening Bell:

Gift Nifty is up by 3.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets were trading higher in the early trade on Friday with Nikkei rising 1.2 percent, and Kospi gained 0.6 percent. Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step. A holiday for US markets also made for thin trading, while the latest surge in tech stocks is set to be tested by results from AI diva Nvidia on Wednesday.

US stocks fell on Friday with the Nasdaq showing the largest decline after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. The S&P 500 lost 24.18 points, or 0.49 percent, to end at 5,005.15 points, while the Nasdaq Composite lost 132.38 points, or 0.83 percent, to 15,775.65. The Dow Jones Industrial Average fell 149.48 points, or 0.39 percent, to 38,623.64.

Stocks News:

👉 Life Insurance Corporation had received refund orders for Assessment Years 2012–13, 2013–14, 2014–15, 2016–17, 2017–18, 2018–19, and 2019–20. The total amount of the refund was Rs 25,464.46 crore. In this regard, the Income Tax Department released Rs 21,740.77 crore on February 15. The corporation is pursuing the balance with the Income Tax Department.

👉 Tata Power company has received a Letter of Intent (LOI) from REC Power Development and Consultancy, a wholly-owned subsidiary of REC, to acquire Jalpura Khurja Power Transmission, a project special purpose vehicle (SPV).

👉 Titagarh Rail Systems has received an order from the Ministry of Defense for the procurement of 250 specialized wagons. The order value is Rs. 170 crore. Execution of the contract is scheduled to start 12 months after the signing of the contract and be completed in 36 months.

👉 Equitas Small Finance Bank announced its partnership as the official banking partner with the Chennai Super Kings. As part of this partnership, the Chennai Super Kings team will sport the Equitas Small Finance Bank logo on the leading side of their headgear.

👉 Foreign institutional investors (FIIs) net bought shares worth Rs 253.28 crore, while domestic institutional investors (DIIs) purchased Rs 1,571 crore worth of stocks on February 16, provisional data from the NSE showed.

Domestic and International Events

• Russia’s central bank held its key interest rate at 16 percent on Friday, opting to leave borrowing costs unchanged after five successive rate hikes since last summer, still grappling with stubborn inflation pressure.

• US consumer sentiment was little changed in February while one-year inflation expectations ticked up, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 79.6 this month, compared to 79.0 in January. Economists polled by Reuters had forecast a preliminary reading of 80.0.

• Gold prices languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of US economic data for further clarity.

• Oil prices settled higher on Friday as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency for slowing demand.