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The shares of Paytm parent One97 Communications fell 3.28 per cent to an intraday low of Rs 410 apiece on the National Stock Exchange on March 2, 2024, day after India's Financial Intelligence Unit imposed a penalty of Rs 5.49 crore on the company over the failure of obligations of reporting under Anti-Money Laundering (AML) measures.

“The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, the bank has enhanced its monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU),” the company said in a statement.

Cipla's stock saw a 1.43 per cent increase on March 2, inching just Rs 2 shy of its 52-week high achieved on March 1. The upswing followed the conclusion of a pre-approved inspection by the United States Food and Drug Administration (USFDA) at the manufacturing facility of its subsidiary, Cipla (Jiangsu) Pharmaceutical, located in Qidong, Jiangsu Province, China. The inspection, conducted from February 26 to March 1, concluded with zero Form 483 observations.

In a separate disclosure to the bourses, Cipla announced the completion of the transfer of its generics business. The company conveyed, "The Company has completed the transfer of Generics Business Undertaking as a going concern on a slump sale basis to Cipla Pharma and Life Sciences Limited, a wholly-owned subsidiary of the Company on 1st March 2024."

Cipla had previously articulated the rationale behind this strategic move, citing plans to capitalise on the high-growth potential of its generics business. The transaction is aimed at bolstering investments in new product launches, expanding market reach in Tier 2-6 towns/cities, and enhancing patient access to high-quality generic medicines.

Here's the list of the top 5 gainers and losers in the first special trading session on Saturday.

The share price of Info Edge (India) experienced a notable 3 per cnet downturn during Saturday's trading session following the company's announcement to the bourses regarding Google's removal of several mobile applications from the Google Play Store. This action by Google extended beyond Info Edge (India) to encompass apps from various other companies and entities.

Among the affected mobile applications belonging to Info Edge (India) were the Naukri.com Job Search App, Naukri Recruiter, Naukrigulf Job Search App, 99acres Buy/Sell/Rent Property, and Shiksha.

Here's a list of the early losers on NSE Nifty 50 index

Here's the list of early gainers on the NSE Nifty 50 index

Sensex opened today at 72,606.31 and touched a high of 73,819.21 during early trade. Meanwhile, Nifty opened today at 22,048.30 and touched a high of 22,420.25.
 

Shares of Super Micro Computer rallied 13.5 per cent in extended trade on Friday after it was announced the seller of AI-optimised servers will join the S&P 500. Super Micro and Deckers Outdoor Corp will be added to the S&P 500 prior to the start of trading on Monday, March 18, coinciding with a quarterly rebalance of Wall Street's most widely followed stock benchmark, S&P Dow Jones Indices said in a news release.

JSW Steel, under the leadership of Chairman Sajjan Jindal, unveiled plans on Friday to infuse €143 million, equivalent to approximately Rs 1,282 crore, into the rejuvenation of its Italian steel mill situated in Piombino. The firm, through its subsidiary JSW Steel Italy SRL, has formalized a Memorandum of Understanding (MoU) with Italian authorities to commence the revival process.

This substantial investment will be directed towards the modernization of the rail mill in Piombino, effectively doubling its current rail production capacity from 300,000 tonnes to 600,000 tonnes annually. JSW Steel aims to establish Europe's foremost rail mill, characterised by state-of-the-art technology and unparalleled efficiency.

The Nasdaq achieved a record peak, marking a fresh all-time high, while the S&P 500 made history by closing above 5,100 points for the first time. On Friday, the Nasdaq Composite surpassed its previous 2021 record, propelled by investor confidence in mega-cap technology stocks. These stocks were perceived as the optimal strategy to capitalize on the deceleration of inflation and the anticipated surge in artificial intelligence.

Ratings agency Moody's said on Friday it has downgraded New York Community Bancorp's NYCB.N long-term issuer rating to B3 from Ba2.
 

New York Community Bancorp shares plunged nearly 26% on Friday after it replaced its CEO, reported a fourth-quarter loss that was more than 10 times what it previously stated and said it found "material weaknesses" in internal controls related to a loan review.

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have jointly announced a special live trading session slated for today, March 2, 2024. This extraordinary session aims to test the efficacy of the market's disaster recovery system, ensuring its robustness in the face of potential emergencies. It's noteworthy that markets typically observe closure on Saturdays.