Share Market Highlights on 19th March 2024: Bears gain upper hand as Sensex falls 736 points, Nifty at 21817; All sectors in red

Indian equity indices fell 1 percent on March 19 with Nifty at 21800 amid selling across the sectors.

At close, the Sensex was down 736.37 points or 1.01 percent at 72,012.05, and the Nifty was down 238.20 points or 1.08 percent at 21,817.50.

The Indian rupee continued its downward path to touch 83 against the U.S. dollar, for the first time in a month on Tuesday afternoon, weighed by elevated global crude oil prices and tracking weakness in other Asian peers.The partially convertible rupee was trading at 82.9875/9975 per dollar at 0830 GMT after touching 83.0050, its weakest since Feb. 20. The pair had closed at 82.9050 on Monday.

The Maharashtra Real Estate Regulatory Authority has floated a discussion paper that mooted that real estate developers should open three bank accounts in a single bank before they can apply to register a project.

The three accounts should be a collection account for the project, a separate account for the project, and a transaction account for the project.

Shoppers Stop Limited invested ₹15 crore in Global SS Beauty Brands Limited, acquiring 1,500 preference shares. Shares were up by 1.16% to ₹777.45 on the BSE.

Tata Steel board has approved fundraising of ₹2,700 crore through the issuance of unsecured, redeemable, and listed non-convertible debentures (NCDs) on a private placement basis.

A total of 3,891 stocks were actively traded, 1,210 advanced, while 2,575 declined and 106 stocks remained unchanged where 91 stocks hit a 52 week high and 62 stocks hit a 52 week low at 3.12 pm on the BSE

Top gainers on the NSE at 3 pm include- Bajaj Finance (1.46%), Bajaj Auto (1.27%), Kotak bank (0.86%), Hindalco industries (0.68%), Bajaj Finserv (0.60%)

Top losers include- Bharat petroleum corporation (-4.24%), Tata consultancy services (-4.10%), Tata consumer products (-3.48%), Cipla (-3.36%), Nestle India (-3.23%)

The Indian stock markets are not so volatile today thanks to Indian domestic investors, whose investments—mainly through mutual funds—are providing stability to the markets, says Navneet Munot, MD & CEO, HDFC Asset Management Company Ltd.

Stainless steel manufacturer Jindal Stainless Ltd (JSL) has partnered with electric bus manufacturer JBM Auto Ltd, to roll out over 500 energy-efficient and light-weight stainless steel electric buses.

HDFC Life, a leading Indian life insurer, has secured the ‘Leadership’ category in the 2023 Indian Corporate Governance Scorecard Assessment by IiAS. This marks their third consecutive year on the list. The assessment, based on the S&P BSE 100 companies, follows the Indian Corporate Governance Scorecard framework developed by IFC, BSE, and IiAS. Narendra Gangan, General Counsel, Chief Compliance Officer & Company Secretary of HDFC Life, expressed gratitude for the recognition, emphasizing the company’s commitment to upholding the highest standards of Corporate Governance and ESG principles, ensuring transparency and trust in their operations.

Shalibhadra Finance Limited expanded with five new branches, including its first-ever branch in Rajasthan, totalling 47 branches nationwide. Shares were up by 3.79% to ₹448.90 on the BSE.

Central Bank of India announced a distribution agreement with PPFAS Asset Management Company Limited for mutual fund products. The partnership aims to offer a DIY model for customers to access a diverse range of mutual fund products from PPFAS AMC and is managing over ₹66,000 crores of AUM. The shares were down by 1.27% to ₹57.60 on the BSE.

NSE nifty was down by 0.87% or 194 points to 21,861 points, while the BSE Sensex was at 72,161.07 down by 0.81% or 587 points at 1.54 pm on the BSE.

Paradeep Phosphates Ltd.’s shares were down by 2.81% to ₹68.11. The company announced the shutdown of its Ammonia and Urea Plants in Goa due to a Synthesis Gas Compressor breakdown.

Reliance Naval and Engineering Ltd.’s shares down 4.62% to ₹2.26. Company changed name to Swan Defence & Heavy Industries.

Gujarat Ambuja Exports Ltd.’s shares were down by 5.39% to ₹170.10. The company allotted 22.9 crore fully paid-up bonus equity shares in the ratio 1:1 to eligible members.

India Pesticides Ltd.’s shares were down by 2.48% to ₹21.95 on the BSE. DGFT says import of urea allowed through IPL until March 2025

RPP Infra Projects Ltd.’s shares were up by 5% to ₹109.30 on the BSE, company wins new orders worth approx. ₹941.3 million.

The major stocks that hit a 52-week high on the NSE include Nagreeka Exports (higher by 19.89 per cent), D P Abhushan (6.43%), Anup Engineering (2.12%), Force Motors (1.13%), InterGlobe Aviation (1.35%) and Bharti Airtel (0.78%). 

Grasim Industries Ltd, a part of the Aditya Birla Group, has secured an investment of ₹1,250 crore from International Finance Corporation (IFC), the private sector arm of the World Bank Group, by way of subscription to non-convertible debentures (NCDs).

Taylormade Renewables Ltd informed the stock exchange that the promoters of the company have filed a patent application for improvement in sugar manufacturing process aimed at increasing yield and improving sugar quality without the use of harmful chemicals in sugar manufacturing process. Stock traded at ₹514 on the BSE, up by 0.19 per cent as of 1.35 pm.

Indian Metals & Ferro Alloys Ltd (IMFA) informed that its subsidiary Utkal Coal Limited has received ₹131.52 crore from Ministry of Coal, as part compensation towards land for Utkal ‘C’ coal block. IMFA stock declined 0.70 per cent to trade at ₹567.35 on the NSE as of 1.33 pm.

Jindal Stainless Ltd collaborated with JBM Auto to produce 500+ energy-efficient stainless steel electric buses in India, for eco-mobility. The shares were down by 2.47% to ₹655.05 on the BSE.

Computer Age Management Services Ltd obtained approval to launch a new facility at Brigade International Finance Centre in GIFT City, Gujarat. The shares were up by 2.15% to ₹2,867.15 on the BSE.

Brahmaputra Infrastructure Limited secured a Letter of Acceptance (LOA) worth ₹50.80 crore from NHAI for road construction in Assam, spanning NH-36 and NH-54, including Doboka Bypass. The contract is set to be executed within 60 months. The shares were down by 1.99% to 70.29 on the BSE.

HCL Technologies has announced plans to expand its partnership with CAST, a semiconductor intellectual property (IP) service provider, to provide customised chips for original equipment manufacturers (OEMs) aimed at reducing engineering risk and development costs.

The technology company will equip design verification, emulation, and rapid prototyping of its turnkey system-on-chip (SoC) solutions by leveraging silicon-proven IP cores and controllers from CAST.

Nitta Gelatin India Limited’s subsidiary, Bamni Proteins Limited, faced invocation of ₹5 lakh bank guarantee by Standard Chartered Bank based on communication from Maharashtra Pollution Control Board. Shares were up by 1.07% to ₹848.90 on the BSE.

Bondada Engineering Limited secured a work order from The Singareni Collieries Company Limited for a ground-based solar PV power plant in Mandamarri Area, SCCL, valued at Rs 433.91 crore. The contract includes design, engineering, supply, construction, and 10 years of plant O&M for a 67.5 MW capacity project. The shares were up by 5% to ₹815.05 on the BSE.

BSE Sensex dipped 708.27 pts or 0.97 per cent to trade at 72,040.15 as of 12.12 p.m. on Tuesday, while NSE Nifty 50 traded at 21,831.70, down by 224.00 or 1.02 per cent.

Nifty mid-cap index 100 fell 1.30 per cent to trade at 45,896.95, and the small-cap 100 index declined 1.03 per cent to trade at 14,609.50. All sectoral indices continued to trade negative, with Nifty IT and FMCG down over 2 per cent. 

A total of 3,765 stocks were actively traded, 1,166 advanced, while 2,474 declined and 125 stocks remained unchanged where 86 stocks hit a 52 week high and 54 stocks hit a 52 week low at 12.17 pm on the BSE

NSE nifty was down by 1.02% or 225.90 points to 21,829.80 points, while the BSE Sensex was at 72,049.89 down by 0.95% or 696.64 points at 12.16 pm

Major Gainers on the NSE at 12.15 pm include- Bajaj Finance (1.27%), Bajaj Auto (0.74%), Bharti Airtel (0.65%), Kotak bank (0.45%), Hindalco industries (0.17%)

Major losers include- Bharat petroleum corporation (-3.78%), Nestle India (-3.61%), Tata consumer products (-3.56%), Tata consultancy services (-3.23%), Cipla (-2.92%)

D. P. Abhushan Ltd has received an in-principal approval for its direct listing on the BSE. The move will help the company in expanding its market presence, per a statement by the company.

HCL Technologies Ltd. and CAST expanded partnership to offer customised chips for OEMs across industries for digital transformation and automation. By leveraging CAST’s silicon-proven IP cores, HCLTech enhances design verification and SoC solutions to reduce engineering risk and development costs. The shares were down by 2.20% to ₹1,605.80 on the BSE.

Bharti Airtel Ltd. expanded network footprint in Surat District, deploying sites across 165 villages for enhanced connectivity. This rural expansion project in Gujarat aims to cover fifteen districts, as part of Airtel’s national initiative to augment connectivityacross 60,000 villages by 2024. The shares were up by 0.57% to ₹1,232 on the BSE.

Dr. Reddy’s Laboratories Ltd. introduced Versavo (bevacizumab) in the UK, its first biosimilar product launched in the country. Versavo treats various cancers including colorectal, lung, renal, cervical, ovarian, and breast cancers. The shares were down by 2.05% to ₹6,210 on the BSE.

Grasim Industries secured ₹1,250 crore Sustainability Linked NCD investment from IFC to bolster its paints business expansion. The funding will aid Grasim’s decarbonization efforts, promoting renewable energy adoption and water recycling in paint manufacturing processes. The shares were down by 1.27% to ₹2,175 on the BSE.

WeWork India marks maiden entry into Chennai market with Olympia Cyberspace

Marks WeWork’s first building opening in Chennai - located in Guindy, spread across 1,30,000+ sq. ft with over 2000 desks 

WeWork India now has a strong presence across eight cities - New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, Chennai and Hyderabad 

Currently present in over 27 locations in south India

Aluminium futures on the Multi Commodity Exchange (MCX) has been hovering around ₹204 over the past week. The price band of ₹204-205 has been acting as a strong barrier and the bulls are finding it hard to break above this.

Macpower CNC Machines Limited stock has surged on the NSE following the company’s disclosure about the dispatch of three VMC machines of ₹5.20 crore (average value per machine is ₹1.73 crore) to a large defence PSU.

The FOMC meeting is scheduled to be held on 19 and 20 March 2024

Here are views by Mr. Mukesh Kochar, National Head of Wealth at AUM Capital on the expectations of Fed meeting outcome:

We expect Fed to hold rates. The last minutes release and the various data points suggest a clear hold case for now. The last 2 inflation data points have been slightly higher than expected and various statements from the Fed officials suggest that they want to wait longer until they get assurance of direction of inflation towards 2%. It is important to look at the guidance Fed gives during this meeting for the rest of the year. We expect Fed to start cutting rates by 2nd half of the year. However, incoming data on inflation and employment number will be the key to decide how early the rate cycle can reverse.

Macpower CNC Machines’ shares were up by 3.33% to ₹950 on the NSE.

JBM Auto Limited’s subsidiary, JBM Ecolife Mobility Private Limited, secured a tender to operate 1,390 electric buses under the PM-eBus Sewa Scheme. The tender is valued at approximately ₹7,500 crore. The shares were up by 5.06% to ₹1970.05 on the BSE.

Bank Nifty’s strong bounce from the low of 46,022 made on Monday failed to get a strong follow-through rise. After hitting a high of 46,739, it has been coming down. It is currently trading at 46,398, down 0.39 per cent. The advance/decline ratio is 1:11, indicating an inherent weakness.

Benchmark indices open lower on Tuesday. Nifty 50 declined by 108.30 or 0.49 per cent to trade at 21,947.40 as of 9.49 am, and BSE Sensex declined 333.07 or 0.46 per cent to trade at 72,415.35. 

All sectoral indices traded in negative territory. Nifty IT fell 1.75 per cent to trade at 36,241.15, and Nifty oil & gas declined by 1.51 per cent to trade at 10,935.10. FMCG, Media, Pharma, and healthcare indices also declined over 1 per cent as of 10.10 am.

Nifty 50 began today’s session lower at 21,946 versus yesterday’s close of 22,056. It further declined to 21,890, down 0.8 per cent.

The advance/decline ratio of Nifty 50 stands at 7/43, giving the index a bearish inclination. Bharti Airtel, up 0.7 per cent, is the top gainer whereas Cipla, down 2.8 per cent, is the top loser 

Crude oil futures traded lower on Tuesday morning despite tight supply outlook by major oil producers such as Iraq, Saudi Arabia and Russia. However, a Reuters report noted that Russia will increase its oil exports in March.

At 9.52 am on Tuesday, May Brent oil futures were at $86.73, down by 0.18 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $82.03, down by 0.16 per cent.

The NSE Bell has rung in the celebration of the listing of Popular Vehicles and Services Limited on NSE today.

Easy Trip Planners Ltd’s EaseMyTrip and Zoomcar formed a partnership, offering travellers in India access to pre-booked and on-demand self-drive cars. This collaboration integrates Zoomcar’s fleet of 25,000+ vehicles into the EaseMyTrip platform, providing users with flexibility in planning their journey. The shares were up by 0.25% to ₹44.30 on the BSE.

AARTECH

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The rupee declined 5 paise at 82.95 against the US dollar on Tuesday due to firm crude oil prices and foreign fund outflows.

At the interbank foreign exchange market, the rupee opened at 82.94 to a dollar, down 4 paise over the previous close of 82.90.

The local currency moved in a tight range of 82.93 to 82.95 to a dollar in early deals. The rupee traded at 82.95, down 5 paise, against the US dollar at 9:15 am.

Inox Green Energy Services Ltd’s subsidiary, I-Fox Windtechnik, secured a contract from NLC India for the restoration of 33 wind turbine generators in Tamil Nadu’s Tenkasi District. The contract, spanning 8 months, involves material supplies and activities, with an estimated revenue of approximately ₹39.5 crore. The shares were up by 0.50% to ₹123 on the BSE.

A total of 2,991 stocks were actively traded, 1,730 advanced, while 1,152 declined and 109 stocks remained unchanged where 35 stocks hit a 52 week high and 26 stocks hit a 52 week low at 9:40 am on the BSE.

The NSE Nifty was down by 0.51% or 111.45 points to 21,945.85 points, while the BSE Sensex was at 72,409.16 down by 0.48% or 338.53 points at 9:39 am.

Top gainers:

Tata Steel (1.60%), Adani Enterprises (1.16%), Hindalco industries (1%), Bajaj Auto (1%), Bajaj Finance (0.53%)

Top losers:

Tata consultancy services (-2.78%), Bharat petroleum corporation (-1.68%), Nestle India (-1.62%), Apollo hospitals enterprise (-1.56%), Cipla (-1.36%)

Tata Steel UK has decided to cease operations of the Coke Ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. 

Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures. It had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability. Tata Steel is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving closure of the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a £1.25 billion investment in Electric Arc Furnace technology in Port Talbot and asset upgrades.

Sun Pharmaceutical Industries Limited has announced that the Australian Therapeutic Goods Administration (TGA) has granted regulatory approval for Winlevi, a clascoterone cream.

According to the company’s regulatory filing, Winlevi is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older.

Shares trade at ₹1,578.20 on the NSE, up by 0.44 per cent as of 9.17 a.m.

Silver remained steady near $25 as investors braced for a policy meeting of major central banks later this week. Most regulators are expected to keep their current interest rates unchanged, but markets will pay heed to signs regarding the likely start of monetary easing. Previously, contradictory economic data from the United States triggered a reduction of bets on the Fed’s June interest rate decrease to approximately 55%, reducing the appeal of a non-yielding asset. However, increased geopolitical tensions and an improving economic outlook from China, the world’s largest metals user, continued to strengthen silver. The country’s industrial production, fixed asset investment, and retail sales all exceeded expectations.

Key economic data slated for release includes German ZEW Economic Sentiment, ZEW Economic Sentiment from Euro Zone and Building Permits, Housing Starts from US Zone.

Gold prices were steady as investors remained on the sidelines ahead of the US Federal Reserve’s policy meeting this week, which could provide additional hints on the timing of potential interest rate reduction this year. Data showed that consumer prices in the United States climbed significantly in February, while producer prices rose more than predicted, lowering expectations for early Fed rate cuts. The focus is on the outcome of the Fed’s two-day monetary policy meeting, which ends on Wednesday. The Federal Reserve is largely expected to keep interest rates unchanged, and the market is waiting for policymakers to release revised economic and interest rate estimates.

Key economic data slated for release includes German ZEW Economic Sentiment, ZEW Economic Sentiment from Euro Zone and Building Permits, Housing Starts from US Zone.

Crude oil futures traded lower on Tuesday morning despite tight supply outlook by major oil producers such as Iraq, Saudi Arabia and Russia. At 9.08 am on Tuesday, May Brent oil futures were at $86.76, down by 0.15 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $82.05, down by 0.13 per cent. March crude oil futures were trading at ₹6842 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6844, down by 0.03 per cent, and April futures were trading at ₹6803 against the previous close of ₹6802, up by 0.01 per cent.

Focus Today – TCS block deal, AB Sunlife OFS for Non-retail. Bank of Japan Credit policy today. - Expectation of BoJ to hike interest rate first time in the 17 years. FOMC two-days meeting from today and tomorrow Fed meeting interest rate decision. ADR/GDR - HDFC Bank AND Axis Bank up 1.5%, M&M up 3%, Wipro down 1%. Gail up 3%. Ambuja Cement down 3%.

Today’s Market Outlook – Expect market to open on a flat note ahead of key global major events to be release this week – Bank of Japan to announce interest rate decision today, FOMC two-days meeting commence from today and Fed meeting interest rate decision to be release tomorrow while Bank of England interest rate decision to be announce on Thursday. Overnight, U.S. stocks ended higher up to 1%, driven by large-cap growth stocks like Alphabet and Tesla, which contributed to a recovery in the technology major index Nasdaq composite by 1%. However, US 10-Year Bond Yield and Dollar Index spiked to 1-month high at 4.32% and 103.6 respectively ahead of the US Fed interest rate decision tomorrow. Geo-political tension between Russia and Ukraine lifted oil price to 5-month high at $87/bbl which is a major concern in the market. Gift Nifty declined by 70 points or 0.3%. Yesterday, Nifty ended marginally positive but metal and real estate stocks were major gainers. Expect, domestic equity bourse will be moving on a narrow range but stock specific action to be continued. Technically, Nifty managed to end above 50-DMA level yesterday which is a positive indication. Expect, positive for upstream oil companies as a benefit of rising oil prices. Rally on metal stocks to continue after China reported better than expected Industrial production data. Real Estate stocks may be positive due to stable interest rates and rising demand.

Price Update –.Oil soared 2% to 5-month high at $87/bbl with continued Ukrainian drone attacks on Russian refineries and OPEC+ supply cuts in focus.. About 600,000 barrels of Russia’s daily refining capacity has been knocked out by the Ukraine drone strikes.

Gold Price Update – Gold steadied at $2160/ounce ahead of key US, UK and Japan Central bank interest-rate decisions to be announced this week.

Nifty-50 Outlook

NIFTY-50 has closed in an inside range and breakdown below 21,900 would witness a sharp fall in the broader markets.

The next band of support would be at 21,600-21,550 levels on the downside while on the higher side crossover of 22,200 will witness a strong up move.

RSI has been trending below the average line and other key technical indicators are in mixed momentum from current levels. 

Highest call OI has moved to 22,300 strike while on the downside the highest put OI is at 22,000 for the weekly expiry. 

Bank Nifty Outlook

BANK NIFTY has closed at the weekly support levels of 46,400 and the bullish momentum will be only above 46,800 levels.

The lower support will be at the 100 day average of 45,900 levels will be key to hold for the broader market up move.

RSI is trending below the average line near which indicates the negative momentum to continue for the next few days.

Bank Nifty highest call OI is at 47,000 levels while on the downside put OI is at 46,300 levels for the weekly expiry.

The merged entity as the bank aspires to increase the size of its balance sheet to ~INR2t over the next three years. The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability, particularly as operating leverage improves. After the merger, the bank is expected to expand into new geographical areas and product segments, with robust growth in high-yielding Wheels, MFI, Gold and SBL segments. The merger with Fincare is anticipated to boost the bank’s loan portfolio by ~16%.

The bank has projected a robust CAGR of 25% for the combined entity, which should increase the size of its balance sheet to over INR1.5t by FY25E. The bank expects the merged entity to clock deposit growth of 23-25%, with retail deposits providing significant support. Following the merger, the bank’s overall business mix is expected to be more diversified, with the concentration on Wheels reducing to 27.4% from 32% and the new segments MFI/Gold accounting for 7.5%/1.6% of the combined loan book.

AUBANK aims to maintain the MFI mix below 10%. Cost ratios are projected to remain elevated at 63-64% in FY25E. The merger is estimated to bolster revenue growth by capitalizing on cross-selling opportunities, generating robust distribution income. We are optimistic about smooth execution, given the management’s execution prowess and track record over the past couple of decades. We reiterate BUY on the stock with a TP of INR720 (2.7x FY26E BV).

“Nifty bulls are set to continue their positive momentum from yesterday’s slight uptick, with key support expected at 21861. China’s robust industrial production growth in January-February 2024 reinforces this bullish outlook. However, confirmation of sustained strength hinges on breaching the 22250 level. The Put Call ratio indicates a prevailing bullish sentiment, while the Volatility index has spiked to 13.89 levels. Market attention now shifts to the Fed’s FOMC meeting outcome on March 20th, with futures traders pricing in a 54% chance of a rate cut by June. Hindalco and Hindustan Copper are poised for attention amidst the rally in Copper futures, while oil marketing companies face pressure as WTI Crude futures soar above $82 per barrel. Trading strategies recommend buying Nifty at the current market price with a stop at 22511 and targets set at 22250/22530, with aggressive targets at 21900-22100 zone. Conversely, Bank Nifty is advised to be sold within the 46900-47100 range, with a stop at 47837 and targets at 46301/46100, with aggressive targets at 45661-45750 zone. Our top stock picks for the week include INDIGO, TATA STEEL, and HINDALCO, with INDIGO standing out as a buy opportunity at the current market price (CMP 3249), with buying range set between 3175-3200, a stop at 2911, and targets at 3277/3315, with aggressive targets at 3613, based on momentum analysis.”

On Monday, the benchmark indices witnessed a volatile trading session, with Nifty closing 32 points higher, while Sensex was up 105 points following volatile activity. Among sectors, the metal index was the top gainer, rising over 2 per cent, while IT shares witnessed intraday selling pressure at higher levels, resulting in the IT index falling over 1.5 per cent.

Technically, after a slow start, the market bounced back sharply but towards closing it came down due to profit-taking at resistance levels. We believe that the current market structure is directionless, perhaps traders are waiting for a breakout from either side. Now 22200-22250/73200-73300 would act as an immediate resistance zone for the bulls. Above 22250, the market may move to 22350-22500/73600-74000. On the other hand, Double Bottom support is placed at 21900/72300, below which the index may slip to 21800-21600/72000-71400. For the day, it is advised to trade as per the given levels.

Bank-Nifty may swing between 46900 and 46000 levels. Below 45900, it may gradually fall to 45500-45300, which was its previous support zone and it is advisable to exit the trading long positions. Above 46900, it could attract a short covering and the index may bounce towards 47250-47500 levels.

Trading Range Nifty : 21900-22150

Trading Range Bank Nifty : 45900-46900

Lemon Tree: Company has signed a License Agreement for Lemon Tree Hotels Agartala, Tripura

IFCI: Board to meet today to consider Preferential Issue of Equity Shares to the Government of India 

Poonawalla Fincorp: Company appoints Arvind Kapil as MD & CEO for 5 years effective June 24.

Godawari Power: Company board approves merger of wholly-owned arm, Godawari Energy with company 

Ashoka Buildcon: Company has received a Provisional Certificate for completing 20.76 KMs in aggregate for its NHAI Project

Gujarat Ambuja Exports: Company has allotted 22.9 Cr fully paid-up bonus equity shares in the ratio 1:1 to eligible members. 

IRCTC: Company has approved a project cost of Rs. 187.23 crores for a Disaster Recovery site for NGeT System at PRS Data Center at Secunderabad for 5 years.

Reliance Naval: Company changed name to Swan Defence & Heavy Industries.

L&T Finance: Company gets Board nod for raising up to ₹1.01 lakh crore via NCDs in 1 or more tranches.

Balkrishna Ind: Income Tax Department officials have concluded their search operation on March 16, 2024 .

Manappuram: Board to meet today to consider and Approve Borrowing Program and Business Plan.

Paradeep Phosphates: Company has announced the shutdown of its Ammonia and Urea Plants in Goa due to a Synthesis Gas Compressor breakdown.

Dilip Buildcon: Company gets letter of acceptance for project worth Rs 413 crore from Madhya Pradesh Water Resource Department. 

Venus Remedies: Company gets approvals to market three cancer drugs in Ukraine. 

RPP INFRA: Company wins new orders worth approx. 941.3M rupees. 

Servotech Power: Company to build 20 EV charging stations for Nashik Municipal Corporation 

NHPC: Company wins bid for 200 MW solar power project in Gujarat 

RITES: Company gets Rs 67.5 crore order for quality inspection of 18 trades of toolkits. 

HG Infra: Company gets letter of acceptance for four projects worth Rs 1,026 crore with Stockwell Solar Services joint venture consortium. 

Sonata Software: Company signs go-to-market partnership with zones to simplify enterprise application delivery.

IOL Chemicals: Company successfully completes Brazilian Health Regulatory Agency (ANVISA) GMP Audit. 

Veritas: Consortium with Genesys Intl gets LoA for a project worth ₹155.85 crore 

South West Pinnacle: Received LoA worth of Rs 54.81 crore from Central Ground water Board 

Aegis Logistics: Aegis Vopak Terminals Limited, has approved the acquisition of specialized storage terminals at Mangalore 

RPP Infra: Company has received a LOA for providing pipe cause way and Street Light arrangements in SIPCOT Industrial Park with contract value of Rs 94.13 Crores (Incl of GST) 

Dishman Carbogen AL: Company has completed the Brazilian Regulatory Authority Agency (ANVISA) audit in Shanghai, China 

NIBE: Order received from L&T for assemblies and sub-assemblies of Heavy Structures, including construction gabion walls, with a total consideration of Rs. 21.83 Cr. 

Ind-Swift Lab: Company has successfully completed the slump sale of its API and CRAMS business to Synthimed Labs for an Enterprise Value of Rs. 1650 Crores. 

ZF Steering: Company has started commercial production at its Maharashtra Industrial Development Corporation facility.

Satin Creditcare: Promoter group bought 96,553 shares from open market worth 1.91 Cr 

India Pesticides: DGFT says import of urea allowed through IPL until March 2025 

Issue Open - 02-April-24

Issue Close - 17-April-24

Right issue Size: Rs. 49.90 crore (3.33 crore Shares)

Stock Price – 18.91/-

Right issue Price: Rs. 15/-

Payment Terms: Rs. 15/- (Full amount of Rs. 15 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 31 shares held (Effectively 0.03 for every 1 share held).

Last Trade date (Cum Right): 19 March 2024 (Today)

Ex-Right Trading date: 20 March 2024

Record Date: 20 March 2024

Right Entitlement (RE) Trading Period:- Not Yet Announced

Last day of Renunciation of Rights Entitlements: Not Yet Announced

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 0.12

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Route – Tender

Buyback Price: 105/-

Current Market Price: 80.37/-

Market Cap: Rs 1,513 crore

Buyback Size: ₹31.50 crore (Representing 4.50% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 30,00,000 shares (Representing 1.59 % of O/s. shares)

Retail Quota: 4,50,000 Shares

Last Cum Trading Date – 19 March 2024 (Today)

Ex-Date – 20 March 2024

Buyback Record Date: 20 March 2024

Buyback Schedule: Not Yet Announced

Ex Bonus 20 March 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Advani Hotels & Resorts (India) Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 162.95

Paisalo Digital Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 134.65

Ex-Dividend 20 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

Agi Infra Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 911.2

Axtel Industries Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 616.35

Nomura on FSL: Initiate Buy on Company, target price at Rs 190/sh (Positive) 

Nomura on Eclerx: Initiate Buy on Company, target price at Rs 3000/sh (Positive) 

Macquarie on Financial sector: Overweight on Shriram Fin, SBI Life preferred pick (Positive) 

Emkay on Poonawalla: Maintain Reduce on Company, target price at Rs 440/sh (Neutral) 

Jefferies on HDFC Bank: Maintain Buy on Bank, target price at Rs 1800/sh (Neutral) 

Nomura on HDFC Bank: Maintain Neutral on Bank, target price at Rs 1625/sh (Neutral) 

Citi on Page Ind: Maintain Sell on Company, target price at Rs 33800/sh (Neutral) 

Morgan Stanley gives overweight call for IndiGo: Maintains 6% FY25 capacity growth target. FDTL norms aim to mitigate pilot fatigue and expect company to share details on Impact (Neutral) 

UBS on Infosys: Maintain Buy on Company, target price at Rs 1800/Sh (Neutral) 

MS on AB Capital: Maintain Equal weight on Company, target price at Rs 190/Sh (Neutral) 

Macquarie on Coforge: Maintain Buy on Company, target price at Rs 6117/sh (Neutral) 

JP Morgan on Pidilite: Maintain Overweight on Company, target price at Rs 2900/Sh (Neutral) 

Nomura on Tyre sector: Says jump in natural rubber prices another headwind to the sector’s margins and remain cautious on the sector (Negative)

Technology stocks helped lead the early rally on Wall Street, with the tech-heavy Nasdaq showing a particularly strong move to the upside. Meanwhile, Investors continued to look ahead to the Federal Reserve’s two-day monetary policy meeting on Tuesday and Wednesday. The Fed is widely expected to leave interest rates unchanged, but the central bank’s accompanying statement and economic projections could significantly impact the outlook for rates. Asian markets were broadly lower this morning, ahead of the BOJ and RBA rate decisions due later in the day. Indian Market may open on a muted note on Tuesday as investors await a raft of central bank decisions for directional cues. On stock-specific news, Tata Sons, the holding company of TCS, plans to sell 23.4 mn shares in India’s largest software services exporter for at least Rs. 9,300 crores on Tuesday, showed a term sheet issued by JP Morgan, the banker to the deal. The floor price for the stock, amounting to 0.65% of the company’s equity base, has been set at Rs. 4,001 apiece, representing a discount of 3.6% to Monday’s closing price.

The benchmark index witnessed a muted opening and consolidated in a narrow range at the back of 50DMA. The price action observes volatility contraction with an oversold market breadth attempting to improve. The price action is anticipated to attract bullish strength, provided the 50-day average line remains intact on a closing basis.

Nomura on Tyre Cos

Remain Cautious On The Sector

Sharp Jump In Natural Rubber Prices Another Headwind To Tire Sector Margins

Weak Demand, Rising Commodity Price Could Normalise Margins Faster For The Sector

Natural Rubber Prices In The Domestic Market Have Jumped 23% QoQ

International Rubber Price Increase Has Been Even Steeper, Up 66% QoQ

Domestic Rubber Prices Usually Trade At A 10-15% Premium To Global Prices

There Can Be Further Uptick In The Domestic Rubber Prices

Cos Will Try To Take Price Hikes To Pass On A Part Of The Cost, But Will Be Difficult

Kotak Inst. on IndiGo

Maintain Buy

Target Raised To Rs 4,200 From 3,700

See Supply For Industry Growing At Or Below 12% Till FY30

Co May Add Capacity At A Pace Similar To Or Faster Than Market Over This Period

Current Demand Is Not Yet Fully Addressed By Today’s Supply

Pricing Would Likely Remain Healthy Over Time & Less Prone To Irrationality

Increase The Multiple To 20x

MS on Airlines

DGCA Decides To Not Extend June 1 Deadline For Revised FDTL Norms

FDTL Norms Norms Aim To Mitigate Pilot Fatigue

Expect IndiGo To Share Details On Impact, Co May Need Addl 10-15% Pilots

With Given Tight Capacity, As Some Airlines May Not Be Able To Get All Pilots

Maintain 6% FY25 Capacity Growth Target

MS on HAL

Overweight Call, Target Rs 3,636/Sh

Have Seen A Strong Pick-up In Order Inflows In March 2024

Near-term Prospect Pipeline Remains Strong

Jefferies on HDFC Bank

Buy Call, Target At Rs 1,800

Arvind Kapil Resigning, Is Tad Negative Given His Seniority

Retention & Smooth Transition Will Be Key

Strong Talent Base Is A Comfort

Kotak Inst. on Pidilite

Reiterate Add Call

Target Raised To Rs 3,075 From 2,825

Well Placed To Deliver DD Volume CAGR & Mid-teen EPS CAGR Over FY24-27

Rural Is Growing At 1.5x Urban For Co, Aided By Distribution Expansion

Growth/Pioneer Categories Growing Faster Than The Core Portfolio

Real Estate Upcycle Can Accelerate Growth Of The Core Adhesives Portfolio

Jefferies on Piramal Pharma

Maintain Buy

Target At Rs 170/Sh

Model 12.5% YoY Revenue Growth For FY25, But Co Can Better This Number

15% Revenue Growth Could Drive 45% EBITDA Growth For FY25

Trading At Attractive Valuations Of 14x/12x FY25/26 EV-EBITDA

Earnings Momentum In Place, Valuation Rerating Should Follow

India’s equity benchmarks are likely to open relatively unchanged on Tuesday, as consolidation persists near record high levels for the benchmarks, while Asian peers declined ahead of key central bank decisions from Japan and the US. The GIFT Nifty was trading at 22,057 as of 08:03 a.m., indicating the Nifty 50 will open near Monday’s close of 22,055.70, per Reuters report.

Both the Nifty 50 and BSE Sensex logged about 0.15% gains on Monday, despite the ongoing selling pressure seen in broader markets. 

The blue-chip Nifty 50 has closed above the 22,000 levels in 11 of the 12 sessions so far in March, gaining 0.33%. Small- and mid-caps have declined 7.6% and 3.8%, respectively, over the same period, on rising concerns of froth and elevated valuations in the segments.

Tata Sons, the holding company of the Tata Group, will be selling 2.34 crore shares or 0.65 per cent equity of Tata Consultancy Services through a block deal for ₹9,362.3 crore ($1.13 billion).

According to the term sheet, seen by businessline, the floor price of the deal has been fixed at ₹4,001 a share, a discount of 3.65 per cent to the closing price of TCS today. The deal will likely take place on Tuesday, sources said. JP Morgan and Citigroup are joint book runners to the deal.

According to the December-end filing, Tata Sons holds a 72.38 per cent stake in TCS.

Symbol: PVSL 

Series: Equity “B Group” 

BSE Code: 544144 

ISIN: INE772T01024 

Face Value: ₹2

Issued Price: ₹295 per share

• ABFRL

• BALRAMPUR 

• BHEL 

• BIOCON 

• HINDCOPPER 

• MANAPPURAM 

• NATIONALUM 

• PEL 

• RBLBANK 

• SAIL 

• TATACHEM 

• ZEEL

The promoters of Aditya Birla Sun Life Asset Management Company will sell up to 10 per cent through offer-for-sale (OFS) to meet market regulator SEBI’s regulation on the minimum public shareholding. 

The OFS will start for non-retail and retail investors on Tuesday and Wednesday. The floor price, which has been fixed at ₹450 a share, is at 5 per cent discount to the closing price of ₹475 on Monday.

“We initiate coverage on Hindalco Industries with a bullish Buy rating based on its steadfast focus on downstream businesses for Aluminium and Copper, emphasis on cost optimisation projects to ensure global competitiveness, sustainably strong earnings outlook in the light of upcoming capex and a discernible bottoming out of global Aluminium prices.” Read more.

Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail, a value fashion retailer, has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds from a public issue.

The proposed initial public offering (IPO), with a face value of ₹5 per equity share, will be a mix of fresh issue of up to ₹185 crore and an offer of sale (OFS) of up to around 1.69 crore shares by the promoter group and other selling shareholders. The size of the IPO is undisclosed.

Infosys co-founder NR Narayana Murthy has gifted shares worth over ₹240 crore to his four-month-old grandson, Ekagrah Rohan Murty.

According to the exchange filing, the 77-year-old IT veteran said that he transferred 0.04 per cent stake or 15 lakh shares, to his grandson in an off-market transaction on Friday.

Following this, Murthy’s holding in Infosys dropped from 0.40 per cent to 0.36 per cent.

Tencent Music Entertainment Group (Pre market) (Sector- Entertainment) 

Core & Main, Inc. (Pre market) (Sector- Capital Goods) 

ZTO Express (Cayman) Inc. (Post market) (Sector- Logistics)

TENT JAPAN BOJ Monetary Policy (Expected: -0.10% versus Previous: - 0.10%) 

TENT JAPAN BOJ Press Conference

15:30 EURO German ZEW Economic Sentiment (Expected: 20.6 versus Previous: 19.9) 

18:00 U.S. Building Permits (Expected: 1.50M versus Previous: 1.47M)

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

The outlook is bullish for InterGlobe Aviation (IndiGo). The stock has been moving up over the last three days. It has begun the week on a positive note by rising over a per cent on Monday.

The 21-Day Moving Average is giving good support over the last two days. This support is at ₹3,155 now. The price action over the last two days indicates the presence of strong buyers near this support level. 

Asian shares traded within tight ranges as investors prepared for a potentially historic rate decision in Japan that’s expected to end the world’s last negative rates regime, per a Bloomberg report. 

South Korean equities slightly fell, while Japanese and Australian stocks were mostly flat. Contracts for Hong Kong and US shares pointed to losses. That followed Monday’s tech-led rebound on Wall Street ahead of a raft of other central-bank decisions this week from the US to the UK, the report added.