After opening the day on Flat, Indian share markets turned negative as the session progressed and ended the day lower.Benchmark indices took a breather on Tuesday weighed by profit booking in heavyweights like ICICI Bank, L&T, Infosys, Kotak Bank, Bharti Airtel, TCS, and HCL tech.At the closing bell, the BSE Sensex stood lower by 110 points.Meanwhile, the NSE Nifty closed higher by 2 points.Bajaj Auto, M&M, and BPCL were among the top gainers today.Hero MotoCorp, Kotak Mahindra, and ICICI Bank on the other hand were among the top losers today.The GIFT Nifty ended at 22,552 down by 55 points or 0.3%.Broader markets ended the day on a positive note. The BSE Mid Cap ended 1.1% higher and the BSE Small Cap index ended 1.2% higher.Sector indices are trading on mixed, with stocks in the realty sector, metal sector, and oil & gas sector witnessing buying. Meanwhile, stocks in the IT sector, telecom sector, and media sector witnessed selling pressure.Bajaj Auto, Cummins India, and L&T hit their respective 52-week highs today.The rupee is trading at 83.4 against the US$.Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 68,805 per 10 grams.Meanwhile, silver prices are trading 1.4% higher at Rs 76,585 per 1 kg.
Why CAMS Share Price is RisingIn news from the IT sector, shares of CAMS rallied over 5% around mid-day after it was reported that the company will manage the issuance of all digital insurance policies.In an exchange filing on 2 April, CAMS said that the IRDAI (Insurance Regulatory and Development Authority of India) has mandated the issuance of insurance policies by insurance companies in electronic form with effect from 1 April.CAMS Insurance Repository Services Limited, which is an IRDAI-registered insurance repository, will be facilitating the issuance of policies in the electronic mode. CAMSREP is a wholly owned subsidiary of CAMS and is the second-largest repository in the country.CAMS has also seen investments in its non-mutual-fund business over the past couple of years.The company is India’s largest registrar and transfer agent of mutual funds, with an aggregate market share of approximately 70% based on mutual fund average assets under management.The variety of services provided by CAMS plays an important role in developing and maintaining its clients’ market perception.The second player, Karvy, is at a distant 26% market share. CAMS, a dominant force in India’s mutual fund registrar and transfer agency industry, commands an impressive 69% market share.
India is poised to become a deep tech superpower, with investments doubling every three years, and CAMS is one of the frontrunners within this space.
Choice International Bags Solar ProjectMoving on to news from the finance sector, the share price of Choice International zoomed more than 5% intraday on 2 April after the company subsidiary secured a Rs 5.2 bn project.Choice Consultancy Service, a subsidiary of Choice International, announced the winning of a project for the development of a solar plant for Jodhpur Vidyut Vitran Nigam in a joint venture partnership with Solar91 Cleantech.The Rs 5.2 bn project is expected to entail a capex outflow of Rs 1.5 bn.In this project, Choice and Solar91 together will act as key advisors, undertaking comprehensive tasks, including detailed site surveys, and supervision of the design, supply, and installation of the solar power plant.They will oversee the installation of associated 33kV or 11kV lines, conduct testing and commissioning activities, and manage the construction of control rooms.The initiative entails setting up a 34.72 MW (AC) solar plant during an implementation period of 12 months, with a 25-year operation and maintenance period.
SpiceJet to Receive Q400 AircraftMoving on to news from the airline sector, budget carrier SpiceJet’s shares rose over 2% as it is set to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year.Under the agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, the airline acquires full ownership of six Q400s.The airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet.The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon.The timely arrival of the Q400 aircraft aligns with the upcoming summer schedule, enabling the airline to offer seamless connectivity and enhanced services to passengers during peak travel seasons.SpiceJet has recently announced four major settlements with key aircraft lessors, resulting in substantial savings of Rs 1,252 crore for the airline.More By This Author:Nifty Trades Above 22,450; Adani Ports Rises 3%
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