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"In the last two weeks, some recovery is visible in the market from the oversold zone led by key drivers like peace talk between Russia-Ukraine, Fed decision on an expected line, and State election results in favor of the ruling government", according to Neeraj Chadawar, Head - Quantitative Equity Research, Axis Securities. Adding that risk appetites are back in the market, he observed that the investors’ sentiments "further improved with ease in crude prices that lead to more buying interest, especially towards riskier assets like equity. In the near term, market performance is likely to be range-bound, as the clear trend is likely to emerge only after the volatility sustains at current levels for a longer time. Q4FY22 earnings commentaries remain critical at this juncture".
31 companies have been selected under the PLI Scheme for manufacturing of telecom and networking products.
Reliance-backed Sanmina, Dixon Electro, HFCL Technologies, Tejas Networks, Foxconn, Nokia India among companies selected for telecom PLI scheme.
16 MSMEs, eight domestic manufacturers and seven global companies have been approved under the PLI scheme.
Projected investment in the telecom sector under the PLI scheme is Rs 3,344.9 crore.
Telecom PLI scheme to have overall financial outlay of Rs 12,195 crore over 5 years.
Source: PIB
The release includes an additional instalment of dearness allowance to central government employees and dearness relief to pensioners due from Jan 1st, 2022
The instalment represents an increase of 3% over the existing 31% of basic pay/pension.
The impact on the exchequer would amount to Rs 9,554.5 crore/annum.
47.68 lakh central government employees and 68.62 lakh pensioners will benefit from this.
Source: PIB
Retail interest in the shares of Uma Exports surged on the third and final of the initial public offer of Kolkata-based agri-products' wholesaler and distributer.
The offer was subscribed 6.16 times as of 1:45 p.m.
Qualified Institutional Buyers: 1.84 times
Non Institutional Investors: 1.26 times
Retail Investors: 8.35 times.
Source: NSE
Future Supply Chain Solutions failed to pay an aggregate amount of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India, the company's promoter Future Enterprises said in an exchange filing.
The company has a review period of 30 days to pay the due amount, as per RBI circular dated Aug. 6, 2020.
Source: Exchange Filing
European markets opened lower as investors remained circumspect about de-escalation of Russia-Ukraine conflict.
Russia said it would take steps to “de-escalate” the conflict. The latest round of talks between Russia and Ukraine failed to reach agreement on a cease-fire, however, and the Pentagon said Kyiv remains under threat.
The S&P BSE MidCap underperformed its larger peers, rising 0.75% while S&P BSE SmallCap outperformed Sensex and Nifty, gaining over 1.3%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Realty rising nearly 2%. On the flipside, S&P BSE Metal fell over 2%.
The market breadth was skewed in the favour of bulls. About 2,296 stocks advanced, 996 declined and 116 remained unchanged.
ICICI Lombard: ICICIdirect.com initiated coverage of the stock with a recommendation of 'buy'; price target set at Rs 1,550.
SRF: ICICIdirect.com initiated coverage of the stock with the recommendation of 'buy'; price target set at R 3,065.
Source: Bloomberg
Will Government Share Burden Of The Oil Price Shock? CEA V Anantha Nageswaran Explains — BQ Exclusive
IDFC First Bank Ltd. has 16.6 million shares change hands in four bunched trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Government is considering a proposal from Russia to use a system developed by Russian central bank for bilateral payments.
Plan involves rupee-ruble-denominated payments using Russia's messaging system SPFS.
No final decision has been taken and the matter will probably be discussion when Russian Foreign Minister Sergei Lavrov arrives in India on Thursday.
Under the proposal, rubles will be deposited to an Indian bank and converted into rupees and the same sytem will work in reverse.
Russia wants India to link its Unified Payments Interface with their MIR payments systems to ensure seamless use of cards issues by Indian and Russian banks.
Source: People with knowledge of the matter
A Finance ministry spokesperson was not immediately available for a comment.
Source: Bloomberg
Sun Pharma's subsidiary entered into an exclusive patent licensing agreement with H Lundbeck to market and distribute its own version of Vortioxetine in India.
The drug, used to treat major depressive disorder in adults, will be sold under the brand name, Vortidif in Indai.
The product is approved in over 80 countries, including the U.S., European Union, Canada and Australia.
Source: Exchange Filing
Retail interest in the shares of Uma Exports surged on the third and final of the initial public offer of Kolkata-based agri-products' wholesaler and distributer.
The offer was subscribed 5.21 times as of 11:27 a.m.
Qualified Institutional Buyers: 1.02 times
Non Institutional Investors: 1.19 times
Retail Investors: 7.01 times.
Source: NSE
Live: Indian Rupee Opens 0.44% Higher At 75.71 Against U.S. Dollar
Retail investors continued to lead bidding for shares of Veranda Learning Solutions Ltd., an offline hybrid edutech company based out of Tamil Nadu and Karnataka, on the second day of its initial public offering.
The offer was subscribed 74% on the first day.
The IPO was subscribed 86% or 0.86 times as of 11 a.m. on March 30.
Institutional investors: 0.05 times.
Non-institutional investors: 0.90 times.
Retail investors: 4.98 times.
India to Sell 1.5% Stake in ONGC Via an Offer for Sale
Most yields along the India sovereign yield curve fell, with 2-year bonds moving the most in Wednesday morning trading.
The 1-year yield remained unchanged at 4.735%
The 10-year yield fell 2.6bps to 6.795%
The 18-year yield remained unchanged at 7.18%
The 2-year-10-year yield spread was 182.6bps, vs previous close 181.3bps.
Source: Bloomberg
S&P Global expects the company’s operating performance to remain weak over the next 12 months due to issues in its generics business.
"The negative outlook on Jubilant Pharmova reflects the uncertainty around the group’s revenue growth and margins amid regulatory issues and tough operating conditions,” analysts at S&P said in a note
Source: Bloomberg
Mindtree cut to 'reduce' from 'accumulate' at Dolat Capital; price target set at Rs 4,150.
L&T Technology Services cut to 'sell' from 'accumulate' at Dolat Capital; price target set at Rs 4,650.
Persistent Systems cut to 'sell' from 'accumulate' at Dolat Capital; price target set at Rs 4,400.
Coforge raised to 'reduce' from 'sell' at Dolat Capital; price target set at Rs 4,400.
Source: Bloomberg
Tata Consumer To Reorganise India, U.K. Businesses
The S&P BSE MidCap almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty, rising 0.9%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Telecom and Realty adding over 1%. On the flipside, S&P BSE Metal fell nearly 2%.
The market breadth was skewed in the favour of bulls. About 1,889 stocks advanced, 551 declined and 72 remained unchanged.
Australia Says Close to Finalizing Free-Trade Deal With India
Tata Consumer raised to 'add' from 'reduce' at YES Research; price target set at Rs 806.
Source: Bloomberg
Diligent Industries completed the implementation of a green field multiple refinery-vegetable oil plant for Rs 15 crore,
About Rs 11 crore has already been spent and the blance will be infused in a phased manner in FY2022-23.
The commercial production from the plant is expected to commence soon. Palm oil, Super Olein and Soft Stearin are the products that can be processed in the plant, initially.
Source: Exchange Filing
Petrol, Diesel Costlier By Rs 5.60/Litre After Ninth Hike In Prices
Indian markets are likely to open gap up tracking strong global cues with encouraging progress in ceasefire talks between Russia and Ukraine.
Domestic markets ended higher on the back of gains across BFSI and IT stocks amid a breakthrough in Russia-Ukraine conflict and slide in crude oil prices. US markets ended higher tracking gains in technology stocks amid positive development in Russian-Ukrainian war.
Source: ICICI Direct note
Sun Pharmaceutical Industries has acquired 68,86,500 shares, representing 11.28% of equity share capital of Zenotech Laboratories from Daiichi Sankyo.
The total cash consideration for the transactions is Rs 5.32 crore.
After the acquisition, Sun Pharma holds 68.84% of the total paid-up capital of Zenotech Laboratories.
Source: Exchange Filing
Maintains 'buy' and cuts target price to Rs 150 from Rs 210, still an implied upside of 55%.
Covid-19 has augmented business opportunities for QSRs.
Restaurant Brands Asia is expected to benefit from the shift in QSR business model towards an omni-channel play.
Dine-in business, which is lagging in recovery currently, is likely to rebound sharply with the return of full mobility.
Revival in dine-in business is likely to support margins.
Company's focus to introduce 75 BK Cafes by March 2023 is drive growth as coffee is a strategic offering that will aid volumes, realisations, SSSG, gross margin.
Expects India and Indonesia businesses to deliver strong double-digit sales growth and marked margin expansion.
BK Cafe is likely to be a key growth driver for the company going forward.
Stock is trading at a significant discount to its QSR peers after the recent correction.
Source: Motilal Oswal Note
Tata Consumer To Reorganise India, U.K. Businesses
The Indian rupee and government bonds are likely to gain after the central bank announced a forex swap amid broad risk-on in the region. Traders are also waiting on the fiscal first-half borrowing program likely Wednesday.
The USD/INR sell/buy swap auction of $5 billion will be held on April 26, RBI said after close of markets on Tuesday
India’s central bank will hold swap auction with a view to elongate the maturity profile of its forward book and smoothen the receivables relating to forward assets: statement
USD/INR fell 0.2% to 75.9875 on Tuesday
10-year yields fell 2bps to 6.82% on Tuesday
Domestic funds buy net Rs 1,710 crore of India stocks Tuesday: NSE
They sold Rs 113 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 774 crore of corporate debt
State-run banks sold Rs 256 crore of sovereign bonds on March 29: CCIL data. Foreign banks bought Rs 649 crore of bonds.
Source: Bloomberg
Stocks linked to oil, aluminum and other metals, and wheat may be active amid speculation that the availability of commodities could improve after Russia offered to “fundamentally cut back” its military operations in northern Ukraine.
The Bloomberg Commodity Index fell 2.1% Tuesday after Russian Deputy Defense Minister Alexander Fomin said Moscow has decided to cut military activity near the Ukrainian capital Kyiv and the city of Chernihiv.
Oil rebounded in early Asian trading on Wednesday after two days of losses.
Adani Group: The company achieved financial closure of Navi Mumbai International Airport project through execution of financial documents with State Bank of India. The lender has written down the entire debt requirement of Rs 12,770 crore for the project.
InterGlobe Aviation: Jiten Chopra, the chief financial officer of the IndiGo airlines operator, has resigned from the post effective March 28. The company has appointed Gaurav Negi as the CFO with effect from March 29.
Welspun: The company’s Saudi Arabia associate East Pipes Integrated Company for Industry has won an order of Rs 1,001.38 crore from Saline Water Conversion Corp.
Ruchi Soya: The Patanjali Ayurved-owned company has rescheduled for March 31 its board meeting to determine the issue price of its follow-on public offer, or FPO.
Emami: The company is looking to grow its personal and healthcare businesses in India mainly through acquisitions, Bloomberg reported. CFO NH Bhansali said the strategy is to grow through the inorganic route.
Hero MotoCorp: The company dismissed media reports of alleged bogus expenses incurred by the company. It also increased prices of its motorcycles and scooters by Rs 2,000 effective April 5.
ONGC: The company will sell 1.5% stake via an offer for sale on March 30. The floor price is Rs 159 per share.
IDBI Bank: The lender has approved sale of 20 crore equity shares in Ageas Federal Life Insurance Co. to Ageas Insurance International NV after exercise of call option by Ageas.
State Bank of India: The lender will acquire the entire stake (13.82%) of existing shareholders of SBI Global Factors. Shareholders include Sidbi, Bank of Maharashtra and Union Bank of India.
ICICI Bank: The bank has acquired 5.97% stake in Open Network for Digital Commerce for a consideration of Rs 10 crore.
Tata Consumer: The company acquired 10.15% stake in its U.K. arm for Rs 570.8 crore through a preferential issue of equity shares. TCP UK will become a wholly owned subsidiary upon completion of the deal.
Future Enterprises: The firm's credit rating has been downgraded to ‘D’ by Care Ratings after it failed to pay Rs 19.16 crore to PNB, Canara Bank and Union Bank of India under the one-time resolution plan.
ICICI Lombard: To consider declaration of dividend on April 21.
Exide: The company approved scheme of amalgamation of wholly owned subsidiary Chloride Power Systems & Solutions with itself.
Lemon Tree: The company has signed a licence agreement for 132-room hotel project in Rishikesh, Uttarakhand. The property is likely to be operational by March 2025.
Edelweiss: Declared interim dividend of Rs 0.25 per share.
Rail Vikas Nigam: The firm will sign a memorandum of understanding with Bharat Electronics to explore feasibility and execution of large projects through special purpose vehicles and other consultancy and project management services.
Strides Pharma Science: The company’s Managing Director and Chief Executive Officer R Ananthanarayanan resigned. Arun Kumar, the founder of the company, will take over the role of MD and CEO.
NMDC: Appoints Amitava Mukherjee as director (finance).
Cerebra Integrated: To consider rights issue on April 4.
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