Stocks To Watch: IT Stocks, Muthoot Finance, LIC, Wipro, Bharat Dynamics, Reliance Power

Here are the stocks to watch before going into trade today.

<div class="paragraphs"><p>(Source: Freepik)</p></div>
(Source: Freepik)

Muthoot Finance Ltd., Life Insurance Corp. of India Ltd. and Wipro Ltd. will be among the major stocks to watch on Friday.

Muthoot Finance acquired an additional 4.48% stake in unit Belstar Microfinance for Rs 300 crore, while Life Insurance Corp. increased its stake in LTIMindtree Ltd. from 4.99% to 5.03%.

Wipro incorporated a new entity 'SDVerse' with General Motors and Magna International.

Japan's benchmark index Nikkei 225 index hit a fresh high on Friday as data showed inflation in the region rose past the Bank of Japan's inflation target of 2% in February.

The Nikkei 225 was trading 0.40% higher at 40,978.26 as of 06:32 a.m. It rose to all-time high of 41,087.75.

Japan's headline consumer price rose to 2.8% on year in February, from 2.2% in January, Bloomberg reported.

Other markets in Asia-Pacific region were trading on a mixed note as investors assessed Federal Reserve's policy outcome. The S&P ASX 200 was 0.30% down, and the KOSPI index was 0.22% higher as of 06:34 a.m.

The relentless rally in U.S. stocks powered ahead on optimism that the Fed will be able to engineer a soft landing, which would bolster the outlook for corporate earnings, according to Bloomberg.

The S&P 500 Index touched a fresh high on Thursday and settled 0.32% higher. The Nasdaq Composite and Dow Jones Industrial Average settled 0.20% and 0.68% higher respectively.

Brent crude was trading 0.19% lower at $85.59 a barrel. Gold was higher by 0.18% at $2,185.27 an ounce.

The GIFT Nifty was trading 35 points or 0.16% higher at 22,077.00 as of 06:35 a.m.

India's benchmark equity indices gained for the second day, with financial services stocks contributing the most to advances, following U.S. Federal Reserve's decision to keep interest rates unchanged.

The NSE Nifty 50 ended 172.85 points, or 0.79%, higher at 22,011.95, while the S&P BSE Sensex was up 590.60 points, or 0.82%, at 72,692.29.

Overseas investors remained net sellers of Indian equities on Thursday.

Foreign portfolio investors offloaded stocks worth Rs 1,826.9 crore and domestic institutional investors remained net buyers, mopping up equities worth Rs 3,208.9 crore, the NSE data showed.

The Indian rupee strengthened by 2 paise to close at Rs 83.15 against the U.S. dollar.

Stocks To Watch: IT Stocks, Muthoot Finance, LIC, Wipro, Bharat Dynamics, Reliance Power
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Stocks to Watch

  • IT Stocks: Indian information technology stocks are expected to fall, tracking lowered revenue outlook by Accenture Plc.

  • Muthoot Finance: The company acquired an additional 4.48% stake in unit Belstar Microfinance for Rs 300 crore. The shareholding now stands at stake to 63.50%.

  • Life Insurance Corp: The company increased its stake in LTIMindtree from 4.99% to 5.03%.

  • Wipro: The company incorporated a new entity 'SDVerse' with General Motors and Magna International.

  • Bharat Dynamics: The company approved the appointment of G Gayatri Prasad as chief financial officer and approved split of each share into 2.

  • Reliance Power: The company has settled the entire obligations with respect to its borrowings from DBS Bank India. As a result, the assets of 45 MW wind power project are free from the encumbrance.

  • Mazagon Dock: The company accepted the offer of Mumbai Port Authority for the allotment of land and building on long term lease basis of 29 years. The total allotment cost is Rs 354 crore.

  • Sarda Energy: The company’s unit received a letter of intent for licence for an iron ore block in Maharashtra.

  • Tata Chemicals: The company received order from income tax department levying penalty of Rs 103.6 crore.

  • Jindal Saw: NCLT approved scheme of amalgamation among Jindal Quality Tubular, Jindal Tubular (India), Jindal Fittings and company.

  • Tata Communications: The board approved agreement to hive-off new edged digital services business to unit for Rs 458 crore.

  • Bank of India: The board will meet on March 27 to consider proposal of fund raising by issue of long term (infra) bonds.

  • Azad Engineering: The company approved the incorporation of two subsidiaries.

  • Crompton Greaves Consumer Electricals: The company received notice for income tax department for tax demand of Rs 68 crore for AY23.

  • Prestige Estates: The company’s unit acquired 62.5 acres land for Rs 468 crore in NCR for integrated township.

  • Samhi Hotels: The company invested Rs 5.55 crore in its subsidiaries Duet India Hotels (Pune) and Rs 1.31 crore in Duet India Hotels (Ahmedabad).

  • Star Housing Finance: The company entered a co-lending partnership with Tata Capital Housing Finance S to service 5000 home buyers In EWS/LIG segment in the first phase of engagement.

  • Lloyds Metals: The company will raise Rs 5,000 crore without resorting to the debt.

  • Agro Tech Foods: Sachin Gopal resigned from the post of managing director.

  • Just Dial: The company has received Rs 38.36 crore from Karnataka High Court after cancelling land allotment in Bengaluru Urban District.

  • Dhanuka Agritech: The company signed a memorandum of understanding with Indian Council of Agricultural Research for scientific and technical cooperation.

  • Grauer & Weil (India): The company entered into technology transfer and license agreement with OTMK GmbH, which shall be valid for 10 years.

Insider Trades

  • Skipper: Promoter Ventex Trade acquired 66,000 shares on March 20.

  • Gokul Agro Resources: Promoter Ritika Infracon bought 92,500 on March 20.

Pledge Share Details

  • Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 2.25 lakh shares on March 19.

Who’s Meeting Whom

  • IEX: To meet analysts and investors on March 26.

  • Rhi Magnesita: To meet analysts and investors on March 27.

  • Indian Hotels: To meet analysts and investors on March 26.

  • Prataap Snacks: To meet analysts and investors on March 27.

  • GPT Healthcare: To meet analysts and investors on March 27.

  • Symphony: To meet analysts and investors on March 26.

Trading Tweaks

  • Price band revised from 5% to 20%: Mukka Proteins.

  • Ex/record dividend: Power Finance Corp, Mishra Dhatu Nigam, Bharat Electronics.

  • Ex/record Stock Split: Refex Industries.

  • Moved out into short-term ASM framework: Exicom Tele-Systems, Navkar Corporation, Reliance Infrastructure.

F&O Cues

  • Nifty March futures up by 0.95% to 22,102.5 at a premium of 90.55 points.

  • Nifty March futures open interest down by 2.2%.

  • Nifty Bank March futures up by 0.77% to 46,794.65 at a premium of 109.75 points.

  • Nifty Bank March futures open interest down by 1.16%.

  • Nifty Options March 28 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000.

  • Bank Nifty Options March 27 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 46,500.

  • Securities in ban period: Balrampur Chini Mills, Biocon, Indus Tower, Piramal Enterprise, SAIL, Tata Chemicals, Zee Entertainment Enterprise.

Stocks To Watch: IT Stocks, Muthoot Finance, LIC, Wipro, Bharat Dynamics, Reliance Power

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