Good morning!
Asia Market Update
Asian equities rose at the open after optimism that more tankers would be able to pass through the crucial Strait of Hormuz lifted gauges on Wall Street. Shares opened higher in Japan, South Korea and Australia, lifting the broader MSCI Asia Pacific Index by 0.8%. Japan's Nikkei 225 added 0.75%, while the Topix jumped more than 1%. South Korea's Kospi rose 2.94%, while Australia's S&P/ASX 200 added 0.27%.
Commodities Check
Oil rose after its first decline in almost a week, as investors assessed threats to supplies in the Middle East against attempts to ease a short-term crunch. Brent advanced towards $102 a barrel, after losing 2.8% on Monday, while West Texas Intermediate was around $95.
Gold was little changed, after the US dollar slipped and traders weighed attempts to contain an oil-supply shock arising from the war in the Middle East. Spot gold was little changed at $5,005.54 an ounce in Singapore. Silver edged up 0.1% to $80.90.
Wall Street Recap
Overnight in the US, stocks rose while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war. The Dow Jones Industrial Average added 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, and the Nasdaq Composite gained 1.22% and settled at 22,374.18.
India Market Recap
Indian equity benchmarks ended higher after a post-lunch rebound, snapping a three-day losing run. The gains in the benchmark indices were led by HDFC Bank and M&M. The BSE Sensex rebounded 1,500 points from the day's low and closed up 1%, or 700 points, above 75,300. The NSE Nifty 50 ended 0.9% higher above 23,340.
Oil prices remained elevated, with WTI crude up 1% at $100.06 a barrel and Brent crude higher by 2.2% at $105.37.
ALSO READ: Trade Setup For March 17: Nifty Faces Resistance At 23,500-23,550 As Index Breaks Losing Streak
Stocks In News
- GMDC: The company enters a strategic collaboration pact with NMDC to explore opportunities in the Rare Earth Elements sector.
- RVNL: The company receives a Letter of Award (LoA) worth Rs 95 crore from NMDC.
- Bharat Forge: PI Opportunities Fund completes the acquisition of a 23% stake in the company's arm, JS Auto, for Rs 300 crore.
- L&T Technology Services: The company launches an Nvidia-powered AI Lung Digital Twin platform for advanced respiratory diagnostics.
- Cupid: The company announces a strategic branding alignment of "Japanese Quality" for its "Made in India" products and is developing a Nitrile female condom.
- Sun Pharma: US FDA accepts the supplemental Biologics License Application (sBLA) for ILUMYA to treat active psoriatic arthritis.
- Sagar Cements: The company will sell a 7.24% stake in its arm, Andhra Cements, via an OFS with a floor price of Rs 52 per share.
- Asian Energy Services: Vedanta extends the company's Operations & Maintenance (O&M) contract for one year at existing rates.
- Tata Motors: The company will increase prices of its commercial vehicles by up to 1.5% starting April 1 to offset rising input and commodity costs.
- Atlanta Electricals: Its arm, Atlanta Trafo, receives approval to convert from a private to a public limited company.
- HUDCO: The board will meet on March 23 to consider a fourth interim dividend and the annual resource plan for FY27.
- Carborundum Universal: The company commences commercial production of thin wheels at its manufacturing unit in Hosur.
- Power Mech Projects: The company secures an order worth Rs 710 crore from Adani Infrastructure Management.
- Tinna Rubber and Infrastructure: Abhay Kumar is appointed as the Chief Financial Officer of the company.
- NOCIL: The company will incur a capex of Rs 130 crore for capacity expansion at its Dahej manufacturing plant.
- GSK Pharma: Juby Chandy resigns from the positions of CFO and Whole-Time Director.
- Fiem Industries: The company commissions a new Electromagnetic Interference (EMI) and Electromagnetic Compatibility (EMC) laboratory in Gurugram.
- Dixon Technologies: The company will provide a corporate guarantee of $10 million in favour of Foxlink.
- RailTel Corp: The company bags a work order worth Rs 42 crore from National Informatics Centre Services Incorporated.
- Arkade Developers: NCLT sanctions a scheme of arrangement between Filmistan Private and the company.
- Thermax: The company's shareholding in its arm FE8PL reduces to 62.15% after a captive user acquires a 14% stake.
- Omaxe: Its arm receives RERA registration for two commercial projects located in Haryana and Punjab.
- MedPlus Health: The company approves the incorporation of a new private company as its arm.
- Alkyl Amines: The company reports logistics disruptions and challenges in procuring Ammonia due to the Middle East conflict; financial impact is currently under assessment.
- India Cements: The company will acquire a 10.8% stake in First Energy 8 for Rs 18.7 crore.
- Waaree Energies: Its arm completes the $30 million acquisition of 53 lakh shares in United Solar Holding; separately, the company intends to contest claims in a sales pact arbitration.
- Reliance Industries (RIL): The company signs a 15-year green ammonia supply pact valued at over $3 billion with Samsung C&T.
- Adani Enterprises: NCLT sanctions a scheme of arrangement to amalgamate Adani Green Tech and Adani Emerging Businesses into the company.
- Astral: The company will acquire a 19% stake in Vena Energy Sustainable Power for Rs 9 crore.
- Nucleus Software: Mrs. Yasmin Javeri Krishan is appointed as the Chairperson of the company.
- Satin Creditcare: The board meeting to consider a fund-raising proposal has been deferred.
- Anand Rathi Wealth: SEBI takes on record the final Private Placement Memorandum for the launch of a new scheme.
- Bajaj Electricals: The company acquires the Morphy Richards brand rights for a consideration of Rs 141 crore.
- Hindustan Zinc: Axis Trustee Services is appointed as the Debenture Trustee for the company.
- Quess Corp: Lohit Bhatia is reappointed as the Group CEO, effective June 1.
- Axiscades Technologies: The company will acquire a 24% stake in Cades Studec Technologies for $1.5 million.
- Zydus Lifesciences: Its arm, Sentynl Therapeutics, enters a pact with PRG S&T to license a molecule for Hutchinson-Gilford Progeria Syndrome.
- Angel One: The board will meet on March 20 to consider a second interim dividend for the current year.
- Redington: Its arm's Gulf region operations are currently restricted and facing increased freight costs due to shipment re-routing.
- Embassy Developments: Three step-down arms are struck off from the register, and the company allots NCDs worth Rs 25 crore.
- Leela Palaces Hotels: The company will invest Rs 231 crore in its arm, Leela Luxe Hotels, which is set to buy a business undertaking from Pai Vista Hotels for Rs 560 crore and has acquired an ultra-luxury resort in Coorg.
- Oberoi Realty: The company enters into a development pact for land parcels located in Mumbai.
- HFCL: The company expects to complete the sale of its 2.18 lakh shares in Nivetti Systems by June 30.
ALSO READ: MakeMyTrip Evaluates India IPO As It Completes Restructuring Of Business
Bulk Deals
- AGI Infra: WIINANCE FINANCIAL SERVICES bought 9.10 lk shares for Rs. 305.29 per share.
- Capacite Infraproject: POLUNIN EMERGING MARKETS SMALL CAP FUND sold 4.31 lakh shares for Rs. 182.74 per share.
- Sundaram Clayton: CHINMAY G PARIKH bought 2.34 lk shares for Rs. 1,271.69 per share.
- Onix Solar Energy: GREENX WEALTH MULTIHORIZONS OPPORTUNITY FUND bought 1.80 lakh shares for Rs. 715 per share, ISHAAN TRADEFIN sold 1.70 lk shares for Rs. 709.4 per share.
Board Meeting
- Five-Star Business Finance – Fund Raising
- Power Finance Corporation – Fund Raising
Insider Trades/Pledge
- MSP Steel & Power: Shree Vinay Finvest, Promoter Group, bought 9.03 lk shares, Jagran Vyapaar, Promoter Group, bought 11.40 lk shares, Ilex, Promoter Group, bought 2 lakh shares.
- NCC: Sirisha Projects, Promoter, bought 4.26 lakh shares.
Trading Tweaks
Price Band changes: NIL
Short Term ASM
- List of securities shortlisted in Short - Term ASM Framework Stage: NIL
- List of securities to be excluded from ASM Framework: GNG Electronics Limited
F&O Cues
- Nifty March futures is up 0.82% to 23,390.00 at a discount of 18.8 points.
- Nifty Options 17th March Expiry: Maximum Call open interest at 24000 and Maximum Put open interest at 22000.
- Securities in ban period: SAIL, SAMMAANCAP
ALSO READ: TCS, Dabur, Kotak Mahindra Bank Among 10% Large-Cap Stocks That Gave Negative Returns In 5 Years
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