Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Good morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is up 0.29% at 23,177.50 as of 6:46 a.m. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) dipped 0.28% and 2.10% respectively.
India Market Recap
Indian equity benchmarks halted a three-day losing streak on weak global cues, surging oil prices and selloff in HDFC Bank. The NSE Nifty 50 fell 2.9% to below 23,100 and the BSE Sensex fell 3.3% to near 74,200. Intraday, the 30-stock index fell as much as 3.6% or 2,753 points to 73,950 and the 50-share index fell as much as 3.6% to 22,930.
The declines in the benchmark indices were led by HDFC Bank, which slided in trade after its part-time chair Atanu Chakraborty resigned, citing concerns over practices that were not aligned with his personal values and ethics.
Meanwhile, oil prices rose further as strikes on energy infrastructure in the Middle East raised supply concerns. Brent crude May futures climbed 5% to above $116.
US Market Wrap
In the US market, volatility eased in various asset classes as oil's surge faded away and stocks and bonds rebounded from session lows after Israel assured to help the US open the Strait of Hormuz. The S&P 500 recovered most of a 1% drop. The S&P 500 fell 0.3% as of 4 p.m. New York time, while Nasdaq 100 fell 0.3%, according to data collected by Bloomberg.
Treasuries bounced back from their worst point of the session after a rout due to concerns by major central banks will be forced to tighten policy to keep price pressures in check.
Asian Market Update
Asian equities rose after the opening bell on Friday as US stocks bounced back from session lows and oil retreated amid efforts by leaders of the US and Israel to calm concerns over the Iran war, Bloomberg reported.
The MSCI Asia Pacific Index increased 0.3% following a 2.6% loss in the previous session, when strikes on energy assets in the Middle East raised concerns over the economic impact from the war. The Japanese markets are closed today, hence there will be no cash trading in Treasuries during Asian hours.
Commodity Check
Oil fell from its highest close since July 2022, with the US and Israel reassuring investors affected by damage to major Persian Gulf energy facilities. Brent crude dropped to $107 a barrel, while West Texas Intermediate for May stood around $94. Meanwhile, Gold is expected to post biggest weekly loss in six years, as war in the Middle East boosted energy and reduced expectations for rate cuts. The yellow metal traded around $4,640 an ounce on Friday, down nearly 8% this week, the lowest since March 2020, according to Bloomberg data.
ALSO READ:
Stocks In News
- Indo Thai Securities: The company has received ‘No adverse observations' letters from the exchanges regarding its scheme of arrangement and demerger with Indo Thai Financial Services.
- JK Cement: The company has been declared the preferred bidder for the Dommarnandyala Block-3 in Andhra Pradesh.
- Nestle India: The company will invest Rs. 225 crore to add a new "Munch" production line with a capacity of 8,300 tons per annum at its Sanand factory.
- L&T: The company has received No-Observation letters from BSE and NSE regarding its scheme of arrangement with L&T Realty Properties.
- Indiqube Spaces: The company has signed a workspace leasing deal for 1,140 seats in Pune valued at approximately Rs. 54 crore.
- Tata Elxsi: The company has launched a Global Offshore Development Center (ODC) for Terumo Corporation.
- Physicswallah: The company has completed the acquisition of Nextseed Foundation for a consideration of Rs. 1 lakh.
- ASM Technologies: The company has approved an investment of Rs. 80 crore in Asmaitha Wireless Technologies.
- TCS: The company has entered into a pact with ABB for a strategic IT, AI, and engineering partnership.
- Adani Enterprises: The company has approved the conversion of 13.7 crore partly paid-up shares into fully paid-up shares.
- Shanti Gold International: The company has re-appointed Pankajkumar Jagawat as MD and Manojkumar Jain as Whole-Time Director for five-year terms.
- Cipla: The company will invest up to $100 million in its arm Cipla (EU), approved the merger of Inzpera Health, and designated P R Ramesh as Vice-Chairman.
- NTPC: The company has signed an MoU with Octopus Energy Group to explore collaborations in the power and energy sectors.
- Shanthi Gears: The company reports that Ranjan Kumar Pati has resigned from the position of Chief Financial Officer.
- Samvardhana Motherson: The company has approved a JV pact with Hellmann Worldwide Logistics to incorporate a new entity in Dubai with an authorized capital of $10 million.
- Avenue Supermarts: The company has opened a new store in Ambala, bringing its total store count to 464.
- SJVN: The company has achieved a 1 billion-unit generation milestone at its 1,000 MW Bikaner Solar Power Project.
- HG Infra Engineering: The company reports that six of its arms have received consent for voluntary dissolution.
- Wipro: The company has launched a hub in GIFT City dedicated to AI-led transformation for BFSI clients.
- Amber Enterprises: The company will invest Rs. 296 crore in its arm IL JIN Electronics via a rights issue to raise additional capital.
- Tata Investment Corp: The company has designated Bahram N Vakil as the Vice-Chairman of the board.
- Lemon Tree Hotels: The company has signed a pact for a new resort project in Lonavala.
- IREDA: The company has enhanced its borrowing plan to rs. 35,800 crore for fiscal 2026 and up to Rs. 40,000 crore for fiscal 2027; the board will meet on March 25 to consider an interim dividend.
- Firstsource Solutions: The company has launched "Intelligence That Operates," a new agent-first operational model.
- Archean Chemical: The company has approved the merger of its arms ICPL (Idealis Chemicals) and IMPL (Idealis Mudchemie).
- Welspun Corp: The company has approved a payment of Rs. 75 crore to Welspun Living for renewable power supply to its Anjar facility.
- Adani Ports: The company has expressed in-principle interest in acquiring certain assets and control over Kanpur Fertilisers and Chemicals as an implementing entity for Jaiprakash Associates.
- Adani Power: The company has expressed in-principle interest in acquiring certain power assets and investments from Jaiprakash Associates under its resolution plan.
- Gillette India: The company has received the renewal of its Consent to Operate (CTO) from the Rajasthan State Pollution Control Board for its Bhiwadi unit.
- JSW Cement: The company has commissioned a greenfield grinding plant in Rajasthan with a capacity of 2.5 MTPA.
- HCLTech: The company reports that its arm, HCL America Inc., has fully repaid its outstanding notes of $252 million.
- Veranda Learning: The company has received an NCLT order regarding its scheme of amalgamation.
- SBI: SBI Funds files DRHP for IPO. SBI to sell upto 12.8 crore shares (6.3%) via OFS.
- ICICI Lombard: Acquires stake in HDFC Bank for Rs. 39 crore.
IPO Listing
Innovision: The shares will debut on the stock market today. The IPO was subscribed 3.5 times. The company provides manpower services, toll plaza management, and skill development training to clients across India. The issue price is Rs 519 per share.
IPO Open
Central Mine Planning: The issue is entirely an offer for sale of 10.71 crore shares of Rs 1,842.12 crore. Price band is Rs 163-172 per share and lot size of 80 shares. CMPDI provides consultancy and support services for coal and mineral exploration as well as mine planning and design. It is one of India's largest coal and mineral consultancy firms and serves as the preferred consultant for Coal India Ltd. In FY25, the company held a market share of 61%. CMPDI has designed open‑cast mines with an annual production capacity of up to 85 million tonnes and mining depths reaching 420 metres.
Bulk and Block Deals
- Bliss GVS Pharma: ARIAN INVESTMENT sold 10 lk shares, MATEUS bought 9.34 lk shares for Rs. 210.81 per share
- UNO Minda: MINDA INVESTMENTS bought; NIRMAL KUMAR MINDA sold 14.10 lk shares for Rs. 1,100.00
Insider Trades
- Electrosteel Castings: ELECTROSTEEL THERMAL COAL, Promoter Group, bought 2.05 crores shares
- Gallantt Ispat: Gallantt Industry, Promoter Group, bought 76,000 shares
- Ideaforge Technology: Vipul Joshi, Promoter & Director, ANKIT MEHTA, Promoter & Director, each pledged 3.70 lakh shares
- IOL Chemicals & Pharmaceuticals: NCVI Enterprises, Promoter Group, bought 7 lakh shares, Mayadevi Polycot, Promoter Group bought 54,000 shares
- Surya Roshni: Goel Die Cast, Promoter Group, bought 50,000 shares
Corporate Actions
- Metropolis Healthcare: Bonus issue of three shares for every one held.
Board Meeting
- Satin Creditcare Network – Fund Raising
- Thomas Cook (India) - Corporate restructuring proposal
F&O Cues
- Nifty March futures is down 2.74% to 23,125.70 at a premium of 123.55 points.
- Nifty Options 24th March Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 21,000.
- Securities in ban period: SAIL, Sammaan Capital
ALSO READ: Trade Setup For March 20: Nifty Finds Support At 23,000-22,900 Zone
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.