"Nifty has staged a strong recover with a combination of value and momentum. We expect the uptrend to sustain for the medium term. The March series expect limited downside with resistance placed at 17200-17300 levels; on the downside support is seen at 16500-16600 levels", Sahaj Agrawal, Head of Research - Derivatives at Kotak Securities in a note, and added, "buying on Dips is advisable with focus on Cement, NBFC and Consumption space. Metals are expected to consolidate with high volatility".
Macrotech Developers Ltd. informed that the credit rating of the USD Senior notes, issued by its subsidiary Lodha Developers International Ltd. has been upgraded to B2 with positive outlook by Moody's Investors Service.
Shares of Macrotech Developers rose 4.92%, the biggest intraday gain in a week.
Source: Exchange Filing
Brigade Enterprises: Equirus Securities initiated coverage with a recommendation of 'buy'; price target set at Rs 538.
Source: Bloomberg
U.S. FDA Identifies Quality, Testing Issues At Zydus Lifesciences’ Gujarat Injectable Facility
Aam Aadmi Party’s Bhagwant Mann has been sworn in as the 17th Chief Minister of Punjab.
Aam Aadmi Party won 92 out of 117 seats in the Punjab assembly elections.
Sales of diesel and gasoline jumped during first half of March as more fuel was hoarded ahead of expected price hike after end of local elections.
Diesel sales by the three biggest retailers during March 1-15 rose 33% YoY
Diesel sales during March 1-15 is more than in the first half of any month over the last two years.
Source: Officials with knowledge of the matter.
The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal, Consumer Durables, Realty and Basic Materials rising over 2%.
The market breadth was skewed in the favour of bulls. About 2,306 stocks advanced, 980 fell and 111 remained unchanged
Shares of Voltas jumped 6.4%, the biggest intraday gain in nine months.
Over the last two days, the stock has risen nearly 8%. Trading volume on the stock was more than twice the 30-day average volume.
On Monday, Dolat Capital reiterated 'buy' and kept the target price unchanged at Rs 1,400, an implied return of 17.5%.
Dolat Capital has identified Voltas as the pick of the AC space due to its leadership in Residential air-conditioner business.
Source: Bloomberg, Dolat Capital note.
Amazon-Future Group's 'Compromise' Talks Fail
Tata Consultancy Services announced that TCS BaNCS has been selected by Singapore Exchange (SGX) to power the trading link program, known as NSE IFSC-SGX Connect (Gift Connect) -- with subsidiary of NSE of India.
TCS' trading software will power the transition of over 2,000 daily Singapore Exchange's Nifty trades to India's Gift city in H2CY2022
This will enable Singapore traders and other international investors to trade in Nifty derivatives in real time.
Global Head, BFSI Platforms and Products at TCS R Vivekanand said that the move has the potential to shift trade to India.
Source: Exchange Filing, Bloomberg
Maturities across the India sovereign yield curve were little changed in Wednesday morning trading.
The 4-year yield rose 1.1bps to 6.013%
The 10-year yield remained unchanged at 6.821%
The 18-year yield remained unchanged at 7.18%
The 4-year-10-year yield spread was 80.8bps, vs previous close 81.9bp
Source: Bloomberg
This Rs 4,500-Crore Fund Bets On Small And Mid Caps; Media Is Its Largest Holding
The Indian rupee advanced, outperforming regional peers as oil prices eased below $100 a barrel. Bonds were steady ahead of a 370b rupee ($4.8b) Treasury-bill auction.
USD/INR falls 0.3% to 76.3900, the most among emerging market Asian currencies
10-year yields steady at 6.82%
Source: Bloomberg
Tata Consultancy Services had 1 million shares change in a large trade.
Details of buyers, sellers are not immediately known.
Source: Bloomberg
The broader indices underperformed their larger peers with S&P BSE MidCap gaining 1.2% and S&P BSE SmallCap adding 1.3%. All the 19 sectoral indices compiled by the BSE Ltd. advanced with S&P BSE Finance and Bankex rising nearly 2%.
The market breadth was skewed in the favour of bulls. About 2,041 stocks advanced, 323 declined and 61 remained unchanged.
NomuraUpgrades from 'neutral' to 'buy' with the target price raised to Rs 375 from Rs 330; an implied return of 33.38%.
Recent corrections have turned risk/reward favourable for Bandhan Bank.
Multiple reasons to turn positive on the stock such as the cyclical recovery in microfinance, sharp recovery in growth-disbursement, normalisation of collection trends and reduced competitive intensity.
Micro factors remains intact for MFIs despite a weakening macro environment.
Sees upside risks to earnings estimates.
Do not rule out further re-rating of the stock to 3x book from 2.5x book.
Expects stress pool to start reducing sharply.
Any reversal in provisions can be used to build counter-cyclical buffers, which could trigger further re-rating.
Upgrades from 'neutral' to 'buy' with the target price raised to Rs 375 from Rs 330; an implied return of 33.38%.
Recent corrections have turned risk/reward favourable for Bandhan Bank.
Multiple reasons to turn positive on the stock such as the cyclical recovery in microfinance, sharp recovery in growth-disbursement, normalisation of collection trends and reduced competitive intensity.
Micro factors remains intact for MFIs despite a weakening macro environment.
Sees upside risks to earnings estimates.
Do not rule out further re-rating of the stock to 3x book from 2.5x book.
Expects stress pool to start reducing sharply.
Any reversal in provisions can be used to build counter-cyclical buffers, which could trigger further re-rating.
Source: Bloomberg
Indian rupee and government bonds could gain as crude oil prices ease below $100 a barrel. Traders in the net oil importing nation also await a Rs 37,000 crore ($4.8b) Treasury-bill auction
USD/INR advanced 0.1% on Tuesday
10-year yields fell 4bps to 6.82% on Tuesday
Global funds sold net Rs 1,250 crore of India Stocks Tuesday: NSE
They sold Rs 419 crore of sovereign bonds under limits available to foreign investors, and added Rs 436 crore of corporate debt
State-run banks sold Rs 1,260 crore of sovereign bonds on March 15: CCIL data. Foreign banks sold Rs 368 crore of bonds.
Source: Bloomberg
Stocks of alcohol makers in India may be active after United Spirits said it plans to complete the review of some popular brands by the end of this month.
In Focus: Radico Khaitan, Globus Spirits, Associated Alcohols, Tilaknagar Industries
Source: Bloomberg
Jubilant Food Cut to Reduce at Dolat Capital; price target set at Rs 2,761.
Pidilite Industries Cut to Reduce at Dolat Capital
Hindustan Unilever Cut to Reduce at Dolat Capital
Berger Paints Cut to Reduce at Dolat Capital; price target set at Rs 708.
Bata India Cut to Reduce at Dolat Capital; price target set at Rs 1,907.
Page Industries Cut to Reduce at Dolat Capital; price target set at Rs 41,465.
Godrej Consumer Raised to Accumulate at Dolat Capital
Emami Cut to Accumulate at Dolat Capital; price target set at Rs 548.
Dabur India Cut to Reduce at Dolat Capital; price target set at Rs 578.
Marico Cut to Reduce at Dolat Capital; price target set at Rs 539.
Bajaj Consumer Cut to Sell at Dolat Capital; price target set at Rs 164.
Nestle India Cut to Reduce at Dolat Capital; price target set at Rs 18,184.
MapmyIndia Rated New Outperform at DAM Capital; price target set at Rs 1,860.
Source: Bloomberg
India government may infuse Rs 5,000 crore ($652.65m) into three loss-making state-owned insurance firms this month to help them meet requirements for listing, Mint reports, citing two government officials aware of the plan.
National Insurance Co. Ltd, Oriental Insurance Co. Ltd and United India Insurance Co. Ltd need money to strengthen operations, improve solvency ratios and become profitable: report
Government may consider listing National Insurance and Oriental Insurance while United India may be a candidate for privatization: report
Government had provided Rs 12,450 crore to these three insurers in FY21.
Baring Private Equity Asia in talks to sell its controlling stake in healthcare analytics firm Citiustech Healthcare Technology in a deal valuing company at $2 billion - $2.2 billion, Economic Times reports citing people aware of the development.
Baring Asia in talks with funds including Blackstone, TPG and KKR to sell Citiustech: report.
KKR spokesperson declined to comment, while mails sent to Baring Asia, TPG and Blackstone were unanswered: report.
The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health, USA will support a Phase 1 clinical trial of Wockhardt's novel once-a-day, multidrug resistant Gram-negative target antibiotic WCK 6777.
NIAID will sponsor the investigational new drug application for the study.
WCK 6777 is shown to be active against several Gram-negative pathogens like Escherichia coli and Klebsiella, which cause community and hospital infections like Urinary Tract Infections (UTI). UTI accounts for 3 million annual hospitalisations in the country and led to healthcare cost above $2.8 billion.
Source: Exchange Filing
United Spirits initiated a strategic review of selected popular brands on Feb. 23, 2021.
The company is considering all options to deliver sustainable long-term profitable growth. The review is expected to be completed by March 31, United Spirits said in a clarification on news item to exchanges.
Source: Exchange Filing
Motilal OswalMaintains 'neutral' on the stock with the target price reduced to Rs 400 from Rs 430, still an upside of 11%
Revenue, which was adversely impacted due to Omicron variant in January 2022, recovered to almost pre-covid levels in February.
Early trend in March hints at revenue surpassing pre-covid levels.
New smaller compact feature stores enjoy better revenue than existing bigger stories.
Steps to double revenue over the next 4 years are backed by strategy to add 10-12% new stores every year, revival of SSSG (Same Store Sales Growth) to high single or double digit, growth in beauty segment and e-Commerce initiatives.
Pace of the store additions and SSSG remain key monitorables.
Even if the company achieves 60-70% of its growth guidance, it would significantly surprise street expectations.
Maintains 'neutral' on the stock with the target price reduced to Rs 400 from Rs 430, still an upside of 11%
Revenue, which was adversely impacted due to Omicron variant in January 2022, recovered to almost pre-covid levels in February.
Early trend in March hints at revenue surpassing pre-covid levels.
New smaller compact feature stores enjoy better revenue than existing bigger stories.
Steps to double revenue over the next 4 years are backed by strategy to add 10-12% new stores every year, revival of SSSG (Same Store Sales Growth) to high single or double digit, growth in beauty segment and e-Commerce initiatives.
Pace of the store additions and SSSG remain key monitorables.
Even if the company achieves 60-70% of its growth guidance, it would significantly surprise street expectations.
Source: Motilal Oswal Note
Aluminum stocks may be active after base metals slid as coronavirus outbreaks in China threatened to curtail the country’s economic output.
Aluminum led declines on the London Metal Exchange, falling 3% after declining on Monday as well.
In focus: Hindalco Industries, National Aluminum Co.
Source: Bloomberg
Oil India's long-term issuer default rating was upgraded to 'BBB' from 'BBB-' by Fitch
JK Cement raised to 'buy' from 'hold' at JM Financial; price target set at Rs 2,750.
Source: Bloomberg
ITC: The company acquired 1,040 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh Baby Care.
Punjab National Bank: The bank reported a fraud of Rs 2,060.14 crore in NPA account of IL&FS Tamil Nadu Power Co. at corporate branch in Delhi. The bank has already made provisions amounting to Rs 824.06 crore.
Zomato: The company approved acquisition of 16.66% stake in Mukunda Food by way of subscription of 13,289 Series B1 compulsorily convertible preference shares and 10 equity shares for $5 million. It also approved grant of loan of $150 million to Grofers India to support its capital requirements. The company is also mulling all-stock takeover deal for Blinkit, Bloomberg reported.
One97 Communications: Munish Ravinder Varma, Non-executive, Non-Independent Director (also Managing Partner at SoftBank Vision Fund) has tendered his resignation.
PB Fintech: Munish Ravinder Varma, Non-executive, Non-Independent Director (also Managing Partner at SoftBank Vision Fund) has tendered his resignation from board of the company.
Future Enterprise: The company has defaulted on interest of Rs 9.91 crore on non-convertible debentures that was due on March 14.
IL&FS Transportation: The company entered into share purchase agreement with Axis Trustee Services to sell 100% of its paid-up capital of Sikar Bikaner Highways, a wholly owned subsidiary of the company for a consideration of Rs 375.5 crore to be received in the form of units of the Trust. It also assigned its debts owed to Sikar Bikaner Highways of Rs. 207,81,19,081 by executing a Deed of Assignment with Axis Trustee Services Limited against which a consideration to the equivalent amount is to be received in the form of units of the Trust.
Shyam Metalics: The company approved capital expenditure of Rs 990 crore for setting up of further capacities at Sambalpur and its plant at Jamuria.
Infibeam Avenues: The company has appointed Sunil Bhagat as the Chief Financial Officer after Hiren Padhya’s resignation.
Sangam India: The company received the NCLT approval for scheme of amalgamation of Sangarn Lifestyle Ventures, a wholly owned subsidiary with Sangam India.
EKI Energy Services: The company is in advanced discussions with some of the European oil and gas majors, to launch an initiative to supply free improved cook stoves to rural households to reduce carbon footprint and generate carbon offsets.
Future Retail: Non-executive director Rahul Garg has resigned from the company board.
United Spirits: Inbrew is said to emerge as lead bidder for Diageo Indian brands.
Indiabulls Housing Finance: Approves reclassification of Founder, Gehlaut and firm to become public shareholders.
All You Need To Know Going Into Trade On March 16