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

Asian equities have opened little changed this morning after a mixed session overnight on Wall Street. The Dow Jones hit a record high while a rotation out of growth stocks sent the Nasdaq into a technical correction. Benchmark indices in Japan and Australia saw modest gains while those in South Korea edged lower. The benchmark U.S. bond yield traded just below 1.6% while oil prices edged lower. Bitcoin was above $52,000. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.72% to 15,089 as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: Industrial Production (YoY0 (Jan) on 12th, March,2021
  • INR: CPI (YoY0 (Feb) on 12th, March,2021

International

Markets:U.S & Europe

Particulars      8th  Mar. Chg Chg(%)
Nasdaq 12,609.16 -310.99 -2.41
Dow 31,802.55 306.14 0.97
FTSE     6,719.13 88.61 1.34
CAC     5,902.99 120.34 2.08
DAX 14,380.91 460.22 3.31
Dow Fut.*     31,920.00 141.5 0.44

 

Asian markets:

Particulars       9th Mar. Chg Chg(%)
SGX Nifty 15,089.50 107.5 0.72
Nikkei 28,800.81 57.56 0.2
Straits Times 3,111.28 40.12 1.31
Hang Seng 28,726.88 186.05 0.65
Shanghai     3,387.01  -34.4 -1.01

 

ADR Watch:

Particulars                   8th Mar.  Chg Chg(%)
Dr Reddy 60.75 -0.55 -0.9
HDFC Bank 81.19 -1.09 -1.32
ICICI Bank 16.78 -0.18 -1.06
Infosys 17.98 -0.3 -1.64
Tata Motor 21.67 -0.65 -2.91
Wipro 6.23 -0.15 -2.35

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.28         -0.09
Brent 68.56           0.82
Gold 1684.75           0.40
Silver       25.32           0.20

 

FIIs & DIIs

Particulars 8th Mar       5th  Mar
FIIs      -1494        -2014
DIIs        483        -1191

 

News Update:

BPCL:

Sub-committee of the Board of Directors have approved the sale of shares of the company, which are held by the BPCL Trust for investment in shares through accelerated book built offering. The company will sell close to 15.9 crore shares through this deal. As per the term sheet accessed by Bloomberg News, the floor price of Rs 435 per share is a 6.9% discount to Monday’s closing price.

Coal India:

Has approved an investment of about Rs 47,300 crore on mining projects according to an emailed statement to Bloomberg. The approvals include eight new projects as well as expansion plans for 24 existing mines. The 32 sites will have a combined peak output of 193 million tonnes per year, the highest ever approved during a fiscal year. The company is also investing in railway tracks and other coal transport infrastructure along the mines to ensure smoother shipments, as per the statement.

Mphasis:

Bloomberg reports that Blackstone group has shelved plans to sell its Majority stake in the company. A person familiar with the matter told Bloomberg that the PE firm rejected two bidders in the final round as their offers did not meet the firm’s expectations. Blackstone had purchased a 60.5% stake in Mphasis from HP in the year 2016 at Rs 430 per share.
Biocon:

Biocon Biologics received subscription amount of Rs 555 crore from the wholly-owned subsidiary of ADQ. The board of Biocon Biologics has approved the allotment of 1.97 crore shares at an issue price of Rs 280.3 per share.
Dixon Technologies:

The record date for the 1:5 stock split has been set as March 19, 2021.

Godrej Properties:

The company has approved raising of funds in one or more tranches, by issuance of securities for an amount not exceeding Rs 3,750 crore. Further the company has approved enhancement of investment limit up to Rs 7,500 crore.

Mahindra Holidays:

In view of the rising covid-19 cases and in compliance with the orders issued by the Finnish government, the company’s material unlisted subsidiary Holiday Club Resorts, has suspended operations at 4 SPA hotels in Finland for a period of three weeks starting March 8, 2021.

Kotak Mahindra Bank:

A meeting of the Board of Directors is scheduled on March 12, 2021 to consider and approve the declaration and payment of dividend on 100 crore 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares of face value of Rs 5 each. The record date fixed for the purpose of payment of dividend is Friday, March 19, 2021.

JSW Energy:

Signs business transfer agreement for the sale of 18 MW thermal power plant at Salboni to JSW Cement on a going concern and slump sale basis for a sum of Rs 95.67 crore.

Kesoram Industries:

Has allotted 2.22 crore fully-paid up equity shares at a conversion price of Rs 65 per share, aggregating to Rs 144.3 crore to a consortium of 10 lenders led by Axis Bank. Similarly, it has also issued 4.48 crore fully paid-up zero coupon Optionally Convertible Redeemable Preference Shares (OCRPS) to the same consortium of lenders worth Rs 448.9 crore. The equity shares and OCRPS, allotted on a preferential basis and on a private placement basis will be subject to a lock-in period of one year from the date of trading approval.

Mishra Dhatu Nigam:

A meeting of the Board of Directors is scheduled on March 15 to consider a proposal relating to declaration of interim dividend for the financial year 2020-21. The record date for interim dividend, if declared by the company, will be March 23, 2021.

RPSG Ventures:

The company has executed a Share Purchase Agreement with Biren Natwarlal Vaidya, Arjun Vaidya, Sheetal Vaidya, Karan Vaidya and Herbolab India and has acquired 35.37% shareholding in Herbolab India, a subsidiary of the company. After acquisition of the said shareholding, Herbolab will become a wholly owned subsidiary of the company. The cost of the acquisition is Rs 50.80 crore.

Source: MoneyControl, Business Standard, Bloomberg,Investing

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