Sensex Surges 470 Points Led By Banks, Recoups Friday’s Losses

• Carborundum Universal has 20 lakh shares change hands in a block on BSE. Stock up 0.15 percent at Rs 337.50.

Buyers and sellers were not immediately known

Source: Bloomberg

• Cadila Healthcare: The Ahmedabad-based drug maker rose as much as 5.3 percent to Rs 390 after it received final approval from the U.S. drug regulator for Metoprlol Succinate extended release tablets used in treatment of heart failure, high blood pressure and chest pain. Meanwhile, CLSA has upgraded the stock to ‘Buy’ from ‘Underperform’ and raised its target price to Rs 450 from Rs 440.
• MMTC: The Delhi-based government-owned trading corporation rose as much as 10 percent after Commerce and Industry Minister Suresh Prabhu said that merger of STC and MMTC is on cards and the matter is under process, news agency Press trust of India reported.
• Adani Enterprises: The Gujarat-based coal mining, cargo handling and power generation company rose as much as 3 percent, the most since March 21, to Rs 157 after its subsidiary Talabira Mining signed a coal mining pact with NLC India. The project is expected to generate revenue of Rs 12,200 crore, Adani Enterprises said in an exchange filing.
• Jubilant FoodWorks: The Noida-based operator of Domino's Pizza and Dunkin' Donuts rose for sixth straight day. The stock in today's trade gained as much as 3.14 percent to hit record high of Rs 2,348 amid heavy volumes. Trading volume was 2.5 times its 20-day average for this time of the day.

Shares of the Gujarat-based coal mining, cargo handling and power generation company rose as much as 3 percent, the most since March 21, to Rs 157 after its subsidiary Talabira Mining signed a coal mining pact with NLC India. The project is expected to generate revenue of Rs 12,200 crore, Adani Enterprises said in an exchange filing.

ICICI Securities' Rs 4,017-crore initial public offer was subscribed 68 percent as of 1:00 p.m. on final day of subscription.

• Portion reserved for qualified institutional buyers (QIB) was subscribed 99 percent.
• Portion reserved for non-institutional bidders was subscribed 23 percent.
• Retail portion was subscribed 62 percent.
• Portion reserved for shareholders was subscribed 26 percent.

Source: Company's PR

• Gulf Oil Lubricants: The lubricating oil and grease maker fell 0.3 percent to Rs 900. Trading volume was 13.9 times its 20-day average.
• Unichem Labs: The Mumbai-based drug maker fell as much as 11.65 percent, the most in over four months, to Rs 295.70. Trading volume was 7.4 times its 20-day average.
• Timken India: The Bangalore-based fabricated metal and hardware maker fell as much as 3.12 percent to Rs 698. Trading volume was 5.9 times its 20-day average.
• Magma Fincorp: The Kolkata-based financial services provider rose as much as 5.26 percent, the most since March 12, to Rs 154. trading volume was 4.8 times its 20-day average.

Shares of MMTC surged 10 percent and State Trading Corporation advanced 5 percent after Commerce and Industry Minister Suresh Prabhu said that mergers of both state-run trading firms is on cards and the matter is under process, news agency Press trust of India reported.

• Indian equity benchmarks were trading in a narrow range as gains in Yes Bank, State Bank of India and ICICI Bank were offset by losses in Wipro, Infosys and oil & gas stocks.
• The S&P BSE Sensex rose 0.2 percent to 32,675 and the NSE Nifty 50 index was little changed at 10,002.
• Ten out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Bankex index's 0.9 percent gain. On the flipside, the S&P BSE Oil & Gas index was the top sectoral loser, down 1.4 percent.
• The broader markets were trading on a muted note with the S&P BSE MidCap and SmallCap indices trading little changed.
• The overall market breadth was negative as 1,636 shares were declining while 867 were advancing on the BSE.

Top five Nifty gainers

• Yes Bank up 4.4 percent
• State Bank of India up 2.9 percent
• Bajaj Finance up 1.7 percent
• ICICI Bank up 1.3 percent
• Larsen & Toubro up 1.1 percent

Top five Nifty losers

• GAIL India down 4.7 percent
• Wipro down 4 percent
• Hindustan Petroleum down 3.3 percent
• Adani Ports down 1.9 percent
• Bharat Petroleum down 1.8 percent

Shares of the Mumbai-based steel maker rose as much as 1.3 percent to Rs 289.65 after its subsidiary — JSW Steel USA announced that it is mulling to invest upto $500 million to expand its operations at Texas.

Shares of the Mumbai-based government-owned lender fell as much as 5.4 percent to Rs 68 after a report stated that the CBI is investigating a loan scam.

Around 360 farmers and others from Andhra Pradesh and Adilabad district of Telangana allegedly borrowed Rs 540 crore from IDBI Bank in two cases of cheating, The Hindu newspaper reported based on complaints lodged by the bank's senior regional head and general manager of zonal office at Hyderabad.

Shares of the Mumbai-based cement and zinc maker fell as much as 4.7 percent to Rs 84.35 after the National Companies Law Appellate Tribunal (NCLAT) rejected Binani Industries' contempt plea against the Resolution Professional.

NCLAT said the contempt plea against Resolution Professional is not maintainable.

• South Indian Bank has 27 lakh shares change hands in a block on BSE. Stock up 0.8 percent at Rs 22.85.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the state-run oil marketing companies — Bharat Petroleum, Indian Oil and Hindustan Petroleum fell after Brent Crude moved above $70 per barrel to trade close to fresh 52-week high.

Higher crude oil prices would result in lower margins for oil refiners.

• Indian Oil fell 2.3 percent to Rs 165
• Bharat Petroleum fell 2.6 percent to Rs 402
• Hindustan Petroleum declined 4.6 percent to Rs 323

Shares of the Pune-based auto component maker rose as much as 5.3 percent to Rs 850 after its board approved sub-division of shares of the company from Rs 10 per share to Rs 2 per share.

Shares of the Karnataka-based maker of pig iron maker rose as much as 8.41 percent, the most in over a month, to Rs 1,123.95 after it said m anganese ore annual production in a mining lease has been increased from 7,400 to 32,000 tonnes.

Shares of the Delhi-based hospital chain operator rose as much as 3 percent to Rs 147.85 after a consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare, Bloomberg reported citing people with knowledge of the matter.

The investor group, which also includes Manipal Health Enterprises, could announce a deal as soon as the next few days, the report added citing people, who asked not to be identified because the information is private.

• Resolution to U.S. FDA issues to place pharma space in a sweet spot.
• Believe exports should pick up for chemical, textile business.
• See earnings doubling in next 4-5 years for India Inc.
• Expect market to consolidate around current levels and move upward gradually.
• Equity market valuation high compared to other assets.

Shares of the Ahmedabad-based drug maker rose as much as 3.3 percent, the most in over a month, to Rs 382.55 after it received final approval from the U.S. drug regulator for Metoprlol Succinate extended release tablets used in treatment of heart failure, high blood pressure and chest pain.

Meanwhile, CLSA has upgraded the stock to ‘Buy’ from ‘Underperform’ and raised its target price to Rs 450 from Rs 440.

CLSA in a note said:

• Improving India outlook and strong US pipeline to drive earnings.
• Improvement in new launches in U.S. expected in 2018.
• Biosimilars, vaccines and novel research products are long-term growth drivers.
• Cadila to look for more product deals in specialty space from current fiscal cash flows.
• Expect 16 percent compounded growth rate in earnings through the financial years till March 2020.

Shares of the Ahmedabad-based gas distribution company rose as much as 4.78 percent, the most in over two months, to Rs 856 after 2.47 crore shares representing 18 percent equity changed hands in a single block in pre-market trade.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Delhi-based commercial and residential real estate developer rose as much as 3.8 percent, the most since March 21, to Rs 199.20 after it executed a definitive agreement with global private equity investor Blackstone Group to divest 50 percent stake in its prime commercial properties in Mumbai for Rs 4,750 crore, according to an exchange filing by the company.

• Gujarat Gas has about 2.47 crore shares (18 percent equity) change hands in a block in pre-market trade.

Buyers and sellers were not immediately known.

Source: Bloomberg

• Indian rupee opened higher at 64.92 per U.S. dollar against Friday's close of 65.01.

Yield on the Indian benchmark bond was little changed last week at 7.56 percent as traders stayed on the sideline in the absence of trading triggers.

This being the last week of the financial year and that too with only three working days, market focus is now on the calendar for government’s record bond sale program that starts the week of April 2.

Traders are worried about the fate of $93 billion bond sale plan in the absence of buying support from any direction. Some expect the yield to test 8 percent in the coming weeks if the government doesn’t take any steps to stoke demand. For today, the yield may stay in a range of 7.54-7.60 percent.

In the currency market, implied opening from forwards suggest rupee may start trading little changed at 64.9950 a dollar. Asian currencies are in the green and may offer some support to the local unit. Traders see the currency in a range of 64.80-65.25 a dollar in the day.

CLSA on Arvind

• Maintained ‘Buy’ with a price target of Rs 524.
• Textiles returning to the growth path.
• Strategic investments in textiles to drive growth.
• Advanced Materials business gaining traction.
• Arvind continues to explore advance material space through JV.
• Cotton price volatility remains a near-term headwind.
• Proposed demerger to create value.

Morgan Stanley on Tata Power

• Maintained ‘Overweight’ with a price target of Rs 94.
• Tata Power selling stakes in telecom business.
• Continue to see potential upside from such moves as leverage profile improves.
• Tata Power intends to sell stakes in defense business and other non-core investments.
• These stake sales if executed, would help deleverage faster.

Citi on Larsen & Toubro

• Maintained ‘Buy’; raised price target to Rs 1,563 from Rs 1,527.
• Business environment has been more challenging than expected.
• Government/PSUs/multilateral agencies continue to drive capex.
• Margins likely to improve 50 basis points over the next three years.
• Fourth quarter of every financial year is a swing quarter.
• Management focus on RoE keeps us enthused.

Citi on Indraprastha Gas

• Maintained ‘Buy’ with a price target of Rs 400.
• Delhi budget goes green; Potential uplift to volumes.
• Lower CNG vat in UP to incentivise CNG conversions.
• Stay postitve on gas space on the back of host of structural factors.

CLSA on Cadila Healthcare

• Upgraded to ‘Buy’ from ‘Underperform’; raised price target to Rs 450 from Rs 440.
• Improving India outlook and strong US pipeline to drive earnings.
• Improvement in new launches in U.S. expected in 2018.
• Biosimilars, vaccines and novel research products are long-term growth drivers.
• Cadila to look for more product deals in specialty space from current fiscal cash flows.
• Expect 16 percent compounded growth rate in earnings through the financial years till March 2020.

CLSA on Indiabulls Real Estate

• Maintained ‘Buy’ with a price target of Rs 311.
• Deal to establish a valuation for Indiabulls Real Estate.
• Deal to mark a major strategic step in deleveraging the development business.
• Deal valuation of Rs 9,500 crore valuation should be accretive to Indiabulls.

JPMorgan on Reliance Industries

• Maintained ‘Neutral’ with a price target of Rs 940.
• RJIO continues content acquisition drive.
• Expect spending on content to continue.
• In near term it would still be all about telecom.
• Jio remains key variable for Reliance Industries’ investment case.
• Content monetisation key variable in Jio’s long term monetisation of large investment in telecom.

Citi on Coffee Day Enterprises

• Maintained ‘Buy’; raised price target to Rs 350 from Rs 285.
• Stable coffee business; Growth boosted by strong export numbers.
• Commercialisation of key units to help profit growth in the second half of the next financial year.
• Stake-sales in any allied business to aid cash flows and debt concerns.

Here's a quick look at corporate insider trades reported last Friday.https://t.co/a8p1UUro7E pic.twitter.com/5XhojZvCbb

— BloombergQuint (@BloombergQuint) March 26, 2018

• GAIL India, Kellton Tech and Oil India last trading day before going ex-bonus.
• Talwalkars last trading day before ex-date for de-merger.

All you need to know about the Lemon Tree Hotels IPO. @dhanuka_saloni reports. https://t.co/r7G3ftvLxy pic.twitter.com/Q7J8kQw7PC

— BloombergQuint (@BloombergQuint) March 26, 2018

• Indiabulls Real Estate signs pact with Blackstone to divest 50 percent stake in assets at an enterprise value of Rs 9,500 crore.
• RIL to combine Saavn with its digital music service Jio Music. To invest up to $100 million in music service.
• Sandur Manganese says manganese ore annual production in mining lease has been increased from 7,400 to 32,000 tonnes.
• NTPC commissions first unit of 800 MW Lara power stations. With this total capacity of NTPC and NTPC group becomes 46,100 megawatts and 52,991 megawatts respectively.
• Tata Power signed pact with Tata Sons to sell 40 percent stake in Panatone Finvest for Rs 1,542.61 crore. To sell 4.7 percent stake in Tata Communications to Panatone for Rs 613 crore.
• Vedanta board approves to raise funds up to Rs 4,500 crore through private placement.
• Lumax Auto to consider stock split in the ratio of 1:5.
• NHPC commissions 50 megawatts solar project in Theni, Tamil Nadu.
• Bharat Financial Inclusion completes direct assignment deals worth Rs 1,391 crore.
• Capital First to consider fund raising on March 28.
• Uttam Galva gets exchanges nod to declassify ArcelorMittal Netherlands BV as a promoter.
• Seven firms ready to bid for Lanco Infratech. (The Economic Times)

Foreign investors turn bullish on Indian equities.https://t.co/atCBTc33ec pic.twitter.com/07LkjxQhOq

— BloombergQuint (@BloombergQuint) March 25, 2018

Will U.S. trade actions against China help reduce its deficit?https://t.co/EqEJVWjO7t pic.twitter.com/riZqySXAex

— BloombergQuint (@BloombergQuint) March 25, 2018