"Indian equity markets gained this week due to optimism on progress in Russia-Ukraine negotiations", according to Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. He added that the correction in crude oil prices is "some positive for import dependent countries including India".
Total Domestic Sales
March 2022: 86,718 units
March 2021: 66,462 units
Change: 30%
Total CV Domestic
March 2022: 44,425 units
March 2021: 36,808 units
Change: 21%
CV Exports
March 2022: 2,625 units
March 2021: 3,654 units
Change: -28%
Source: Exchange Filing
Overall Auto Sales
March 2021 : 40,403
March 2022 : 54,643
Rise : 35%
Tractor Sales
March 2021 : 30,970
March 2022 : 29,763
Source: Exchange Filing.
India supports resolving disputes through talks, says External Affairs Minister S Jaishankar
Will discuss contemporary issues with Lavrov.
India-Russia bilateral relations have continued to grow.
India, Russia have diversified ties by expanding their agenda.
Russian Foreign Affairs Minister Sergei Lavrov speaks to the media in New Delhi.
Russia appreciates India’s position on war in Ukraine.
India-Russia relations have sustained through tough times
Source: Bloomberg
The broader indices outperformed their larger peers with S&P BSE MidCap gaining 1% and S&P BSE SmallCap surging 1.5%.Barring S&P BSE Information Technology, Teck and Healthcare, all the other 16 sectoral indices compiled BSE Ltd. advanced with S&P BSE Power and Utilities adding over 2%.
The market breadth was skewed in the favour of bulls. About 2,570 stocks advanced, 731 declined and 107 remained unchanged.
Asian Paints has infused Rs 19 crore for a 51% stake in Weatherseal Fenestration, a maker of uPVC windows and door systems.
It will also acquire an additional 23.9% stake in Weatherseal Fenestration from its promoters, in a staggered manner, over the next 3 years.
Asian Paints is moving from ‘Share of Surface’ to ‘Share of Space’ within homes and wants to be a part of the customer life cycle of home makeover, it said.
Source: Exchange filing
March 2021 : 17,231
March 2022 : 20,123
Rise : 17%
Source : Exchange Filing
Amazon requested court today to direct that Future Retail assets not be handed over to anybody pending arbitration.
Future Group opposed Amazon’s request arguing the landlords of the stores were not under their control.
The bench presided by Chief Justice of India NV Ramana will resume hearing in the case on Monday.
Asian Paints is buying 49% stake in Obgenix Software, the operator of ‘White Teak’ for Rs 180 crore, along with an earn out up to Rs 114 crore, payable after a year.
It will also acquire the remaining 51% stake in White Teak in a phased manner, where 11% stake would be acquired in FY23-24 for a maximum Rs 66 crore; and the remaining 40% stake would be acquired in FY25-26 for a maximum Rs 360 crore based on financial milestones.
White Teak promoters will continue to lead the business.
The acquisition would be a next step in Asian Paints’ foray of being a complete home décor solution provider, it said.
Source: Exchange filing
March 2021 : 1,67,014 units
March 2022 : 1,70,395 units
Rise : 2%
Source : Exchange filing
Bharat Electronics has 1 million shares change hands in a large trade.
Details of buyers, sellers are not immediately known.
Source: Bloomberg
March 2021 : 7037
March 2022 : 8803
Rise : 25.1%
Source : Exchange Filing
KFin Technologies, which has been the registrar and transfer agent for several IPOs over the last year, has filed for its own offering with SEBI.
General Atlantic, which is an investor in KFin Tech, will sell shares worth Rs 2,400 crore in the IPO.
Karvy Fintech renamed itself as KFin Tech after the Karvy Broking scandal was unearthed in 2019.
Source: Bloomberg
MRF Ltd. has confirmed that officials from Competition Commission of India visited the company's premises on March 30.
The raids are being done to probe into alleged violation of Competition Act.
Source: Exchange Filing
Limit at Rs 47,010 crore effective April 1 compared to Rs 51,560 crore earlier.
States can avail overdraft on 14 consecutive days.
State can be in OD for a maximum of 36 days in a quarter.
Alert: RBI had eased WMA rules for states amid the pandemic. Rules have now been restored to those recommended by advisory committee.
Source: RBI
Bajaj Auto: Choice Equity Broking initiated coverage of the stock with a recommendation of 'outperform'; price target set at Rs 4,239.
Endurance Technologies: Choice Equity Broking initiated coverage of the stock with a recommendation of 'outperform'; price target set at Rs 1,328.
Minda Industries: Choice Equity Broking initiated coverage of the stock with a recommendation of 'add'; price target set at Rs 1,013.
Source: Bloomberg
National Company Law Tribunal has sanctioned the composite scheme of arrangement between Coastal Gujarat Power and Tata Power.
Shares rose 1.8% in intraday trade.
Source: Exchange Filing, Bloomberg
Mahanagar Gas cuts Maharashtra CNG price by Rs 6 per kilogram.
Mumbai domestic PNG price also cut by Rs 3.5 per standard cubic metre.
The company cited cuts in VAT by the Maharashtra government on natural gas.
Source: Bloomberg
Shares of Hindustan Oil Exploration tumbled nearly 17%, the steepest decline in over at least a year.
This comes after the commencement of production from B-80 project was delayed after the system encountered operational issues during the well opening sequence
The company said it completed pre-commissioning and safety checks at KGB-Offshore Installation and FSO Prem Pride, part of B-80 project.
The production will resume after the necessary corrective actions that are being taken by the company.
Source: Exchange Filing Bloomberg
BLOOMBERG EXCLUSIVEIndia will frame legislation for cryptocurrencies only after a global consensus emerges on regulations.
Government not planning to tighten provisions anytime soon.
India will frame legislation for cryptocurrencies only after a global consensus emerges on regulations.
Government not planning to tighten provisions anytime soon.
Source: Person familiar with the matter
IDFC First Bank has 5 million shares change hands in two large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
NSE found that Rajesh Exports has not compiled with many requirements of Regulation 46 of Listing Regulations.
NSE had earlier flagged that the name of Venu Madhava Reddy appeared as part of board in corporate governance reports submitted for quarter-ended June 2020, while he ceased from board of directors on March 31, 2020.
NSE also drew the company's attention towards maintaining a functional website with basic information about the listed entity.
Source: NSE
The broader indices outperformed their larger peers, with S&P BSE MidCap adding 0.4% and S&P BSE SmallCap gaining 0.9%. Barring S&P BSE Information Technology, Auto, Consumer Durables and Teck, all the other 15 sectoral indices rose, with S&P BSE Power and Utilities surging over 2%.
The market breadth was skewed in the favour of bulls. About 1,879 stocks advanced, 625 declined and 71 remained unchanged.
Shares of banks and shadow lenders may move after the central bank’s data for February showed a jump in vehicle loans.
Loans for vehicle expanded 17% in February from the previous month while medium-sized business loans rose 5.2% m/m, Reserve Bank of India’s data showed
Watch non-banking financial companies: Bajaj Finance, Bajaj Finserv, L&T Finance, Shriram Transport
Also watch bank stocks: State Bank of India, HDFC Bank, ICICI Bank, Bank of Baroda.
Source: Bloomberg
Biocon Biologics, a subsidiary of Biocon, has received positive opinion from European Medicines Agency Committee for Medicinal Products for Human Use (CHMP) for its biosimilar human insulin for intravenous infusion.
The European body granted market authorisation for Inpremzia, the biosimilar which is a fast-acting human insulin for injection.
Source: Exchange Filing
NomuraExpects CPI inflation to breach the 2-6% target range in 2022.
Sees rising risk of a slip in FY2022-23 fiscal deficit.
Estimates that a further Rs 12 per liter (11-12%) rise in petrol and diesel prices and a 29% hike in LPG cyclinder prices are needed to fully offset under-recoveries.
Higher fertiliser costs and food subsidy is likely to cost 0.5% of GDP.
Retains fiscal deficit projection of 6.4% of GDP in FY2022-23.
Expects RBI to lower its projection for GDP growth and raise CPI inflation projection at the April monetary policy meeting.
Reasonable chance that RBI will move towards monetary policy renormalisation by changing stance to 'neutral'.
Expects RBI to balance the stance change with a dovish guidance.
Expects 100bp in cumulative repo rate hikes in 2022.
Expects CPI inflation to breach the 2-6% target range in 2022.
Sees rising risk of a slip in FY2022-23 fiscal deficit.
Estimates that a further Rs 12 per liter (11-12%) rise in petrol and diesel prices and a 29% hike in LPG cyclinder prices are needed to fully offset under-recoveries.
Higher fertiliser costs and food subsidy is likely to cost 0.5% of GDP.
Retains fiscal deficit projection of 6.4% of GDP in FY2022-23.
Expects RBI to lower its projection for GDP growth and raise CPI inflation projection at the April monetary policy meeting.
Reasonable chance that RBI will move towards monetary policy renormalisation by changing stance to 'neutral'.
Expects RBI to balance the stance change with a dovish guidance.
Expects 100bp in cumulative repo rate hikes in 2022.
Source: Nomura note
Tea, steel, chemicals and pharmaceutical exporters to Russia have sought the intervention by the government and the RBI as payments get stuck due to sanctions by Western countries, The Economic Times reported citing people with knowledge of the matter.
The delay in payments could impact cash flows of companies which may then delay payments to workers, suppliers and even miss repayments to lenders: report.
Source: Bloomberg
India More Than Doubles Gas Price
Sansera Engineering secured orders worth Rs 300 crore over 10 years, for two packages of aluminium forged and machined parts from BMW Motorrad.
The parts will be supplied from the company's plant in Bengaluru.
Source: Exchange Filing
Zydus Lifesciences has published the safety and efficacy analysis data from Phase III clinical trial of its Plasmid DNA Covid-19 vaccine, ZyCoV-D.
The results have been peer-reviewed and published in The Lancet, a reputed medical journal.
The Phase III clinical trials was one of the largest for a Covid-19 vaccine in India with a sample size of 28,000 healthy adult volunteers in over 50 places.
The trials were carried out during the peak of second wave of Covid-19 infection. The efficacy of the vaccine stood at 66% when the delta variant was the prevalent strain across the country.
ZyCoV-D is a three-dose intradermal vaccine administered using a needle-free injection system, which is stored at 2-8 degree celsius. The vaccine has shown stability at temperature of 25 degree celsius for at least three months.
Source: Exchange Filing
Shares of India’s top automakers may move as companies will announce their March sales data amid concerns of higher input costs and energy prices.
Commercial and passenger vehicle demand remains “healthy,” while that for scooters, motorbikes and tractors continues to remain weak, Yes Securities Ltd. wrote in a note this week based on interactions with channel partners
Stocks to watch include Tata Motors, Maruti Suzuki India, Eicher Motors, Ashok Leyland, TVS Motor Co., Bajaj Auto, Hero MotoCorp, Mahindra & Mahindra
Source: Bloomberg
The 19 kg commercial LPG cylinder price has been hiked by Rs 250 per cylinder, to cost Rs 2,253 effective today.
No increase in the prices of domestic gas cylinders.
Source: ANI
Government To Borrow Rs 8.45 Lakh Crore In April-September
Hindalco cut to 'neutral' from 'buy' at Phillip Securities; price target set at Rs 625.
Hindalco cut to 'add' from 'buy' at Centrum Broking; price target set at Rs 649.
Zensar Technologies: Dalal & Broacha initiated coverage of the stock with a 'buy' recommendation; price target set at Rs 529.
Tatva Chintan Pharma: Nirmal Bang initiated coverage of the stock with a 'buy' recommendations; price target set at Rs 2,650.
Source: Bloomberg
ONGC: The company will add Vindhya Basin on production. Exploratory well Hatta#3 was drilled in the Son valley sector of Madhya Pradesh. On testing, the well-produced over 62,044 cubic metres/day gas, thus confirming the production potential of Proterozoic Basin for the first time in India.
ONGC, Oil India, GAIL India, RIL: Price of domestically-produced natural gas has been doubled. The price of gas for regulated fields will be $6.1 per million British Thermal Unit, more than twice the current price of $29 per million Btu. The new price will be effective for six months beginning April 1.
Hindustan Oil: Pre-commissioning and safety checks at KGB-offshore installation and FSO Prem Pride are complete. The system is ready to receive first hydrocarbons.
Nestle India: To consider declaration of dividend on April 11.
Lupin: The U.S. FDA concluded an inspection at the company's wholly owned subsidiary Novel Laboratories based in Somerset, New Jersey. The inspection closed with 13 observations. The company does not believe that this will have an impact on disruption of supplies or the existing revenues from operations of this facility. The facility contributes less than 5% of its global revenues, the company said.
Tata Consultancy Services: To consider declaration of final dividend on April 11.
State Bank Of India: India's largest public sector lender acquired 5% stake in India Debt Resolution Company.
Vedanta/Hindustan Zinc: The company will source 580 MW of Renewable Energy for its operations. at Hindustan Zinc, Bharat Aluminum Co. and Vedanta Ltd.
Sterlite Technologies: The company has sold 64.98% stake in Maharashtra Transmission Communication Infrastructure for Rs 43 crore.
Club Mahindra: The company has voluntarily liquidated its Finnish arm Suomen Vapaa-aikakiinteistot Oy LKV.
Adani Enterprises: Unit wins Rs 2,010 crore order from NHAI.
Adani Wilmar: The company has subscribed 90,000 shares of Rs 10 each of AWL Edible Oils and Foods, a wholly owned subsidiary.
Punjab and Sind Bank: The bank has issued 272.51 crore equity shares of face value Rs 10 each at Rs 16.88 per share on preferential basis to the Government of India. Government’s stake has now increased to 98.25% from 97.07%.
Kansai Nerolac Paints: To consider dividend on May 10.
NCC: The company will sell its entire stake in NCC Vizag Urban Infrastructure to GRPL Housing for Rs 199.5 crore.
Future Retail: The company reappointed Kishore Biyani as executive chairman for three years with effect from April 1. CEO Sadashiv Nayak has resigned.
Union Bank: The bank reduced its stake in India Debt Resolution Co. from 12.3% to 5%.
Punjab National Bank: The bank reduced its stake in India Debt Resolution Company from 11.18% to 5%.
Novartis/Bosch: To consider declaration of final dividend on May 19.
Gujarat Alkalies and Chemicals: The company has partially commissioned Caustic Evaporation Unit of joint venture GACL-NALCO Alkalies & Chemicals by the start-up of the 200 TPD at the unit along with Boiler and required utilities in the Cogeneration Captive Power plant and has produced 100 MT Caustic Soda Lye (Rayon Grade 47%). The product has been filled in tankers and dispatched.
Indian Bank: The bank appointed Sunil Jain as the chief financial officer with effect from March 31. Arun Kumar Bansal has ceased to be the CFO.
Nippon Asset Management: To consider declaration of dividend on April 26.
Vardhaman Textiles: The company received approval from the NCLT for scheme of amalgamation of VMT Spinning Company, Vardhman Nisshinbo Garments with Vardhman Textiles.
Mangalore Refinery and Petrochemicals: The company acquired Compulsorily Convertible Debentures of ONGC Mangalore Petrochemicals for Rs l,019.99 crore.
BASF: To consider declaration of dividend on May 9.
Gokaldas Exports: The company expects two weeks delay in imported raw material delivery schedules from the planned date, possibly impacting production partially in the short term due to Covid-19 induced lockdowns in Chinese cities.
CEAT: The company denied any wrongdoing and said that the company has “never indulged in nor was part of any cartel nor undertook any anti-competitive practices” after media reports said that Competition Commission of India raided company offices on March 30.
CSB Bank: The bank’s Managing Director and CEO C. VR. Rajendran took an early retirement effective March 31.
Cipla: The company got tentative approval for Dolutegravir Lamivudine from US FDA.
Ritesh Industries and Properties: The company has listed 12.22 lakh shares of Rs 10 each, issued at a premium for Rs 12 to promoter on preferential basis exercising the optionally fully convertible debentures.
Ruchi Soya: The company approved issue price of Rs 650 per share for its follow up offer.
Raymond: The company received the NCLT approval for scheme of demerger of Raymond Apparel, comprising of B2C business including Apparel business.
Wipro: Unit Wipro GE Healthcare launches its new manufacturing facility in Bengaluru.
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