Share Market Highlights: Nifty, Sensex drop on IT earnings concerns

Indian shares fell on Tuesday, snapping a four-session winning streak, dragged by information technology stocks on concerns over near-term earnings, while a jump in Tata Motors on demerger plans capped losses.

The blue-chip index NSE Nifty 50 shed 0.22% to 22,356.30, while the BSE Sensex dropped 0.26% to 73,677.13 at the close.

Heavyweight IT stocks dropped 1.59% on the day after CLSA flagged “more downside risks for fiscal 2025 earnings in the sector due to weak demand outlook”.

The brokerage downgraded Tata Consultancy Services and HCLTech to ‘sell’ from ‘underperform’. TCS and HCLTech fell 1.71% and 1.14%, respectively.

The U.S. Federal Reserve Chair Jerome Powell’s congressional testimony and key labour market data, both due later in the week, will also be crucial for IT companies, which earn a significant share of their revenue from the United States.

However, both the Nifty 50 and Sensex logged new closing highs in the previous three sessions, on the back of faster-than-expected domestic quarterly growth, with the Nifty 50 settling above the 22,300-level in each of the four sessions in March.

Analysts attributed the consolidation and occasional profit booking to elevated valuations, but they remained positive on the outlook for Indian equities.

“It is crucial to acknowledge the strong macroeconomic, corporate fundamentals and stability that underpin India’s equity valuation, paving the way for further upside potential,” said Mike Shiao, chief investment officer of Asia ex-Japan at Invesco.

Auto stocks gained 1.35%, boosted by a 3.51% jump in Tata Motors, which announced plans to split into two separate listed companies.

The broader, more domestically focussed small-caps and mid-caps fell 1.24% and 0.27%, as concerns persisted over excessive fund inflows into the segments.

Small-cap index constituent IIFL Finance tumbled 20%, a day after India’s central bank ordered the non-bank lender to stop sanctioning, disbursing and selling gold loans with immediate effect. - Reuters

Bharat Heavy Electricals Limited’s shares were up by 1.17% to Rs 267.80 on the BSE. The company secured an order from NTPC Ltd for the Singrauli Super Thermal Power Project, Stage-III (2x800 MW) in Sonebhadra District, Uttar Pradesh. The order is worth Rs 9,500 crore.

Honasa Consumer Ltd.’s shares were up 0.14% to ₹405.40 on the BSE. Their subsidiary, Dr. Sheth, in collaboration with Doctors For You (DFY) launched the “Healthy India Initiative-Healthy India Healthy You,” providing healthcare to marginalized communities through mobile medical units, starting in Bihar’s Masadi district.

Coforge Ltd, a global digital services and solutions provider, has announced a multi-year partnership with Carnival UK, the parent company of P&O Cruises and Cunard.

A total of 3,917 stocks were actively traded, 1,268 advanced, while 2,561 declined and 88 stocks remained unchanged where 238 stocks hit a 52 week high and 47 stocks hit a 52 week low at 3 pm on Tuesday.

NSE nifty was down by 0.16 per cent or 36.52 points to 22,369.10 while the BSE sensex was at 73,763 down by 0.15 per cent or 109.14 points.

Stocks that hit a 52 week high on NSE- Capri Global Capital (20%), Rajshree Polypack (19.13%), SMS Pharmaceuticals (11.38%), Welspun Investments and commercials (10%) Cambridge Technology Enterprises (8.92%).

Stocks that hit a 52 week low- Exicom Tele-systems (-15.62%), Digidrive Distributors (-5.01%), Aavas Financiers (-4.69%), Sai Silks (-4.30%)

Top gainers on the NSE at 3 pm include- Bharti Airtel (3.72%), Tata Motors (3.41%), Bajaj Auto (2%), Oil and natural gas corporation (1.92%), SBI life insurance company (1.44%).

Top losers include- Bajaj Finserv (-4.46%), Bajaj Finance (-4.25%), Infosys (-1.91%), Ltimindtree (-1.76%), Wipro (-1.71%)

J. Kumar Infraprojects Limited’s joint venture with SMC Infrastructures Private Limited, secured a Rs 492.99 crore contract from Navi Mumbai Municipal Corporation for the construction of a creek bridge connecting Ghansoli-Airoli along Palm Beach Road. The shares were up by 0.26% to Rs 647.35 on the BSE.

Strides Pharma Science Ltd has announced that its step‐down wholly-owned subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval for Gabapentin Tablets USP, 600 mg and 800 mg, from the United States Food & Drug Administration (USFDA). 

Jubilant Ingrevia Limited commissioned a new multipurpose agro active & intermediate plant in Bharuch, Gujarat, through its subsidiary Jubilant Agro Sciences Limited. The plant aims to meet the demand for Agro actives & intermediates and will cater to both CMO customers and the company’s own actives, focusing on insecticides and fungicides. The shares were up by 1.21% to ₹481.60 on the BSE.

Allied Digital Services Limited’s shares were up by 6.29% to ₹163.80 on the BSE, the company secured a contract worth ₹190 crore for the MIDC-Taloja Smart Industrial City Project, involving an 18-month implementation phase and a 60-month operations and maintenance phase.

The Ministry of Defence has signed a tripartite memorandum of understanding (MoU) with BEML Limited, Bharat Electronics Limited (BEL) and Mishra Dhatu Nigam Limited (MIDHANI) for the development of advanced fuelling and control system for engines for heavy duty applications.

Westlife Foodworld Ltd. reported that FSSAI verified, McDonald’s India uses real cheese, confirmed by independent NABL labs, ensuring no cheese analogues or substitutes are used. The shares were up by 2.82% to Rs 756.90 on the BSE.

Signatureglobal India Ltd. reported that its subsidiary, Signatureglobal Business Park Private Limited (SBPPL), will receive a Rs. 29.90 crore investment from its parent company to meet minimum paid-up capital requirements. SBPPL also received a letter of intent for a project in Haryana, requiring a minimum capital of Rs 35 crore. Shares were down by 2.56% to Rs 1387.70 on the BSE.

Power Mech projects Ltd. received an order worth ₹658.57 crore for the construction of upper burhner project dam and pressurised pipe irrigation network from Madhya Pradesh water resources department and an additional order from Thermal Power Station of Gujarat Mineral Development Corporation. The shares were up by 0.22% to ₹5,171.95 on the BSE.

Likhitha Infrastructure Ltd.’s shares were up by 1.23% to ₹264 on the BSE. The company received a work order worth ₹33.32 crore from Bharat Petroleum Corporation Ltd to lay a 3LPE Coated carbon steel underground pipeline and associated works for City Gas Distribution with a 12-month execution period.

Strides Pharma Science Limited’s subsidiary, Strides Pharma Global Pte. Limited, received USFDA approval for Gabapentin Tablets USP, 600 mg and 800 mg. Shares were up by 3.39% to ₹823.55 on the BSE.

Coforge Limited partnered with Carnival UK, parent company of P&O Cruises and Cunard, to enhance their Quality Engineering and Testing capabilities. The shares were down by 1.75% to ₹6,329.30 on the BSE.

SpiceJet and Cross Ocean Partners have settled an $11.2 million dispute. As part of the settlement, SpiceJet will acquire an additional airframe and engine. The shares were up by 3.50% to Rs 64.77 on the BSE.

Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal of its partnership with Union Bank of India (UBI) to offer financing solutions for solar projects, in line with the government’s PM Surya Ghar Muft Bijli Yojana.

A total of 3,835 stocks were actively traded, 1,248 advanced, while 2,476 declined and 111 stocks remained unchanged where 218 stocks hit a 52 week high and 43 stocks hit a 52 week low at 12.30 pm on Tuesday.

Top gainers on the NSE at 12.30 pm - 

- Tata Motors (4.32%), Bharti Airtel (2.19%), State Bank of India (1.29%), Mahindra and Mahindra (1.28%), Bajaj Auto (1.09%).

Top losers

- Infosys (-1.94%), Ltimindtree (-1.82%), SBI life insurance company (-1.56%), Tata consultancy services (-1.45%), Nestle India (-1.39%)

Mahindra Lifespace Developers Limited launched Mahindra Codename Crown in Pune East, offering 2, 3 & 4 BHK homes in Kharadi Annex. The shares were up by 0.35% to Rs 584 on the BSE

Bharti Airtel Ltd.’s shares were up by 2.25% to Rs 1,159.50 on the BSE. The company expanded its network footprint in Ernakulam and Idukki District under its rural enhancement project

Indian electric-scooter maker Ather Energy Pvt has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. to help arrange its initial public offering, according to people familiar with the matter.

Shares of Platinum Industries on Tuesday listed with a premium of over 33 per cent against the issue price of ₹171.

The stock opened the trade at ₹228, up 33.33 per cent on the BSE. It later jumped 38.59 per cent to ₹237.

Tata-owned online grocery platform bigbasket has launched Precia, a frozen foods brand, in collaboration with celebrity chef Sanjeev Kapoor. The brand offers a range of frozen foods including peas, mixed vegetables, snacks and sweets. The brand is expected to notch up online sales of Rs 100 crore by 2026

Tata Power Co. Ltd.’s shares were up by 1.53% to ₹397.70 The company renewed its partnership with Union Bank of India to offer easy financing for residential and commercial solar projects, aligning with PM Surya Ghar Muft Bijli Yojana.

The Nifty 50 March Futures (22,407) is down 0.4 per cent. The intraday picture looks weak. Resistance is around 22,470. The Nifty 50 March Futures contract can fall to 22,300 during the days.

The Nifty index today saw significant In-the-put writing of both the 21400 and 21500 strikes signalling continued bullishness in it. The first immediate target for the Nifty is 21550, post which the next target is 21700. 

Bank Nifty on the other hand, saw equal addition of both puts and calls for this week’s expiry, signaling the range for this weekly expiry to be between 47000 and 48000.

Adani Group saw massive demand on Monday for its first dollar bond since a short-seller attack last year, in what two banking sources said was being seen internally as a test for the conglomerate’s access to global capital markets.

Adani Green Energy priced a $409 million 18-year bond after receiving nearly $3 billion of demand for it, said the sources, who have direct knowledge of the deal.

Adani Green’s bonds paid a yield of 6.7 per cent, 42.5 basis points cheaper than levels initially proposed when the deal was announced this morning, thanks to strong investor demand.

Exicom Tele-Systems Limited specialises in power systems, electric vehicle (EV) charging, and other related solutions.

The company operates under two business verticals. The Public issue was of ₹429.00 crore.

Platinum Industries, the leading manufacturer of specialty chemicals, witnessed a strong listing at ₹230, translating to a 34% premium over its issue price of ₹171. While this performance is undoubtedly positive, it falls short of pre-listing expectations that anticipated a significantly higher gain, potentially fuelled by the robust pre-listing GMP of ₹85 (around 50% premium).

Despite falling short of pre-listing hype, the 33% premium signifies investor confidence in Platinum Industries’ strong fundamentals. It caters to diverse industries, offering a solid foundation for sustained growth. The company’s commitment to R&D ensures a pipeline of innovative products meeting evolving market needs. Also, consistent revenue and profit growth demonstrate financial stability. 

Platinum Industries’ strong listing is a positive sign, investors who want listing gain may exit their holding however those who want to hold it for the long term are advised to keep a stop loss at ₹210.

HCL Technologies Ltd introduced AI Force, a GenAI platform, to streamline software development and engineering lifecycles to enhance productivity. It is Integrated with Azure OpenAI and Microsoft GitHub Copilot. 

Aurionpro Solutions Ltd’s shares were up by 3.24% to ₹2249 after the company clinched a contract from the Government of Haryana to implement the HAPPY Scheme, providing free public transportation for families below the poverty line via open-loop NCMC cards. The project is valued at nearly ₹100 crores, involves phased issuance of cards in partnership with AU Small Finance Bank, aiming to cover eligible individuals with up to 1000 km of free travel annually.

The rupee declined 2 paise to 82.92 against the US dollar in early trade on Tuesday, tracking a stronger American currency against major overseas rivals and outflow of foreign funds from domestic capital markets.

Though a downward trend in the crude oil prices cushioned the Indian currency, it was weighed down by the subdued equity market sentiment, forex traders said.

MS on M&M Financial Services

Overweight Call, Target ₹310

Disbursements Were +6.5% MoM, Up 13% YoY

Gross Assets Rose 24% YoY & Up 1.8% MoM

Have Assumed Disbursements Growth Of 12.5% YoY In Q4FY24

Disbursements Growth Implies +13% YoY & +34% MoM For March

If Disbursements Growth Is Missed, There Could Be Risks To AUM Forecast

GS2 And GS3 Remained Range Bound Vs Dec’23

Jefferies on IIFL Finance

Buy Call, Target ₹765

RBI Has Restricted Co From Disbursing Gold Loans Due To Material Supervisory Concerns

Restrictions Will Be Reviewed Post Completion Of Special Audit & Rectification Of Issues

Restrictions Can Potentially Impact Earnings Due To Unwinding Of Gold Loans, 32% Of AUM

Restrictions Can Lower Co-lending Income & Potentially Higher Cost Of Funds

If Gold Lending Ban Stays For 9 Months, We Est EPS Impact Can Be Over 25-30%

CLSA on IT Sector

Downgrade TCS & HCL To Sell From Underperform

Reiterate Sell On Wipro & LTIMindtree

2024 Growth Outlook Remains Weak At Best, Not Reflected In Valuations

Top-down Approach To IT Services Sector Demand Outlook Reminiscent Of 2019

Banking, Retail And Telecom 2024 Vertical Outlooks Not Very Different From 2023

2024 Guidance From Global IT Service Companies Does Not Exude Confidence

Believe Rev Growth Guidance By HCL & Infosys Would Be Negative Catalyst For TCS, HCL & Wipro

UBS on Siemens

Neutral, TP Raised to ₹5,000

Large project orders to stay strong; transmission segment looks promising

Weakness in short-cycle orders transient; medium-term prospects remain firm

Exports also appears strengthening

Kotak Inst Eqt on Eicher Motors

Sell, TP ₹3100

Expect RE’s domestic vols to moderate in FY2025E due to

1) demand saturation in richer states, where the co has >10% market share

2) increase in competitive intensity

3) affordability issues

Kotak Inst Eqt on Adani Ports

Buy, TP raised to ₹1520

Monthly data suggests growth acceleration at time when most cos are suggesting impediments from Red Sea issue

Same reflects benefits at Dhamra Port

Raise FY2024-26 est by 4-5%

The expansion aims to bolster energy supply and to replace liquid fuel burning. The shares of Kalpataru Projects were up by 0.75% to ₹1006.40 on the BSE.

Godrej Properties Ltd.’s shares were up by 0.99% to ₹2516.50. The company reported, it emerged as the top bidder, securing a 6.46-acre land parcel in Noida’s Sector 44, with an estimated revenue potential of ₹3,000 crore. This marks GPL’s sixth project in Noida, offering 1.4 million sq ft of development for residential apartments.

UBS on Tata Motors

Sell, TP ₹600

Approves Two separate listed cos viz. CV business and PV business (incl India EV and JLR)

Simplifies structure, but don’t see any material value unlocking

Await more clarity on other aspects

MS on Tata Motors

OW, TP ₹1013

Approved a proposed de-merger of its business into two entities – commercial vehicles and Passenger Vehicles

Demerger reflects confidence in PV business being self sustaining & could help in better value discovery

JPM on Tata Motors

OW, TP ₹1000

Demerger might lead to better value discovery

NCLT scheme of arrangement will be presented to the board in the coming months, and the necessary approvals could take a further 12-15 months to complete

Ex-Dividend 06 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

DCM Shriram Limited

Dividend Per Share ₹4

Previous day Closing Price – ₹964.7

Marico Ltd.

Dividend Per Share ₹6.5

Previous day Closing Price – ₹524

L&T Technology Services Limited has collaborated with Intel Corporation to develop and provide edge-AI solutions for a range of use cases, including Cellular Vehicle-to-Everything (CV2X) applications.

Shares of L&T Technology Services trade at ₹5,261.80 on the NSE, up by 0.06 per cent.

Bajaj Auto Ltd

Route – Tender

Buyback Price: ₹10,000 

Current Market Price: ₹8205.15/-

Market Cap: ₹2,32,353 crore 

Buyback Size: ₹4,000 crore (Representing 16.33% and 14.49% of the aggregate of the company’s fully paid-up equity capital and free reserves) 

Buyback Size: 40,00,000 shares (Representing 1.41 % of O/s. shares)

Retail Quota: 6,00,000 Shares

Entitlement:

General Category - 1 Equity Share for every 82 Equity Shares held on the Record Date

Retail Category - 7 Equity Shares for every 27 Equity Shares held on the Record Date

Buyback Record Date: 29 February 2024

Tender Period:

Start Date - 06 March 2024

Close Date - 13 March 2024

Obligation Date - 19 March 2024

Settlement Date - 20 March 2024

Control Print Ltd.’s shares were up by 3.09% to ₹952. The company established CP Italy S.r.l, its wholly owned subsidiary in Italy, with a corporate capital of Euro 10,000.

103 stocks hit a 52 week high and 22 stocks hit a 52 week low at 9.36 am

The share price of Tata Motors advanced by 3% to trade at ₹1,016.7 as the company announced its plans to demerge its CV and PV business. 

The stock price of IIFL Finance declined nearly 20% to ₹477.75 as the RBI directed the NBFC to cease and desist from lending against gold with immediate effect.

Top gainers on the BSE at 9.30 am include, Capri Global Capital (17.58%), Muthoot Finance (8.53%), Mannapuram Finance (7.12%), Infibeam Avenues (6.07%), Campus Activewear (4.82%)

Top losers include- IIFL Securities (-8.51%), Wardwizard Foods and Beverages (-5.65%), Delta Manufacturing (-6%), Refex Renewables and Infrastructure (-5.55%), Challani Capital (-5.25%)

India’s stock markets opened on a negative note on Tuesday, tracking weak global cues. While BSE Sensex declined 168.48 points, or -0.23%, to 73,703.81, NSE Nifty lost 63.95 points or 0.29% to 22,341.65 in early trade. 

Last week, data showed that US manufacturing output fell for the 16th straight month in February, while the University of Michigan’s consumer survey showed lower-than-expected morale last month. On the monetary policy front, New York Fed President John Williams stated that he expects the central bank to lower interest rates later this year, although other policymakers expressed doubts before backing a dovish shift.

Prices rose due to slowing US industrial and construction spending, as well as a reduction in price pressures. Increased geopolitical concerns throughout the world have limited the appetite for short-selling, thus enhancing gold’s present buy-on-dip qualities. According to the CME Fed Watch Tool, markets currently expect the Fed to lower interest rates in June by 71%.

At 9.10 am on Tuesday, May Brent oil futures were at $82.67, down by 0.16 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.49, down by 0.32 per cent. March crude oil futures were trading at ₹6511 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6527, down by 0.25 per cent; and April futures were trading at ₹6500 as against the previous close of ₹6512, down by 0.18 per cent.

Price Band changes from 10% to 5%: Balaji Telefilms, Wockhardt. 

Price Band changes from 20% to 10%: Data Patterns. 

Ex/record bonus issue: Capri Global Capital. 

Moved into short-term ASM framework: Action Construction Equipment. 

Moved out short-term ASM framework: Bf Utilities.

Chambal Fertilizers: Promoter Zuari Industries created a pledge of 34.75 lakh shares on Feb 28.

Deccan Gold Mines: Promoter Rama Mines Mauritius sold 76,532 shares between Feb. 29 and March 1. 

ADF Foods: Promoter H J Thakkar Property Investment LLP bought 1.85 lakh shares on Feb. 29. 

Jindal Stainless: Promoter Virtuous Trade Corp bought 63.25 lakh shares between Feb. 29 and March 1. 

Swan Energy: Leading Light Fund VCC The Triumph Fund sold 25.18 lakh shares (0.95%) at Rs 721.09 apiece. 

Tourism Finance Corp: Shruti Mohta bought 4.75 lakh shares (0.52%) at Rs 227.06 apiece.

The public issue of Mukka Proteins was subscribed to 136.99 times on day 3. The bids were led by non-institutional investors (250.38 times), retail investors (58.25 times), and institutional investors (189.28 times).

The initial public offering from RK Swamy saw a strong response from retail investors, as it was subscribed 2.18 times on Day 1 itself. The ₹423-crore IPO received bids for 1.79 crore shares as against an offer for 82.32 lakh shares (net off anchor portion).

Exicom Tele-Systems: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 142 apiece. The Rs 429 crore IPO was subscribed 129.54 times on its third and final day. Bids were led by institutional investors (121.8 times), retail investors (119.59 times), and non-institutional investors (153.22 times). 

Platinum Industries: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 171 apiece. The Rs 235.32 crore IPO was subscribed 2.08 times on its third and final day. Bids were led by institutional investors (151 times), retail investors (50.99 times), and non-institutional investors (141.83 times).

Cyient: The company partnered with Mass Medic to accelerate MedTech innovation. 

Oil and Natural Gas Corp: The company appointed Nandan Verma as the executive director.

NTPC: The company’s unit signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam for the development of renewable power parks and projects in Uttar Pradesh. 

AGS Transact Technologies: The company’s digital payments brand Ongo has partnered with Patanjali Ayurved to launch open-loop cobranded prepaid cards. These prepaid cards can be accepted on any device on the Rupay network in India. 

Tanla Platforms: The company announced the launch of Messaging as a Platform for Telcos to support Google Rich Business Messaging. 

LTIMindtree: The company’s product division, Fosfor, announced the launch of the Fosfor Decision Cloud. 

NBCC: The company’s unit received an order worth Rs 92 crore from the Post Graduate Institute of Medical Education and Research, Chandigarh. 

Garden Reach Shipbuilders & Engineers: The company has signed a Memorandum of Understanding with the Indian Register of Shipping to develop green energy and autonomous vessels. 

Krishna Institute of Medical Sciences: The company will establish a new 300-bed multi-specialty hospital in Thane, Mumbai, with an investment of approximately Rs 500 crore. 

Thomas Cook: The company’s subsidiary has acquired a 50% stake in 500 FT Investment L.L.C., UAE, to establish a travel-related business. 

Mishtann Foods: The company has received in-principal approval from BSE for a proposed rights issue of equity shares for an amount not exceeding Rs 49.90 crore.

Tata Motors: The company has approved a proposal to split the company into two separate listed entities for passenger and commercial vehicles as it looks to boost growth and improve accountability. 

IIFL Finance: The Reserve Bank of India has directed the company to cease and desist from disbursing gold loans with immediate effect. However, the company can continue servicing its existing loans. 

State Bank of India: The public sector bank has filed a plea before the Supreme Court seeking an extension of its March 6 deadline to furnish data pertaining to the electoral bonds scheme. 

Macrotech Developers: The company has launched its qualified institutional placement to raise Rs 3,300 crore.

AU Small Finance Bank: The Reserve Bank of India has approved the merger of Fincare Small Finance Bank with the company. 

Jio Financials Services: Promoters Sikka Ports and Terminals, Jamnagar Utilities and Power will acquire up to 14 crore shares of the company.

Elantas Beck India: The company will enter into a contract manufacturing arrangement with ACTEGA GmbH, a sister company of the ALTANA Group, to supply commercial shipments. 

Brigade Enterprises: The company announced the launch of Dioro at Brigade El Dorado. The project size is around 6.1 million square feet, with a potential revenue value of Rs 380 crore. 

Jindal Stainless: The company commenced the maiden usage of green hydrogen in its stainless-steel plant in Hisar, Haryana. 

Easy Trip Planners: The company with Punjab National Bank has introduced the PNB EMT Co-branded Credit Card. This card offers rewards for travel-related spending, including flights, hotels, and holiday packages. 

• ZEEL

Domestic markets are expected to open on a flat note on Tuesday as analysts expect profit taking at higher levels. The focus has now shifted to global sentiment. Investors will remain cautious ahead of FED chair testimony and ECB policy later this week. 

Gift Nifty at 22,480 indicates a flat-to-negative opening for domestic markets, as Nifty March futures on Monday closed at 22.500.95. 

“We expect stock specific action to continue based on the news flow,” said SBI Securities in a note. 

“Going ahead, the index is likely to continue its northward journey for the coming week. On the upside, it is likely to test the level of 22640, followed by 22750 on the upside in the short term. While, on the downside, previous Swing high zone of 22125-22140 is likely to act as an immediate support followed by the 20-day EMA zone of 22040 level,” it added.

Ceigall India Limited, an infrastructure construction company with experience in undertaking specialized structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).

The IPO has a face value of ₹5 and consists of a fresh issue of ₹617.69 crore and an offer for sale of up to 14.28 million equity shares by the Promoter and Promoter Group Selling Shareholders and Individual Selling Shareholder. 

The offer for sale consists of the sale of equity shares of up to 4.28 million by Ramneek Sehgal, up to 7.59 million equity shares by Ramneek Sehgal and Sons HUF, up to 5,030 equity shares by Avneet Luthra, up to 9.27 lakh equity shares by Mohinder Pal Singh Sehgal, up to 5.53 lakh equity shares by Parmjit Sehgal, up to 9.22 lakh equity shares by Simran Sehgal and up to 1,677 equity shares by Kanwaldeep Singh Luthra. The offer includes a reservation for subscription by eligible employees.

Bengaluru-based Denta Water and Infra Solutions Limited, a seasoned player in the field of water engineering, procurement, and construction (EPC) services, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The Company had filed preliminary IPO papers with Sebi on December 11, 2023.

The IPO, with a face value of Rs 10, is entirely a fresh issue of up to 7.5 million equity shares with no offer for sale (OFS) component.

The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares on a private placement, rights issue, preferential issue, or any other method aggregating up to 1.1 million equity shares (“Pre-IPO Placement”). If such placement is completed, the fresh issue size will be reduced.

Key highlights

Company registers its best-ever quarterly performance

Total Income grows 15% to ₹163.6 crore 

RevPAR up 14% Y-o-Y to ₹656.2 crore 

Industry-leading Occupancy performance at 90%

EBITDA higher by 15% YoY at ₹60.6 crore

PAT higher by 46% YoY at ₹27.4 crore

NIFTY SPOT 22405 +27 (+1.62%) 

NIFTY FUT.MAR. 22500 VS 22502 

*NIFTY PREMIUM MAR. +95 VS *

BANKNIFTY SPOT 47456 (+0.34%)

BANKNIFTY MAR. 47685 VS 47578 

NIFTY HIGHEST OI (IN LACS)

CALL WEEKLY MONTHLY MAR. 

23000 -87, 23000 -33, 

22800 -65, 24000 -21, 

PUT WEEKLY MONTHLY MAR.

22200 -86, 21000 -45, 

22000 -80, 20000 -37, 

NIFTY HIGHEST OI ADD (IN LACS)

CALL WEEKLY MONTHLY MAR. 

22400 +29, 22500 +02, 

22500 +13, 22400 +02, 

PUT WEEKLY MONTHLY MAR.

22200 +53, 22400 +05, 

22100 +50, 22500 +03, 

HIGHEST OI BANKNIFTY (IN LACS) WEEKLY

CALL PUT 

49000 +30, 47000 +30, 

HIGHEST OI ADD TODAY (IN LACS) WEEKLY

CALL PUT 

49500 +10, 46500 +09, 

PUT CALL RATIO

NIFTY – 1.30 

BANKNIFTY- 1.17

The ₹251.2-crore initial public offer (IPO) of JG Chemicals will hit the Street today. The IPO of zinc oxide manufacturer comes out with a price band of ₹210-221 and will close on March 7. 

The IPO comprises a fresh issue of shares worth up to ₹165 crore and an offer-for-sale (OFS) of 39 lakh equity shares aggregating to ₹86.2 crore. As part of the OFS, Vision Projects & Finvest Pvt Ltd, Suresh Kumar Jhunjhunwala (HUF), Anirudh Jhunjhunwala (HUF) and Jayanti Commercial Ltd will offload their equity shares.

Investors can bid for a minimum of 67 shares. Up to 50 per cent of the issue has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 35 per cent for retail investors.

Tata Motors, IIFL Finance, PNB, Patanjali Foods, Metropolis Healthcare, Infibeam Avenues, Tanla, AU Small Finance Bank, BHEL, REC, NTPC, Sunita Tools, Sunteck Realty and Arunjyoti Bio are some of the major stocks which are in focus today.

The announcement of a demerger of the CV (commercial vehicle) and PV (passenger vehicle) business by Tata Motors is not a complete surprise. This is just the culmination of two earlier moves – one, the carving out of a separate vertical for EVs (electric vehicles) in mid-2018 and then, the decision to hive off its domestic PV business into a separate subsidiary (housing the EV vertical) in end-March 2020 just when Covid was shutting down the world. 

With yesterday’s announcement, the Jaguar Land Rover (JLR) business also comes into the mix for PVs, leaving investors who want to bet purely on domestic economic growth prospects with the CV business. The company’s decision came when Tata Motors was firing on all cylinders, with domestic PV, CV, EV and JLR doing well.

Leading tyre-maker MRF has announced a price reduction for its main-line truck tyres. The reduction is about ₹350 per tyre and the price revision has been decided to meet the market requirements, the company said.

The selling price of its 1000-20 S3C8+ tyre is ₹25,250 and after the price reduction, is expected to sell at ₹24,900.

The company claimed that the above one is the most popular tyre in MRF’s portfolio of truck tyres and therefore the price reduction has great significance.

The Initial Public Offering (IPO) of RK Swamy Limited opens today 4 ^th March and closes on 6 ^th March. The total offer is worth around ₹423 crore out of which ₹173 crore is fresh issue and ₹250 crore is an offer for sale. 

The proceeds from the issue shall be utilised for funding working capital requirements (₹54 crore), investment in IT infrastructure (₹33 crore), setting up of new customer experience centres (CEC) and computer aided telephonic interview centres (CATI) (₹22 crore), capital expenditure for setting up a digital video content production studio (DVCP Studio) (₹11 crore) and general corporate expenses.

• Firm on advancing cause of reunification with Taiwan
• Targets around 3% CPI growth for 2024
• Calls for continued implementation of proactive fiscal policy and prudent monetary policy
• Plans 7.2% increase in defence spending, largest in five years
• China will keep yuan exchange rate basically stable

Target Corporation (Pre market) (Sector - FMCG)

Ferguson plc (Pre market) (Sector - Realty)

NIO Inc. (Pre market) (Sector - Manufacturing)

CrowdStrike Holdings, Inc. (Post market) (Sector - Technology)

Ross Stores, Inc. (Post market) (Sector - Retail)

Franco-Nevada Corporation (Post market) (Sector - Metals)

Symbol: EXICOM 

Series: Equity “B Group” 

BSE Code: 544133 

ISIN: INE777F01014 

Face Value: ₹10/- 

Issued Price: ₹142/- per share

📌 Market Levels

BSE Sensex: 73872.29 (+66.14)

Nifty 50: 22405.60 (+27.20)

NIFTY MID CAP 100: 49248.90 (+95.85)

NIFTY SMALL CAP 100: 16087.25 (-82.90)

📌 Index PE & PBV

SENSEX PE / PBV : 25.25 / 3.75

NIFTY 50 PE / PBV : 

23.13 / 3.92

NIFTY MIDCAP 100 PE / PBV : 25.53 / 3.94

NIFTY SMALLCAP 100 PE / PBV : 29.64 / 3.97

📌 Inflow/Outflow*the *(Daily/MTD) (In ₹)

FII / FPI Activity: (564.06 crs) / (435.12 crs)

DII Activity: 3542.87 crs / 7357.40 crs

📌 Volatility Index

India VIX - 14.92

📌 Commodities

Brent Crude: $83.70

Gold USD Oz/10 gm: $2090.81 = ₹63715

Silver: ₹70900

📌 Currency

₹/$: 82.89

US Dollar Index (DXY) - 103.87

📌 10 Year Yield

7.18% GOI 2033: 7.06% (New)

US 10 Yr Yield - 4.22%

The outlook is bullish for GAIL (India). The stock has been strong uptrend. The 3.5 per cent rise on Monday indicates the resumption of the broader uptrend after a short-lived pause.

Support is around ₹186. Intermediate dips are likely to be limited to this support level. Fresh buyers are likely to come into the market at low levels.

The bull run on Bitcoin has breathed some life into Indian exchanges with trading volumes on the top exchanges touching a ten-month high in February.

According to data shared by Crebaco, a cryptocurrency research firm, Indian exchanges, CoinDCX, WazirX and BitBNS traded $2.6 million, $3.4 and $7.8 million, respectively, in crypto currency in February clocking their highest ever volumes since June 2023. However, the volumes are still way short of their historic peak in 2021. 

Bitcoin is currently trading at $65,000 — around six per cent lower than its all-time high reached in November 2021. 

Citing operational difficulty, State Bank of India has moved the Supreme Court for extending the date to submit details of electoral bonds till June 30, 2024. Earlier, the Court had asked the bank to submit the details by March 6, while quashing the scheme.

In an application, the bank said details of purchases made at the branches are not maintained centrally at any one place. The data related to the issuance of the bond and the data related to the redemption of the bond was kept recorded in two different silos. “No central database was maintained. This was done so as to ensure that donors’ anonymity would be protected,” the bank said.

The Reserve Bank of India has directed IIFL Finance to immediately cease and desist from lending against gold.

However, the banking regulator has allowed the company to service its existing gold loan portfolio through the usual collection and recovery processes.

The gold loan asset under management of the company has grown 35 per cent year-on-year to ₹24,692 crore and 4 per cent quarter-on-quarter.

In a bid to unlock value for its businesses, Tata Motors Limited has decided to demerge its passenger vehicles and commercial vehicles businesses into two separately listed entities. 

The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of TML shall continue to have identical shareholding in both the listed entities. 

The move is the culmination of a series of decisions by the automaker over the last three years aimed at running the various businesses independently. For example in 2021, the company did not appoint an overall MD and CEO after Guenter Butschek stepped down. Instead, the businesses were allowed to run independently under their respective CEOs. Then in 2022, the PV unit was hived off into a separate subsidiary. 

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

Australian shares slipped while Japanese equities opened little changed after the Nikkei 225 breached 40,000 index points on Monday as optimism in Japan supports the stock market. The Wall Street equity rally took a breather ahead of the release of key US data.

In Asia, focus will be on the annual parliamentary meetings in Beijing. Investors will be closely watching the government’s annual work report at the parliament’s opening Tuesday, per a Bloomberg report. 

In commodities, oil prices were little changed early Tuesday. Gold held above $2,100 following a Monday rally. Bitcoin traded around $67,800.