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"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", according to Mitul Shah, Head of Research at Reliance Securities.
Amol Athawale, Deputy Vice President - Technical Research at Kotak Securities says that Russia-Ukraine conflict, surging oil prics and its impact on inflation have made investors jittery and expect range-bound activity in the near future.
"Nifty 50 has completed one leg of a pullback rally, but the texture of the market suggests a strong possibility of a range-bound activity in the near future. For traders, 16,400 and 16,300 would be the key support areas and 20-day SMA or 16,800 would act as an immediate hurdle for the bulls. We expect the uptrend formation will continue unless Nifty slips below 16,300".
Blue Star CFO Neeraj Basur has tendered his resignation on March 9, 2022.
He will serve his notice period and continue in his current role till May 31, 2022.
Neeraj Basur has resigned to pursue professional options beyond air conditioning and commercial refrigeration industry.
Source: Exchange Filing
Future Group's Lenders: It's A Complete Mess
Live: Indian Rupee Closes 0.33% Higher At 76.31 Against U.S. Dollar
Voltas raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 1,350.
AU Small Finance Bank raised to 'add' from 'reduce' at IIFL; price target set at Rs 1,320.
Source: Bloomberg
European markets open higher; European Central Bank hinted at ending bond-buying program in Q3CY2022, on Thursday.
Dish TV's Nomination & Remuneration Committee met on Mar 10.
Proposed Venkateish be appointed as non-executive non-independent director.
NRC advised the management to seek Ministry of Information and Broadcasting's approval.
Source: Exchange filing
The S&P BSE MidCap almost mirrored Sensex and Nifty while the S&P BSE SmallCap outperforming, rising nearly 0.8%. Barring S&P BSE FMCG and Auto, all the other 17 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Healthcare gaining nearly 2%.
The market breadth was skewed in the favour of bulls. About 2,095 stocks advanced, 1,127 declined and 123 remained unchanged.
Maturities across the India sovereign yield curve were little changed in Friday morning trading.
The 4-year yield fell 0.8bps to 6.032%
The 10-year yield fell 1bp to 6.799%
The 14-year yield was little changed at 7.121%
The 4-year-10-year yield spread was 76.7bps, vs previous close 77bps
Source: Bloomberg
Auto Sales Rise For Third Straight Month But Supply-Side Woes Linger: SIAM
Investors Have A Bigger Worry Than Uttar Pradesh Elections, Says BNP Paribas
LIC Q3 Results: Profit Rises On Change In Fund Distribution Policy
Indian bonds advance amid a sharp overnight drop in crude oil price. The rupee trades steady but is headed for a third week of declines.
10-year yields fall 1bp to 6.80%
USD/INR steady at 76.2950
Source: Bloomberg
Titan, through its unit, has invested $20 million in Great Heights, a Delaware-based company that owns lab-created diamonds brand ‘Clean Origin’.
Titan will get 17.5% voting rights in Great Heights through the investment.
Titan says it will get a “ring-side view of the fast-growing lab grown diamond and direct to consumer sectors through the investment.
Source: Exchange filing
Will take a judicious call to raise prices in April if crude stays elevated.
We have factored in oil prices at $90 and anything higher will have to be passed on to consumers.
Have raw material inventory that runs till April.
Source: Bloomberg
Strides Pharma Science Ltd. announced that its subsidiary Strides Pharma Global received approval for Colchicine tables USP, 0.6 mg from U.S. FDA.
The tablets are indicated for treatment and prevention of gout.
According to IQVIA, the U.S. market for the tablets for the year ending Jan. 2022 is $85 million.
Shares of the company rose in today's session. Trading volume was over twice the 30-day average volume for this time of the day.
Of the six analysts tracking the company, five maintain 'buy' and one recommends 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 38%.
Source: Bloomberg, Exchange Filing
The broader indices outperformed their larger peers with S&P BSE MidCap dropping 0.1% and S&P BSE SmallCap gaining 0.33%. Eleven of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Auto shedding 1%. On the flipside S&P BSE Metal added over 1.5%.
The market breadth was skewed in the favour of bulls. About 1,638 stocks advanced, 778 declined and 101 remained unchanged.
HPCL cut to 'add' from 'buy' at Spark Capital Advisors; price target set at Rs 313.
Hindustan Aeronautics cut to 'add' from 'buy' at Equirus Securities; price target set at Rs 1,480.
Source: Bloomberg
Sundaram Finance raised to 'buy' from 'add' at Antique Stock Broking; target price set at Rs 2,406.
Indian Oil cut to 'add' from 'buy' at Spark Capital Advisors; price target set at Rs 137.
Source: Bloomberg
Shareholders of Reliance Industries voted to transfer its gasification operations into a wholly owned unit, Reliance Syngas, the company said in an exchange filling.
The Scheme of Arrangement between Reliance Industries, its shareholders, creditors and Reliance Syngas was placed before the stakeholders for approval
Shareholders voted in favor of the arrangement with 99% of votes.
Source: Exchange Filing
Indian bonds may gain amid a sharp overnight drop in crude oil price. The rupee is headed for a third week of declines.
USD/INR fell 0.3% to 76.3075 on Thursday; pair is up 0.2% on the week and ~2% in the past three weeks
10-year yields fell 4bps to 6.81%
Domestic funds buy net Rs 946 crore of India Stocks: NSE
They bought Rs 296 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 42 crore of corporate debt
State-run banks sold Rs 200 crore of sovereign bonds on March 10: CCIL data. Foreign banks sold Rs 944 crore of bonds.
Source: Bloomberg
Colgate Palmolive: Managing Director and CEO Ram Raghavan has been promoted to president of the company's enterprise oral care division. Prabha Narasimhan will be the new MD and CEO of the company with effect from April 15, 2022.
Future Consumer: The 50:50 joint venture between the company and Fonterra Co-operative Group will be terminated.
Wipro: The company has announced a long-term partnership with Pandorum Technologies for development of technologies that shorten time-to-market and maximise patient outcome during R&D and clinical trials of regenerative medicine.
Indraprastha Gas: Received a letter of intent from the Petroleum and Natural Gas Regulatory Board for for development of CGD network in Banda, Chitrakoot and Mahoba in Uttar Pradesh.
Tata Steel: The company, along with Tata Steel Long Products, has executed the share sale agreement with MMTC, NMDC, MECON, BHEL, Odisha Mining Corporation, President of India, Government of Odisha, Neelachal Ispat Nigam for acquisition of 93.71% equity shares in NINL.
Infosys: Announced a multi-year transformational collaboration with International Tennis Hall of Fame, making the company ITHF’s official digital innovation partner and title sponsor of the annual ATP Tour tournament — the Infosys Hall of Fame Open.
Lupin: Lupin Diagnostics has launched its first reference laboratory in East India in Kolkata.
NMDC: The company has executed the share purchase agreement for sale of its entire equity holding of 10.1% in Neelachal Ispat Nigam.
Jindal Steel and Power: Declared interim dividend of Re 1 per share.
Kirloskar Ferrous: The company has acquired 51.25% stake in ISMT. Rahul Kirloskar will take over as chairman, Ravindranath Gumaste as vice chairman and Nishikant Balakrishna Ektare as MD.
UCO Bank: The lender has acquired 3% equity stake in India Debt Resolution Company for a consideration of Rs 1.5 crore.
Mahindra & Mahindra Financial Services: Mahindra Finance USA, a joint venture with Rabobank Group, has been extended.
Bayer CropScience: The company will sell its Environmental Science Professional business to Cinven for $2.6 billion.
Supreme Petrochem: The company has approved Phase II expansion of its expandable polystyrene plant at Nagothane, Maharashtra, by 30,000 million tonnes per annum. It also approved setting of second line of extruded polystyrene board with capacity of 100,000 MTA and increasing the masterbatch and compounds capacity by 50,000 MTA.
Sun Pharma: Cipher extends distribution pact with the company.
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