Stock Market highlights on 7 March 2024: Sensex, Nifty edge up to settle at new closing highs, lifted by gains in metal, FMCG shares

Benchmark indices Sensex and Nifty closed at fresh record highs on Thursday following gains in metal and FMCG shares amid firm global trends and foreign fund inflows. Read more

“Gold prices continued their positive momentum, buoyed by a weaker dollar that propelled Comex Gold above the $2150 mark. In the domestic market, MCX Gold confidently surpassed the 65000 level, marking a substantial gain of 2000rs for the week. Looking ahead, market focus shifts to the upcoming US CPI data, which is poised to be a key trigger for gold prices next week. Additionally, tomorrow’s Non-Farm Payroll and Unemployment data will likely provide further direction for gold trends. For swing traders, crucial support levels remain intact at 65000, indicating a strong foothold in the market.”

“Banking sector is likely to witness some challenges in coming period. The liquidity crunch may create obstacles for credit growth. The intense deposit competition may keep the cost to income elevated. The net interest margin improvement is subjected to policy rate cuts. Hence, we expect the return ratio numbers to stay in range.

Furthermore, the contained slippages has kept the asset quality in check. Some extra systemic pressure can elevate the slippages from unsecured book.

Nevertheless, we expect the expected worrisome are in price and overall sector to preform well as per as stock price is concerned.”

Axis Bank’s Committee of Whole-time Directors has approved the allotment of 3,85,100 Long Term Non-Convertible Debentures (NCDs) of face value Rs. 1 lakh each at par aggregating to Rs. 3,851 crore at a coupon rate of 7.64 per cent payable annually, on a private placement basis.

The NCDs, which are fully paid, senior, rated, listed, unsecured, taxable, and redeemable, will be listed on BSE and NSE. The date of allotment of the NCDs is March 7.

“Interest will be payable annually on March 7 each year till maturity of the Debentures. The Debentures are redeemable at par at the end of 10 years -- that is on March 7, 2034,” per the Bank’s regulatory filing.

Shares of Shivalik Rasayan jumped over 8 per cent on the NSE on Thursday’s trade. The company has received licences to commence manufacturing at its newly-built agro-chemical plant. Read more

Dredging Corporation of India Ltd. has signed a memorandum of understanding (MoU) with BEML for joint development manufacture of dredgers. It also covers the design, development, and manufacture of spares for dredgers. Read more

Tata Motors Ltd has announced that it will increase the price of its commercial vehicles by up to 2 per cent, effective from April 1, 2024.

According to the company’s regulatory filing, the price rise is intended offset the residual impact of past input costs.

NSE Nifty was up by 0.09 per cent or 21.30 points to 22,495.35 while the BSE Sensex was at 74,131.10 up by 0.06 per cent or 41.96 points at 3.05 pm

Top gainers on the NSE at 3 pm include- Tata Steel (3.89%), Bajaj Auto (3.21%), Tata Consumer Products (3.18%), Tata Motors (2.31%), UPL (2.16%)

Top losers on the NSE include - Mahindra and Mahindra (-3.73%), Bharat Petroleum Corporation (-1.84%), Reliance Industries (-1.60%), Axis Bank (-0.99%), ICICI Bank (-0.88%)

LTIMindtree has announced that its Chief Financial Officer, Vinit Teredesai, has tendered his resignation to explore professional opportunities outside the L&T Group.

SJVN Green Energy Limited, a subsidiary of SJVN Limited, secured a Letter of Awards for 1,352 MW of Solar Power Projects in Maharashtra under the Mukhya Mantri Saur Krushi Vahini Yojana. The projects, to be developed in Nashik, Solapur, Ahmednagar, and Pune districts, are part of the PM-KUSUM scheme and represent an investment of approximately ₹7,436 crore. The stock trades at Rs 122.90 up by 2.89% on the BSE.

Vikas Lifecare Ltd.’s shares were up by 4.92% to Rs 5.97 on the BSE. The company received a patent for a multi-layered plastic recycling process.

UPL Ltd’s shares were up by 2.31% to Rs 484.10 on the BSE. The company’s unit, UPL Corp., signed a pact with Masarrah Investment for a manufacturing complex in Saudi Arabia.

GPT Infraprojects Ltd.’s shares were up by 4.78% to Rs 180.95 on the BSE. The company received an order worth Rs 135 crore from North Central Railway, Uttar Pradesh.

Seamec Ltd.’s shares were up by 4.13% to Rs 1135 on the SBE. The company’s unit has decided to sell its vessel, Seamec Nidhi, to Joyo Shipping for $10.5 million.

Jupiter Wagons Ltd.’s shares were up by 2.71% to Rs 371.70 on the BSE. The company received an order worth Rs 956 crore from the Ministry of Railways for the manufacture and supply of 2,237 BOSM Wagons.

OnMobile Global Ltd.’s shares down by 2.53% to Rs 73.99 on the BSE. The company appointed François-Charles Sirois, Executive Chairman, as CEO and Sanjay Baweja resigned from the role of ‘Global Chief Executive Officer and Managing Director’.

Glenmark Pharmaceuticals Ltd’s shares were up by 3.66% to Rs 958 on the BSE. The company started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.

Bajaj Finserv Ltd’s shares were up 1.95% to Rs 1,580.25 on the BSE. The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.

Mahindra and Mahindra Ltd’s shares were down 3.76% to Rs 1894.65 on the BSE. Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.

Hindustan Aeronautics Ltd’s shares were up by 2.86% to Rs 3,321 on the BSE. The company signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

The new fund offer of Baroda BNP Paribas Innovation Fund has mobilised over ₹900 crore from over 31,000 investors during the NFO period.

The issue closed on February 28 and reopened for further investment on Thursday.

Tapan Patel, Fund manager – commodities, Tata Asset Management:

Gold prices have resumed uptrend and COMEX spot gold prices are nearing the all-time high levels made in December 2023. Gold prices at MCX are at all-time high crossing Rs. 65.000 per 10 grams on strong domestic demand and supportive international cues.

Gold prices are currently getting support from two key factors: Macro economic environment, Geopolitical risk, apart from central banks buying. Gold prices have rallied since last one year on market and political stability risk due to heightened geopolitical factors despite of higher interest rates. The geopolitical factors like major war may only have longer impact on gold prices. We believe the impact of the current geopolitical risk premium will be short-lived and prices may react to the macro-economic development going forward. The price movement of crude oil is a recent example of such geopolitical risk premium over the Russia-Ukraine conflict.

Gold prices tend to perform well in low-interest rate scenarios. The global market is eying on US FED to take a lead on the pivot of the interest rates cycle. The weaker US data is still indicating a soft landing of the US economy which is an additional supportive factor for gold. Investors should look for optimum asset diversification and may look forward to having some exposure to gold on a supportive market environment.

Tata Motors Ltd reported they will raise prices by up to 2% for its commercial vehicles starting April 1, 2024. The increase aims to offset residual impacts of past input costs. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles. The shares were up by 1.92% to Rs 1037.25 on the BSE.

Coforge Ltd has launched a generative AI-based autonomous self-service solution called Coforge Orion. According to the company’s statement, the platform automates outbound and inbound calls, engages customers, and provides responses to inquiries, and autonomously takes necessary actions, exceeding the capabilities of traditional automation.

Shares of Coforge traded at ₹6,318.80 on the NSE, down by 0.07 per cent as of 1.38 pm.

With the right policy mix, the Indian economy could become the largest contributor to global growth by the end of this decade: Barclays.

Baroda BNP Paribas Mutual Fund’s new fund offers Baroda BNP Paribas Innovation Fund that closed on 28th February 2024, mobilised over ₹900 crore from over 31,000 investors during the NFO period. The scheme re-opens for investment from 7th March 2024.

Cochin International Airport Ltd has announced its summer schedule which will be effective from March 31 till October 26.

A total of 1,628 weekly operations against the 1,330 operations for the ongoing winter schedule is the highlight of the schedule. Additional domestic services to Agatti, Hyderabad and Bangalore are also enlisted in the summer schedule in line with surging passenger preferences.

HCL Technologies Ltd has partnered with ServiceNow, the digital workflow company, to deliver new generative AI-powered solutions.

Under the partnership, HCL Technologies will offer consulting, design, implementation, and managed services through ServiceNow’s suite of products.

HCL Technologies’ stock traded at ₹1,632.30 on the NSE, down by 0.72 per cent as of 1:10 pm.

The broker has maintained its ‘buy’ recommendation on the back of strong order inflows and further accretion. 

UBS said that it had upgraded Bharat Electronics’ FY24 order inflow estimates for the second consecutive time in three months, as it believed that sharply higher new orders reflected fast-tracking the defence pipeline, which could help the company sustain a consistent order book ramp-up justifying its higher valuations. 

The company already has new orders of over ₹30,000 crore and is likely to end the year with ₹31,000 crore of new orders.

The platform automates calls, engages customers, and provides responses. It aims to foster connections with customers in fields like travel and healthcare. 

Coforge Limited’s shares were down by 0.3% to ₹6309.55 on the BSE.

The paper analyses the major characteristics of the Indian Commercial Paper (CP) market in comparison with the CP markets across other major economies. The paper empirically investigates determinants of the CP rate spread over the T-Bill rate using daily data.

The findings indicate that:

Surplus liquidity is associated with lower CP spread and vice versa. Market volatility measure (VIX) increases the spread, indicating a shift in investors’ preference towards safer assets during periods of increased risk.

Market expectation of interest rates (OIS 1-month) increases the spread, indicating a rise in CP rates with the market expectation of interest rates going up.

An increase in the share of mutual funds, the dominant investors in the CP issuances, dampens the CP spread. The CP issuers are broadly divided into corporates and NBFCs; the results suggest that spreads trend to increase in tandem with an increase in CP issuances by NBFCs.

Recently listed, SAR Televentures, a telecommunication infrastructure provider, engaged primarily in the business of installing and commissioning telecom towers in India, has filed its Draft Offer Document to raise ₹450 crore via a further public offer and a rights issue. The composite public issue consists of a further public offer of ₹200 crore and a rights issue of ₹250 crore. 

The proceeds from the issue, to the extent of ₹273 crore will be used to set up Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes, ₹42.50 crore for setting up of an additional 1,000 number of 4G/5G telecom towers, ₹30 crore for funding incremental working capital requirements.

The Further Public Offer is being made through the book-building process.

SAR Televentures is listed on the NSE Emerge Platform.

Persistent Systems has announced the launch of SASVA, an AI platform leveraging large language models (LLMs) and machine learning (ML) to accelerate software releases.

According to the company’s statement, SASVA streamlines the creation of project plans and generates contextual code modifications for seamless review. In initial engagements, it also reduced release times by 25 to 35 per cent while maintaining quality and reducing technical debt.

Persistent Systems stock traded at ₹8,374.65 on the NSE, up by 0.11 per cent as of 12:27 p.m.

ICRA expects the operating environment of the domestic steel producers to remain challenging in the next fiscal as the industry navigates through a period of softness in steel prices, elevated input costs, a temporary deceleration in domestic demand growth close to the Union Elections, and a weak external environment. According to the rating agency’s latest research note, domestic steel consumption growth is expected to slow down to 7-8% in FY2025 (as against 12-13% in FY2024E), bucking the trend of the previous few years, when the industry experienced the fastest period of growth post the global financial crisis.

150 stocks hit 52-week high and 42 stocks hit 52-week low on BSE.

“India’s GDP is forecast to grow at 7.3% YoY in FY24, and the summer is fast approaching. As a result, the demand for power is expected to go up in the medium term. Currently, the burden of meeting the energy requirements of the country is on the thermal power plants. In February alone, thermal power plants accounted for over 82% of the total generation, while 11% of the generation was from renewable sources. We are positive that renewable energy generation will go up as the coming months provide a seasonal advantage. However, we are pessimistic in the case of hydroelectric generation, which has seen a 29% YoY decline in February due to a 20% decline in reservoir levels. To compensate for this, the PLFs of coal-based and gas-based plants have increased by 317 bps YoY and 310 bps YoY, respectively. 

“Consequently, the thermal plant generation is expected to rise by 9.41% YoY, while hydro generation is forecast to decline by 1.41% YoY. Given strong demand and favorable coal and gas prices, we expect coal-based and gas-based power generation companies to see bottom-line expansion. Hence, we expect companies with higher thermal and renewable portfolios to perform well in the next 3 to 6 months. Although the long-term prospects remain positive due to capacity expansion and lower raw material costs, we are cautious due to the high premiums in valuations. Hence, we have a SELL recommendation on Torrent Power and JSW Energy, while we have a HOLD strategy for Tata Power and NTPC.”

Major gainers on the NSE at 12.13 pm include- Bajaj Auto (3.19%), Tata Steel (2.31%), JSW Steel (2.04%), Tata Motors (2.03%), UPL (1.84%)

Major losers include Mahindra and Mahindra (-3.80%), Bharat Petroleum Corporation (-1.80%), SBI Life insurance company (-1.76%), Reliance industries (-0.82%), Maruti Suzuki (0.78%)

Bharti Airtel Ltd. expands network in Mandsaur district by deploying additional sites across 871 villages to enhance connectivity for 11.7 lakh of rural population as a part of its rural enhancement project in Madhya Pradesh. 

The initiative aims to provide high-speed connectivity for work, study, and entertainment. 

The shares were trading 0.90% higher at ₹1204.55..

TT Limited signed MoU with Bizcrum Infotech Private Limited to promote and expand market reach through their B2B platform. The collaboration aims to leverage digital platforms and ground-level networks to expand business and reduce market entry costs and credit risks. The shares were up by 2.84% to ₹112.10 on the BSE.

In remarks to the House panel, US Fed chief Jerome Powell told the US lawmakers that he and his colleagues would “keep our heads down” in a charged presidential election year, with interest rate cuts still likely in coming months but only if warranted by further evidence of falling inflation. 

The initial public offering (IPO) comprises a fresh issuance of 32.76 lakh euity shares, each with a face value of ₹10. The Noida-headquartered company distributes a wide range of solar inverters and solar panels. It also provides comprehensive EPC services to commercial and residential customers and O&M of solar plants. 

Under its own brand, ‘Invergy’, GP Eco sells hybrid solar inverters and lithium ferro phosphate batteries. According to the DRHP, GP Eco proposes to utilize ₹12.45 crore of the IPO proceeds to meet the working capital requirements of the company and plans to invest ₹7.6 crore in its subsidiary, Invergy India Private Limited (IIPL), to procure plant and machinery and for setting up a new facility.

SpiceJet’s shares were up by 3.84% to ₹64.30 on the BSE. 

Wardwizard Innovations reports a 112% increase in electric two-wheeler sales, dispatching 2,018 units in February 2024, and sale of 11 electric three-wheelers. 

The company reported surpassing 100,000 electric two-wheeler sales in India and unveiled a hydrogen-powered electric two-wheeler concept at the Bharat Mobility Global Expo 2024. 

Wardwizard Innovations’ shares were up by 2.81% to ₹68.68 on the BSE.

Zydus Lifesciences’ shares were up by 0.91% to Rs 970.85 on the BSE. 

Prestige Estates Projects Ltd has announced the launch of its new residential project - Prestige Somerville - in Whitefield, Bengaluru.

According to the company’s statement, the project comprises 306 apartments across two high-rise towers spread over 6.5 acres of land and has a revenue potential of ₹800 crore. It also has about 1 lakh sq ft of open and green spaces.

Prestige Estates Projects stock traded at ₹1,181 on the NSE, down by 1.20 per cent as of 10:08 am.

Tata Power has announced that it became an Indian Integrated Power entity with validated science based targets. It aims to reduce scope 1 GHG emissions by FY2037 from a FY2022 baseline and achieve a reduction in scope 1 and 3 GHG emissions from the generation of all sold electricity within the same time frame. 

Tata Power’s shares were up by 3.37% to ₹408.10 on the BSE.

“There are some distinct trends in the market now. One, large caps are outperforming mid and small caps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space. 

“The 3.7% decline in the small cap index this week when Nifty appreciated by 0.5% is a big underperformance. This trend is likely to continue since valuation in the broader market remains highly elevated and the regulator has sent a clear message regarding the froth in the segment. Therefore, investors have time, even now, to switch from small caps to fairly valued large caps and partly to fixed income products. At this stage in the market, safety should be given priority over return.”

According to the company, it is planning to challenge the order and safeguard its interests after a detailed review. 

Reliance Infra’s shares were down by 0.66% to ₹2986 on the BSE.

The project involves new process gas compressor modules and facility upgrades off India’s West Coast. Larsen and Toubro Ltd’s shares were up by 0.50% to ₹3661.75 on the BSE.

Exhicon’s shares were up by 6.21% to ₹334.30 on the BSE.

The Nifty 50 March Futures (22,576) is down 0.06 per cent. Support is in the 22,550-22,500 region. We expect this support to hold. 

Nifty 50 March Futures contract has potential to see 22,650 on the upside. But the price action thereafter will need a close watch. Failure to breach 22,650 can trigger a corrective fall.

These turbines will installed in Gujarat’s Dwarka district. The project is expected to power approximately 59 thousand households and reduce CO2 emissions by around 2.35 lakh tonnes per year. Suzlon will provide equipment supply, project execution, and operations and maintenance services for the project. 

The Suzlon Energy Ltd’s shares were up by 4.93% to ₹40.43 on the BSE.

GPT Infraprojects stock surged by 3.30 per cent on the NSE to trade at ₹178.45 

Macrotech Developers’ stock price declined 0.76% to trade at ₹1,187.50 on the NSE.

Infosys’ share price declined 0.7% to trade at ₹1,616.10 on bSE. 

IIFL Finance stock jumped 9.72 per cent on the NSE, to trade at ₹419.35 as of 9.49 am. The stock had hit a 52-week low in yesterday’s trade. JM Financial stock rose by 1.75 per cent to trade at ₹87.

HAL stock is currently trading at ₹3,300.80, higher by 2.25 per cent. 

Benchmark indices opened at record highs on Thursday’s trade. BSE Sensex traded at 74,119.39, up by 33.4 pts or 0.05 per cent as of 9.30 am, and Nifty traded at 22,494.50, up by 20.45 pts or 0.09 per cent.

The Chief Investment Strategist at Geojit Financial Services, Dr V K Vijayakumar, emphasised that there are some distinct trends in the market now. “One, large caps are outperforming mid and small caps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank, and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space.”

However, prices remained stable in the West and Central regions. Despite the price rise, demand has remained healthy due to government-led infrastructure projects and housing demand.

Bajaj Electricals Limited opts to pay ₹11.75 lakh to settle claims by Karnataka GST Authority for alleged RCM liability and ITC reversal, including a ₹59,000 penalty, without appeal. The company clarifies no impact on financial operations or activities due to this. The shares were up by 0.49% to ₹993.50 on the BSE.

The rupee stayed firm and rose 9 paise to 82.74 against the US dollar in early trade on Thursday on the back of a weak American currency overseas and sustained inflow of foreign funds in the domestic capital markets.

The local currency also found support from positive equity markets, however, volatile crude oil prices capped its rally, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 82.82 and gained further to trade at 82.74 against the greenback, climbing 9 paise from its previous close.

On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined by 0.07 per cent to 103.24.

Top gainers on the NSE at 9.40 a.m. include - Tata Steel (3%), JSW Steel (2.70%), UPL (2.19%), Bajaj Finance (1.83%), Bajaj Finserv (1.64%)

Top losers were Mahindra and Mahindra (-3.46%), Axis Bank (0.85%), SBI Life (-0.84%), Bharat Petroleum Corporation (-0.80%), Titan company (-0.75%)

2W, 3W, PV, tractors and CV sectors registered growth rates of 13%, 24%, 12%, 11% and 5% respectively, according to retail data released by the Federation of Automobile Dealers Associations (FADA) today.

Record-Breaking PV Sales & Inventory Concern

The PV segment recorded a 12% YoY growth, marking the highest February sales figures ever, driven by new product introductions and enhanced vehicle availability. Elevated inventory levels in the PV segment, remaining at 50-55 days, pose a significant concern, necessitating OEMs to adjust production to reduce dealer carrying costs.

2W market: 2W market growth of 13% YoY was notably driven by the rural sector, demand for premium models and strong performance of entry-level segments.

3W market: The 3W market saw a significant 24% YoY increase, with EVs constituting 53% of this growth, highlighting a shift towards electric e-Rickshaws and an increase in first-time users.

CV Sector: The CV sector achieved a 5% YoY growth, overcoming challenges such as cash flow shortages and election-related purchase deferrals.

Outlook for March 2024 suggests cautious optimism, with potential growth driven by robust signals from the rural market and financial year-end buying activities.

“Mahanagar Gas has cut CNG price by ₹3.3/scm (3.5%) to pass on lower cost (38% q-o-qQ fall in input spot LNG) as well as to normalise margins. 

“We view the 15% knee-jerk dip in the stock as an ideal buying opportunity.”

India’s equity benchmarks BSE Sensex and NSE Nifty50 opened on a flat note on Thursday. Within the Sensex pack, JSW Steel, Tata Steel, Bajaj Finance were the major gainers, M&M, Infosys, ICICI Bank and Axis Bank were the major laggards. 

IIFL Finance advanced nearly 9% to trade at ₹416.30 as Fairfax India Holdings announced its commitment to provide liquidity support amidst the recent RBI embargo on the company’s gold loan disbursements. The stock price of NBFC declined nearly 40% in the last two trading sessions.

German Factory Orders m/m, ECB rate meet from Euro zone and unemployment claims, Fed Chair Powell testifies from the US zone.

Silver rose after Federal Reserve Chair Jerome Powell said in prepared remarks for his congressional testimony that the central bank plans to lower its benchmark interest rate later this year. Powell stated that a rate drop might occur this year, but only when there is greater confidence that inflation is consistently approaching the 2% target. 

In other news, US private payrolls increased by 140K in February, somewhat less than expected. The JOLTS report also showed that job vacancies were somewhat lower than expected.

JSW Steel’s consolidated crude steel production is up 5 per cent y-o-y at 21.5 lakh tonnes in Feb 2024 against 20.51 lakh tonnes in Feb 2023. Capacity utilisation at Indian operations stood at 92 per cent in the reporting month.

Gold prices held at a record high after US Federal Reserve Chair Jerome Powell said interest rate cuts are still possible in the coming months if inflation remains low. Powell told US lawmakers that interest rate reduction were still possible in the coming months, but only if there was more evidence of declining inflation. 

Fed President Neel Kashkari stated that it is acceptable for the Fed to decrease interest rates just twice, if not once, this year. In December, Fed officials predicted three rate decreases this year, bringing the Fed policy rate down to 4.5%-4.75% from its current range of 5.25%-5.5%.

At 9.18 am on Thursday, May Brent oil futures were at $82.88, down by 0.10 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $79.03, down by 0.13 per cent. March crude oil futures were trading at ₹6544 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6600, down by 0.85 per cent; and April futures were trading at ₹6513 as against the previous close of ₹6569, down by 0.85 per cent.

Both the entities reported aggregate toll collection of ₹462 crore in February against ₹352 crore year ago.

The share price of IRB Infrastructure advanced 2.06% to trade at ₹62.00 on NSE.

Vedanta: The company is exploring all possible legal solutions, including the possibility of filing a review petition against the top court’s decision that rejected the mining giant’s plea to restart operations at its copper smelter in Thoothukudi, Tamil Nadu.

* Infosys:* The IT major has announced the renewal of its digital innovation partnership with the ATP Tour until 2026, aimed at driving Al-first innovations in professional tennis.

* Hindustan Aeronautics:* The company has signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

* Mahindra and Mahindra:* Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.

* Bajaj Finserv:* The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.

* Asian Paints:* The company’s unit entered into the requisite agreements with Gujarat Chemical Port to set up an ethylene storage and handling facility in Dahej, Gujarat.

* Glenmark Pharmaceuticals:* The company has started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.

* Life Insurance Corp.:* The insurer has increased its stake in LIC Mutual Fund from 40.93% to 44.61% through private placement.

* NLC India:* The government will sell up to 9.71 crore shares, including the green shoe option, via an offer for sale at Rs 212 per share.

* Subex:* The company announced it has secured a deal with a prominent telecom operator in Southeast Asia for deploying its state-of-the-art business assurance and fraud management solutions on Hyper Sense.

* OnMobile Global:* The company appointed François-Charles Sirois, Executive Chairman, as CEO and Sanjay Baweja resigned from the role of ‘Global Chief Executive Officer and Managing Director’.

* Kaynes Technology India:* The company’s unit signed a technology provision agreement with ISO to enable the unit to set up a supply chain for OSAT business in India.

* Jupiter Wagons:* The company received an order worth Rs 956 crore from the Ministry of Railways for the manufacture and supply of 2,237 BOSM Wagons.

* Bajel Projects:* Sanjay Bhagat has resigned as CEO due to personal reasons.

* Seamec:* The company’s unit has decided to sell its vessel, Seamec Nidhi, to Joyo Shipping for $10.5 million.

* Cyient:* The company has joined the eSync Alliance, a network of businesses focusing on automotive OTA connectivity.

* Redtape:* The company incorporated REDTAPE Sports Goods in China.

* GPT INFRA:* The company received an order worth Rs 135 crore from North Central Railway, Uttar Pradesh.

* Exide Industries:* The company will invest Rs 70 crore in unit Chloride Metals to finance long-term capital requirements.

* Allcargo Gati:* The company’s total monthly volume for the month of February stood at 104 kilo tonnes, up 15% Yoy.

* UPL:* The company’s unit, UPL Corp., signed a pact with Masarrah Investment for a manufacturing complex in Saudi Arabia.

* Vikas Lifecare:* The company received a patent for a multi-layered plastic recycling process.

New Listing 

Mukka Proteins: The company’s shares will debut on the stock exchanges on Thursday at an issue price of Rs 28 apiece. The Rs 224 crore IPO was subscribed 136.99 times on its third and final day. Bids were led by non-institutional investors (250.38 times), institutional investors (189.28 times), and by retail investors (58.52 times).

IPO Offerings 

RK Swamy: The public issue was subscribed to 25.94 times on day 3. The bids were led by non-institutional investors (34.36 times), retail investors (34.03 times), institutional investors (20.58 times) and reserved for employees (2.52 times). 

*JG Chemicals:*The public issue was subscribed to 6.4 times on day 2. The bids were led by non-institutional investors (9.64 times), retail investors (8.32 times), and institutional investors (0.45 times). 

Gopal Snacks: The public issue was subscribed to 0.56 times on day 1. The bids were led by non-institutional investors (0.49 times), retail investors (0.89 times), and no bids by institutional investors.

Block Deals 

Dollar Industries: Bajrang Kumar Gupta sold 5 lakh shares (0.88%), Fidelity Asian Values PLC bought 1.36 lakh shares (0.24%), and Fidelity Funds Asian Smaller Companies Pool bought 3.63 lakh shares (0.64%) at Rs 490 apiece. 

Bulk Deals

Zomato: Antfin Singapore Holding sold 17.63 crore shares (2.04%) at Rs 160.4 apiece, while Morgan Stanley Asia bought 5.68 crore shares (0.66%) at Rs 160.1 apiece. 

CarTrade Tech: Springfield Venture International sold 6.32 lakh shares (1.34%), MCP3 SPV LLC sold 3.16 lakh shares (0.67%) at Rs 738.5 apiece, ICICI Prudential Mutual Fund bought 6.77 lakh shares (1.44%), and ICICI Prudential Asset Management bought 2.71 lakh shares (0.57%) at Rs 738.5 apiece.

Samvardhana Motherson International: Sumitomo Wiring Systems sold 30 crore shares (4.41%) at an average price of Rs 121.11 apiece. 

RBL Bank: Mathew Cyriac bought 32.5 lakh shares (0.54%) at Rs 250.91 apiece.

Insider Trades 

Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on March 6. 

AAVAS Financiers: Partners Group sold 41.57 lakh shares, Lake District Holdings sold 58.39 lakh shares on March 5. 

Pledge Share Details

Ramco Industries: Promoter P.R. Venketrama Raja created a pledge of 14 lakh shares on March 4.

Trading Tweaks 

Price Band changes from 10% to 5%: Ashapura Minechem. 

Price Band changes from 20% to 10%: IIFL Finance. 

Ex/record dividend: Sanofi India. 

Ex/record Stock Split: Manorama Industries. 

Moved out short-term ASM framework: Data Patterns.

F&O BAN

1. MANAPPURAM

2. MGL

3. ZEEL

Indraprastha Gas (IGL) has slashed the prices of compressed natural gas (CNG) by ₹2.50 per kg. The revised prices become effective from Thursday.

“The retail consumer price of CNG is being reduced by ₹2.50 per kg across all geographical areas of IGL from 6 a.m. on Thursday, 7 March 2024. The revised selling price of CNG in Delhi will be ₹74.09 per kg, while it will be ₹78.70 per kg in Noida, Greater Noida and Ghaziabad GA from 6 a.m. tomorrow morning,” IGL said on X (formerly Twitter) late Wednesday night.

IGL supplies CNG for vehicles and piped natural gas (PNG) for households in Delhi-NCR and other areas. 

India’s equity benchmarks BSE Sensex and NSE Nifty50 are set to open at a fresh record high on Thursday, tracking a rally in Asian peers after US Federal Reserve Chair Jerome Powell assured likely rate cuts this year and ruled out near-term risk of economic recession.

The GIFT Nifty was trading at 22,643.50 as of 7:54 a.m., indicating that the Nifty 50 will open above its Wednesday’s close of 22,474.05.

Asian markets were higher. Wall Street equities closed higher, after Fed Chair Powell said in a congressional testimony that rate cuts can be expected in 2024. He also added the central bank was on a “good path” toward achieving a soft landing of the economy and ruled out any short-term risk of recession.

US Federal Reserve Chair Jerome Powell told the US lawmakers on Wednesday he and his colleagues would “keep our heads down” in a charged presidential election year, with interest rate cuts still likely in coming months but only if warranted by further evidence of falling inflation.

Rate cuts “really will depend on the path of the economy. Our focus is on maximum employment and price stability, and the incoming data as they affect the outlook, and those are the things we’ll be looking at,” Powell told the House Financial Services Committee. “We are just going to keep our heads down and do our jobs and try to deliver what the public is expecting from us.”

The recent audit conduced by RBI has found gold loan-to-value ratio deviation in 67 per cent of the gold loan account at IIFL Finance, which has been directed to stop extending fresh gold loan by the banking regulator on Monday.

Of the 18.9 lakh gold loan extended by IIFL in FY’23, 82,000 accounts have gone for auction due to default by the borrowers. Of these 82,000 accounts, RBI inspection has found deviation in 55,000 accounts at the time of auctions.

The initial public offer of Chennai-based integrated marketing services firm R K Swamy has received an overwhelming response from investors. Till 7 pm on the final day (Wednesday, March 6) of bidding, the ₹423.56-crore IPO received 25.94 times subscription securing bids for 21,35,31,650 shares against 82,32,946 shares on offer.

Brokerage firm Jefferies has downgraded its rating on IIFL Finance following RBI’s directive to the company to stop incremental gold loan sanctions, citing hit on earnings due to rapid unwinding of the profitable gold loan book (32 per cent of AUM), lower co-lending income and potentially higher cost of funds.

Based on 9MFY24 earnings, JG Chemicals is valued at 35 times EPS. But based on FY23 earnings, which was not impacted by sharp movements in zinc prices, the IPO is valued at 15 times earnings. 

While the premium captures a recovery in margins, scope for organic growth can favour investors. Click here to know more about JG Chemicals IPO.

Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree have signed a shareholders’ agreement to create an IT services company in the Kingdom of Saudi Arabia.

The joint venture is being formed under the Aramco Namaat Industrial Investments Program.

Bandhan Long Duration fund will invest in bonds and money market instruments that mature over the long term. So, the Macaulay duration for the fund’s portfolio would be more than seven years.

As such, long duration funds are more susceptible to rate changes on the upside. Rate hikes can have an adverse impact in such funds, while rate cuts help them gain.

With the factors mentioned earlier, a rate cut over the next year or so can have a positive impact in long duration funds. 

The short-term outlook is bullish for Bharti Airtel. The stock has been rising very well since the beginning of this week. The share price has surged about 6 per cent so far this week.

The overall trend is up and the momentum is strong. Support is around ₹1,160. Intermediate dips are likely to be limited to this support. Considering the strength in the recent rise, buyers are likely to come into the market at lower levels.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stocks in Asia rose Thursday after US equities advanced, helped along by comments from Federal Reserve Chair Jerome Powell that interest rates will likely fall this year. Shares in Australia and Japan gained ground, while futures in Hong Kong also drifted higher, taking cues from New York trading Wednesday, per a Bloomberg report.

The S&P 500 Index rose 0.5% to reclaim its 5,100 mark, and the tech-heavy Nasdaq 100 advanced 0.7%. US futures were little changed in Asia, the report added.

Powell said in testimony to a House of Representatives panel that while he sees no urgency in cutting rates given the strength of the US economy, it would likely be appropriate to do so “at some point this year.”