Stocks To Watch: HAL, Bharat Electronics, IDFC First Bank, IRCTC, Vedanta

Asian markets decline after a technology-driven rally on Wall Street failed to ease the pressure over the banking sector.

U.S. investors piled into top technology companies including Apple Inc. and Microsoft Corp. to push the Nasdaq 100 close to the threshold of a bull market after an almost 20% surge from its December low.

Banking stocks missed out on the rally, with a gauge of U.S. financial heavyweights such as Wells Fargo & Co. and Bank of America Corp. sinking to the lowest since November 2020.

Treasury Secretary Janet Yellen clarified to the lawmakers the U.S. would be prepared for further steps to protect deposits if needed.

Meanwhile, the yield on 10-year treasuries were trading at 3.39%. Crude prices were trading around $75-mark, while Bitcoin was hovering around 28,000-level.

At 6:21 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.12% at 17,104.5.

The Indian benchmark indices—Sensex and Nifty—snapped their two-day rally on the back of a volatile session to close 0.5% and 0.44% lower, respectively.

Indian rupee strengthened against the U.S. dollar, closing at its highest level in seven days, as the greenback came under pressure in overseas markets with a dovish Federal Reserve.

Overseas investors in Indian equities turned net sellers on Thursday, after a day. Foreign portfolio investors offloaded stocks worth Rs 995.01 crore during the day. Domestic institutional investors remained net buyers for the eleventh day in a row, as they raked in equities worth Rs 1,668.85 crore.

Hindustan Aeronautics: The government will exercise the greenshoe option to sell additional 1.75% stake in the company as the offer for sale was subscribed 4.5 times its base size. The issue will open for retail investors on Friday.

Reliance Industries: Jio-bp, a joint venture between Reliance Industries and bp, and Piramal Realty, the real estate arm of Piramal Group, have entered a partnership to set up EV charging solutions across all of latter’s residential projects in the Mumbai Metropolitan Region.

Life Insurance Corporation of India: The Financial Services Institutions Bureau has recommended Siddhartha Mohanty as the chairperson of the insurer.

Bharat Electronics: The company secured two contracts worth Rs 3,700 crore from Ministry of Defence for supply of medium power radars ‘Arudhra’ and 129 DR-118 radar warning receivers for the Indian Air Force.

Tata Steel: The company acquired the balance 1.35 crore shares (24.06%) of indirect wholly owned subsidiary Tata Steel Advanced Materials from wholly owned unit Tata Steel Downstream Products for Rs 17.33 crore.

Vedanta: The board of the company will meet on March 28 to consider its fifth interim dividend for the current fiscal.

Infosys: The company’s U.S.-based subsidiary Infosys Public Services deployed Quantum Global Digital Management System for United Nations Development Programme, which will offer services to eight agencies of United Nations with a user base of 50,000 across 170 countries.

Lupin: The company received tentative approval from U.S. FDA to market its abbreviated new drug application Obeticholic acid tablets, a generic equivalent of Intercept Pharmaceuticals’ Ocaliva tablets.

IDFC First Bank: The board has approved the allotment of 37.75 crore shares of Rs 58.18 apiece to wholly owned subsidiary IDFC Financial Holding Company on preferential basis by way of private placement, taking the latter’s stake in the bank up to 39.99%.

Rail Vikas Nigam: The 40:60 joint venture of Rail Vikas Nigam and Rachana Construction received letter of award for upgradation to six-lane Sarkhej-Changodar Section of NH-8A national highway with paved shoulder for Ahmedabad-Bagodara-Rajkot road in Gujarat at a project cost of Rs 252.21 crore.

Punjab National Bank: The bank’s board will meet on March 29 to consider a proposal to raise capital for fiscal ending March 2024 through Basel-Ill compliant additional tier-I bonds and tier-II bonds.

Canara Bank: The bank received the entire consideration of Rs 121.29 crore for the sale of its entire 40% stake in Moscow-based Commercial Indo Bank LLC.

Indiabulls Housing Finance: The company allotted 9.16 lakh non-convertible debentures in public issue to raise Rs 91.65 crore.

PNB Housing Finance: The board of the company will meet on March 28 to discuss and decide various matters related to the Rs 2,500-crore rights issue approved earlier this month.

Indian Railway Catering & Tourism Corporation: The company signed an MoU with Uttarakhand Civil Aviation Development Authority for a period of five years for providing helicopter ticket booking service to the pilgrims of Kedarnath Dham on latter’s behalf.

• Anand Rathi Wealth: Anand Rathi Financial Services sold 3.3 lakh shares (0.79%) at Rs 810 apiece.

• Vadilal Industries: Evoke Management Services LLP sold 46,147 shares (0.64%) at Rs 2,107.47 apiece, Navin Shah Family Private Trust 46,533 shares (0.65%) at Rs 2,107.68 apiece

• LG Balakrishnana & Bros: Promoter group LGB Auto Products bought 17,840 shares on March 21.

• Mukand: Promoter group Baroda Industries bought 24,548 shares between March 21-22.

• Sunteck Realty: Promoter Matrabhav Trust bought 20,000 shares on March 22.

• Jai Corp: Promoter Mega Trust bought 1.40 lakh shares between March 21-22.

• NRB Bearings: Promoter and director bought Harshbeena Zaveri 42,993 shares between March 20-21.

• Fineotex Chemicals: Promoter and director Sanjay Tibrewala bought 40,000 shares on March 22.

• Star Cement: Promoter and director Prem Kumar Bhajanka bought 15,000 shares on March 22.

• Emami: Promoter group Diwakar Finvest created a pledge of 9.60 lakh shares on March 20.

• Chambal Fertilizers & Chemicals: Promoter group Zuari International created a pledge of 1.50 lakh shares on March 21.

• Ex-Date Buyback of Shares: Ajanta Pharma

• Ex-Date Scheme of Arrangement: Sundaram Clayton

• Ex-Date Interim Dividend: Aditya Birla Sun Life Asset Management Company, Bharat Electronics, Glenmark Life Sciences, Steel Authority of India, Styrenix Performance Materials

• Record Date Interim Dividend: Aditya Birla Sun Life Asset Management Company, Glenmark Life Sciences, Steel Authority of India, Styrenix Performance Materials

• Record Date Buyback of Shares: Ajanta Pharma

• Record Date Scheme of Arrangement: Sundaram Clayton

• Move Into Short-Term ASM Framework: Mangalore Chemicals & Fertilizers.

• UltraTech Cement: To meet investors and analysts on March 24.

• Persistent Systems: To meet investors and analysts on March 24.

• Arvind SmartSpaces: To meet investors and analysts on March 24.

• ISGEC Heavy Engineering: To meet investors and analysts on March 24.

• Meghmani Organics: To meet investors and analysts on March 24.

• Nifty March futures ended at 17,082, a discount of 103 points.

• Nifty March futures rose 0.79% and 1,831 shares in Open Interest.

• Nifty Bank March futures ended at 39,637.95, a discount of 481.35 points.

• Nifty Bank March futures rose 2.38% and 2,220 shares in Open Interest.

• Securities added to the ban period: Hindustan Aeronautics, Biocon, Indiabulls Housing Finance

• Securities removed from the ban period: Nil.

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