
Market Radio
February 24, 2025 at 05:11 AM
*NEWS UPDATES*
*STOCKS*
*Zomato and Jio Financial Services* will replace Britannia Industries and BPCL in the Nifty 50, effective March 28. Meanwhile, several companies, including Bajaj Housing Finance and Swiggy, will replace others like Adani Total Gas and Zomato in the Nifty Next 50 index.
*Coal India* has partnered with EDF India through a non-binding agreement to form a joint venture for PSP and renewable energy projects in India and nearby countries. EDF India is a subsidiary of Électricité de France SA.
*Adani Green Energy's* subsidiary, AGE24L, has launched a 250 MW solar power project in Rajasthan, raising the company's total operational renewable capacity to 11,916.1 MW.
*Bharti Airtel's* Special Committee has approved increasing its stake in Airtel Africa plc by up to 5% in FY25 through Airtel Africa Mauritius, which currently holds 57.29% of the UK-based subsidiary.
*INDIAN MARKETS*
GIFT Nifty suggests a negative start for India's broader index today, down by 111.5 points or 0.49%, with Nifty futures hovering around 22,680.50.
SBI Mutual Fund has acquired a 0.5% stake in Alkem Laboratories at Rs 4,680 per share, totaling Rs 300.32 crore, from the Samprada & Nanhamati Singh Family Trust.
FIIs were net sellers for the third consecutive session on February 21, selling equities worth Rs 3,449 crore, while DIIs continued as net buyers with purchases of Rs 2,884 crore.
*GLOBAL MARKETS*
US stocks dropped sharply on Friday, driven by weak economic reports, tariff concerns, and fears of declining consumer demand, while Asian markets also saw losses.
Asian markets traded lower, with Taiwan Weighted down by 1%, following Wall Street's worst session of the year due to weak US economic data. The dollar also weakened against major currencies, including the euro.
Oil prices extended last week's losses, with Brent futures down 0.3% at $74.23 and U.S. WTI crude falling 0.4% to $70.12, amid expectations of resumed Kurdistan exports and awaiting Russia-Ukraine talks.
Reports suggest that Trump is eliminating 2,000 USAID positions, with all non-essential direct hire personnel placed on leave just before midnight on Sunday, except for those crucial for critical functions.
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