KEY HIGHLIGHTS
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.31% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 15 paise to close at 82.33 against the greenback on Monday. It closed at 82.18 on Friday.
Source: Bloomberg
Sensex, Nifty End Higher For Third Consecutive Day
Indian equity benchmarks ended the foremost day of the truncated week higher. The indices swung amid volatility to settle with gains led by auto, banking and realty stocks.
Crude-oil futures surged the most in almost a year after OPEC+ announced a production cut that threatened to worsen inflation and push global central banks to tighten monetary policy further.
Brent crude headed for the biggest gain since April 2022 while West Texas Intermediate was poised for the best day since May after the oil cartel announced an output reduction of more than 1 million barrels per day.
Energy stocks rallied in Europe, with BP Plc and TotalEnergies SE climbing more than 4%. The benchmark Stoxx Europe 600 Index was little changed. Asian markets, on the other hand, were steady.
Investors across asset classes rushed to adjust for the risk that inflationary pressure may be more persistent than previously thought.
The S&P BSE Sensex Index closed up 115 points or 0.19% at 59,106.44 while the NSE Nifty 50 Index was higher by 38 points or 0.22% at 17,398.05.
Axis Bank Ltd., Kotak Mahindra Bank Ltd., Bajaj Finance Ltd., Maruti Suzuki India Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd. were positively adding to the change.
Whereas, Infosys Ltd., ITC Ltd., Hindustan Unilever Ltd., Bharat Petroleum Corp Ltd., and Adani Enterprises Ltd., were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks declined in trade, except ACC Ltd. and Ambuja Cements Ltd.
The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.36% whereas S&P BSE SmallCap was higher by 1.17%.
Thirteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Oil and Gas, S&P BSE Utilities, S&P BSE Power, S&P BSE Energy and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,775 stocks rose 856 declined, and 130 remained unchanged on the BSE.
KPIT Technologies Shares Drop As JPMorgan Initiates Coverage With "Underweight" Call
Shares of KPIT Technologies Ltd. declined the most in over three months on Monday, after JPMorgan Chase & Co. initiated coverage with an 'underweight' call.
The price target set by the brokerage was at Rs 520, implying a potential downside of 44%, "driven by lower structural margins, risks from single vertical and high client concentration, and excessive valuations".
However, JPMorgan expects the highest revenue and earnings growth for the company over fiscal 2023–2025 among its coverage.
Shares of the company declined 6.19% to Rs 867.85 as of 1:43 p.m., compared with a flat benchmark Nifty 50. The company stock fell as much as 8.01%, the most since Dec. 23, 2022.
The total traded quantity stood at 2.5 times the 30-day average.
Of the 14 analysts tracking the stock, 10 maintain a 'buy', one recommends a 'hold' and three suggest a 'sell', according to Bloomberg. The return potential of the stock implies a downside of 4.4% over the next 12 months.
Route Mobile To Guarantee $10.14 Million Term Loan For UK Unit
Company will provide corporate guarantee of $10.14 million (Rs 83.49 crore) to Yes Bank Ltd. for term loan facility to Route Mobile (UK) Ltd.
The corporate guarantee will be treated as a contingent liability for the company.
Source: Exchange filing
Centrum Broking’s Investment Strategy For FY24: Talking Point
Oil On The Boil; What's Next For OMCs?
Stocks At 52-Week High Intraday
European Markets Trade Mixed
Sensex, Nifty Drift Lower As Infosys, ITC, TCS Drag: Midday Market Update
Indian equity benchmarks turned volatile and started drifting lower after rising in trade on Monday following a surprise production cut from OPEC+. The S&P BSE Sensex Index declined after opening above 59,000-level, whereas the NSE Nifty 50 Index slipped below 17,400 points.
Asian stocks were mixed on Monday and the dollar rose with treasury yields as a surprise production cut from OPEC+ drove oil prices about 5% higher.
The group’s decision to reduce output by more than one million barrels a day came as a jolt to global markets, sending the U.S. and European share futures lower.
Investors across asset classes rushed to adjust for the risk that inflationary pressure may be more persistent than previously thought.
On Friday, the S&P 500 jumped 3.5%, the most since November, while the tech-heavy Nasdaq 100 notched its biggest quarterly gain since June 2020.
As of 12:42 p.m., the S&P BSE Sensex Index was down 55 points or 0.09% at 58,937.02 while the NSE Nifty 50 Index was lower by 11 points or 0.06% at 17,348.80.
Bajaj Finance Ltd., Oil & Natural Gas Corp Ltd., Kotak Mahindra Bank Ltd., Maruti Suzuki India Ltd., and Bharti Airtel Ltd. were positively adding to the change.
Whereas, Infosys Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., ITC Ltd., and Tata Consultancy Services Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks declined in trade, except ACC Ltd. and Ambuja Cements Ltd.
The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.16% whereas S&P BSE SmallCap was higher by 1.05%.
Foruteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Oil and Gas, S&P BSE Utilities, S&P BSE Power and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,555 stocks rose 885 declined, and 143 remained unchanged on the BSE.
Nykaa Shares Decline As 31.1 Lakh Shares Change Hands In A Bunch
Shares of FSN E-Commerce Ltd. declined 0.97% to Rs 123.05 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.10%.
About 31.1 lakh shares changed hands in a bunched trade around midday. The company was also honoured with a bronze award in Asia’s Best Integrated Report category for the first time at the 8th Asia Integrated Reporting Awards.
“Nykaa has showcased exemplary leadership in integrated reporting," said Rajesh Chhabara, founder of AIRA and Managing Director of CSWorks.
The stock declined as much as 2.13% intraday. Total traded volume stood at two time its 30-day average. The relative strength index was at 26, implying that the stock maybe oversold.
Out of the 21 analysts tracking the company, 16 maintain a 'buy' rating, two recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 58.5% over the next 12 months.
Source: Bloomberg, Company notice
CSB Bank Shares Gains As CASA Improves In FY23
Shares of CSB Bank Ltd. rose 2.51% to Rs 251.25 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.12%.
The bank recorded a 16% YoY rise in CASA at Rs 7,886.26 crore as of March 31, 2023, while term deposits increased 24% YoY to Rs 16,619.5 crore. The bank's total deposits increased 21% YoY to Rs 24,505.81 crore. It recorded a 30% YoY rise in gross advances of Rs 20,841.66 crore.
The stock advanced as much as 4.41% intraday, the most since March 28, 2023.
Total traded volume stood at 5.1 time its 30-day average. The relative strength index was at 59. Eight analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 29.6% over the next 12 months.
Source: Bloomberg, Exchange filing
Bank Of India Rises The Most In 10 Weeks As It Raises MCLR Rates
Shares of Bank of India Ltd. rose 4.37% to Rs 204.3 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.15%.
The bank revised its marginal cost of fund-based lending rate in the range of 10-40 basis points with effect from April 1, 2023. The rep-based lending rate will be marked up by 10 basis points.
The stock advanced as much as 4.93% intraday, the most in 10 weeks since Jan. 23, 2023.
Total traded volume stood at 2.5 time its 30-day average. The relative strength index was at 43.5.
Out of the 30 analysts tracking the company, 23 maintain a 'buy' rating, five recommend a 'hold' and two suggest to 'sell' the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 47.4% over the next 12 months.
Source: Bloomberg, Exchange filing
LIC Shares Rise After The Changes At The Helm
Shares of Life Insurance Corporation of India Ltd. rose 2.01% to Rs 545.1 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.21%.
As per a company filing, BC Patnaik has ceased to be the managing director of the corporation after the close of office hours on March 31, 2023, upon his superannuation.
The stock advanced as much as 2.18% intraday, the most since March 31.
Total traded volume stood at 1.1 time its 30-day average. The relative strength index was at 33.1.
Out of the 16 analysts tracking the company, 13 maintain a 'buy' rating and three recommend a 'hold' on the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 46.7% over the next 12 months.
Source: Bloomberg, Exchange filing
EIH Associated Hotels Shares Rise On 40-Acre Land Acquisition For A Luxury Resort In Visakhapatnam
Shares of EIH Associated Hotels Ltd. rose 0.29% to Rs 418.5 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.22%.
The stock advanced as much as 5.44% intraday, the most since March 29.
Total traded volume stood at 1.7 time its 30-day average. The relative strength index was at 58.9.
The company acquired 40 acres of land on lease from the Andhra Pradesh government for the construction, development, and operation of a five-star luxury hotel or resort in Visakhapatnam. The lease period for the land will be 94 years, including four years of construction.
Source: Bloomberg, Exchange filing
HG Infra Engineering Shares Gain On Receiving LoA Worth Rs 998-Crore From NHAI
Shares of HG Infra Engineering Ltd. rose 1.70% to Rs 796 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.22%.
The company received a letter of award from NHAI for the construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Deoria to Donoreshan villages in Jharkhand at a project cost of Rs 998.36 crore.
The stock advanced as much as 3.33% intraday, the most since March 29. The relative strength index was at 58.7.
Fifteen analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Ashoka Buildcon Shares Gain On Bagging Rs 284.65-Crore Project From Ministry Of Railways
Shares of Ashoka Buildcon Ltd. rose 2.43% to Rs 75.8 apiece, as of 11:15 a.m. in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.19%.
The company received a letter of acceptance from the Ministry of Railways for all civil engineering works and the supply of machine crushed stone ballast in between block section from Birpur to Seroni Road in connection with Gwalior-Sheopurkalan GC project of North Central Railway. The project cost is Rs 284.65 crore.
The stock advanced as much as 2.84% intraday, the most since March 29.
Total traded volume stood at 0.9 time its 30-day average. The relative strength index was at 48.1.
Thirteen analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 69.7% over the next 12 months.
Source: Bloomberg, Exchange filing
G R Infraprojects Rises After Securing Rs 848-Crore Project
Shares of G R Infraprojects Ltd. rose 3.60% to Rs 1,040.75 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.14%.
The company received a letter of award for the construction of a four-lane, access-controlled greenfield highway section of NH‐163G from Venkatpur village in Warangal district to Thallasenkesa village in Mahabubabad district of Telangana for Rs 847.87 crore.
The stock advanced as much as 4.92% intraday. Total traded volume stood at 2.9 time its 30-day average. The relative strength index was at 51.2.
Out of the 15 analysts tracking the company, 12 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 36.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Rupee Weakens Against The Greenback
Yield On The 10-Year Bond Rises
The yield on the 10-year bond rose about 3 bps at 7.34% in trade on Monday. It closed at 7.31% on Friday.
Source: Bloomberg
Rail Vikas Nigam Rises On Securing Multiple Orders
Shares of Rail Vikas Nigam Ltd. rose 5.54% to Rs 72.4 apiece in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.01%.
The consortium of Tracks & Towers Infratech and Rail Vikas Nigam received the letter of award from NHAI for the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,271.99 crore. The company received a letter of award from NHAI for the construction of a six lane elevated Kona Expressway for Rs 720.67 crore. The company also received a letter of award from the Ministry of Railways for the manufacturing and maintenance of 120 Vande Bharat trainsets at a cost of Rs 120 crore per trainset.
The stock advanced as much as 6.85% intraday, the most in over four weeks since March 21, 2023.
Total traded volume stood at 2.9 time its 30-day average. The relative strength index was at 66.4. Two analysts tracking the company maintain a 'buy' rating on the stock
Source: Bloomberg, Exchange filing
SpiceJet Completes SpiceXpress Hive Off For Over Rs 2,555-Crore
SpiceJet Ltd. completed the hive off of its cargo and logistics division SpiceXpress into a separately entity- SpiceXpress and Logistics Pvt. Ltd. effective April 1.
SpiceXpress will issue a mix of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs. 2,555.77 crore.
The hive off is expected to wipe out a substantial portion of SpiceJet’s negative net worth and strengthen its balance sheet.
Source: Exchange filing
Auto Stocks Advance After March Auto Sales
Shares of automotive companies were trading higher on Monday as compared to a 0.09% advance in the headline index NSE Nifty 50.
The NSE Auto Index was up 1.65% in trade. Thirteen out of the 15 constituents compiled by the gauge advanced, while Balkrishna Industries Ltd. and MRF Ltd declined.
Maruti Suzuki Ltd., Hero MotoCorp Ltd., Eicher Motors Ltd., Bajaj Auto Ltd., Ashok Leyland Ltd., TVS Motor Ltd., Mahindra and Mahindra Ltd., advanced in trade.
Source: NSE
Oil And Gas Stocks React To OPEC+ Production Output Cut
Shares of oil and gas companies were trading mixed on Monday as compared to a 0.08% decline in the headline index NSE Nifty 50.
The NSE Oil and Gas Index was down 0.02% in trade. Eight out of the 15 constituents compiled by the gauge advanced, while seven declined in trade.
Oil India Ltd., ONGC Ltd., Gail Ltd. advanced in trade, whereas, Mahanagar Gas Ltd., Indraprastha Gas Ltd., BPCL Ltd., HPCL Ltd., Indian Oil Corporation Ltd. and Reliance Industries Ltd. declined in trade.
The OPEC+ group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking to a near-term peak in inflationary pressure. This surprise production cut from OPEC+ sent oil prices about 7% higher.
Source: NSE, Bloomberg
TeamLease Services Falls As Unemployment Rate Rises To A Three-Month High
Shares of TeamLease Services Ltd. fell 2.92% to Rs 2,174 apiece in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.11%.
The stock declined as much as 5.06% intraday, the most in two weeks since March 21, 2023.
Total traded volume stood at 14.1 time its 30-day average. The relative strength index was at 25, imlying that the stock maybe oversold.
Out of the 12 analysts tracking the company, four maintain a 'buy' rating, four recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 14.6% over the next 12 months.
India's unemployment rose to a three-month high in March to 7.8% as the country's labour markets deteriorated, according to data from the Centre for Monitoring Indian Economy
Unemployment rate in the country surged in December 2022 to 8.30 per cent but declined in January to 7.14%. It edged up again in February to 7.45%, the CMIE data released on Saturday showed.
During March, the unemployment rate in urban areas was at 8.4% while in the rural areas it was at 7.5%.
Source: Bloomberg, CMIE
Tejas Networks Wins "Single Largest" Ever Order Worth Rs 696-Crore From BSNL
It won an advance purchase order to upgrade BSNL's pan India IP-MPLS based Access and Aggregation Network.
Company will supply, install and commission over 13,000 of its TJ1400 series of next-generation access and aggregation routers for a converged multi-service packet network.
This is company's single largest order till date.
Source: Exchange filing
Adani Group Company Stocks Trade Mixed
Most Adani group company stocks declined in early trade on Monday, only Adani Power Ltd., Adani Total Gas Ltd. and Adani Green Energy advanced in trade.
Source: Bloomberg
Broader Markets Trade Higher
The broader market indices were trading higher; S&P BSE MidCap was up 0.41% whereas S&P BSE SmallCap was higher by 0.72%.
Fifteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Oil and Gas and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 1,839 stocks rose 570 declined, and 121 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
ONGC Ltd., Eicher Motors Ltd., Maruti Suzuki Ltd., Hero MotoCorp Ltd. and HDFC Life Insurance Co. were the top gainers in the NSE Nifty 50 gauge.
BPCL Ltd., Adani Enterprises Ltd., Asian Paints Ltd., and Hindalco Industries Ltd., and Tech Mahindra Ltd. were the top losers of the gauge.
Sensex, Nifty Gain At The Opening Bell
Indian equity benchmarks rose in trade on Monday following positive Asia trade and a surprise production cut from OPEC+. S&P BSE Sensex Index opened above 59,000-level aat pre-open, whereas NSE Nifty 50 Index was above 17,400 points.
However in FY23, the S&P BSE Sensex gained 0.74% while the Nifty 50 index declined 0.67% in the financial year 2022-2023.
U.S. equity futures slipped, the yen weakened, and the dollar climbed with treasury yields as the surprise production cut from OPEC+ sent oil prices about 7% higher.
The bumpy start to Monday trading and fears of rising prices contrast with the upbeat tone last week that came with turmoil in the banking sector receding and cooling in a key measure of the U.S. inflation.
The group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking for a near-term peak in inflationary pressure.
Contracts for the S&P 500 fell slightly early on Monday, and those for the Nasdaq 100 declined 0.3% as positive sentiment from Friday ebbed. The S&P 500 jumped 3.5% last week, the most since November, while the tech-heavy Nasdaq 100 notched its biggest quarterly gain since June 2020.
At pre-open, the S&P BSE Sensex Index was up 137 points or 0.23% at 59,128.95 while the NSE Nifty 50 Index was higher by 68 points or 0.39% at 17,427.95.
Sensex, Nifty Rise At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 137 points or 0.23% at 59,128.95 while the NSE Nifty 50 Index was higher by 68 points or 0.39% at 17,427.95.
Source: Bloomberg
Rupee Weakeens Against The U.S. Dollar
The local currency weakened about 28 paise to open at 82.46 against the greenback on Monday. It closed at 82.18 on Friday.
Source: Bloomberg
OPEC+ Production Cuts Leads To Rise In Oil Prices
The OPEC+ group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking to a near-term peak in inflationary pressure.
This surprise production cut from OPEC+ sent oil prices about 7% higher.
Source: Bloomberg
Reliance, Banks Look Strong; Underperformers May Lend Helping Hand | Trade Setup: April 3
Bharat Electronics Achieves Record Turnover Of Rs 17,300-Crore In FY23
Bharat Electronics Ltd. achieved a 15% growth in its turnover of about Rs 17,300 crore in FY23 as compared to Rs 15,044 crore in FY22.
The order book stood at Rs 60,500 crore in the financial year 2022-23.
The company registered 40% growth in export sales of around $46.5 million (approx. Rs 383 crore) during FY23.
Source: Exchange Filing
APL Apollo Tubes Records The Highest Quarterly Sales vVolume In Q4FY23
The company registered the highest quarterly sales volume of 6,49,726 tonnes in Q4FY23.
Sales volume for the current fiscal stood at 2,279,846 tonnes compared to 1,754,963 tonnes in FY22, aided by the new Raipur plant.
The capacity utilization was 28% in Q4FY23.
Company sees sales mix to eventually move towards 75% for value added products.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 102.8
U.S. 10-year bond yield at 3.69%
Brent crude up 5.16% to $84.01 per barrel
Nymex crude up 5.27% to $79.66 per barrel
Dow Jones Futures up 0.09% at 33,489
S&P 500 Futures down 0.22% at 4,129
Nasdaq Futures down 0.58% at 13,224
SGX Nifty up 0.19% at 17,450 as of 8:18 a.m.
Bitcoin down 0.31% at $27,991
Pledge Share Details
Chambal Fertilisers & Chemicals: Promoter group Simon India created a pledge of 2.08 lakh shares, promoter Zuari Industries created a pledge of 33,000 shares between March 27-28.
Insider Trading
Bhansali Engineering Polymers: Promoter group Bhansali Industrial Investment and Finance bought 1.25 lakh shares, promoter group Bhansali International bought 48,000 shares, promoter group Bhansali Engineering Industries bought 50,000 shares, promoter group Bhansali Innovative Finance bought 50,000 shares, promoter group Sheraton Properties and Finance bought 4 lakh shares, promoter group Speedage Commercials bought 3 lakh shares, promoter group Bentley Commercial Enterprises bought 3 lakh shares on March 31.
Kirloskar Industries: Promoter group Suman Kirloskar sold 1,428 shares, promoter group Mrinalini Kirloskar sold 4,380 shares, promoter group Navsai Investments bought 2,904 shares, promoter group Alpak Investments bought 2,904 shares on March 29.
Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 35,000 shares on March 31.
KEI Industries: Promoter and director Anil Gupta sold 2 lakh shares between March 29-31.
Confidence Petroleum India: Promoter group Confidence LPG Bottling bought 9.05 lakh shares on March 29.
Indoco Remedies: Promoter Aditi Panandikar bought 2022 shares, and promoter Madhura Ramani bought 1,500 shares on March 29.
Sobha: Promoter Puthan NC Menon bought 20,000 shares on March 29.
Motilal Oswal Financial Services: Promoter and director Raamdeo Ramgopal Agarawal has 35,164 shares, and promoter and director Motilal Gopilal Oswal bought 35,303 shares on March 29.
Mrs Bectors Food Specialities: Promoter group Anoop Bector AB Family Trust bought 10,000 shares on March 29.
Supriya Lifesciences: Promoter Satish Waman Wagh bought 14,000 shares on March 29.
Also Read: Spend, Save Or Invest!
Trading Tweaks
Price Band Revised From 20% To 10%: Brightcom Group
Price Band Revised From 20% To 5%: Shipping Corporation of India
Price Band Revised From 0% To 20%: Firstsource Solutions
Price Band Revised From 0% To 20%: Torrent Power
Ex-Date Buy Back Of Shares: TeamLease Services
Record Date Buy Back Of Shares: TeamLease Services
Move Into Short-Term ASM Framework: Brightcom Group
Bulk Deals
The Phoenix Mills: Government of Singapore sold 51.5 lakh shares (2.88%) at Rs 1,300.15 apiece.
Block Deals
Shriram Properties: Aurum Realestate Developers bought 2.43 crore shares (14.27%), WSI WSQI V (XXXII) Mauritius Investors sold 2.43 crore shares (14.27%) at Rs 55.05 apiece.
PSP Projects: Societe Generale bought 6.2 lakh shares (1.72%), Shilpaben Prahaladbhai Patel sold 6.2 lakh shares (1.72%) at Rs 664.35 apiece.
Offerings
Avalon Technologies: The electronic manufacturing company's Rs 865-crore IPO will open on April 3 and close on April 6. The price band for the issue is Rs 415–436 per share. The offering consists of a fresh issue of shares worth Rs 320 crore and an offer-for-sale worth Rs 545 crore.
Stocks To Watch: Hindustan Aeronautics, Rail Vikas Nigam, GR Infra In Focus
Hindustan Aeronautics: The company registered its highest-ever revenue from operations in a fiscal after a growth of 7.6% at Rs 26,500 crore during the year ended March 2023. The order book of the company stood at around Rs 82,000 crore at the end of March. The company’s cash flow improved substantially with payments of around Rs 25,000 crore from various defence customers during the period under review.
Rail Vikas Nigam: The consortium of Tracks & Towers Infratech and Rail Vikas Nigam received the letter of award from NHAI for the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,271.99 crore. The company received a letter of award from NHAI for the construction of a six lane elevated Kona Expressway for Rs 720.67 crore. The company also received a letter of award from the Ministry of Railways for the manufacturing and maintenance of 120 Vande Bharat trainsets at a cost of Rs 120 crore per trainset.
Engineers India: The company secured job orders worth Rs 48.82 crore for five assignments related to the energy sector.
GR Infraprojects: The company received a letter of award for the construction of a four-lane, access-controlled greenfield highway section of NH‐163G from Venkatpur village in Warangal district to Thallasenkesa village in Mahabubabad district of Telangana for Rs 847.87 crore.
Ashoka Buildcon: The company received a letter of acceptance from the Ministry of Railways for all civil engineering works and the supply of machine crushed stone ballast in between block section from Birpur to Seroni Road in connection with Gwalior-Sheopurkalan GC project of North Central Railway. The project cost is Rs 284.65 crore.
HG Infra Engineering: The company received a letter of award from NHAI for the construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Deoria to Donoreshan villages in Jharkhand at a project cost of Rs 998.36 crore.
ICICI Bank: The company acquired 9.5% stake in Propertypistol Realty via an investment of Rs 22.5 crore in the latter’s equity shares and compulsorily convertible preference shares.
EIH Associated Hotels: The company acquired 40 acres of land on lease from the Andhra Pradesh government for the construction, development, and operation of a five-star luxury hotel or resort in Visakhapatnam. The lease period for the land will be 94 years, including four years of construction.
Punjab National Bank: The bank changed its base rate from 9% to 9.5% with effect from April 1, 2023.
Bank of India: The bank revised its marginal cost of fund-based lending rate in the range of 10-40 basis points with effect from April 1, 2023. The rep-based lending rate will be marked up by 10 basis points.
Westlife Foodworld: The company subsidiary will pay a royalty of 4.5% to fast food restaurant chain McDonald’s for the fiscal ending March 2024.
Dixon Technologies (India): The company incorporated a wholly owned subsidiary, Dixtel Communications, to undertake wholesale and trading of electronic equipment and other related parts thereof.
CreditAccess Grameen: The company completed three direct assignment transactions aggregating Rs 936.63 crore and a PTC transaction of Rs 98.77 crore during March. During the quarter that ended March 2023, the company raised a total of Rs 5,840.09 crore through term loans, NCDs, MLD, ECBs, direct assignments, and PTC.
Life Insurance Corporation of India: BC Patnaik has ceased to be the managing director of the corporation after the close of office hours on March 31, 2023, upon his superannuation.
Orient Electric: The company appointed Rajan Gupta as managing director and chief executive officer for a period of five years, effective April 4, 2023, after the resignation of Rakesh Khanna from the position.
Greenpanel Industries: The company suspended manufacturing operations at the MDF plant in Rudrapur, Uttarakhand, for 20 days, with effect from April 1, 2023, due to routine maintenance.
Barbeque-Nation Hospitality: The company said it has suffered an IT incident and subsequently isolated its impacted IT assets. The company's core operations are unaffected, and all its restaurants are fully operational, serving both dine-in and delivery.
Karnataka Bank: The bank saw CASA rise around 9% year-on-year to Rs 28,807.04 crore as of March 31, 2023. Meanwhile, gross advances increased 6% on-year to Rs 61,326.42 crore.
CSB Bank: The bank recorded a 16% YoY rise in CASA at Rs 7,886.26 crore as of March 31, 2023, while term deposits increased 24% YoY to Rs 16,619.5 crore. The bank's total deposits increased 21% YoY to Rs 24,505.81 crore. It recorded a 30% YoY rise in gross advances of Rs 20,841.66 crore.
Karur Vysya Bank: Total deposits of Karur Vysya Bank increased 12% YoY to Rs 76,637 crore as of March 31, 2023. The bank's CASA increased 6.5% on-year to Rs 25,449 crore.
SGX Nifty Signals Higher Open
U.S. equity futures slipped, the yen weakened, and the dollar climbed with treasury yields as the surprise production cut from OPEC+ sent oil prices about 7% higher.
The bumpy start to Monday trading and fears of rising prices contrast with the upbeat tone last week that came with turmoil in the banking sector receding and cooling in a key measure of the U.S. inflation.
The group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking for a near-term peak in inflationary pressure.
Contracts for the S&P 500 fell slightly early on Monday, and those for the Nasdaq 100 declined 0.3% as positive sentiment from Friday ebbed. The S&P 500 jumped 3.5% last week, the most since November, while the tech-heavy Nasdaq 100 notched its biggest quarterly gain since June 2020.
The yield on the 10-year Treasury note was trading at 3.69%. Crude oil prices rose over 5% above the $84 mark, while Bitcoin was hovering around the $28,000 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.19% at 17,450.
Both Indian benchmark indices—Sensex and Nifty—closed the last trading session of the fiscal well above 1.5%, snapping three weeks of decline to rise the most in 23 weeks or five months.
The Indian rupee surged against the U.S. dollar on the back of foreign investment inflows and a rise in domestic equities.
Foreign investors in Indian equities remained net buyers for the third day in a row on Friday. Foreign portfolio investors bagged stocks worth Rs 357.9 crore in net terms, while domestic institutional investors kept buying for a second day, raking in stocks worth Rs 2,479.9 crore, NSE data showed. They snapped a 13-day buying streak on Tuesday.
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