Stock Market Today: Sensex, Nifty Log Fourth Week Of Gains As Bajaj Auto, Bharti Airtel Lead

• The local currency strengthened by 4 paise to close at 82.79 against the U.S. Dollar.

• It closed at 82.83 on Wednesday.

Source: Bloomberg

Benchmark equity indices ended flat after hitting their new highs in the second consecutive session today led by gains in the shares of Bajaj Auto and Bharti Airtel.

The Nifty 50 ended at 22,493.55, higher by 19.50 points or 0.09%, and the Sensex ended at 74,119.39, up 33.40 points or 0.04 points. Intraday, the Nifty hit a high of 22,525.65 points and the Sensex hit a high of 74,245.17 points.

As we proceed, the banking sector will likely face some challenges in the coming period, said Kushal Gandhi, technical analyst at StoxBox. "The liquidity crunch may create obstacles to credit growth. The intense deposit competition may keep the cost of income elevated."

"Equity benchmark indices edged higher after hitting a record high amid a firm trend in the US market and FII inflows," said Vinod Nair, head of research at Geojit Financial Services. "Moreover, faster than expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks."

Shares of ITC Ltd., Tata Steel Ltd., Tata Consultancy Services Ltd., Larsen & Toubro Ltd., and Tata Motors Ltd. contributed the most to the gains.

Meanwhile, those of Reliance Industries Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. dragged the indices.

On a weekly basis, Nifty PSU Bank gained the most followed by Nifty Pharma and Nifty Energy. Nifty Media and Nifty IT fell.

Broader markets outperformed benchmark indices. The S&P BSE Midcap index ended 0.39% up, and the S&P BSE Smallcap settled 0.70% higher.

Market breadth was skewed in favour of the buyers. Around 2,107 stocks rose, and 1,704 stocks declined, and 110 remained unchanged on BSE.

Gets letter providing commitment for 2.5 MTPA of iron ore from CY26

Source: Exchange filing

• Projects under Mukhya Mantri Saur Krushi Vahini Yojana

• Solar projects to be developed at an investment of Rs 7,436 cr

• Solar projects to be developed in Nashik, Pune, Solapur and Ahmednagar districts in Maharashtra

Source: Exchange filing

• 10.1 lakh shares or 0.02% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Exchange Filing

• Operating environment expected to improve

• Capital expenditure and robust domestic demand to support credit growth

• Asset quality to improve

• Banks expected to maintain sufficient levels of loan-loss reserves

India's benchmark indices gained through midday on Thursday after hitting a fresh record high, led by Tata Consultancy Services Ltd., Larsen & Toubro Ltd., and Infosys Ltd.

As of 11:49 a.m., the NSE Nifty 50 was trading 16.60 points, or 0.07%, higher at 22,489.55, and the S&P BSE Sensex gained 43.95 points, or 0.06%, to 74,129.95.

The Nifty touched a fresh record high of 22,523.65, and the Sensex hit a fresh lifetime high of 74,245.17 so far in the day.

"Looking ahead to today's weekly expiry, we anticipate the continuation of this positive momentum, propelling the Nifty towards the 22,750 levels," said Shrey Jain, founder and chief executive officer at SAS Online.

"Notably, the 22,600 call strike in Nifty exhibits considerable open interest of approximately 66 lakh shares, indicating strong interest at this level. Conversely, on the put side, the 22,300 strikes boast a significant OI of around 99 lakh shares, suggesting robust support," Jain said.

Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Infosys Ltd., Bajaj Auto Ltd., and Tata Steel Co. contributed to the Nifty 50.

Reliance Industries Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., Axis Bank Ltd., and ITC Ltd. weighed on the index.

On NSE, seven sectors out of 12 advanced and five declined. The Nifty Media index rose 1.91% to become the top gainer on the NSE, while the Nifty Gas & Oil index fell the most among sectoral indices.

Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.57% and the S&P BSE Smallcap gaining 0.94% through midday on Thursday.

On BSE, 16 sectors advanced, and four declined. The S&P BSE Commodities rose the most among its peers to become the top performer, and the S&P BSE Energy index fell the most among sectoral indices.

Market breadth was skewed in favour of buyers. Around 2,219 stocks rose, 1,432 stocks declined, and 122 remained unchanged on BSE.

• Price increase is to offset the residual impact of the past input costs

• Price increase will vary as per individual models, but will be applicable across all CVs

Source: Exchange filing

Signs MoU for providing credit of up to Rs 5,000 crore for feeder level solarization scheme

Source: Exchange Filing

• Vinit Teredesai resigns as CFO effective April 24

• Vipul Chandra to take over as new CFO effective April 25

Source: Exchange filing

• Approves security subscription and shareholders agreement with O2 Renewable Energy XVIII

• Co to acquire up to 28% stake in O2 Renewable for purchase of renewable energy power

• Aggregate consideration for subscription of shares, CCDs of O2 Renewable to be Rs 10.25 crore

Source: Exchange Filing

The company received orders from Ritnand Balved Education Foundation, Bird Hotel Jewar Pvt. Ltd, and CINDA Engineering & Construction Pvt. Ltd

Source: Exchange Filing

• HDFC Bank Ltd. had 10 lakh shares or 0.01% equity changed hands in a large trade.

• Buyers and sellers are not known immediately.

Source: Bloomberg

SASVA adopts a distinctive method by constructing a comprehensive knowledge base from vast datasets, including millions of code repositories and documents.

Source: Exchange Filing

• Raises Rs 3,281 crore via allotment of 2.98 crore shares through QIP

• GQG Partners, Nomura Funds, Invesco, and HDFC Life among the allottees

Source: Exchange filing

• The court says that this is not a case where Booking.com is using MakeMyTrip's trademark.

• There is no scope of any confusion, the court says.

• MakeMyTrip had sought an injunction against Google for using its trademarks to promote the business of its rival counterpart Booking.com.

Source: Supreme Court Proceedings

• 10 lakh shares or 0.01% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

Wardwizard Innovations dispatches 2,018 units of electric 2-wheelers in Feb 2024.

Source: Exchange filing

SpiceJet Ltd rose over 5% on BSE as the company settled Rs 413-crore dispute with Echelon Ireland Madison Ltd.

The airline said the settlement will result Rs 398 crore cost savings. As a part of the agreement it will acquire two airframes, which expected to strengthen its fleet, subsequently enhancing operational capability, according to exchange filing.

For the SpiceJet Ltd, it's third such dispute settlement after fund raise, the company said in an exchange filing.

Singtel, through its subsidiary Pastel Ltd., sold 4.9 crore shares or 0.8% stake in the company at a price of Rs 1,193.7 apiece, according to a statement by the shareholders.

The stake was bought by Rajiv Jain's GQG Partners, according to Bloomberg.

The scrip rose as much as 1.67% to Rs 1,200.65 piece, the highest level. It pared gains to trade 0.4% higher at Rs 1,198.65 apiece, as of 11:00 a.m. This compares to a 0.1% decline in the NSE Nifty 50 Index.

It has risen 60.09% in the last twelve months. Total traded volume so far in the day stood at 0.68 times its 30-day average. The relative strength index was at 72.5, indicating that the stock may be overbought.

Out of 29 analysts tracking the company, 26 maintain a 'buy' rating and nine suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.2%.

Rallis India Ltd rose as much as 12.60% to Rs 286.40 apiece, the highest level since April 19, 2022. It was trading 9.69% higher at Rs 279 apiece, as of 10:46 a.m. This compares to a 0.12% decline in the NSE Nifty 50 Index.

It has risen 44.43% in 12 months. Total traded volume so far in the day stood at 17.19 times its 30-day average. The relative strength index was at 68.24.

• Gets Post Application Action Letter from US FDA for inspection conducted at co's Ahmedabad API facility

• Letter implies facility has been considered as ready to commercially manufacture and supply Enzalutamide API

Source: Exchange filing

IIFL Finance Ltd. shares surged 10% after Fairfax India Holdings Corp. committed to infuse $200 million in IIFL Finance., providing vital liquidity support days after the Reserve Bank of India imposed restrictions on the company's gold loan disbursements.

IIFL Finance stock rose as much as 9.99% during the day, highest jump since Feb. 01, 2023 at Rs 1,884.3 apiece. It was trading 9.68% higher at Rs 419.20 per share, compared to a 0.06% advance in the benchmark Nifty 50 as of 10:24 a.m.

The share price has fallen 6.89% in the last 12 months. The total traded volume so far in the day stood at 38 times its 30-day average. The relative strength index was at 27, indicating the stock may be oversold

Six out of the seven analysts tracking the stock have a 'buy' rating on the stock and one recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 73.1%.

Subex Ltd rose nearly 5% on NSE after it has secured a deal with a South-Asian telecom operators to deploy its fraud management solution on its HyperSense platform.

"This deal involves the deployment of Subex's state-of-the-art Business Assurance and Fraud Management solutions on HyperSense," the company said in an exchange filing.

Subex attributed the deal as an important development in its decade-long alliance with the operator for building successful implementation of ROC revenue assurance and fraud management, according to the exchange filing.

Subex Ltd rose 4.43% to Rs 38.00, the highest level since Feb 27. It was trading 2.76% higher at Rs 37.25 as of 10:23 a.m. This compares to 0.03% advance on NSE Nifty 50 index.

It has risen 25.63% in 12 months. Total traded volume so far in the day stood at 0.8 times its 30-day average. The relative strength index was at 48.34.

• Order in the range of Rs 1,000-2,500 crore

• Order includes construction of new compressor modules at ONGC’s Mumbai High & Tapti offshore location

Source: Exchange filing

Shares of Jupiter Wagons Ltd. surged nearly 10% on Thursday after it received an order worth Rs 956 crore from the Ministry of Railways.

The West Bengal-based Wagons manufacturer bagged the order to manufacture and supply of 2,237 BOSM wagons, according to an exchange filing on Wednesday.

The company manufactures all types of railway wagons and accessories including manufactures containers, commercial vehicle load bodies and commercial electric vehicles.

• Got order for the 3 MW series from Juniper Green Energy

• To supply 23 wind turbines with a rated capacity of 3.15 MW each

Source: Exchange filing

• Lists at premium of 42.9% to the issue price on NSE

• Lists at Rs 44 on BSE vs issue price of Rs 28

• Lists at premium of 57.1% to the issue price on BSE

"IT Services sector looks good, despite heady valuation multiples," Morgan Stanley said.

GPT Infraprojects Ltd jumped over 8% after the company informed the bourses it has secured an order worth Rs 135 crore from North Central Railways.

The order from the North Central Railways in Uttar Pradesh is for earthwork on embankment, construction of minor bridges, subways, side drains, and toe walls, the company said.

The contract is a joint venture with GPT Infraprojects Ltd's share being 51%.

Shares of Tata Investment Corp Ltd. were locked in their 5% upper circuit limit in the sixth consecutive session. The stock has gained nearly 40% in the seven-day rally.

Hindustan Aeronautics Ltd rose to fresh high on Thursday after it informed exchanges its LCA IOC contract value has been revised up to Rs 5,077.95 crore from earlier Rs 2,700.87 crore.

HAL has made an amendment to its LOC IOC contract, related to developing Tejas, following which the revision took place, the defense equipment maker said in the exchange filing

Issue price indicates a discount of 2.79% to the floor price

Source: Exchange filing

• Total steel production at 2.15 MT vs 2.05 MT, up 4.9% YoY

• Capacity utilisation at Indian operations level stood at 92%

Source: Exchange filing

M&M's stock fell as much as 4.38% during the day to Rs 1,884.3 apiece on the NSE, the lowest since Feb. 21. It was trading 3.26% lower at Rs 1,906.5 apiece, compared to a 0.57% advance in the benchmark Nifty 50 as of 09:25 a.m.

It has risen 47.8% in the last 12 months. The total traded volume so far in the day stood at 24 times its 30-day average. The relative strength index was at 58.1.

36 out of the 41 analysts tracking M&M have a 'buy' rating on the stock, and as many as five recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 0.9%.'

Benchmark equity indices hit their new lifetime highs in the second consecutive session after U.S. Fed Chair Jerome Powell hinted at rate cuts later in the year.

At pre-open, the S&P BSE Sensex Index was up 156.75 points or 0.21% to hit a high of 74,242.74 while the NSE Nifty 50 was at a new life high of 22,505.30, up 31.25 points 0.14%.

"The Nifty is expected to oscillate within the 22000-23000 range, with significant option activity suggesting resistance at 23000 and support at 21700," Prashanth Tapse, senior VP (Research) at Mehta Equities Ltd.

"Jerome Powell's recent testimony indicated a potential peak in policy rates, boosting Wall Street and shifting focus to upcoming US Nonfarm payroll data," he said.

Shares of HDFC Bank Ltd., State Bank Of India, Bharti Airtel Ltd., JSW Steel Ltd., and Power Grid Corp Of India led the gains.

Meanwhile, shares of Mahindra & Mahindra Ltd., ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. capped the upside.

Most sectoral indices gained at open with Nifty Metal leading. On the other hand, Nifty Auto and Nifty IT fell.

Broader markets outperformed. The S&P BSE Midcap was 0.27% higher, and the S&P BSE Smallcap was 0.76% higher. 

On BSE, six sectors declined and fourteen were higher. The S&P Metal rose the most.

The market breadth was skewed in favour of buyers. Around 1,964 stocks rose, 831 fell, and 102 stocks remained unchanged on BSE.

At pre-open, the S&P BSE Sensex Index was up 156.75 points or 0.21% to hit a high of 74,242.74 while the NSE Nifty 50 was at a new life high of 22,505.30, up 31.25 points 0.14%.

• Two-wheeler sales rise 13% to 14.40 lakh units

• Passenger vehicle sales grow 12% to 3.30 lakh units

• Three-wheeler sales rise 24% to 94,918 units

• Tractor sales rise 11% to 76,626 units

• Commercial vehicle sales rise 5% to 88,367 units

Source: Press Release

The local currency opened flat against the U.S. Dollar at 82.82. 

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.05%.

• It closed at 7.06% on Wednesday

Source: Bloomberg

• To hike base rate by 5 bps to 11.45 from March 13

• To hike benchmark prime lending rate by 5 bps to 16.45% from March 13

Source: Exchange filing

• UBS reiterates 'buy' on BEL, TP of Rs 257 (earlier Rs 205)

• Sharp new order accretion in FY24, possibility for revision in topline

• Execution run rate and cash flow are relevant parameters, largely stable at this stage

• Maintain Buy, assigning a 35x PE to March '26E earnings

• Unit Asian Paints Polymers in pact with Gujarat Chemical Port to set up Ethylene storage & handling facility in Dahej

• Asian Paints Polymers to pay security deposit of Rs 460 crore to Gujarat Chemical Port under the terms of agreement

Source: Exchange filing

Goldencross Pharma completes sale of entire shareholding in Wellthy Therapeutics

Source: Exchange filing

Launches luxury residential project in Whitefield, Bangalore, having revenue potential of Rs 800 crore

Source: Exchange filing

• Prefers UltraTech in large caps, Dalmia Bharat, JK Cement in midcap

• Average cement prices in Q4 down 6% vs Q3FY24

• Cement prices down for fourth consecutive month in Feb

• Significant price fall of 3% MoM in South

• Cement demand sees sequential recovery on govt led infra projects

• Anticipate 10-11% QoQ rise in volumes in Q4FY24

• Favorable fuel prices to cut company fuel costs by Rs 70/tonne in Q4

• Expect industry volume to report 7% CAGR in long term

• TP of Rs 900

• Fast growing, secured and highly profitable MSME lender

• Entry barriers high given operational rigour and low credit costs

• Expect Five Star to scale its AUM 2.5 times to Rs 23k crore by FY27

• Expect NII/ EPS Cagr of 26%/23%

• NIMs to compress and credit costs to increase to 1%

• Clarifies on media reports of Directorate General of GST Intelligence initiating action against co

• Calls media reports baseless and factually incorrect

• Says co has not received any such notice from DGGI as alleged in the media reports

Source: Exchange filing

• Performance influenced by regulatory changes – IRDA and personal tax

• Sustained underperformance seems to be pricing-in the exaggerated fear

• Fundamentals of Life Insurance seem to be overlooked

• Franchise strength (brand, distribution and scale) being ignored

• Turn positive on the medium-term outlook for life insurers

• Upgrade IPRU to 'Buy' with revised TP at Rs 700

• Maintain 'Buy' on SBILIFE with revised TP at Rs 1,800

• Reiterate 'Add' on HDFCLIFE (TP at 700), LIC (TP at Rs 1,200), and MAXF (TP at Rs 1,150)

• Downgrade Indraprastha Gas to 'Reduce' from 'Add'

• Cut IGL Ebitda/scm estimate from Rs 8.2 to Rs 7.4

• Retain BUY on Mahanagar Gas at Rs 1,650 target

• CGD pricing freedom to endure and stay linked to market forces

• Negative narrative around CGDs could only be for pre- election cycle

• Post election outlook on CGDs remain outlook

• Rs 2.5/kg cut in CNG prices equals Rs 1.5 lower EBITDA/scm for MGL and IGL

Nuvama re-iterates buy on MGL with TP of Rs 1,601

• MGL has cut CNG price by INR3.3/scm (3.5%) to pass on lower cost

• View the 15% knee-jerk dip in the stock as an ideal buying opportunity

• CNG is 50/35% more competitive than petrol/diesel—volume boost likely

• At 11 times FY25E PE, MGL shall re-rate in our view

Motilal Oswal Maintains BUY on Mahanagar Gas at Rs 1665 target

• Government focuses on volume growth rather than regulating prices

• End of infra exclusivity only leaves 20% network capacity for new entrant

• Do not believe Mahanagar Gas faces significant risk

• Q4Fy24 earnings to see benefit of lower spot LNG prices

• Expect 4% volume CAGR over Fy23-26

Toll collection at Rs 462.2 crore vs Rs 351.8 crore, up 31% YoY

Source: Exchange filing

• Price target of Rs 3,130

• Expect high double-digit earnings growth over next three years

• Believes faster mall ramp-ups to driver faster FCF conversion

• Believes long term growth expectation to be higher than 4.5% expectation

• Increased estimates of 8.3% for FY24E on increased leasable area for office complexes

• Stock trading at EV/EBITDA multiple of 31.5 times for FY24, below peer average of 34 times

IT Services sector looks good, despite heady valuation multiples

Stick with TCS and Infosys growth visibility highest, margin expectations reasonable

Revenue growth bottoming out in Dec-23 or Mar-24

Hyperscalers' revenue growth has bottomed

Investors' positioning is still underweight, DII positioning one of the lowest

Revising PTs higher where growth visibility is better

Don’t rule out possibility of positive revenue surprise in 2HCY24

• Overweight on TCS with TP at Rs 4600

• Overweight on Infosys with TP of Rs 1,820

• Equal Weight on LTIMindtree with TP at Rs 5,700

• Equal Weight on HCLTechnologies with TP of Rs 1,750

• Underweight on Tech Mahindra with TP of Rs 1,220

• Underweight on Wipro with TP of Rs 475

• Overweight on Coforge with TP of Rs 7,450

• Overweight on Cyient with TP of Rs 2,450

• Equal Weight on Mphasis with TP of Rs 2,700

• Underweight on Tata Elxsi with TP Rs 7,300

• Underweight on L&T Technology Services with TP of Rs 4,600

• Remain constructive on Apollo / Max.

• Hospital stocks over last 1 week are down 10-15% due to SC directive to standardize hospital rates

• SC directive may face implementation challenges due to complexities involved

• Similar regulations have been met with challenges and had to be diluted

• Government’s response is still awaited & uncertainty may remain overhang in near term

• Views correction long-term buying opportunity given structural growth opportunity & high RoCEs.

• U.S. Dollar Index at 103.3

• U.S. 10-year bond yield at 4.12%

• Brent crude down 0.04% at $82.93 per barrel

• Nymex crude down 0.03% at $79.1per barrel

• GIFT Nifty was flat 22,653.50 as of 7:35 a.m.

• Bitcoin was down 0.13% at $66,394.75

• Nifty March futures up by 0.75% to 22,593.05 at a premium of 119 points.

• Nifty March futures open interest up by 9.3%.

• Nifty Bank March futures up by 0.43% to 48,117.45 at a premium of 152.05 points.

• Nifty Bank March futures open interest down by 10.3%.

• Nifty Options March 7 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options March 13 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 48,000.

• Securities in the ban period: Manappuram Finance, Mahanagar Gas, Zee Entertainment Enterprise.

• Price Band changes from 10% to 5%: Ashapura Minechem.

• Price Band changes from 20% to 10%: IIFL Finance.

• Ex/record dividend: Sanofi India.

• Ex/record Stock Split: Manorama Industries.

• Moved out short-term ASM framework: Data Patterns.

• Dollar Industries: Bajrang Kumar Gupta sold 5 lakh shares (0.88%), Fidelity Asian Values PLC bought 1.36 lakh shares (0.24%), Fidelity Funds Asian Smaller Companies Pool bought 3.63 lakh shares (0.64%) at Rs 490 apiece.    

• Zomato: Antfin Singapore Holding sold 17.63 crore shares (2.04%) at Rs 160.4 apiece, while Morgan Stanley Asia bought 5.68 crore shares (0.66%) at Rs 160.1 apiece.

• CarTrade Tech: Springfield Venture International sold 6.32 lakh shares (1.34%), MCP3 SPV LLC sold 3.16 lakh shares (0.67%) at Rs 738.5 apiece, ICICI Prudential Mutual Fund bought 6.77 lakh shares (1.44%), and ICICI Prudential Asset Management bought 2.71 lakh shares (0.57%) at Rs 738.5 apiece.

• Samvardhana Motherson International: Sumitomo Wiring Systems sold 30 crore shares (4.41%) at an average price of Rs 121.11 apiece.

• RBL Bank: Mathew Cyriac bought 32.5 lakh shares (0.54%) at Rs 250.91 apiece.

• R K Swamy: The public issue was subscribed to 25.94 times on day 3. The bids were led by non-institutional investors (34.36 times), retail investors (34.03 times), institutional investors (20.58 times) and reserved for employees (2.52 times).

• JG Chemicals: The public issue was subscribed to 6.4 times on day 2. The bids were led by non-institutional investors (9.64 times), retail investors (8.32 times), and institutional investors (0.45 times).

• Gopal Snacks: The public issue was subscribed to 0.56 times on day 1. The bids were led by non-institutional investors (0.49 times), retail investors (0.89 times), and no bids by institutional investors.

• Mukka Proteins: The company's shares will debut on the stock exchanges on Thursday at an issue price of Rs 28 apiece. The Rs 224 crore IPO was subscribed 136.99 times on its third and final day. Bids were led by non-institutional investors (250.38 times), institutional investors (189.28 times), and retail investors (58.52 times).

• Vedanta: The company is exploring all possible legal solutions, including the possibility of filing a review petition against the top court's decision that rejected the mining giant's plea to restart operations at its copper smelter in Thoothukudi, Tamil Nadu.

• Infosys: The IT major has announced the renewal of its digital innovation partnership with the ATP Tour until 2026, aimed at driving AI-first innovations in professional tennis.

• Hindustan Aeronautics: The company has signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

• Mahindra and Mahindra: Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.

• Bajaj Finserv: The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.

• Asian Paints: The company’s unit entered into the requisite agreements with Gujarat Chemical Port to set up an ethylene storage and handling facility in Dahej, Gujarat.

• Glenmark Pharmaceuticals: The company has started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.

• Life Insurance Corp.: The insurer has increased its stake in LIC Mutual Fund from 40.93% to 44.61% through private placement.

• NLC India: The government will sell up to 9.71 crore shares, including the green shoe option, via an offer for sale at Rs 212 per share.

• Subex: The company announced it has secured a deal with a prominent telecom operator in Southeast Asia for deploying its state-of-the-art business assurance and fraud management solutions on Hyper Sense.

• OnMobile Global: The company appointed François-Charles Sirois, Executive Chairman, as CEO and Sanjay Baweja resigned from the role of ‘Global Chief Executive Officer and Managing Director’.

• Kaynes Technology India: The company’s unit signed a technology provision agreement with ISO to enable the unit to set up a supply chain for OSAT business in India.

• Jupiter Wagons: The company received an order worth Rs 956 crore from the Ministry of Railways for the manufacture and supply of 2,237 BOSM Wagons.

• Bajel Projects: Sanjay Bhagat has resigned as CEO due to personal reasons.

• Seamec: The company’s unit has decided to sell its vessel, Seamec Nidhi, to Joyo Shipping for $10.5 million.

• Cyient: The company has joined the eSync Alliance, a network of businesses focusing on automotive OTA connectivity.

• RedTape: The company incorporated REDTAPE Sports Goods in China.

• GPT Infraprojects: The company received an order worth Rs 135 crore from North Central Railway, Uttar Pradesh.

• Exide Industries: The company will invest Rs 70 crore in unit Chloride Metals to finance long-term capital requirements.

• Allcargo Gati: The company’s total monthly volume for the month of February stood at 104 kilo tonnes, up 15% YoY.

• UPL: The company’s unit, UPL Corp., signed a pact with Masarrah Investment for a manufacturing complex in Saudi Arabia.

• Vikas Lifecare: The company received a patent for a multi-layered plastic recycling process.

Stocks in the Asia-Pacific region were trading higher, tracking Wall Street, which saw a pullback near record highs as traders awaited remarks from Federal Reserve speakers.

While Australian and South Korean stocks traded higher along with those of China's CSI 300 and Taiwan's TWII, Japan's Nikkei and Hong Kong's Hang Seng fell.

U.S. equities fell from record levels, and traders will look out for how the market will manage to absorb heavy Treasury and corporate sales amid month-end positioning.

Brent crude prices were trading at $82.99 a barrel, and WTI crude was trading at the $79.16 mark.

The March futures contract of the GIFT Nifty was trading flat at 22,654.00 as of 7:43 a.m.

India's benchmark stock indices closed lower for the second day in a row on Monday, led by losses in Infosys Ltd. and Asian Paints Ltd.

The NSE Nifty 50 ended 90.65 points, or 0.41%, lower at 22,122.05, and the S&P BSE Sensex fell 352.66 points, or 0.48%, to end at 72,790.13.

Overseas investors became net sellers of Indian equities on Monday. Foreign portfolio investors sold stocks worth Rs 285.1 crore; domestic institutional investors turned net buyers and bought equities worth Rs 5.3 crore after a day of selling, the NSE data showed.

The local currency strengthened by 5 paise to close at 82.90 against the U.S. dollar.