Share Market Highlights 26 March 2024: Sensex sheds 361 pts; Nifty settles at 22k; media top drag

Benchmark equity indices Sensex and Nifty declined on Tuesday due to losses in index major Reliance Industries and HDFC Bank amid sustained foreign fund outflows and mixed global trends.

The 30-share BSE Sensex declined by 361.64 points or 0.50 per cent to settle at 72,470.30. During the day, it fell by 468.91 points or 0.64 per cent to 72,363.03.

The NSE Nifty declined 92.05 points or 0.42 per cent to 22,004.70.

The rupee recovered from all-time low level and appreciated 33 paise to close at 83.28 (provisional) against the US dollar on Tuesday on decline in the US dollar and positive Asian currencies. 

Forex traders said weak domestic markets and surge in crude oil prices capped sharp gains for the local unit. 

At the interbank foreign exchange market, the local unit opened at 83.33 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.37.

Technocraft Industries (India) informed that Technocraft Formwork Private Limited, a wholly-owned subsidiary of the Company, will commence production at its new unit in scaffoldings division at Aurangabad, Maharashtra, for manufacturing of aluminium fabrication.

Uno Minda has invested a sum of ₹1.57 crore by way of subscription to equity shares of Uno Minda Tachi-S Seating Private Limited on right issue basis.

Voltas has received an Order from the Office of the State Tax Officer, Cuttack, Odisha, for wrongly levying tax on PCM (percentile completion method) turnover and raised a demand of tax of ₹0.94 crore, interest of ₹0.98 crore and penalty of ₹0.09 crore under Section 73 of the Central Goods and Services Tax Act, 2017 and Odisha Goods and Services Tax Act, 2017. The Company is in the process of filing an appeal against the said Order.

Stock closed at ₹1,100.35 on the NSE, higher by 3.32%.

“Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility. Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts.”

TVS Srichakra informed that Eurogrip Tyres, the 2 & 3-wheeler tyre brand, has launched a brand campaign in IPL 2024.

The stock closed at ₹4,059.90 on the NSE, down by 1.07%.

Hindustan Aeronautics has signed a contract with Guyana Defence Force (GDF), Govt. of Guyana, for supply of two Hindustan-228 commuter aircraft along with Manufacturer Recommended List of Spares (MRLS), Ground Handling EquipmenUGround Support Equipment, Training, Hand-holding at a total value of MUSD 23.37 (approx. ₹194 Crore).

HAL stock surges 4.09% on the NSE, trading at ₹3,300.55.

Exhicon Events Media Solutions Ltd has placed order to import 15,000 Sqm of large span aluminium, German designed hangars and other ancillary items for an aggregating consideration of $7,26,000 from LIRI Architecture Technology (Guangdong) Co., Ltd out of the funds raised from IPO.

Exhicon Events stock declines 5.29 per cent on the BSE, trading at ₹331.

Crude oil prices experienced a slight downturn today, attributed to profit-taking following recent gains, coupled with cautious sentiment ahead of the upcoming U.S. Fed meeting, said Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.

Technically, momentum remains positive, with support levels at 6780/6685 and resistance at 7000, he added.

The board of ZEE Entertainment Enterprises Ltd. (ZEE) has institutionalised a structured Monthly Management Mentorship (3M) Program to guide and enable the management team achieve key performance metrics.

ZEE stock declines 2.04 per cent on the NSE, trading at ₹139.55.

Stocks advanced on BSE at 3 p.m on March 26, 2024, were 1,458 against 2,474 stocks that declined; 128 stocks remain unchanged.

Total stocks traded were 4,060. The number of stocks that recorded a 52-week high was 137, and those that hit a 52-week low was 82. 

In addition, 332 stocks traded in lower circuit, while 310 hit the upper circuit.

Major gainers:

Bajaj Finance (2.46%), Britannia (2.22%), Adani Ports (2.04%), Hindalco (1.85%), LT (1.55%)

Major losers:

Power Grid (-1.98%), Eicher Motors (-1.84%), Bharti Airtel (-1.46%), Wipro (-1.40%), Divi’s Lab (-1.22%)

Archies Ltd has secured purchase orders for supply of paper bags from Daks India Industries Pvt. Ltd. for ₹78.60 lakh.

Archies stock trades at ₹31.45 on the NSE, down by 1.10%.

Bharti Airtel has received order from Department of Telecommunications, Andhra Pradesh LSA, imposing a penalty of ₹7,78,000 for alleged violation of subscriber verification norms. 

Shares decline 1.38% on the NSE trading at ₹1,219.

Affordable Robotic and Automation Ltd’s shares were up by 1.50 per cent after the company reported that its subsidiary Arapl RaaS secured a funding injection of ₹38 crore from its parent company ARAPL, as part of a larger rights issue totaling ₹48 crore.

Read more here.

Garden Reach Shipbuilders & Engineers Ltd has approved the proposal for increase in the authorised share capital from ₹125 crore to ₹200 crore.

GRSE stock rose 1.54% on the NSE, trading at ₹792.90.

Whirlpool of India Ltd informed the stock exchanges that a fire broke out in the Alipur area of Delhi. There were no human injuries or casualties.

Stock traded at ₹1,227.05 on the NSE, down by 0.84%.

Life Insurance Corporation of India has filed an appeal before Commissioner (Appeals), Ahmedabad, on March 26, 2024 against the order issued by Additional Commissioner, Central Goods & Service Tax, Gandhinagar. Appeal has been filed against the order demanding GST of ₹19,64,584 for FY 2017-18 and interest applicable on it along with penalty of ₹19,74,584.

LIC stock inches up 0.22% on the NSE, trading at ₹908.35.

Sanghvi Movers stock rallies 11.19% to hit 52-week high of ₹1,283.75 on the NSE. after the company announced incorporation of subsidiary Sangreen Renewables Private Limited

Aluminium prices on Tuesday marginally rose 0.02 per cent to Rs 209.30 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the Multi Commodity Exchange, aluminium contracts for April delivery marginally increased 5 paise or 0.02 per cent to Rs 209.30 per kg in a business turnover of 3,285 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market. - PTI

Zinc prices on Tuesday fell 0.48 per cent to Rs 219.55 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for April delivery traded lower Rs 1.05 or 0.48 per cent at Rs 219.55 per kg in 3,267 lots.

Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices. - PTI

Coriander prices on Tuesday eased Rs 62 to Rs 7,708 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market.

On the National Commodity and Derivatives Exchange, coriander contracts for the April delivery declined Rs 62 or 0.80 per cent to Rs 7,708 per quintal in 17,375 lots.

Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here. - PTI

Cottonseed oil cake prices on Tuesday decreased Rs 26 to Rs 2,636 per quintal in futures trade as participants reduced their bets following weak trends in spot markets.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for April delivery fell Rs 26 or 0.99 per cent to Rs 2,636 per quintal with an open interest of 75,970 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices. - PTI

Zinc futures (April contract) on the Multi Commodity Exchange (MCX) rallied in the first half of March. However, after facing resistance at ₹227, the contract depreciated. On Monday, it closed at ₹220.60.

The contract has a support at ₹219

OIL (4.38%), GAIL (3.36%), Gujarat Gas (3.21%), Petronet LNG (2.99%)

Sectoral indices trade in a mix. Nifty media, IT, bank, private bank, financial services, and FMCG stocks trade in negative territory

Berger Paints stock inched up 0.06% on the NSE, trading at ₹558.7. The company will produce a stabilising agent for its paints using technology from a college run by the Ramakrishna Mission at Belur in West Bengal’s Howrah district. Company had signed a technology transfer agreement to explore pilot-scale and subsequent industrial-scale production of green ammonia by an electrocatalytic method without using green hydrogen.

Sanghvi Movers (9.25%)

Time Technoplast (8.08%)

IndiGo (4.55%)

Avenue Supermarts (4.15%)

Zomato (2.21%)

Jindal Stainless (1.97%)

Laxmi Organic Industries’ manufacturing unit (1) located at Mahad Industrial Area, MIDC, Raigad, Maharashtra, will be undergoing a scheduled annual turnaround for Boiler inspection in April 2024.

Shares trade at ₹238.60 on the NSE, down by 3.19%.

Major gainers on the NSE at 12 pm:

Bajaj Finance (2.44%), Bajaj Finserv (1.89%), ONGC (1.63%), Adani Ports (1.58%), HDFC Life (1.55%)

Major losers:

Eicher Motors (-1.60%), Power Grid (-1.50%), Divi’s Lab (-1.28%), Wipro (-1.04%), Ultratech(-1.02%)

Stocks advanced on BSE at 12 noon on March 26, 2024, were 1,564 against 2,192 stocks that declined; 170 stocks remain unchanged. Total stocks traded were 3,926. The number of stocks that recorded a 52-week high was 115, and those that hit a 52-week low was 68. 

In addition, 275 stocks traded in lower circuit, while 276 hit the upper circuit

Mayank Cattle Food Ltd has approved the proposal for acquisition of partnership firm, Ajay Industries, by way of slump sale as a going concern basis. The cost of acuisition is ₹7 crore.

Stock of Mayank Cattle is up 1.37% on the BSE, trading at ₹114.90.

Wipro GE Healthcare on Tuesday said it will invest over Rs 8,000 crore in India over the next five years to increase local manufacturing and research and development (R&D).

The company, a leading global medical technology, pharmaceutical diagnostics, and digital solutions provider, said as a part of the investment, its ‘Made in India’ PET CT Discovery IQ scanner will be exported to 15 countries.

Additionally, locally produced Revolution Aspire CT, Revolution ACT and MR breast coils will be manufactured ‘In India for the World’, the company said in a statement. - PTI

Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat.

With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement. - PTI

Sundaram Clayton has declared interim dividend of ₹5.15 per share for equity shares of ₹5 each fully paid up, absorbing a sum of ₹10.42 crore. 

Shares trade at ₹1,356 on the NSE, down by 0.03%.

Nifty 50 opened Tuesday’s session lower at 21,948 versus last week’s close of 22,097. It then recovered marginally and is now hovering around 22,020, down about 0.4 per cent so far today.

The advances/ declines ratio of the Nifty 50 stands at 15/35, giving the index a bearish inclination. Bajaj Finance, up 2.2 per cent, is the top gainer, whereas Power Grid Corporation of India, down 2 per cent, is the top loser.

Shivalik Rasayan has received all the approvals to construct RG-4 at Dahej Unit-I from GIDC. The vendors/ contractors are finalised and the construction activities started.

Stock trades at ₹571.70 on the NSE, down by 1.56%.

Bank Nifty opened today’s session with a gap-down at 46,553 as against last week’s close of 46,864. It recovered a bit and is now at 46,650, down 0.5 per cent so far today.

The advance-decline ratio stands at 6:6 and therefore there is no bias on either side.

Punjab National Bank, up 0.5 per cent, is the top performer whereas HDFC Bank, down 0.7 per cent, is the top loser

Bharti Airtel’s arm Bharti Hexacom on Tuesday said it has fixed a price band of Rs 542 to Rs 570 per share for its Rs 4,275-crore initial public offering (IPO).

The initial share-sale of the telecom operator’s arm will be open for public subscription during April 3-5, and the bidding for anchor investors will open for a day on April 2, the company said in a public notice.

This will mark the first public offering in the 2024-25 fiscal year.

The company’s IPO is entirely an offer-for-sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component.

Since it is an offer-for-sale or OFS, Bharti Hexacom will not receive any proceeds from the IPO.

At present, promoter Bharti Airtel holds 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India.

Bharti Hexacom provides telecommunication services in Rajasthan and the North East.

At the upper-end of the price band, the IPO size will be Rs 4,275 crore. About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Bharti Hexacom, which filed its preliminary IPO papers with Sebi on January 20, obtained its nod on March 11, to float the maiden public issue.

SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers of the public issue. - PTI

Gold prices were stuck in a tight range on Tuesday as investor focus turns to U.S. inflation data due later this week, which could shed more light on the timing of the Federal Reserve’s first interest rate cut this year.

Spot gold was flat at $2,170.59 per ounce, as of 0310 GMT. U.S. gold futures edged 0.2% lower to $2,171.20 per ounce.

“We are lacking fresh catalysts, but for now the market seems to be consolidating - taking the proverbial breath after a fairly aggressive run,” Kyle Rodda, a financial market analyst at Capital.com said.

“The next move probably hinges on this week’s PCE Index release. Evidence of further disinflation in the U.S., which would ease fears of prices accelerating or at least re-anchoring at a higher level, would be very bullish for gold.” - Reuters

Most base metals fell on Tuesday, with copper prices in London falling to their lowest levels in nearly two weeks, on a weaker Chinese yuan.

Three-month copper on the London Metal Exchange (LME) fell 0.4% to $8,834 per metric ton by 0448 GMT. The contract dropped as much as 0.7% earlier in the session to $8,810, the lowest since March 13.

The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) declined 0.8% to 71,890 yuan ($9,960.8) a ton. It hit as low as 71,720 yuan earlier in the session, the lowest since March 15.

The China’s yuan eased against the dollar due to expectations that easier monetary policy at home and a strengthening dollar will lead to more weakness in the Chinese currency.

China is the world’s biggest metals consumer and imports many metals, so a weakness in the yuan softens Chinese purchasing power for greenback-priced commodities. - Reuters

Aaa Technologies has received purchase order from National Informatics Centre Services Incorporated (NICSI) (A Government of India Enterprise under NIC), Ministry of Electronics and Information Technology to perform security audit of National Data Centers of National Informatics Centre (NIC)- Pune and Hyderabad. 

Shares trade at ₹86 on the NSE, down by 2.49%.

Medicamen Biotech Ltd informed that the Ethiopian FDA has conducted audit of Oncology Plant, Haridwar. The company awaits the plant approval from FDA and has submitted dossiers for 10 oncology products in Ethiopia. 

Stock trades at ₹409.45 on the NSE, down by 0.98%.

Ashok Leyland stock rises 1.05% on the NSE, trading at ₹168.40. The company declared an interim dividend of ₹4.95 per equity share of ₹1 each, for the financial year ending 2023-24. The record date is April 3, 2024. The said interim dividend, would be paid, on or before April 23, 2024.

Som Distilleries & Breweries informed the stock exchanges about the commencement of trial production at its subsidiary Woodpecker Distilleries and Breweries Private Limited.

SDBL stock inched up 0.99% on the NSE, trading at ₹274.70.

Major gainers on the BSE at 11 am:

Electrosteel Castings (6.47%), RVNL (5.96%), BBL (5.64%), OIL (5.40%), Apar Industries (5.30%)

Major losers:

Dhani Services (-5.71%), IIFL(-4.49%), Delhivery (-4.34%), HCC (-4.10%), Kotak S&P BSE Sensex ETF (-3.91%)

The FOMC’s decision to hold interest rates steady at 5.25-5.5% reflects confidence in the US market’s upward economic trajectory. Despite maintaining a forecast of lowering rates to 4.6% by 2024, the latest “dot plot” indicates a shift in expectations, with fewer members anticipating multiple rate cuts this year. With signs of economic resilience and a willingness to tolerate temporary inflation fluctuations, the Federal Reserve is Fuelling Bullish Sentiment in US Markets

Similarly, as anticipated, the People’s Bank of China maintained unchanged lending rates in March, keeping the five-year rate steady at 3.95% after a 25 basis points reduction in February, aligning with efforts to boost economic growth amid property sector challenges and low consumer confidence.

India’s HSBC flash manufacturing Purchasing Managers’ Index (PMI) reached a 14-year high of 59.2 in March, indicating significant expansion in the manufacturing sector. Despite a slight decline in the flash services PMI, the overall composite PMI rose to an eight-month high of 61.3, signaling robust economic activity. Both manufacturing and composite PMIs have consistently remained above the 50-point threshold for expansion, showcasing sustained growth. The improvement in PMI figures reflects India’s resilient economic performance, with positive implications for future growth prospects.

“In a landscape marked by economic shifts, the steady hand of the Federal Reserve, along with the unwavering stance of the People’s Bank of China, India’s impressive PMI figures underscore resilience in the face of challenges. As value investors, we recognize that amidst volatility lies opportunity, and these indicators offer valuable insight for prudent long-term investments.”

The overall Indian market performed better for the week. Realty, Auto, Metal, Energy, PSU Banks, Media, and Oil & Gas sectors were up, and the sector that fell the most was the IT sector. FII were net sellers Rs 8,365 crores and DII were net buyers 19251 crores.

The key benchmark indices witnessed a roller-coaster move before closing the week in positive territory. Initially, prices declined to a five-week low amid escalating concerns about froth building in the midcap and smallcap segments. Nifty and Sensex prices settled the week at 22096.75 & 72831.94 up 0.33% and 0.26% respectively. However, the market saw a rebound as bargain hunters stepped in following the announcement from U.S. monetary authorities indicating a potential series of interest rate cuts throughout the year. Policymakers intend to reduce interest rates three times this year, aligning with the quarterly forecasts from December. Investor sentiment was further buoyed by optimistic forecasts of robust manufacturing and service sector activities in India for March. Additionally, the U.S. 10-year bond yield retreated from a nearly three-month high, reflecting increasing expectations of a reduction in the key benchmark rate.

In Nifty, the prices are expected to be in the range of 21,750-22,350 levels and if the index decisively closes below 21,800 then 21,650 may be the next support for the Nifty 50, while the immediate resistance is likely to be 22200 and then 22,300. Sustaining above 22000 could pull Nifty towards the crucial overhead resistance around 22,200-22,400 levels in the short term. Any decline from 21850 could drag the Nifty down to 21,700 level again in the near term.

In Banknifty, strong support is currently placed at the 46000 level. The Bank Nifty index persists in a “buy on decline” stance until the support below 45800 is convincingly surpassed on a closing basis. In upcoming levels, we can expect R1 to be placed at 47000 levels and S1 to be placed at 46200 levels. Over the short term, the index could move towards 47,500; a decisive move beyond 47,200 might propel it towards 48000.

Wealthmills Securities

Investors closely monitored the rate decision by global central banks. Fed maintained status quo and the ‘dot plot’ reflected the possibility of 3-rate cut this year. BoE also hinted at the likelihood of rate cuts. Swiss National Bank sprang into action as it announced a 25bps rate cut. On the other hand, BoJ ended the negative interest rate cycle after 17-years. The focus in the ongoing holiday-shortened week will shift towards PCE data. In Jan’24, headline PCE and core PCE inflation was at 2.4% and 2.8% respectively. It is expected to inch up to 2.5%. Thus, remaining far off from the Fed’s target of 2%. Separately in Japan, services PPI edged up to 2.1% in Feb’24 (same rate as Jan’24).

Global stock indices ended lower. Post the rally in US indices, the week started on a sombre note as investors tried to assess the future path of interest rate ahead of the release of key inflation figure. Amongst other indices, Nikkei (1.2%) dropped the most followed by losses in Shanghai Comp (0.7%). Sensex is trading lower in the morning session today while other Asian indices are trading mixed.

IIFL Finance stock falls 4.68 per cent on the NSE, trading at 318.60, and JM Financial stock is down by 2.70 per cent on the NSE trading at ₹72.10. The companies will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The Reserve Bank has floated two separate tenders for the appointment of auditors for special audits of these two non-banking finance companies.

• Stability in gold prices after recent fluctuations, attributed to clarity on future interest rate decisions.
• Dollar index stabilization contributes to gold’s stability.
• Increased gold demand due to expectations of lower interest rates, low yields on fixed income assets.
• Safe-haven demand, central bank purchases, and geopolitical tensions support gold prices.
• Market awaits consumer confidence index data for further direction.
• High participation in gold may lead to price correction; consolidation expected.
• Gold rally observed up to ₹68,000; potential correction to ₹63,400 levels.

RVNL surges 6.58 per cent on the NSE, trading at ₹266.30. The company recently signed MoU with Airports Authority of India (AAI) for construction of Subway/Underpass to connect operational area to the Airport Authority of India residential colony in Kolkata.

Having set a target to produce 60 per cent of the country’s green hydrogen by 2030, Gujarat is working on launching a “green hydrogen policy” and is simultaneously working on pilot projects for blending hydrogen with Piped Natural Gas (PNG) in the state.

“We have set a target to produce 3 MMPTA (million metric tonne per annum) of green hydrogen by 2030. This will be adds up to more than half of the 5 MMPTA target set by the country. We are therefore in the final stages of launching a new Green Hydrogen policy,” a state government official on conditions of anonymity told businessline.

Read more here.

ITCONS E-Solutions Ltd has entered into a master service agreement (MSA) with HCL Technologies Ltd to provide staffing services for various projects in India and abroad.

ITCONS stock declines 2.14 per cent on the BSE, trading at ₹52.50. Meanwhile, HCL Tech stock inches up 0.47 per cent on the NSE trading at ₹1,565.10.

MBL Infrastructure informed the exchanges that the Learned Arbitral Tribunal passed unanimous award in favour of the Company against Public Works Department, Government of Uttarakhand for a completed Road project of “improvement or strengthening of State Roads, Contract Package no. 5” in the State of Uttarakhand for a sum of ₹17.24 crore plus future interest of 12% p.a. from the date of Award to the actual date of payment unless the same is paid within 90 days of the date of the Award along with declaratory award of GST. 

MBL stock surges 4.93% on the NSE, trading at ₹54.25.

Final Surrender Value Norms Seem Manageable On Initial Read

Final Norms Are Largely Unchanged Vs Existing Norms 

Initial Discussions w.r.t Surrender Value Suggest Low Risk To VNB Margin 

Expect HDFC Life To Perform Better In The Near Term

integrated Margins Are Tracking Above Mid-cycle

View Of A Consensus Upgrade Cycle In F25 Remains Fully Intact 

IOC & BPCL Are Preferred Picks 

Exports Of 2-wheelers Remain On A Slow Lane 

Exports Have Been Weak For Both Bajaj & TVS In Recent Years 

Export Recovery To Be Gradual In 2024 & Full Benefit Likely Visible In 2025 & 2026 

Maintain Buy On Bajaj Auto, Target Rs 9,400 

Positive Stance On Bajaj Hinges On Its Well-diversified Business 

Maintain Hold Call On TVS Motor, Target Rs 2,300 

TVS Has Gained Share In Scooters, Exports & Likely Now In Motorcycles Too

Maintain Outperform, Target Rs 1,133 

JLR Retail Volumes Increased By 10% YoY In The First Two Months Of 2024 

JLR Posted A 4.5% YoY Improvement In Retail Volumes In Feb 2024 

Volume Growth Muted On 46% YoY Drop In Chinese Volumes On High Base 

Jaguar Discounts Increased Whereas Landrover Saw A Decline In Feb 

Expect JLR’s Profitability To Remain Strong 

Expect Co To Gain Market Share In Domestic PV Segment

Maintain Buy Call, Target Rs 820 

Agmt With Starcharge Expands Its Capability To EV-passenger Car Segment 

Starcharge Agmt Will Help Develop Local Mfg Base & Drive Import Substitution 

Addressable Opportunity Will Be Limited To OEM Sales For Now 

Co Has A Strong Track Record Of Scaling Up In Newer Segments 

SKM Egg Products Export (India) received assessment order for the Assessment Year-2021-22. Order passed under 143(3) of the Income Tax Act 1961 demanding a sum of ₹2,11,52,360 (including interest).

Shares fell 4.99% on the NSE, trading at ₹231.55.

Jindal Steel stock hits 52-week high at ₹867.70. Currently trades at ₹850.80, higher by 2.15% on the NSE. The Exchange has earler sought clarification from Jindal Steel & Power Limited with respect to a news item captioned Jindal Steel & Power takes on ops at Venezuela’s largest iron-ore mill. The response from the Company is awaited.

Indian benchmark indices saw the NSE Nifty down by 0.34% or 74.30 points at 22,022, while the BSE Sensex was at 72,538, a decline of 0.40% or 293 points at 10.08 a.m. A total of 3,307 stocks were actively traded, with 1,345 advancing, 1,783 declining, and 179 remaining unchanged. Additionally, 53 stocks hit a 52-week high and 44 stocks hit a 52-week low at 9.30 a.m. on Tuesday.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is likely to consolidate during the week due to the absence of significant triggers for sharp up or down moves. The Fed’s optimistic message has boosted confidence in global markets, supported by strong growth momentum in the Indian economy. The recent trend of largecaps outperforming the broader market is expected to continue, while smallcap valuations remain high.

Major gainers on the NSE at 9.30 a.m. included HDFC Life (2.02%), Adani Ports (1.70%), Adani Enterprises (1.66%), Bajaj Finance (1.57%), and Coal India (1.41%). Major losers included Power Grid (-2.32%), Britannia (-1.64%), Maruti (-1.06%), Bharti Airtel (-0.80%), and Infosys (-0.65%). BSE smallcap was down by 0.56% and midcap down by 0.18%.

Uno Minda stock rose 1.66% on the NSE trading at ₹660 after signing technical license agreement (TLA) with StarCharge Energy Pte.Ltd.

Sundram Fasteners has received an order fro Commissioner of Customs, imposing fine of ₹50,000 under Regulation 4(3) read with Regulation 4(4) of Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018.

Shares trade at ₹1,039.95 on the NSE, up 0.04%.

Ujjivan Small Finance Bank enters into a partnership with Veefin Solutions to offer supply chain finance offerings to meet the working capital needs for MSMEs.

Ujjivan Small Finance stock inches up 0.76% to trade at ₹46.45.

Zydus Family Trust, being the member of promoter and promoter group of Zydus Lifesciences, intends to sell the Equity Shares of the Company in the open market.

Zydus Lifesciences stock traded at ₹1,006.95 on the NSE, up 0.72%.

Valor Estate (formerly known as DB Realty) clarified concerns stemming from the recent pronouncement by High Court of Delhi regarding the matter of CBI vs. A. Raja & Others (2G spectrum allocation Case), particularly pertaining to the grant of leave to appeal. 

“We hereby unequivocally affirm that our Company has never been arraigned as an accused in the 2G spectrum allocation case. Thus, any allusion to our Company in this context is factually incorrect and misplaced,” it said in its regulatory filing.

Stock declined 0.38% on the NSE to trade at ₹197.95.

Hindustan Unilever Ltd,. for acquisition of 27.73% stake in the equity share capital of Transition Sustainable Energy Services One Private Limited, has completed the acquisition of 22.33% shareholding of SPV for a total consideration of ₹2,23,300 for the first tranche.

Stock hit a 52-week low today at ₹2,232. Currently trades at ₹2,246.35, lower by 0.45%.

- The Indian aviation market is highly underpenetrated currently, which provides huge room for growth for domestic players. This growth trajectory will be aided by increasing airport infrastructure and capacity additions in terms of aircraft orders, which could make India the third-largest aviation market in the world by CY35.

- INDIGO highlighted its three-pillar strategy for growth: affordable fares, lower cancellations and on-time performance. It also seeks to enhance customer experience and invest in talent. INDIGO aims to significantly expand its international network.

- The management has also been making efforts to increase its global brand awareness. The stock is trading at ~14x FY26E EPS of INR238and 7x FY26E EV/ EBITDAR. We maintain our Neutral rating on the stock with a TP of INR3,510 as we believe that INDIGO would have to navigate through various challenges in the near to medium term.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Market is likely to consolidate this week in the absence of any known triggers for sharp up or down moves. Since the week is a truncated week of three trading days, volumes have dipped markedly indicating absence of significant directional move.

The Fed’s optimistic message has imparted resilience to the mother market US and this will impart confidence in markets, globally. The strong growth momentum in the Indian economy will provide the fundamental support to the market.

The recent trend of outperformance of the largecaps over the broader market, particularly the smallcaps, is likely to continue. Some froth in the broader market has been removed, but smallcap valuations continue to be high.

While the market consolidates around the current levels, dips can be used to buy high quality largecaps.”

Tejas Networks has signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency) and NTI (National Telecom Institute) to replicate its experience of implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt. 

Shares trade at ₹690.40 on the NSE, up 0.49%.

DreamFolks has inaugurated a computer lab for students at Government Model Sanskriti Primary School in Tigra village, Sector 57, Gurugram. Stock inched up 0.11% on the NSE, trading at ₹479.

RateGain Travel Technologies Limited announced partnership between its AI-powered airline pricing solution, AirGain, and Summerwind GSA, a distinguished General Sales Agent (GSA) for its innovative approach to airline representation.

Stock rose 1.92% on the NSE, trading at ₹779.90.

Major gainers on the NSE at 9.30 am:

HDFC Life (2.02%), Adani Ports (1.70%), Adani Enterprises (1.66%), Bajaj Finance (1.57%), Coal India (1.41%)

Major losers:

Power Grid (-2.32%), Britannia (-1.64%), Maruti (-1.06%), Bharti Airtel (-0.80%), Infosys (-0.65%)

LKP Research

Karnataka Bank is witnessing structural transformation under new management, which has taken various steps in the previous year. The reorganization of several departments, making robust underwriting process and cross selling opportunities are few of them. The bank has a mediocre track record. The period of FY14-20 was stressed period of the bank, whereas FY05-13 was a stable period. Post-covid the bank has been witnessing slower growth because of structural changes. Around one-third of key management team has changed in last two years which includes, CEO, CFO, CPO and CIO. The bank is poised for a growth rejuvenation aided by comfortable LDR (74% as on 3QFY24) and ample liquidity (LCR of 266%). In near term, the major growth is expected to come from AA and AAA rated corporate loans. However, retail loan pick up would take time as organization changes are in progress and implementation process (cannot be quantified) will be sooner than expected.

Moreover, we expect the bank’s margin (3.3% as on 3QFY24) to stay stable given granular deposit franchise (78% LCR retail deposits) and meaningful contribution of MCLR (22% contribution) and fixed rate (22% contribution) linked loans. Along with asset quality improvement, we expect the credit cost to remain benign. The capital infusion (₹15 billion) would further strengthen the CET-1, which may dilute the ROE by 20bps however, provide growth in mid run. We have conservatively estimated FY26E ROA/ROE of 1.2%/14.8% against the management guidance of 1.4%/16%. The improving growth, efficiency and profitability may drive re-rating for the bank as it trades below its book value (trailing P/B of 0.9x). We are recommending BUY given favourable risk reward.

Indian equity market extended its gains after opening lower supported by dovish comments from the Bank of England. After an initial brief decline due to a sell-off in information technology stocks after a major global IT company slashed its full-year revenue guidance on concerns over global uncertainty, the markets continued to rise as optimism about central banks cutting interest rates supported the overall sentiment.

Bond yields surged as states surprised the market by announcing plans to hold another record debt sale during the holiday-truncated last week of the fiscal year.

The yield on the 10-year benchmark paper (7.18% GS 2033) rose by 4 bps to close at 7.09% as compared to the previous close of 7.05%.

Crude oil futures traded marginally lower on Tuesday morning despite tighter supply outlook in the coming months. At 9.12 am on Tuesday, June Brent oil futures were at $86.07, down by 0.01 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $81.94, down by 0.01 per cent. April crude oil futures were trading at ₹6829 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6824, up by 0.07 per cent, and May futures were trading at ₹6796 against the previous close of ₹6788, up by 0.12 per cent.

Indian benchmark indices, Sensex and Nifty, started Tuesday with a negative bias following a long weekend. Analysts anticipate market volatility before the monthly F&O settlement. Additionally, adjustments in accounts as fiscal 2024 concludes are expected to contribute to market volatility. 

In early trade, the 30-share BSE Sensex declined by 183.02 points to 72,648.92, while the NSE Nifty dropped 43.10 points to 22,053.65. Experts said stocks are likely to gain towards the weekend due to mutual funds’ NAV propping. However, with Friday being a holiday due to “Good Friday,” analysts expect trading interest to remain low. The domestic markets remained volatile during the week, with the expectations and outcome of the FOMC meeting being the focal point.

With the FOMC meeting indicating rate cuts in its announcement, sentiment improved marginally towards the end of the week. “Going forward, volatility is expected to be at the forefront as valuation-related concerns still linger. The earnings season will be critical to gauge the actual “froth” in the markets,” said Joseph Thomas, Head of Research, Emkay Wealth Management.

However, equities across the Asia-Pacific region were mixed in early deal Tuesday.

Analysts expect the market to remain stable and may recover in the second half of the trading session. However, the focus would be on foreign portfolio investors, who, of late, turned sellers. They said debts will attract more inflows going forward.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “An interesting feature of the foreign portfolio investment in India this fiscal is the steady growth in debt investment in sharp contrast to the volatile equity investment. This rising trend in debt investment is evident in March, too, with inflows of ₹13,223 crore in debt through 22nd March. The fundamental reason for this sustained FPI flow into debt is the inclusion of Indian bonds in the JP Morgan EM Bond Fund and Bloomberg Bond Index, which is expected to bring in around $25 billion. This investment will begin only by June 2024, and, therefore, FPIs are doing some front-running in view of this potential investment, he said.

FPI inflows into debt are likely to continue going forward. However, a sharp surge in debt flows is unlikely since the US bond yields have also risen in recent days. If the differential between developed market bond yields, particularly US bonds, and Indian bond yields decline, the debt inflows will moderate, he further said. Some analysts expect a recent strong correction in mid- and small-cap has provided buying opportunities at select counters.

According to Emkay Global Research, “the correction in March is an entry opportunity from a 6-12 month perspective, in our opinion.” Stretched valuations catalysed the fall, and there are worries about liquidity risk in SMID funds. Fundamentals remain strong with broad-based earnings growth continuing in FY25, albeit with some deceleration, it said, adding that “We expect the market to rebound in 3-6 months, when SMIDs would start to outperform again and the ‘hide in large-caps’ trade would unwind.”

# US cotton futures hit 91 cents per lb, their lowest since February 20th.

# Third consecutive week of losses due to dollar strength and subdued demand.

# US cotton faces global competition from Brazilian and Australian cotton.

# US Department of Agriculture reports net sales of 92,600 RB for 2023/24, an 8% increase from previous week and a 20% rise from previous 4-week average.

# China remains the top buyer of US cotton.

Silver rises on anticipation of rate cuts, a weaker dollar, and increased global concerns. Higher bond rates limited profits. Tensions in Eastern Europe and the Middle East supported prices. Fed Governor Lisa Cook said that the US central bank should proceed with caution when deciding whether to begin decreasing interest rates. Investors are now anticipating data on the US core personal consumption expenditure price index, which is due on Friday. The PCE price index is expected to rise 0.3% in February, keeping the annual pace at 2.8%.

Key economic data slated for release includes Core Durable Goods Orders m/m, Durable Goods Orders m/m, CB Consumer Confidence from US Zone.

Ashok Leyland: The company has declared an interim dividend of 4.95 rupees per equity share for the financial year ending 2023-24. The company has fixed April 3 as the record date for the purpose of determining the members eligible to receive the interim dividend.

GENPHARMA

General 

GRSE 

Increase in Authorised Capital

IGCIL 

General 

INDLEASE 

General 

INDOBORAX 

General

KEIL 

General 

MINFY 

General

RKSWAMY 

Quarterly Results 

SPAR 

General 

SUNCLAY 

Interim Dividend 

WOCKPHARMA 

General

GARFIBRES

Buy Back of Shares 

UVDRHOR 

Stock Split From Rs.10/- to Rs.5/- 

GIFT Nifty -30 pts (22125) from last trade 22155 , 

Nikkei +44 pts , 

Hangseng +75 pts , 

Now @6.52am . 

Dow -162.26 pts ,Nsdq -44.35 pts, S&P 

-15.99 pts , Bovespa -95 pts , Ftse -13 pts , Dax +55 pts , Cac -0.33 pts , Crude @ $81.98 brl (+0.03), Brent @ $86.75 brl (-0.00) , Gold @ 2173.20 (-3.20), Silver $24.815 (-0.07), Euro @ $1.0836, JPY @ $151.40, INR @ 83.405

Gold prices rose slightly, helped by a lower dollar, as investors turned their attention to U.S. inflation data anticipated later this week, which might offer further insight on the timing of the Federal Reserve’s first interest rate decrease of the year. Despite recent strong inflation readings, Fed members stated that they planned to lower interest rates by three-quarters of a percentage point by the end of 2024. Austan Goolsbee, President of the Chicago Fed Bank, stated on Monday that at the Fed’s policy meeting last week, he pencilled in three rate cuts this year. According to the CME Group’s FedWatch Tool, traders expect the Fed to begin reducing interest rates in June with a 70% chance. 

Key economic data slated for release includes Core Durable Goods Orders m/m, Durable Goods Orders m/m, CB Consumer Confidence from US Zone.

HSBC on Bajaj Auto: Maintain Buy on Company, target price at Rs 9400/Sh (Positive) 

CLSA on Tata Motors: Maintain Outperform on Company, target price at Rs 1133/Sh (Positive) 

Citi on Indigo: Maintain Buy on Company, target price at Rs 3700/sh (Positive) 

Jefferies on Indigo: Upgrade to Hold on Company, raise target price at Rs 3435/sh (Positive) 

Citi on IOCL: Maintain Buy on Company, target price at Rs 195/sh (Positive) 

CLSA on Insurance: HDFC Life and Max Life should see most relief as they were the worst affected (Positive) 

Morgan Stanley notes on life insurers: Expect HDFC Life to perform better in the near term (Positive) 

Investec on Godrej Consumer: Maintain Buy on Company, target price at Rs 1418/sh (Positive) 

Kotak on Lal Pathlabs: Upgrade to Add on Company, raise target price at Rs 2360/sh (Positive) 

Kotak on Metropolis: Maintain Neutral on Company, raise target price at Rs 1600/sh (Positive) 

UBS on Bharti Airtel: Maintain Neutral on Company, raise target price at Rs 1310/sh (Positive) 

UBS on Vodafone Idea: Upgrade to Neutral on Company, raise target price at Rs 13/sh (Positive) 

HSBC on TVS Motors: Maintain Buy on Company, target price at Rs 2300/Sh (Positive) 

Nomura on Uno Minda: Maintain Buy on Company, raise target price at Rs 820/Sh (Positive) 

Emkay on Coal India: Maintain Buy on Company, raise target price at Rs 550/Sh (Positive) 

Morgan Stanley says integrated margins are tracking above mid-cycle, when it comes to OMCs, adding that IOC and BPCL are its preferred picks (Positive) 

CLSA on HDFC Bank: Maintain Outperform on Company, target price at Rs 1650/sh (Neutral) 

Jefferies on Pidilite: Maintain Hold on Company, target price at Rs 2930/Sh (Neutral) 

MS on Coforge: Maintain Overweight on Company, target price at Rs 7450/sh (Neutral) 

Nomura on Crompton: Maintain Neutral on Company, target price at Rs 320/Sh (Neutral) 

BofA on Tata Power: Downgrade to Underperform on Company, raise target price at Rs 322/Sh (Neutral)

Fitch Ratings-Barcelona/Hong Kong-24 March 2024: The majority of APAC banking jurisdictions are set to take the latest global iteration of Basel capital standards in their stride, says Fitch Ratings.

Banking groups in most APAC markets have been able to absorb the moderate increases in capital requirements required under the final Basel III standards, due to prevailing conservative regulatory approaches and less extensive use of internal models within the region. Few have implemented the rules in full so far, but we expect the transition will not have a substantial impact on capital requirements over the next two years - by which time adoption should be complete in most major APAC jurisdictions. This contrasts with US bank regulators’ estimate that adoption would cause a 16% increase in common equity requirements for large US banks - although the actual impact is likely to be lower if US authorities adopt less onerous rules - as suggested by the Federal Reserve Chair earlier in March 2024.

Australia adopted the final Basel III package from 1 January 2023, which resulted in reported domestic bank common equity Tier 1 ratios improving by up to 100bp for the major banks, due to an easing in some of the conservative risk-weighted asset (RWA) calculations in place prior to the switch. Similarly, Indonesia’s pilot application of revised standardised approaches from January 2023 improved Tier 1 capital ratios initially by up to 300bp.

These observations align with the Basel Committee on Banking Supervision’s (Basel Committee) March 2024 monitoring report. This estimates, using end-June 2023 balance sheets, that a fully phased-in implementation of the final Basel III framework could lower tier-1 minimum required capital for internationally active large APAC banks (disclosed in the publication as the ’Rest of the world’ category, but predominantly APAC) by an average of 0.8%. This compares with its estimated tier-1 requirements being 18.3% and 1.3% higher for the large European and Americas banks, respectively, albeit based on a full transposition of Basel rules, which sometimes differ significantly from actual legislative proposals.

China launched its domestic implementation of final Basel III at the start of 2024, and will be followed by Japanese internationally active banks from end-March. Fitch does not expect the Japanese megabanks will report a significant impact in the first year of implementation, with the exception of Mitsubishi UFJ Financial Group, Inc. (A-/Stable/a-) where removal of capital floor-related buffers will reduce its overall RWAs. Singaporean banks will go live under the new regime from July, and then Hong Kong and Malaysian banks from January 2025. We believe they will do so largely faithfully, since authorities in these major systems are Basel Committee members, and so committed to applying the final Basel III framework.

South Korea, another Basel Committee member, has already implemented the revised credit risk, market risk, and credit-valuation adjustment measurements required under the final Basel standards in 2023, along with preferential risk-weightings to corporates and SMEs, as part of their pandemic era relief package. India has yet to publicly disclose its implementation timescales, although as a Basel member jurisdiction it will be under moral suasion for a timely and full implementation.

Authorities in other APAC systems, but particularly within emerging markets, have generally taken a more conservative prudential approach, and do not permit using internal models (with a few exceptions). As such, these jurisdictions face less impetus to implement the final Basel III framework - including the output floor that ties modelled estimates to a fixed proportion of standardised supervisory risk-weightings. Vietnam, for example, only transitioned fully to the Basel II framework in 2023, and we do not expect a transition to Basel III rules in the next two years.

BLOCK DEAL ALERT: MANKIND PHARMA

Beige Ltd to sell 2.9% stake via block deal 

Total block deal size of nearly 2450 crores 

Block deal base price Rs 2103 / sh nearly 5% discount to CMP

• BIOCON 

• SAIL

• TATACHEM

• ZEEL

Maruti Suzuki, Puravankara, RailTtel , Paradeep Phosphates, Zydus Lifesciences, LTIMindtree, Tech Mahindra, Sanghvi Movers, Andhra Paper, Indoco Remedies, MRPL, Zee Entertainment, Welspun Corp, IIFL Fin, JM Fin, Berger Paints

Adani Ports and Special Economic Zone Limited to acquire 95% stake of Gopalpur Ports Limited from the existing shareholders [56% stake from SP Port Maintenance Private Limited and 39% stake from Orissa Stevedores Limited of GPL.

Adani Ports stock rose 1.39% on the NSE to trade at ₹1,299.40.

Maruti Suzuki India Ltd, which will launch its first electric vehicle in 2025, will be introducing the vehicle through its premium and luxury channel — NEXA.

eVX will be the carmaker’s first electric vehicle in India. The EV will be powered by a 60kWh battery pack offering a range of up to 550 km. 

The EV was designed and developed by Suzuki Motor Corporation in Japan. The company plans on exporting the ‘Made in India’ electric vehicles to Europe and Japan. 

Led by the government’s infrastructure development push and their own network expansion plans, original equipment manufacturers (OEMs) said that passenger vehicle (PV) sales in rural areas have grown exponentially and the trend is expected to continue in the next financial year.

A long futures position will not entitle you to dividends on the underlying stock unless you could take delivery of the stock under the futures contract when the ex-dividend date is after contract expiry. This week, we discuss if it is possible to capture dividends when the ex-dividend date on the stock is before contract expiry.

Nifty 50 (22,097) and Bank Nifty (46,864) wrapped up last week with minor gains of 0.3 per cent and 0.6 per cent respectively. Below is an analysis of derivatives data of both indices. A breakout can lead to an upswing in Nifty and Bank Nifty.

The outlook for the stock of Maruti Suzuki (₹12,337.70) is positive. The stock finds immediate support at ₹11,595 and the major one at ₹10,935. On the other hand, if the current trend sustains, the stock has the potential to reach ₹13,975. We expect the stock to maintain the current bullish trend.

Gold managed to gain last week, but silver ended up posting a loss. The former was up 0.4 per cent and the latter down 2 per cent to end at $2,164.2 and $24.7 per ounce, respectively.

On the Multi Commodity Exchange, gold futures gained 0.5 per cent to end at ₹65,858 (per 10 gram), whereas silver futures lost 1.1 per cent to close at ₹74,787 (per kg).

Crude oil advanced in the first half of last week. But then it made a U-turn on Wednesday and declined. However, it managed to end the week higher.

Brent crude oil futures on the Intercontinental Exchange (ICE) was up 0.4 per cent by closing at $85.6 per barrel. Crude oil futures on the MCX was up 1 per cent by ending the week at ₹6,746 a barrel.

The Indian mutual fund industry has been buzzing with new fund offerings, especially in the multi-asset allocation category. Over the past couple of years, more than a dozen new funds have hit the market from big players such as Aditya Birla, Kotak, and many others. This surge comes as stocks, bonds and gold have been performing strongly, prompting investors to reconsider their investment allocation.

TeamLease Services: While unemployment numbers grab headlines, a recent employment trend that has largely gone unnoticed is the rise of flexi-staffing in India.

The Annual Survey of Industries (ASI) reported that the percentage of contract labour in manufacturing has been increasing, with 98.4 per cent of the organised factories surveyed employing contract workers in FY20 compared to just 28.3 per cent in FY12.

“Unfortunately, however, stocks can’t outperform businesses indefinitely.”

That was the sound investment advice from Warren Buffett in his annual shareholder letter nearly four decades back in 1986. This investment logic has largely held firm across decades and market cycles, although it does get tested pretty often. The rally in IT services stocks over the last year is one such example and the results from Accenture on Thursday are a wake-up call for investors riding this rally wherein stock prices and fundamentals have got decoupled.

New normal: Investors have to reconcile with shifts in valuation, shift from top-down to bottom-up picking as well as variations in risk-return aspects within the same sector

The Indian benchmark indices began the week on a weak note. The Sensex, Nifty 50 and the Nifty Bank index fell, breaking below their intermediate supports initially. However, they did not get strong follow-through selling. The benchmark indices managed to reverse higher from their lows, recovering all their losses and closing the week marginally higher.

Elections play a pivotal role in shaping the economic and political landscape of any democratic nation, and India is no exception. They serve as crucial indicators of stability, influence market dynamics and capture the attention of strategic investors. The intricate correlation between elections and market movements can shape economic policies and sway investor sentiment. 

Angel One: Prabhakar Tiwari, Chief Growth Officer

Partnership With IPL Is For The Next 5 Years: Angel One

https://www.youtube.com/watch?v=kqj45O6xI6M

Brookfield Indi: Alok Aggarwal, CEO

Commercial Real Estate Space Has Gained Momentum In Last 15-20 Months: Brookfield India REIT

https://www.youtube.com/watch?v=QZjJzwii99c

Cosmo First: Pankaj Poddar, CEO

GMV For Pet Care Business Will Be Around ?5.5-6 Crore By The End Of FY25: Cosmo First

https://www.youtube.com/watch?v=B4oGY3q8L4o

Garden Reach Sh: PR Hari, CMD

Current Orderbook Will Be Executed By FY28: Garden Reach Shipbuilders

https://www.youtube.com/watch?v=2A8qqqJPJR4

Happiest Minds: Venkatraman Narayanan, MD CFO

Forecasts Are Linked To Demand Environment & Client-Specific Factors: Happiest Minds Technologies

https://www.youtube.com/watch?v=I8GEZ837OoA

KAYNES TECHNOLO: Jairam Sampath, Whole Time Director & CFO

Investment In OSAT Will Be Upto ?1,500 Cr: Kaynes Technology

https://www.youtube.com/watch?v=89SKcLCjU_w

Sasken Tech: Rajiv C Mody, CMD

Seeing Great Opportunity In Silicon Designing: Sasken Technologies

https://www.youtube.com/watch?v=TC39QZjKtXE

HSBC InvestDir: Amit Sachdeva, Head India Equity Strategy

Tilt Would Be Towards Large Caps, Earnings Growth Could Be Better: HSBC

https://www.youtube.com/watch?v=Hoe39bX_n5I

NLC Nalco India : Prasanna Motupalli, CMD

NLC India & Rajasthan Govt Will Form A JV, Majority Stake Will Be Held By The Co: NLC India

https://www.youtube.com/watch?v=Hj_IwAEYJ1U

Nazara Techno: Nitish Mittersain, Jt. MD

Looking At Acquiring Game Studios With Revenue Of ?100-250 Cr, Margin Of 15-20%: Nazara Tech

https://www.youtube.com/watch?v=EOkCDIN80ac

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Here’s an interesting stock idea: The stock idea that we have for you today is Apollo Hospitals Enterprises. The stock has begun a new leg of upmove after forming a strong base. That keeps the door open for the share price to move further up from here. Check out the latest episode of bl.Today’s Pick to learn more.

Asian stocks are trading mixed following a retreat in US equities after the S&P 500 Index reached multiple record highs, leading to concerns that the market may have advanced too rapidly.

The Japanese Nikkei 225 index is up 34.55 points (0.08%) at 40,448.67, while the broader TOPIX has gained 2.56 points (0.09%) to 2,780. South Korea’s KOSPI is trading firmly higher, up 1.03% or 28.15 points at 2,765.72. Australia’s S&P/ASX 200 is trading flat, up 0.40 points at 7,812.30.

In the US, stocks declined at the beginning of a holiday-shortened week as investors positioned themselves ahead of inflation data. All three major US stock indexes closed lower, with the Dow Jones Industrial Average experiencing the largest percentage decline. The Dow fell 162.26 points, or 0.41%, to 39,313.64, the S&P 500 lost 15.99 points, or 0.31%, to 5,218.19, and the Nasdaq Composite dropped 44.35 points, or 0.27%, to 16,384.47.

Natural gas futures (April contract) on the Multi Commodity Exchange (MCX) has largely been flat over the past few sessions. But it has been hovering around support. That said, the broader trend is bearish. So, now there is a tug of war between the bulls and the bears.

Small- and mid-cap schemes are likely to see lower inflows in March after the recent correction in the space and the regulatory diktat to conduct stress tests on such schemes, said industry officials.

About two-fifths of equity flows in the past two years have gone to such schemes, said experts. Inflows into small cap funds in the first 10 months of this fiscal stood at ₹37,360 crore, 69 per cent higher than the amount collected in FY23. Flows in mid-cap schemes this fiscal have also surpassed the ₹20,205 crore garnered the previous year.

It is raining block deals and FY24 is set to end with a sizeable total of ₹1.7 lakh crore ($20 billion) worth of transactions, but a few thousand crores short of the heights reached in FY23. Till the end of last week deals worth over ₹1.6 lakh crore had been transacted, compared to ₹1.9 lakh crore transacted in FY23, according to data provided to businessline by Prime Database and data on the exchanges.

Foreign Portfolio Investors (FPIs) net investments in the debt market have hit a seven-year high so far this fiscal (till March 22) to touch ₹1.20 lakh crore. This was higher than the earlier record net inflows of ₹1.19 lakh crore seen in fiscal 2017-18, the latest data with depositories showed. 

In the ongoing March month, FPIs have pumped in a net investment of ₹13,223 crore in the debt market. They had invested ₹22,419 crore in February and ₹19,836 crore in January 2024 in the debt market. So far this calendar year, FPIs have invested ₹55,479 crore in the debt market. 

FPIs have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over ₹38,000 crore, mainly driven by favourable shifts in the global economic scenario and strong domestic macroeconomic outlook.

The investment came following a modest investment of ₹1,539 crore in February and a massive outflow of ₹25,743 crore in January, data with the depositories snowed.

With this, foreign portfolio investors’ (FPIs) investment has turned positive to the tune of ₹13,893 crore in equities so far in 2024 and ₹55,480 crore in the debt market.

Stock markets would be driven by global trends and foreign investors’ trading activity in the holiday-shortened week, analysts said adding that key equity indices may face volatile trends amid the monthly derivatives expiry on Thursday.

This week markets will have just three trading sessions. Equity markets will remain closed on Monday for Holi and on Friday for Good Friday.

“This week will be shorter due to market closure on both Monday for Holi and Friday for Good Friday. As a result, trading volumes may be lower with limited market cues. However, volatility remains a possibility as we approach the March F&O expiry and the financial year-end,” Santosh Meena, Head of Research at Swastika Investmart Ltd, said.