After opening the day flat, Indian share markets turned positive as the session progressed and ended the day marginally higher.After a weak start, benchmark equity indices – Sensex and Nifty – along with their broader market counterparts rebounded.At the closing bell, the BSE Sensex stood up by 335 points (up 0.5%).Meanwhile, the NSE Nifty closed higher by 153 points (up 0.7%).Adani Ports, Adani Enterprises, and ONGC were among the top gainers today.Axis Bank, Tata Steel, and NTPC on the other hand, were among the top losers today.The GIFT Nifty ended at 22,242 up by 147 points.Broader markets ended the day on a positive note. The BSE Mid Cap ended 2.4% higher and the BSE Small Cap index ended 3.2% higher.Sectoral indices are trading positive, with stocks in the telecom sector, oil & gas sector, and power sector witnessing buying.Shares of Colgate and VR Infraspace hit their respective 52-week highs today.The rupee is trading at 82.8 against the US$.Gold prices for the latest contract on MCX are trading marginally lower at Rs 65,813 per 10 grams.Meanwhile, silver prices are trading 0.4% higher at Rs 75,475 per 1 kg.
SpiceJet Finalises Lease AgreementIn news from the airline sector, budget carrier SpiceJet on 14 March finalized lease agreements for 10 aircraft as part of its efforts to augment capacity in preparation for the upcoming summer schedule. The stock was trading 7% higher.This move underscores SpiceJet’s commitment to providing seamless connectivity and enhanced services to its passengers during peak travel seasons. The additional aircraft will enable the airline to meet the growing demand for air travel, particularly during the busy summer months.SpiceJet has received three airframes as part of recent settlement agreements, further strengthening its fleet capabilities. These settlements with key aircraft lessors have also resulted in savings of Rs 6.9 bn for the airlines.On 7 March, SpiceJet announced the successful resolution of a Rs 4.1 bn dispute with Echelon Ireland Madison One. The settlement resulted in savings of Rs 3.9 bn for SpiceJet and the acquisition of two airframes.Additionally, SpiceJet resolved a Rs 93-crore dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline.Moreover, SpiceJet and Celestial Aviation, a subsidiary of AerCap, mutually settled their Rs 2.5 bn dispute, resulting in a saving of Rs 2.4 bn.
Why SJVN Share Price is RisingMoving on to news from the power sector, SJVN, the Indian public sector undertaking involved in hydroelectric power generation and transmission, zoomed over 7.7%.This comes after the hydropower PSU bagged a solar power project in Gujarat. SJVN Green Energy, the renewable arm of SJVN has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 500 MW Solar Project.The tentative cost of construction and development of this project is Rs 27 bn, the company said in a statement on Wednesday. The project is to be developed at GIPCL Solar Park at Khavda, Gujarat.The solar project is set to be commissioned in 18 months or by November 2025.This is expected to generate 1,271.07 million units in the first year after commissioning, and the projected cumulative energy generation over 25 years would be about 29,245.4 million units.The company said that the commissioning of this project is expected to reduce 1,43,3025 tonnes of carbon emission and would contribute to the GoI mission of reduction in carbon emission.
Why Yes Bank’s Share price is Skyrocketing Today?
Moving on to news from the banking sector, shares of Yes Bank have been in an uptrend since Thursday’s early morning deals, snapping a three-day losing streak. The stock rallied 8% after a media report suggested that the private sector lender was looking for a new promoter.YES Bank is planning to sell up to 51% of its stake for a target valuation of between US$ 8-9 billion (bn), up from its current market capitalization of US$ 7.2 bn.The report said that Citigroup’s India unit has been enlisted to facilitate the search for a potential buyer.The lender has reportedly sent invitations to various domestic lenders, including the prevailing shareholders, for participation. YES Bank has initiated discussions with banks and financial institutions in West Asia, Europe, and Japan for the sale of at least 51% stake.However, any new promoter holding more than 26% stake would require special approval from the Reserve Bank of India (RBI), as per central bank regulations.More By This Author:Sensex Today Trades Flat; Steel Stocks Drag Sensex Today Tanks 906 Points; BSE Smallcap Index Slides 5% Sensex Today Trades Flat; ITC Soars 6%, BSE 3%
