View on market: Stay Cautious, be with quality business:

Most Asian equities have opened lower after setbacks on the pandemic front weighed on U.S. equities and drove demand for haven assets. Benchmark indices opened lower in Japan and South Korea while Australia’s indices outperformed. Bond yields in the U.S. fell for the second straight day. Oil prices are fighting to hold the $60 per barrel mark after a 6% drop overnight. Renewed prospects of lockdowns in Europe clouded a speedy recovery in consumption. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 14,785, as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: FX Reserves USD on 26th, March,2021
  • INR: Bank Loan Growth on 26th, March,2021

International

Markets:U.S & Europe

Particulars    23rd  Mar. Chg Chg(%)
Nasdaq 13,227.70 -149.84 -1.12
Dow 32,423.15 -308.05 -0.94
FTSE 6,699.19 -26.91 -0.4
CAC 5,945.30 -23.18 -0.39
DAX 14,662.02 4.81 0.03
Dow Fut.*     32,273.00     -33 -0.11

 

Asian markets:

Particulars       24th Mar. Chg Chg(%)
SGX Nifty 14,735.50 -89.5 -0.6
Nikkei 28,465.86 -530.06 -1.83
Straits Times 3,125.56 -6.18 -0.2
Hang Seng 28,000.82 -496.56 -1.74
Shanghai 3,379.51     -32 -0.94

 

ADR Watch:

Particulars                23rd Mar.  Chg Chg(%)
Dr Reddy 59.77 -0.32 -0.53
HDFC Bank 79.17 0.87 1.11
ICICI Bank 15.94 0.02 0.13
Infosys 18.71 -0.36 -1.89
Tata Motor 20.67 -0.26 -1.24
Wipro 6.38 -0.08 -1.24

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.59          0.06
Brent 60.80          0.02
Gold 1731.55          0.38
Silver       25.25          0.09

 

FIIs & DIIs

Particulars 23rd Mar       22nd  Mar
FIIs   – 108         -787
DIIs    -530          543

 

News Update:

Rail Vikas Nigam:

The government plans to sell 15% of the company’s equity through an Offer for Sale. The initial plan is for the sale of 20.85 crore shares or 10% of the total equity with a green shoe option to sell another 10.42 crore shares or 5% of the total equity. The floor price of Rs 27.5 per share is a 9.5% discount to Tuesday’s closing price. The OFS opens for non-retail investors today and for retail investors tomorrow.

Hero MotoCorp:

To increase prices of its scooters and motorcycles from April 1. The price hike has been necessitated to partially offset the impact of increased commodity costs. The company has accelerated its cost savings program to ensure minimal impact on the customer.

Rossari Biotech:

Approves issue and allotment of 30.12 lakh equity shares worth Rs 300 crore on a preferential basis. The shares have been issued at Rs 996 apiece, which is a 10.7% discount to Tuesday’s closing price. SBI Mutual Fund, Malabar Select Fund are some of the investors to whom the shares have been allotted.

Vascon Engineers:

Emerged as lowest bidder for two projects from the Uttar Pradesh Public Works Department. The two projects are for the establishment of new medical colleges attached with existing District Hospitals in Bijnor and Kaushambi. The two projects are valued at Rs 246.09 crore and Rs 269.54 crore respectively.

MOIL:

Closure of another JV company – RINMOIL Ferro Alloys Pvt. ltd. is under process. The company was a JV with Rastriya Ispat Nigam Ltd. The JV has been a dormant company since its incorporation in 2009. This will have no impact on the company’s financials.

Bank of Maharashtra:

Has successfully raised Rs 100 crore through private placement of BASEL-III compliant tier-II bonds. The bonds will have a coupon rate of 8% and a tenor of 10 years.

India Grid Trust:

Board has approved Rights Issue of up to 11.66 crore units for an aggregate amount of Rs 1,283.65 crore. The issue price of Rs 110 per unit is at a discount of 19.11% to Tuesday’s closing price. The record date for the same is fixed as March 30, 2021. The issue will open on April 6 and close on April 13.

IFCI:

Board has approved Preferential Issue of equity shares aggregating up to Rs 200 crore to the promoter i.e. Government of India, subject to shareholders approval.

Crompton Greaves Consumer Electricals:

Board has approved appointment of Mathew Job as Executive Director and Chief Executive Officer of the company for a period of five years with effect from January 22, 2021.

Agro Tech Foods:

The Income Tax Appellate Tribunal, Hyderabad, has allowed the company’s appeals for allowance of certain expenditures for Financial Years 2009-10 to 2013-14. Subsequently, the contingent liability towards disputed direct tax liability shown in the financial statements of the company for FY 2019-20 will be reduced by Rs 13 crore.

JK Tyre and Industries Ltd:

The company said that India Ratings and Research has upgraded its long-term issuer rating to ‘IND A/Stable’ on the back of strong recovery in sales and financial performance in the December quarter.

Tata Motors:

Jaguar Land Rover (JLR) has introduced its first electric vehicle (EV) in India though its dealership price of nearly ₹1.06 crore will keep it away from the reach of most consumers.

Mahindra and Mahindra Ltd:

The company’s shares have trebled from a year-ago. The well-performing tractors business helped beat returns of some of its peers. Recently, the company also won a large order worth ₹1,056 crore from the ministry of defence. M&M’s subsidiary Mahindra Defence Systems Ltd (MDS).

Source: MoneyControl, Business Standard, Bloomberg,Investing

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