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"Markets continue to witness developments on the Russia-Ukraine war, which is disrupting shipping and air freight. Markets also monitored a recent wave of COVID-19 infections in China. Both the RBI bulletin and the finance ministry’s monthly economic review talked about potential trouble spots in the economy, going forward. Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, the movement of rupee against the dollar and crude oil prices will dictate trend in the near term", Mitul Shah, Head of Research, Reliance Securities wrote in a note.
HDFC Bank, Kotak Mahindra Bank and Axis Bank have been alloted 10 lakh equity shares of face value Rs 10 each by Open Network for Digital Commerce (ONDC) for a consideration of Rs 100 per share, totalling to Rs 10 crore.
ONDC is engaged in creating open public digital infrastructure to transform digital e-commerce system.
Post investment, all the three banks will hold 7.84% of the equity share capital of ONDC
Source: Exchange Filing
IDFC First Bank has 4.39 million shares change hands in three large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
PKH Ventures Ltd. has sought Indian market regulator Sebi’s approval to sell as many as 28.09 million shares in an initial public offering, including promoter Pravin Kumar Agarwal’s plan to offer for sale as many as 9.8 million shares, according to its draft red herring prospectus.
The IPO will also include a fresh issue of 18.26 million shares
PKH may consider a pre-IPO placement of as many as 1.5 million shares before filing the red herring prospectus
The fresh issue size will be reduced if the pre-IPO round takes place
The company offers construction and development, hospitality and management services
IDBI Capital Markets & Securities Ltd. and BOB Capital Markets Ltd. will manage the issue
Source: Bloomberg
Shares of New Delhi Television rose for the sixth day, on track for the longest winning streak in 16 months since Nov. 27, 2020.
The stock added 54% over the last six days compared to Nifty 50 which rose 2.27%.
The relative strength index on the stock was at 80, suggesting it may be overbought.
Source: Bloomberg
HDFC Bank has 9.1 million shares change hands in five large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The broader indices outperformed their larger peers with S&P BSE MidCap gaining 0.5% and S&P BSE SmallCap rising 0.3%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Utilities, Power and Healthcare rising over 1%.
The market breadth was neither skewed in the favour of bulls nor bears. About 1,669 stocks advanced, 1,628 declined and 122 remained unchanged.
This is the highest-level visit from Beijing since the deadly clashes along India-China border in 2020.
Wang Yi is scheduled to meet NSA Ajit Doval and External Affairs Minister S Jaishankar.
Wang Yi to discuss Russia's war in Ukraine and India-China border conflict with Indian officials
Source: Official familiar with the matter.
India's Ministry of External Affairs and China's Ministry of Foreign Affairs did not immediately response to requests for confirmation.
Source: Bloomberg
HDFC Approves Rs 2 Lakh Crore In Home Loans In FY22
Most maturities along the India sovereign yield curve were little changed, while 14-year yields fell in Wednesday morning trading.
The 4-year yield fell 1.4bps to 6.029%
The 10-year yield fell 0.8bps to 6.823%
The 30-year yield was little changed at 7.278%
The 4-year-10-year yield spread was 79.4bps, vs previous close 78.8bps
About 1.02 million shares of Ashok Leyland changed hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
About 3.4 million shares of Castrol India changed hands in two large trades.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
OfBusiness' lending arm Oxyzo has raised $200 million in Series A funding at a valuation of over $1 billion.
Investors Tiger Global and Alpha Wave participated in the round.
Parent company OfBusiness was last valued at $5 billion.
Source: Bloomberg
IDFC First Bank Ltd. has 1.47 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Poly Medicure: ICICI Securities initiated coverage of the company with a recommendation of 'buy'; price target set at Rs 950.
City Union Bank raised to 'buy' from 'hold' at Antique Stock Broking; price target set at Rs 155.
Source: Bloomberg
Max Healthcare Institute Ltd. has 1.5 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Shares of Max Healthcare rose nearly 3%, the most in two weeks.
Source: Bloomberg
The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Bankex, Consumer Durables and Realty adding over 1%.
The market breadth was skewed in the favour of bulls. About 1,930 stocks advanced, 523 declined and 90 remained unchanged.
Indian government bonds may join a record selloff in global debt as traders brace for a sharp rise in borrowing costs. An auction of Rs 37,000 crore of Treasury bills is also on the radar.
USD/INR rose 0.1% to 76.1862 on Tuesday.
10-year yields rose 5bps to 6.83% on Tuesday.
Global funds bought a net Rs 384 crore of India stocks Tuesday: NSE
They bought Rs 13 crore of sovereign bonds under limits available to foreign investors, increasing their holdings for the first time in eight days and added Rs 87 crore of corporate debt
State-run banks sold Rs 448 crore of sovereign bonds on March 21: CCIL data. Foreign banks bought Rs 2,470 crore of bonds
Source: Bloomberg
Shares of Indian energy sellers may move after Indian Oil Corp. raised prices for the second day.
Indian Oil Corp. raised the retail price for diesel and gasoline in Mumbai by 85 paise ($0.01) a liter and in Delhi by 80 paise a liter on Wednesday.
Indian Oil raised retail fuel prices on Tuesday for the first time since November.
Stocks to watch: Indian Oil, Bharat Petroleum, Hindustan Petroleum, Reliance Industries.
Shares of India’s top steelmakers may move after the Economic Times newspaper reported the companies have raised prices by Rs 1,500-Rs 2,000 per tonne to offset higher coking coal costs.
JSW Steel increased rebar prices by Rs 1,250 per tonne from Wednesday; state-run Steel Authority of India Ltd. raised cost of hot-rolled coil and cold rolled coil by around Rs 1,500 per tonne, according to the report
Jindal Steel and Power raised prices by Rs 1,500 per tonne: report
In Focus: JSW Steel, Steel Authority of India, Jindal Steel and Power, Tata Steel
Petrol, Diesel Prices Hiked By 80 Paise A Litre For Second Day In A Row
Sobha raised to 'add' from 'reduce' at IIFL; price target set at Rs 750.
Kansai Nerolac: Morgan Stanley initiated coverage of the stock with a recommendation of 'underweight'; price target set at Rs 394.
Berger Paints: Morgan Stanley initiated coverage of the stock with a recommendation of 'underweight'; price target set at Rs 546.
Source: Bloomberg
Infosys: The company will acquire Germany-based digital marketing agency Oddity for €50 million. The firm will merge with Infosys’ earlier acquisition Wongdoody.
Adani Ports and Logistics: The company’s cargo volumes crossed 30 crore metric tonne in FY2022.
SBI Life Insurance: The company approved dividend of Rs 2 per share with a face value of Rs.10 each.
SBI: The bank acquired 7.84% stake in Open Network for Digital Commerce for Rs 10 crore.
SBI Card and Payments: The bank declared interim dividend of Rs 2.5 per share of face value of Rs 10.
HCL: The company has signed a collaboration agreement with NEORIS for integrated IT services.
Indian Hotels: The company is offering 10 crore shares in qualified institutional placement with issue price range of Rs 200 to Rs 204 each to raise Rs 2,040 crore. Floor price is set at Rs 203.48.
Hindustan Petroleum: Appointed Rajneesh Narang as director (finance) on the board of the company with effect from March 22, 2022.
Adani Power: The company approved scheme of amalgamation of wholly owned subsidiaries - Adani Power Maharashtra, Adani Power (Mundra), Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen and Raigarh Energy Generation with the company.
REC: The company appointed S K G Rahate as Chairman and Managing Director with effect from February 22. The company also approved incorporation of a project-specific special purpose vehicle, as wholly owned subsidiary of REC Power Development & Consultancy, for development of inter-state transmission project at Karnataka allocated by Ministry of Power.
Future Enterprise: The company has defaulted on interest of Rs 15.65 crore due on Non-Convertible Debentures.
Brigade Enterprises: The company has forayed into the plotted development space with a 66-acre residential project in Bengaluru, Karnataka.
Lemon Tree: Lemon Tree Hotels has withdrawn its earlier decision to split the position of Chairman and Managing Director of the company. Patanjali Govind Keswani will continue to hold the position of Chairman and Managing Director of the company.
Urja Global: The company has set up an Assembling unit for E-Scooters in Nashik for supply in western zone of India.
Kirloskar Pneumatic: The company has converted about 5.58 lakh sq. metre government grant land at Eklahare, Nashik to Freehold Land at a cost of approximately Rs 58 crore.
RailTel: The company has received work order from Rail Vikas Nigam for installation of RailTel's MPLS-VPN services for 5 years at various locations for Rs 11.57 crore.
Tata Coffee: The company reappointed Chacko Purackal Thomas as Managing Director and CEO of the company for three years from April 1, 2022. It also reappointed K. Venkataramanan as CFO of the company for a term of one year effective from October 25, 2022.
Axis Bank: Approves 17.5 million shares ESOP to staff at Rs 725.90 per share.
Barbeque Nation: Says board will meet on March 28 on business matters.
Indiabulls Housing Finance: To seek shareholders' nod for Rs 50,000 crore bonds issue.
Ugro Capital: To consider private placement of bonds on March 25.
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