Share markets in India are presently trading on a negative note.
The BSE Sensex is trading down by 751 points, down 1.5% at 50,138 levels.
Meanwhile, the NSE Nifty is trading down by 191 points.
Hindalco and JSW Steel are among the top gainers today. Mahindra & Mahindra and Axis Bank are among the top losers today.
The BSE Mid Cap index is trading down by 0.8%.
The BSE Small Cap index is trading down by 0.5%.
On the sectoral front, stocks from the automobile sector are witnessing most of the selling pressure.
On the other hand, stocks from the metal sector, are witnessing most of the buying interest.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 49 points (down 0.4%) while Dow Futures are trading down by 31 points (down 0.1%)
The rupee is trading at 72.37 against the US$.
Gold prices are trading up by 0.4% at Rs 46,375 per 10 grams.
Gold prices today edged higher in Indian markets, tracking higher global rates. On MCX, gold futures rose 0.3% to Rs 46,340 per 10 grams, after sliding to eight-month lows of Rs 45,861 in the previous session.
Moving on to stock-specific news...
Among the buzzing stocks, today is Torrent Power.
Torrent Power has emerged as the highest bidder for the sale of a 51% stake in power distribution companies in Dadra & Nagar Haveli, and Daman & Diu.
The bidding for the distribution business of the union territories was undertaken as part of the government's initiative to privatize distribution utilities to usher in efficiency, the company said in an exchange filing.
Torrent Power currently distributes nearly 16.6 billion units to more than 3.7 million customers in Gujarat, Maharashtra, and Uttar Pradesh.
"With the addition of Dadra & Nagar Haveli, and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater to a peak demand of more than 5,000 megawatts (MW)," the filing said.
Torrent Power has an aggregate installed generation capacity of 3,879 MW, comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity, and 362 MW of coal-based capacity.
We will keep you posted on more updates from this space. Stay tuned.
Moving on to news from the media sector...
Jagran Prakashan Shines on Buyback Plan
The board of directors of Jagran Prakashan has scheduled a meeting to be held on March 2, 2021, to consider a proposal for the buyback of its shares, the company said in an exchange filing.
Jagran Prakashan is a media and communications company with interests in print, digital, radio, out-of-home (OOH), and activation.
In its latest quarterly results, the company reported a net profit of Rs 822 million in Q3FY21, up by 6.9% year-on-year (YoY) from Rs 773 million in Q3FY20.
Revenue of the company came in at Rs 3.5 billion for the quarter as against Rs 4.5 billion in the year-ago period whereas operating profit came in at Rs 1.2 billion.
"Print media has come out of the crisis much stronger than ever before on the strength of its ability to provide original and credible content despite impediments such as rumor-based restrictions on the distribution of the newspaper. I am also pleased to report that the print and radio industries both have been embraced by new advertisers. These advertisers are a welcome addition to our already large bouquet of advertisers and will immensely help in reaching pre-COVID level revenues faster," Gupta added.
How this buyback pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
Note that since the lows in March 2020, the smallcap index has gained more than 100%.
Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.
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