Good morning!
The GIFT Nifty is trading 0.12% higher to 25,666, indicating a flat start to the benchmark Nifty 50 index. The futures contracts for the S&P 500 and the Euro Stoxx 50 are 'up 0.13% and 0.18%, respectively.
Indian equity benchmarks snapped a two-day gaining streak, wiping out all the gains it incurred in the last two trading sessions. The declines in the benchmark indices were led by HDFC Bank Ltd. and L&T Ltd.
The BSE Sensex closed over 1,000 points lower at 82,225, while the NSE Nifty 50 ended 1.1% lower to close below 25,450—below its crucial support level of 25,450 on F&O expiry day. The broader markets, represented by the NSE Nifty 500 Index, fell 0.7%, led by L&T Tech's 8.7% fall, followed by Affle and KPIT Technologies, which declined 7.2% and 6.3% respectively.
US Market Recap
A rebound in technology stocks helped lift the broader market after a sharp selloff sparked by worries over artificial intelligence disruption. Investor mood also improved on stronger consumer confidence data.
Previously battered software shares led gains, pushing the Nasdaq 100 up 1.1%. Advanced Micro Devices surged about 9% after Meta Platforms signalled plans to invest billions in its chips, while Texas Instruments slipped amid concerns over elevated capital spending. Short-term bonds lagged, and gold declined.
Asian Market Update
Asian equities rose at the open after a tech-led rally on Wall Street eased investor anxiety over artificial intelligence–related disruption that had unsettled markets in recent weeks.
Markets in Japan, South Korea and Australia posted early gains, extending the MSCI Asia Pacific Index's advance to a third session. A recovery in previously beaten-down software shares lifted the Nasdaq 100 by 1.1%, with the S&P 500 also climbing ahead of Nvidia's closely watched earnings on Wednesday. Sentiment was further supported by Advanced Micro Devices' agreement with Meta Platforms.
Commodities Check
Oil edged higher as traders assessed the likelihood of a US-Iran nuclear deal ahead of talks on Thursday, while a large US military buildup in the Middle East kept markets cautious. West Texas Intermediate traded near $66 a barrel after ending the previous session down 1%. Brent closed below $71.
Gold slipped modestly, extending the prior session's losses as expectations for near-term US Federal Reserve rate cuts faded.
Bullion traded around $5,130 an ounce in early dealings after falling 1.6% on Tuesday, which ended a four-day run of gains. Rates are likely to remain on hold “for some time,” Boston Fed President Susan Collins said, citing signs of strength in the US labor market.
READ MORE: Oil Prices Climb Higher Ahead Of Geneva Talks On Iran Nuclear Pact
Key Events To Watch
- India's Securities Appellate Tribunal to hear Jane Street petition against SEBI interim order.
- Prime Minister Narendra Modi on a state visit to Israel at the invitation of the Prime Minister of Israel, Benjamin Netanyahu.
Earnings Post Market Hours
Elantas Beck Q3 (Standalone, YoY)
- Revenue up 9.3% at Rs 215 crore versus Rs 197 crore
- EBITDA up 28.7% at Rs 45 crore versus Rs 35 crore
- EBITDA Margin up 320 bps at 20.9% versus 17.7%
- Net Profit up 32.4% at Rs 39.4 crore versus Rs 29.7 crore
Schaeffler India Q3 (Cons, YoY)
- Revenue up 27.5% at Rs 2,724 crore versus Rs 2,136 crore
- EBITDA up 30.7% at Rs 484 crore versus Rs 370 crore
- EBITDA Margin up 50 bps at 17.8% versus 17.3%
- Net Profit up 35.9% at Rs 322 crore versus Rs 237 crore
Stocks In News
- HEG: Its arm, TACC, enters into a pact with INOXAP for the supply of Nitrogen and the operation of a Nitrogen plant at its Madhya Pradesh unit.
- 3M India: The company concludes an Advance Pricing Agreement with CBDT and records a tax expense of Rs 171 crore in its P&L.
- KFin Technologies: The company enables an instant withdrawal facility for subscribers under the NPS Swasthya Scheme.
- RVNL: The company secures a project worth Rs 270 crore from Central Railway.
- Aurobindo Pharma: The company incorporates a new wholly-owned subsidiary named Engenra Biologics.
- Datamatics Global Services: The company's Netherlands-based step-down arm has been liquidated, effective February 18.
- Intellect Design Arena: The company's Purple Fabric platform secures a strategic deal mandate from a leading financial services group in India.
- Himadri Speciality Chemical: The company commences operations at its 70,000 MTPA speciality carbon black manufacturing unit in West Bengal.
- Afcons Infrastructure: A client terminates a road project contract worth €113 million; the company is pursuing legal remedies for the remaining balance portions.
- Dr. Reddy's Laboratories: The US SEC concludes its investigation into alleged payments in Ukraine and recommends no enforcement action against the company.
- Hexaware Technologies: The company expands its collaboration with AWS to deliver AI-enabled software development lifecycle capabilities.
- Exide Industries: The company invests Rs 100 crore in its arm, Exide Energy Solutions.
- Hindalco Industries: The company's arm, AV Minerals, is set to purchase 13.3 lakh shares of the company for $200 million.
- Power Grid: The company successfully commissions a new transmission system project in Rajasthan.
- Waaree Energies: The company's arm receives a Letter of Award (LoA) from SECI for a 300 MW wind power project in Gujarat.
- Onix Solar: The company clarifies it is not an accused entity in the FIR regarding bank guarantee irregularities for a Maharashtra solar project.
- SAMHI Hotels: The company's arm receives approval to develop its second hotel in Bangalore, featuring 235 rooms.
- WeWork India: The company signs an agreement to add 1.6 lakh sq ft of capacity in Pune with an investment of Rs 36 crore.
- Balkrishna Industries (BKT): The company launches a new range of tyres for two-wheelers and medium/heavy commercial trucks.
- JSW Energy: The company receives approval from NSE and BSE for the listing of 95 lakh shares allotted on a preferential basis.
- Lupin: The company receives US FDA approval for Brivaracetam Oral Solution to treat seizures and launches the product in the US market.
- Lemon Tree Hotels: The company signs a license agreement for a new 100-room hotel project in Uttar Pradesh.
- HG Infra Engineering: The company emerges as the L-1 bidder for a major NHAI project valued at Rs 1,582 crore.
- HealthCare Global (HCG): The company plans to issue 82.9 lakh shares at an issue price of Rs 512 per share.
- Adani Ports: Its arm, Astro Offshore PTE, expands its presence by incorporating a new arm, Astro Offshore ME.
- Persistent Systems: The company clarifies that there is no imminent M&A transaction but continues to explore inorganic growth opportunities.
- Utkarsh Small Finance Bank: The bank schedules a meeting with creditors on March 28 to approve the merger with Utkarsh CoreInvest.
- Federal Bank: The bank launches revamped current account variants named ‘Fed Prime' and ‘Shreni CA Premium.'
- Biocon: The company receives US FDA approval for Liraglutide, a drug-device combination for weight management.
- Apollo Pipes: The company acquires an additional 3.34% stake in its arm, Kisan Mouldings, for Rs 9.8 crore.
- 5paisa Capital: The company plans to raise up to Rs 475 crore through a rights issue.
Bulk/Block Deals
63Moons: Niraj Rajnikant Shah bought 2.73 lakh shares at Rs.564.24 per piece.
EFCIL: Setu Securities sold 12 lakh shares at Rs.245.62 per piece.
DEE Development Eng : Jump Trading Financial India bought 9.62 lakh shares at Rs.272.41 per piece, Junomoneta Finsol sold 15.69 lakh shares at Rs.272.79 per piece.
Embassy Office Parks REIT: American Funds Global Balanced Fund sold 1.25 crore units at Rs.420 per piece, Capital Income Builder sold 1.06 crore units at Rs.420 per piece, PPFAS Mutual Fund bought 5.62 crore units at Rs.420 per piece, Small Cap World Fund Inc sold 2.92 crore units at Rs.420 per piece.
One Mobikwik Systems: Saravana Securities D. Sathyamoorthi sold 9 lakh shares at Rs.218.52 per piece.
R&B Denims: Pine Oak Global Fund bought 8.28 lakh shares at Rs.198.60 per piece.
Shares to exit anchor lock-in (next day)
JaroInstitute of Technology: 6 Months Share lock in, 0.3 mn lock in shares,1% of total outstanding shares
Shreeji Shipping Global: 6 Months Share lock in, 10 mn lock in shares, 6% of total outstanding shares
Board Meeting
Vedanta Limited – Fund Raising
IPOs
IPO Open
Omnitech Engineering:
A manufacturing and engineering solutions company
Headquartered in Rajkot, Gujarat and employs over 1,800 employees
Has a diverse global customer base, to over 256 customers across 24 countries, including the USA, India, UAE, Germany, Sweden, UK, France, Australia, and Canada.
Approximately 75% of its revenue comes from exports, with repeat orders averaging over 85%
Total Issue Size: 2,56,82,818 shares (agg. up to Rs. 583 Cr)
Fresh Issue: 1,84,14,096 shares (agg. up to Rs. 418 Cr)
Offer for Sale: 72,68,722 shares of Rs. 5 (agg. up to Rs. 165 Cr)
IPO Updates
Gaudium IVF IPO Update (Day 3)
Overall Subscription at 7.27x
NII portion subscribed 14.05x
Retail portion subscribed 7.6x
QIB portion subscribed 1.62x
PNGS Reva Diamond IPO Update (Day 1)
Overall Subscription at 0.59x (59%)
QIB portion subscribed 0.92x (92%)
Retail portion subscribed 0.37x (37%)
NII portion subscribed 0.07x (7%)
Clean Max Enviro IPO Update (Day 2)
Overall Subscription at 0.45x (45%)
QIB portion subscribed 1.21x
NII portion subscribed 0.41x (41%)
Retail portion subscribed 0.04x (4%)
Shree Ram Twistex IPO Update (Day 2)
Overall Subscription at 0.75x (75%)
Retail portion subscribed 3.46x
NII portion subscribed 2.7x
Insider Trades
La Opala RG: Genesis Exports, Promoter bought 91,100 shares.
Jindal Stainless: JSL Overseas Holding, Promoter Group bought 8.15 lakh shares
Responsive Industries: Fairpoint Tradecom, Promoter Group created pledge of 3 lakh shares
Star Cement: Prem Kumar Bhajanka, Promoter & Director bought 1.16 lakh shares
Info Edge: Sanjeev Bikhchandani, Promoter & Director sold 5 lakh shares
Securities shortlisted in Short - Term ASM Framework Stage: DEE Development Engineers.
Securities to be excluded from ASM Framework: TVS Supply Chain Solutions, GE Power India.
Price Band Changes
From no band to 20%: IRCTC
F&O Cues
Nifty Mar futures is down 0.95% to 25,613.80 at a premium of 189.15 points.
Nifty Options 2nd Mar Expiry: Maximum Call open interest at 25,500 and Maximum Put open interest at 25,000.
Securities in ban period: NIL
Currency Check
The rupee traded in a narrow range on Tuesday and settled 6 paise lower at 90.95 (provisional) against the US dollar amid a firm greenback and higher crude oil prices.
A sharp fall in domestic equity markets and uncertainties over the India-US trade deal further pressured the local unit, while foreign fund inflows lent some support, forex traders said.
ALSO READ: Trade Setup For Feb. 25: Nifty Support At 25,250-25,300 After Snapping Gaining Streak
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