Share Market Highlights 15 March 2024: Sensex sheds 454 pts, Nifty closes at 22,023

The rupee declined 4 paise to 82.88 (provisional) against the US dollar on Friday, weighed down by unabated foreign fund outflows and a negative trend in domestic equities.

Forex traders said elevated American currency overseas and crude oil prices in the international market also dented investors’ sentiments.

At the interbank foreign exchange market, the local unit opened at 82.95 and touched the intra-day low of 82.96 and a high of 82.85 against the greenback. The local unit finally settled at 82.88 (provisional) against the dollar, registering a loss of 4 paise from its previous close.

Dalmia Bharat Sugar and Industries’ shares decline 1.29% to close at ₹359 on NSE.

Star Health and Allied Insurance Company’ shares closed at ₹551.45 on the BSE, up 0.25%.

India’s equity benchmarks closed in red on Friday. While the BSE Sensex declined 453.85 points, or 0.62%, to 72,643.43, the 50-share NSE Nifty ended 150.10 points, or 0.68%, lower at 21,996.55. 

Brigade Group announced the launch of BuzzWorks at WTC Annexe, situated within Brigade Gateway in Malleswaram Rajajinagar. 

Brigade Enterprises stock is up 2.31% on the NSE, trading at ₹864.25.

Indian Hume Pipe Company Limited has been awarded six letter of acceptance worth ₹241.99 Crore from Bangalore Water Supply and Sewerage Board, Bangalore, Karnataka.

Shares rise 2.54% on the NSE, trading at ₹281.

KSB Limited has received order worth ₹267 crore for supply of Pumps for Kudankulam site, Tamil Nadu

Shares surge 5.13% on the NSE, trading at ₹3,659.90.

Major gainers:

Bharti Airtel (2.17%), UPL (2.06%), Bajaj Finance (1.82%), HDFC Life (1.80%), Hindalco (1.33%)

Major losers:

M&M (-4.07%), BPCL (-4.05%), Hero Motocorp (-2.69%), Coal India (-2.67%), ONGC (-2.20%)

Stocks advanced on BSE at 3 pm on March 15, 2024, were 1,715 against 2,085 stocks that declined; 112 stocks remain unchanged. Total stocks traded were 3,912. The number of stocks that recorded a 52-week high was 71, and those that hit a 52-week low was 56. 

In addition, 415 stocks traded in lower circuit, while 225 hit the upper circuit.

DSP Mutual Fund announced the launch of DSP S&P BSE Liquid Rate ETF (DSP BLR ETF), an open-ended scheme replicating/ tracking S&P BSE Liquid Rate Index. The Fund offers investors easy cash management with ample liquidity and low risk.

The New Fund Offer for DSP BLR ETF will open for subscription on March 15th, 2024, and will close on March 20th, 2024.

L&T Finance Holdings Limited has received an order in the name of L&T Finance Limited, whereby the Assistant Commissioner of Central Tax, Office of the Assistant Commissioner of Central Tax, Ameerpet GST Division, Srinagar Colony, Hyderabad, Telangana - 500073, has imposed a monetary penalty of ₹8,31,810 under Section 73 of the Central Goods and Services Tax Act, 2017. 

L&T Finance stock trades at ₹151.05 on the NSE, up 1.24%.

Reliance Power, along with its promoter, Reliance Infrastructure Limited, as a Guarantor, has signed settlement agreement with ICICI Bank Limited (ICICI) on March 14, 2024. The entire obligations with respect to the borrowings of the Company has been settled. 

Reliance Power stock surges 4.99% on the NSE trading at ₹22.10.

Even as it is caught in a legal battle with Sony, Zee Entertainment is facing another challenge from Star India which has initiated arbitration proceedings against it for alleged non-compliance with the terms of a $1.4-billion cricket broadcasting agreement between the companies. Star India has asked company to pay damages for non-compliance.

R K Swamy (15.56%)

Balkrishna Paper Mills (4.99%)

Somi Conveyor Beltings (4.98%)

Solar Industries (4.66%)

Aptech has appointed Pawan Nawal as Chief Financial Officer.

Shares trade at ₹215.50 on the NSE, up by 0.14%.

Last Mile Enterprises board has approved increasing authorized share capital of the Company to ₹40 crore. 

The board has also approved preferential issue of equity shares up to 37,02,134 of face value of ₹310 each to persons belonging to Non-Promoter Category and Convertible Warrants upto 10,21,500 of face value of ₹310 each to Non- Promoter Category entities subject to necessary approvals including shareholders approval through Postal ballot.

ICRA has maintained the rating of JM Financial Products at AA with a stable outlook factoring in the consolidated view of the JM Financial Group, of which JM Financial

The rating agency, in a note issued on Thursday, said that both the Reserve Bank of India and the Securities and Exchange Board of India are yet to commence investigations into the NBFC and the key businesses of the group, such as equity capital markets, advisory (mergers and acquisitions, private equity syndication), mortgage lending (retail and wholesale), institutional and retail broking, asset management, and distressed assets are not directly impacted by their orders.

LIC dips below IPO price of Rs 949, currently rules above Rs 925. But above retail investors price of Rs 904

Standard Industries Ltd informed that the board has declared an interim dividend of ₹0.50 per share on 6,43,28,941 Equity Shares of Rs.5/- each of the Company, for the Financial Year 2023-24. The Record Date has been fixed on Thursday, the 28th March, 2024. The Interim Dividend will be paid on or after 12th April, 2024 (but within 30 days from date of declaration). 

Shares trade at ₹21.65 on the BSE, up by 0.37%.

Ujjivan Small Finance Bank revises fixed deposits interest rates, offers 8.50% for 15 months for regular customers, 9.00% for senior citizens

HIGHLIGHTS: 

· Highest interest rate for regular customers, NRO & NRE at 8.50% for 15 months

· Highest interest rate for senior citizens at 9.00% for 15 months

· Platina FD will get an additional interest rate of 0.20% and are applicable for deposits above Rs. 1 crore and below Rs. 2 Crores only

· Customers can now also open fixed deposits on our official website

Matrimony.com has paid a penalty of ₹1, 02,500 to the Karnataka Government for non-production of registers and non-display of notices under The Karnataka Shops and Commercial Establishments Act, 1961 & its Rules thereon. 

Shares trade at ₹515.60 on the NSE, up by 0.11%.

Coimbatore-based Future Gaming and Hotel Services, owned by Santiago Martin, is in the limelight as the highest buyer of electoral bonds worth ₹1,368 crore. In Tamil Nadu, the name ‘Martin’ has become got inextricably entwined with the word ‘lottery’, l. Like ‘Sachin’ and ‘Tendulkar’.

Supreme Court said on Friday that the State Bank of India (SBI) should have disclosed the unique alpha-numeric numbers of the electoral bonds received by political parties and sought the bank’s response.

DroneAcharya Aerial Innovations has received DGCA authorisation as a Medium Class Drone Pilot Training Organisation

Under the regulations outlined in the Drone Rules 2021, individuals intending to operate drones for commercial purposes, regardless of their size class (micro, small, medium, or large), are required to obtain a pilot licence. As of today, there are 84 Remote Pilot Training Organisations (RPTOs) authorised by the Directorate-General of Civil Aviation (DGCA) in India. These RPTOs are responsible for conducting training and examinations according to the curriculum and methodologies set forth by the DGCA. During these training sessions, pilots receive instruction in essential Radio Telephony (RT) techniques, flight planning procedures, and regulations tailored to drone operations within their specified areas.

Kotak Mahindra Bank has appointed Jaideep Hansraj, currently Managing Director of Kotak Securities Ltd (KSL), a wholly-owned subsidiary of the bank, as Group President - One Kotak; he will engage in the collaboration and oversight of subsidiaries of the bank.

Shripal Shah, currently the Chief Operating Officer of KSL, will take over as the Managing Director of KSL, with effect from April 1, 2024, or on receipt of statutory/ regulatory approvals as required. On the said appointment of Shah taking effect, Hansraj will move to the Bank as Group President – One Kotak. 

Kotak Mahindra Bank stock trades at ₹1,732.80, down by 0.55%.

Tata Asset Management today announced a partnership with Impact India Foundation (IIF) for ‘Project Janani’, a multi-year partnership aimed to empower and nurture tribal women during pregnancy, fostering a positive impact on the health and well-being of both mothers and their children in the Mokhada block. 

The project seeks to address reduction of malnutrition within the tribal community of Mokhada block wherein identification of families, management of nutritional supplementation and creating awareness regarding malnutrition is core to ensure sustainable impact created through capital and social investment in the region. 

Mokhada Block in Palghar district consists of a tribal population of 1,40,000 lakh. There are a total 4 primary health centres serving this Block – Ase, Vashala, Khodala, Morhanda respectively. These are divided again into 7 Beats and 230 Anganwadis. The local study conducted in Palghar assessed the nutritional status of children in the age group of 1-6 years concluded that 59% of children were stunted. The prevalence of underweight children was about 53% and the prevalence of those severely underweight was about 18%

Varthana Finance, a Non-Banking Finance Company (NBFC) that provides loans to affordable private schools and students to pursue higher education, today said it had successfully completed acquisition of the Indian School Finance Company’s (ISFC) School Portfolio. 

- AUM: 1626.54 crs

- Days to liquidate 50% of the portfolio: 0.68 days

- Days to liquidate 25% of the portfolio: 0.34 days

When we launched the WhiteOak Midcap fund in Sept 2022, we had a mandate to only accept SIP/ STP flows post our NFO. Today, most of our 1600+ crs AUM is from investors who have staggered their allocation to our strategy. Our belief is that the Midcap asset class offers substantial upside but with higher volatility and hence staggered flows provide a suitable opportunity to participate in the longer run.

The liquidity stress test numbers for the Midcap portfolio indicate strong liquidity without holding significant cash. A well diversified portfolio with 109 stocks as of 29 Feb, 2024 indicates the depth and coverage of the investment team to evaluate ideas across sectors. Our balanced portfolio construction will focus on ensuring stability to portfolios across market cycles.

Major gainers: Bharti Airtel (1.70%), UPL (1.56%), ITC (1.27%), Bajaj Finance (1.27%), Britannia (1.17%)

Major losers: BPCL (-6.89%), Coal India (-5.55%), ONGC (-4.46%), NTPC (-4.13%), Hero Motocorp (-3.64%)

While 1,221 stocks advanced on the BSE at 12 noon on March 15, 2024, 2,453 stocks declined, and 124 stocks remained unchanged. Total stocks traded were 3,798. The number of stocks that recorded a 52-week high was 60, and 47 hit a 52-week low. 

In addition, 387 stocks traded in the lower circuit, while 158 hit the upper circuit.

The Great Eastern Shipping Company Ltd has approved a proposal to incorporate a wholly-owned subsidiary in International Financial Services Centre (IFSC) at Gift City, Gandhinagar, Gujarat.

Great Eastern Shipping stock trades at ₹965.30 on the NSE, down by 0.43%.

Bank Nifty opened today’s session with a gap-down at 46,572 as against 46,790. It is now at 46,520, down 0.6 per cent. Notably, 10 out of 12 stocks in Bank Nifty have lost. 

CRISIL has upgraded the long-term rating for InCred Finance (InCred Financial Services Limited) to ‘CRISIL AA-/Stable’ from the earlier rating, which was ‘CRISIL A+/Stable’. 

The upgrade in ratings reflects strong capitalisation of the company supported by high pedigree of investor base, coupled with steady improvement in earnings profile. The ratings also factor in InCred’s experienced leadership team and diversified loan portfolio.

Major gainers: Paisalo (9.98%), Swan Energy (7.26%), Campus (7.22%), ZFC India (6.02%), PGEL (5.93%)

Major losers: Hindustan Petroleum (-7.76%), ITI (-7.37%), BHEL(-6.58%), IOC (-6.16%), BPCL (-6.08%)

Ahluwalia Contracts (India) Limited has secured an order from Assam Govt, for construction of open stadium at Amingaon Sports Complex, Kamrup, Assam, for ₹364 crore.

Ahluwalia shares inches up 0.23% to trade at ₹1,034.30.

Nifty 50 saw a recovery yesterday after witnessing considerable sell-off on Wednesday. Today, it opened with a gap-down at 22,065 versus yesterday’s close of 22,147. After opening lower, the index declined further and is now hovering around 22,000, down 0.7 per cent.

SpiceJet has finalised a significant lease agreement to introduce two wide-body A340 aircraft into its fleet for the upcoming Haj operations. This strategic move underscores the airline’s commitment to delivering exceptional travel experiences while maximizing revenue streams.

The airline will deploy the wide-body aircraft from both Srinagar and Guwahati.

Last year, SpiceJet’s Haj operations generated substantial revenue of INR 337 Crore. The airline aims to replicate this success in the current year’s operations.

Shares trade at ₹53.60 on the BSE, down by 0.94%.

BEL falls 4.40% on the NSE, trading at ₹186.65. The company had secured orders worth ₹1,940.35 crore.

3M India Ltd informed that the office of the Enforcement Directorate conducted a search under the Foreign Exchange Management Act, 1999, at its office in Bangalore on March 14, 2024.

3M India stock declines 2.06%, trading at ₹29,511.30.

Crude oil futures traded lower on Friday morning as the US producer price index (PPI) grew stronger than expected in February.

Gold prices were on track on Friday to snap a three-week winning streak as surprisingly hot U.S. inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates this year.

Shares of India’s Paytm rose a stock exchange-allowed maximum of 5% on Friday, a day after it got a third-party application provider license that will allow it to offer digital payments after its banking unit ceases operations.

3M India Ltd said the Enforcement Directorate conducted a search under the Foreign Exchange Management Act, 1999, at its office in Bengaluru on March 14, 2024. The 3M India stock declines 2.06%, trading at ₹29,511.30.

DAM Capital initiates coverage on the footwear sector with a Buy rating on Metro Brands (TP of Rs 1,238, with 19% upside, at an implied FY26E P/E of 65x), and Relaxo Footwear (TP of Rs948, with 18% upside, FY26E P/E of 60x), Bata (TP of Rs1,660, with 18% upside, FY26E P/E of 50x).

Wipro: Company signs agreement with Desjardins to modernize consumer banking services. 

KPI Green Energy: Company gets order for 50MW wind-solar hybrid power project from Gujarat Urja Vikas Nigam 

Indigo: Company introduces 11 new codeshare routes across Australia in pact with Qantas Airways

Mukka Proteins: Company received purchase orders worth of 152.5M rupees from Avanti Feeds LTD For Supply of Fish oil.

Shakti Pumps: Company gets Rs 93 crore order from Maharashtra Energy Department for 3,500 solar photovoltaic water pumping system 

Ashok Leyland: Hinduja Tech secures investment worth $50 mn for 19.6% stake from PE fund Creador 

BEL: Company gets orders worth Rs 1,940 cr

KIMS: Company entered into a definitive agreement for acquisition of land on a 99-year lease for setting up a new hospital at thane

PayTm: Company gets NPCI nod for Third-Party Application Provider.

Yes Bank: To act as merchant acquiring bank for existing & new UPI merchants for Paytm. 

JSW Energy: Company unit receives LoI for solar capacity of 300 MW from Gujarat Urja Vikas Nigam

RailTel: Company gets work order worth Rs 113.46 Cr from Odisha Computer Application Centre

Tata Technologies: Company announces appointment of Sukanya Sadasivan as its Chief Operating Officer.

IndiGrid: Infrastructure investment trust has bagged a 180 MW/360 MW battery energy storage system project in Gujarat. 

IRB Infrastructure: Company on Thursday said Cintra, a subsidiary of Spanish construction giant Ferrovial, has agreed to acquire a 24% stake in IRB Infrastructure Trust

Infibeam Avenues: Issues corporate guarantee worth Rs 140 crore on behalf of arm in favour of IndusInd Bank.

Zee Ent: Delhi High Court directs Bloomberg to take down article that alleges SEBI found irregularities amounting to $240 million at Zee. 

TVS Motor: Company to consider issue of redeemable preferential shares March 20. 

Navin Fluorine: Company approves approved additional investment of 2.5B rupees in Navin Fluorine Advanced Sciences. 

Eris Lifesciences: Company to acquire 19% equity stake in Swiss Parenterals for ₹237.50 crore

Sarveshwar Foods: Company to export white rice to Africa for $6 million. 

Reliance Ind: Prime Fresh to serve 29 Reliance Retail stores in Gujarat.

* Dr Reddy:* Company’s Mexican arm fined Rs 28.8 crore in tax litigation case. 

Tata Steel: Board to meet on March 19 to approve fund raising. 

Biocon: Company’s CFO Indranil Sen resigns

IIFL Finance: Fitch places company on Rating Watch Negative. 

Oil Marketing Companies: OMCs cut petrol and diesel prices by ₹2/ltr effective March 15.

EaseMyTrip.com will provide a 20-day credit period to all listed companies to complete payments for their travel bookings. 

Easy Trip Planners declines 1.10% to trade at ₹45.

Gold prices were set to decline for the first time in four weeks as surprise high inflation readings in the United States suggested that the Federal Reserve could limit the number of rate cuts this year and extend the first decrease past June. Producer prices in the United States rose more than expected in February, owing to increases in the cost of products such as petrol and food, raising concerns that inflation is returning. Investors were also keeping an eye on growing geopolitical threats between Russia and Ukraine, as a top Ukrainian intelligence official stated that two border regions had become “active combat zones”. Traders have reduced the probability of a rate decrease at the Fed’s June meeting to 61%, down from over 75% last Friday.

Key economic data slated for release includes French Final CPI m/m, Italian Retail Sales m/m from Euro Zone and Empire State Manufacturing Index, Prelim UoM Consumer Sentiment, Industrial Production m/m from US Zone.

Major gainers: UPL (1.50%), Adani Ports (1.41%), Adani Enterprises (1.01%), Power Grid (0.86%), Britannia (0.86%)

Major losers: BPCL (-3.03%), M&M (-1.46%), Infosys (-1.22%), Coal India (-0.87%), Axis Bank (-0.83%)

Crompton Greaves Consumer Electricals has bagged a letter of empanelment from the governments of Maharashtra, Haryana and Rajasthan, for supply, installation, testing and commissioning of Solar Photovoltaic Water Pumping Systems (SWPS) with PV Modules under the PM-KUSUM Scheme at locations across the respective states. 

Crompton stock inches up by 0.95% on the NSE, trading at ₹281.85.

Imagicaaworld Entertainment Ltd said the State GST Authority is conducting a search/ survey under the Maharashtra GST Act, 2017, at its registered office located at Khopoli and Corporate Office located at Mumbai.

L&T Technology Services has won a programme worth around $100 million (₹800 crore) from the Maharashtra State Cyber Department, under the Maharashtra government. LTTS trades at ₹5,288 on the NSE, up by 0.48%.

Crude oil futures traded lower on Friday morning as the US producer price index (PPI) grew stronger than expected in February. At 9.23 am on Friday, May Brent oil futures were at $85.25, down by 0.20 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $81.12, down by 0.17 per cent. March crude oil futures were trading at ₹6728 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹6742, down by 0.21 per cent, and April futures were trading at ₹6684 against the previous close of ₹6698, down by 0.21 per cent.

The rebound in the market yesterday after the Wednesday crash is unlikely to sustain. Brent crude rising to $85 and the 10-year US bond yield spiking to 4.29% are headwinds for the market. Results of the stress tests conducted by the mid and small cap schemes of mutual funds expected today will be keenly watched by the market. If there are clear signs of stress there can be regulatory action by the SEBI, which will impact sentiments in the broader market. Even without stress tests one thing is clear: the broader market valuations are expensive and in some pockets valuations are frothy. This is clearly unsustainable. Even when prospects for certain sectors are good, valuations have run ahead of fundamentals. Low floating stock in many segments has resulted in prices shooting up. Investors should understand that high quality largecaps with good growth prospects are available at fair valuations. Focussing on such stocks would be safer than chasing smallcaps with stretched valuations.”

Fortunately the anticipated push above 22040 happened early in the day, keeping the bears at bay yesterday. However, as long as 22290 is not breached, the prospects of a turn lower will be alive today, which should limit upside attempts. But we will wait for a slippage past 22080 for downsides to emerge dominant, and until then expect swings on either sides.

Nifty weekly contract has highest open interest at 22150 for Calls and 22100 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22150 for Calls and 22100 for Puts in weekly and at 24000 for Calls and 22200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.71%, increased future index shorts by 8.56% and in index options by 30.92% decrease in Call longs, 22.83% decrease in Call short, 36.62% decrease in Put longs and 31.81% decrease in Put shorts

YES Bank has received approval from National Payments Corporation of India (NPCI) for enabling transition of following payments services managed by Paytm Payments Bank Limited (PPBL):

Paytm UPI App (owned by One97 Communication Ltd – OCL) – UPI consumer application and UPI collection for Offline Merchant Acquiring via OCL and Online Merchants via Paytm Payment Service Pvt Ltd (PPSL)

Focus Today – Petrol and Diesel price cut by Rs2 each. FTSE rebalancing in Indian equity - Kalyan Jewellers, KPIT Tech, Phoenix Mills, SJVN, JSL, and others added. US Feb PPI data (Inflation) above expectation but Retail Inflation below expectation. Oil price 4-month high. IIP data – US. France - CPI data. Global Fund Buying of Indian Stocks Hits 8-Month High. ADR/GDR – Infosys and Wipro up 1.5% each. HDFC Bank down 2.5%.

Market Update - Market trend Today – Above expectation US Wholesale Price Index (PPI), rising US 10-Year bond yield to 1-month at 4.28%, Brent crude spiked to 4-month high above $85/bbl, expectation of US Fed to delay cut interest rate and weakness in the global markets, may open domestic equity on a weak note. Overnight U.S. stocks ended lower up to 0.5% after February producer-price data came in hotter than expected. Treasury yields jumped and the dollar strengthened as the PPI data prompted traders to pull back on expectations for a June interest-rate cut. Oil rallied on a forecast for an increase in global demand. The US Producer Price Index soared 0.6% while expectation was 0.3%. US Retail in Feb reported at 0.6% while expectation was 0.8%. Gift Nifty declined by 125 points or 0.5% on expectation the US Fed may not cut interest rate in the mid-year. As a result, the US 10-Year Bond yield soared by 10bps to 4.28%. Yesterday, Nifty soared over 0.5% after a fall of four trading sessions amid boosted sentiment & a rally in the global markets.

Strong FIIs and domestic buying interest and favorable domestic micro data will be positive for the market sentiment. Expects positive for upstream oil companies after oil price surged to 4-month high. Metal stocks may be positive due to copper price surged to 9-month high in the international market. The FTSE and Bharat 22 index rebalancing will happen in the trading session on Friday, March 15. The FTSE rebalancing event is a positive net-inflow event as far as Indian markets are concerned. It’s a $1.85 billion inflow or Rs14000cr

Oil Price Update –Oil held near a four-month high above $85/bbl on account of Russia-Ukraine geo-political tension and the IEA forecast a supply deficit through 2024, changing its earlier projection of a surplus, on the premise OPEC maintains production cuts.

Gold Price Update – Gold declined 0.5% to $2162/ounce after a series of hot inflation readings pushed back expectations for when the Federal Reserve will cut interest rates.

NIFTY-50 OUTLOOK

NIFTY-50 has managed to hold its previous day lows and 50 day average of 21,900 and moved higher to test the resistance of 22,200 levels.

An either side follow up could be expected from the band of averages of 21,900-22,200 levels which will give the next directional move.

RSI has witnessed some bounce from the hourly oversold averages and other key technical indicators are showing some up move. 

Highest call OI has moved to 22,500 strike while on the downside the highest put OI is at 22,000 for the weekly expiry.

Indian markets could open lower, in line with lower Asian markets today and negative US markets on Mar 14

U.S. stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates. Data showed U.S. producer prices increased more than expected in February as the cost of goods like gasoline and food surged. The producer price index (PPI) for final demand rose 0.6% last month, above the 0.3% climb forecast by economists polled by Reuters, after advancing by an unrevised 0.3% in January. US 10-year yields climbed 10 basis points to 4.29%. Traders pared bets on Fed cuts in 2024, with swaps fully pricing in a first move in July. U.S. retail sales rebounded in February, rising 0.6%, but less than the 0.8% advance expected.

The People’s Bank of China on Friday kept the rate on its one-year policy loans steady at 2.5% on Friday, as expected by most economists surveyed by Bloomberg. Oil held near a four-month high after the IEA forecast a supply deficit through 2024, changing its earlier projection of a surplus, on the premise OPEC+ maintains production cuts. State-run Oil Marketing Companies (OMCs) announced a reduction in petrol and diesel prices by Rs 2 per litre across the country, to be effective from 6am on March 15. Asian markets opened lower following declines on Wall Street as new data weakened the case for imminent Federal Reserve interest rate cuts. Nifty ended higher on March 14, recovering from a worst selloff in the previous session amid buying across sectors. At close, Nifty was up 0.68% or 148.9 points at 22146.7. Nifty made a small bull candle on March 14 and did not breach the lows of the previous session or of the near-term low. After the knee jerk reaction to the previous session’s brutal selloff, Nifty could now return to normalcy. It could stay in the 21918-22325 band for the near term.

In early trading on Thursday, US stocks showed a lack of direction but eventually moved mostly lower throughout the session. Despite somewhat subdued selling pressure, the major averages all trended downwards, driven by renewed concerns about the Federal Reserve postponing its first interest rate cut. This concern was sparked by hotter-than-expected inflation data released by the Labor Department before trading began. The report revealed that producer prices increased by a significant margin in February, with the producer price index for final demand climbing by 0.6%, following a 0.3% rise in January. Meanwhile, Asian markets traded lower on Friday in response to the faster-than-expected growth in US producer prices for February. In the commodity markets, state-run Oil Marketing Companies (OMCs) announced a reduction in petrol and diesel prices by Rs 2 per litre across India, effective from 6 am on March 15. Despite this, oil prices edged lower on Friday but were set to register nearly a 4% gain for the week. This increase was attributed to sharp declines in US crude and fuel inventories, drone strikes on Russian refineries, and a rise in energy demand forecasts, which buoyed prices. On the other hand, gold prices slid on Thursday following the larger-than-expected rise in February’s US producer price index (PPI). This increase cooled expectations of early rate cuts by the Federal Reserve, subsequently boosting Treasury yields and the dollar. On March 15, the benchmark Sensex and Nifty are anticipated to open with a gap-down as indicated by the trends in the GIFT Nifty, signaling a weak start for the broader index.

Following the broad-based selling and breaking down from the rising wedge pattern in the penultimate trading session, the benchmark index saw a flattish opening below 22,000 in the previous trading session. The 50DMA offered immediate support, allowing the price to close 287 points higher from the day’s low. 22000PE has observed the highest open interest on the derivative front, indicating immediate support. Sustenance above the zone of 22000-21900 will allow the index to garner bullish strength, failing which the support is anticipated to be dragged lower to 21450.

“In today’s market overview, the GIFT Nifty experienced a notable downturn to 22,132 amidst a predominance of bearish sentiment, influenced by rising US producer prices, an FII selling spree, a surge in WTI Crude futures above $81, and weak global cues. NIFTY faces crucial support at 21,861 and 21,500, with strength confirmed above 22,300. Amidst this backdrop, caution is advised, especially with the upcoming stress test disclosures for funds. Sector-wise, rubber prices hitting a 20-month high negatively impact tyre stocks, while falling iron ore and steel prices due to decreased Chinese demand affect related stocks negatively. Conversely, rising copper prices signal positive momentum for companies like Hindustan Copper. Amidst these dynamics, Fitch Ratings’ uplifted forecast for India’s growth to 7% offers a silver lining. Trading strategies recommend selling NIFTY and Bank Nifty at specified zones with clear stop and target levels to navigate the current market conditions.”

Shrikant Chouhan, Head Equity Research, Kotak Securities.

Benchmark indices witnessed a rise on Thursday, with Nifty closing 153 points higher while Sensex closing 314 points higher. Among sectors, media, digital, oil & gas, and metal stocks recorded intraday buying interest, while banking and financial stocks witnessed intraday selling pressure at higher levels. Technically, the market bounced back sharply after a slow start but it failed to close above the 20-day SMA (Simple Moving Average) resistance level. In our view, the short-term market structure is still on the bearish side. For day traders, 22000/72500 would be the important support level, above which, Nifty may continue pullback formation till 22250-22275/73400-73500. On the other hand, selling pressure is likely to increase below 22000/72500. Below 22000/72500, the market may slip to 21950-21900/72400-72200. 

For the Bank-Nifty, support exists at 46500 and 46200. Resistance is lined at 47000 and 47250. Above 47250, we could see a short covering in the market. 

In case the market holds above 21900 and forms any reversal formation then traders may look to take a buying view in the market. However, on the dismissal of 21900, traders should look for taking a selling view with a stop at 22000. Below 21900, it can fall to 21800 and 21700.

Investec on Westlife: Initiate Buy on Company, target price at Rs 923/sh (Positive) 

MOSL on VBL: Maintain Buy on Company, target price at Rs 1600/sh (Positive) 

Jefferies on Consumer Durables: Amber, CG Consumer and V Guard are top summer picks (Positive) 

BofA on Info Edge: Maintain Underperform on Company, raise target price at Rs 4050/sh (Neutral) 

MS on PayTM: Maintain Equal weight on Company, target price at Rs 555/sh (Neutral) 

UBS on PayTM: Maintain Neutral on Company, target price at Rs 510/sh (Neutral) 

Nomura on Axis Bank: Maintain Buy on Company, target price at Rs 1250/sh (Neutral) 

MOSL on OMCs: Maintains OMC earnings assumptions, despite fuel price cuts. (Neutral) 

MS on OMCs: Much-anticipated Auto Fuel Price Cut Should Finally Remove Key Overhang (Neutral) 

CLSA on OMCs: Sell Call on HPCL, BPCL & IOC. 2% Cut in Retail Price of Diesel & Petrol May Be a Big De-rating Event (Negative) 

Citi On OMCs: Unwarranted Petrol & Diesel Price Cut but Not Entirely Unexpected With Crude Prices Breaching $85/bbl, A Price Cut In Diesel Was Not Warranted (Negative) 

CLSA on IT Stocks: Reiterate cautious stance; sell ratings on Wipro, HCL, TCS and LTIMindtree (Negative)

QUANT MUTUAL FUND Bought 15,05,000 shares @ Rs.374.21

KP Green Engineering Limited manufacturer of fabrication and hot-dip galvanized steel products and other infrastructure solution products has garnered Rs. 54 crores from anchor investors ahead of its initial public offering that opens for public subscription on Friday, March 15, 2024. The company informed the bourses that it allocated 37,50,000 equity shares at Rs. 144 per equity share on Thursday, March 14, 2024, to anchor investors.

Foreign and Domestic Institutions who participated in the anchor were Bofa Securities Europe Sa – Odi, Nav Capital Vcc – Nav Capital Emerging Star Fund, Lc Radiance Fund Vcc, Finavenue Capital Trust – Finavenue Growth Fund, Nova Global Opportunities Fund Pcc – Touchstone, Zeal Global Opportunities Fund, Zinnia Global Fund Pcc – Cell Dewcap Fund, Ag Dynamic Funds Limited, Morgan Stanley Asia (Singapore) Pte, Silver Stride India Global Fund, Negen Undiscovered Value Fund, Beacon Stone Capital Vcc - Beacon Stone, Galaxy Noble Global Opportunities Fund Pcc- Gngof 1, Persistent Growth Fund-Varsu India Growth Story Scheme 1, Craft Emerging Market Fund Pcc- Elite Capital Fund, 3 Sigma Global Fund, Forbes Emf, Leading Light Fund Vcc – The Triumph Fund, Nexus Global Opportunities Fund, Moneywise Financial Services Pvt. Limited, Mfspl, Lrsd Securities Pvt. Ltd., Vpk Global Ventures Fund – Vpk Global Ventures Fund – Scheme I, Craft Emerging Market Fund Pcc-Citadel Capital Funds, Eminence Global Fund Pcc-Eubilia Capital Partners Fund I, Ashika Global Securities Private Limited, Benani Capital – Benani Capital Scheme 1

FTSE and Sensex Rejig: Nuvama Institutional Equities expects that India will see an inflow of over $1.7 billion, mainly from the financial space. The FTSE rejig is set to happen on Friday.

* Oil Marketing Companies:* OMCs will cut petrol and diesel prices by Rs 2 per litre from Friday.

* Wipro:* The IT major has been selected by Desjardins to transform their credit solutions for members and clients.

* One 97 Communication:* The National Payments Corporation of India has granted approval to the company to participate in UPI as a third-party application provider under the multi-bank model.

* NHPC:* The company has received a letter of intent for a 200 MW solar power project at Khavda from Gujarat Urja Vikas Nigam.

* TVS Motor:* The company’s Singapore arm will invest $5.5 million in lon Mobility.

* Railtel Corp:* The company received a work order worth Rs 113.5 crore from the Odisha Computer Application Centre to establish IP-MPLS network connectivity in Odisha.

* Tata Steel:* The board is meeting on March 19 to approve fundraising.

* Dr.Reddy’s Laboratories:* The Mexican arm was fined Rs 28.8 crore in a tax litigation case.

* JSW Energy:* The company received a letter of intent for 300 MW of solar capacity from Gujarat Urja Vikas Nigam at Khavda RE Park.

* KP| Green Energy:* The company received an order for a 50MW wind-solar hybrid power project from Gujarat Urja Vikas Nigam.

* Ashok Leyland:* The company arm Hinduja Tech signed a definitive agreement with Creador to invest $50 million and acquire a 19.6% stake in the arm.

* Tata Consumer Products:* The company will consider a share-based long-term incentive plan for the grant of performance share units to eligible employees.

* Navin Fluorine International:* The company approved an additional investment of Rs 250 crore in the arm of Navin Fluorine Advanced Sciences.

* Shakti Pumps:* The company received a Rs 93 crore order from the Maharashtra Energy Department to design, manufacture, install, and supply 3,500 solar photovoltaic water pumping systems.

* Sarveshwar Foods:* The company will export white rice to Africa for $6 million.

* Eris Lifesciences:* The company entered into a pact to acquire 19% equity in Swiss Parenterals from the promoters of the company for Rs 238 crore.

* Innova Captab:* Gaurav Srivastava resigned from the position of chief financial officer effective March 29.

* Gujarat Fluorochem:* The company incorporated its arm, IGREL Mahidad for power generation.

* InterGlobe Aviation:* The company introduced 11 new codeshare routes across Australia in a pact with Qantas Airways.

Infibeam Avenues: The company issued a guarantee worth Rs 140 crore on behalf of the arm in favour of IndusInd Bank.

* Biocon:* Indranil Sen has resigned from the position of chief financial officer, effective today.

* Bombay Burmah:* The Maharashtra state tax department initiated a search at the company’s office on March 13.

* Network18 Media:* Digital18 Media ceases to be an arm of the company consequent to the transfer of its stake in the arm to Viacom 18 Media.

* Mukka Proteins:* The company received purchase orders worth Rs 15.25 crore from Avanti Feeds for the supply of fish oil.

* Shalby:* The company secured a Rs 100 crore term loan agreement with Bajaj Finance for acquiring 100% equity shares of Healer’s Hospital, both for private and general corporate purposes.

NCC: The company’s unit has settled a dispute with TAQA India Power Ventures and Himachal Sorang regarding the Himachal Sorang power project. The company’s unit is to pay Rs. 175 crore in three instalments to TAQA, guaranteed by NCC.

Elpro International: The company acquired shares of Ami Organics for a cash consideration of Rs 6.31 crore. 

Genesys International: The company secured an order worth Rs 155.8 crore from Brihanmumbai Municipal Corp. for developing, implementing, and maintaining a 3D city model using geospatial technology.

Bulk deals

Mold-Tek Packaging: Goldman Sachs India sold 2.36 lakh shares (0.71%) at Rs 804.98 apiece. 

Insider Trades

Rajratan Global Wire: Promoter Sunil Chordia bought 20,000 shares on March 12. 

Ramkrishna Forgings: Promoter Riddhi Portfolio bought 30,000 shares on March 13. 

Gokul Agro Resources: Promoter Ritika Infracon bought 2.44 lakh shares on March 13. 

Nuvoco Vistas Corporation: Promoter Niyogi Enterprise bought 3.03 lakh shares between March 13.

Pledge Share Details 

Apollo Micro Systems: Promoter Group Karunakar Reddy Baddam created the pledge of 43.35 lakh shares on March 13. 

Aster DM Healthcare: Promoter Union (Mauritius) Holdings created a pledge of 1.99 crore shares and Union Investments created a pledge of 18.68 crore shares on March 12.

Trading Tweaks

Ex/record Dividend: IIFL Securities. 

Moved into short-term ASM framework Capri Global Capital, BCL Industries, India Pesticides

F&O BAN

1\ABFRL

2\BHEL

3\MANAPPURAM

4\NATIONALUM

5\PEL

6\RBLBANK

7\SAIL

8\TATACHEM

9\ZEEL

Tine Agro Ltd

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 433.3

Ex - Stock Split 18 March 2024 (Monday)

Last day trade for before split Today

Tine Agro Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 433.3

Ex Bonus 18 March 2024 (Monday)

Last date Trade for Before Bonus Today

Oil India Ltd.

Dividend Per Share Rs.8.5

Previous day Closing Price – Rs. 572.7

Ex-Dividend 18 March 2024 (Monday)

Last date for Cum-Dividend Today

• ABFRL

• BHEL

• MANAPPURAM

• NALCO

• PEL

• RBLBANK

• SAIL

• TATACHEM

• ZEEL

Stocks likely to see action today include Paytm, Ashok Leyland, RPower, JSW Energy, IRB Infra, NHPC, Shalby, Rose Merc, RailTel, Century Ply, Gufic Bio, Genesys, Time Technoplast, CFF Fluid

Emkay Global 

The OMCs have finally announced price cuts in auto fuels (~Rs2/ltr each in petrol & diesel RSP), following a series of cuts announced earlier by CGD companies in CNG (~Rs2.5/kg) and government-OMCs on LPG (~Rs100/cy). While the MOPNG Twitter handle first reported OMCs taking the decision themselves, the government’s influence can be felt, given the fact that it has happened just before the announcement of election dates and model code of conduct. Nevertheless, like with gaseous fuels, the cut is within the comfort zone (petrol cut was lower than our >Rs3/ltr expectation), and would not impact our FY24E earnings for IOCL, BPCL, and HPCL, despite gross marketing margins for the last fortnight of this fiscal would be lower by Rs1.6/1.7 per ltr for petrol/diesel at ~Rs5/1.4 per ltr and assuming Brent stays at ~USD85/bbl and current cracks and currency levels remain intact. This announcement does not have any bearing on FY25E earnings outlook, as we believe, the consequent margin impact will only be for a brief period of ~2 months. Once the national elections are over, we would see deepening deregulation with daily pricing also possibly coming back, and with enough room to recover any under-recovery. In LPG also, CP margins are negative (~Rs200/cy), but buffer reserves are mostly available to bear a few months of losses, with not much financial impact expected. During the next two months, oil price movement is likely to play on sentiments. Our belief is that any correction in stock prices would be an attractive entry point. Hence, we maintain our constructive stance on OMCs

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:29 PM Thursday 14 March 2024

Adani Wilmar Ltd: Angshu Mallick, CEO

We Are Eyeing Double-Digit Volume Growth In FY25 For Edible Oil: Adani Wilmar |

https://www.youtube.com/watch?v=ZfBeQtQ9OhQ

Gopal Snacks: Raj Hadvani, CEO

75% Of Revenue Comes From Gujarat & The Share Will Be At 50% In 5 Years: Gopal Snacks

https://www.youtube.com/watch?v=vBQLPF2CIg4

Gopal Snacks: Raj Hadvani, CEO

Gopal Snacks IPO Opens | Capacity Utilisation Plans

https://www.youtube.com/watch?v=AfwQSV-ZYT4

J Kumar Infra: Nalin Gupta, MD

Should Be Able To Achieve Order Inflow Of ?7,000-8,000 Cr In FY25: J Kumar Infraprojects

https://www.youtube.com/watch?v=G-9TeU6GVqE

MOLDTKPAC: Laxman J Rao, CMD

Mold-Tek Packaging: Opportunity In Pharma Packaging Seg

https://www.youtube.com/watch?v=l6Ut1U7Kl_E

Allcargo: Ravi Jakhar, Director

Will Continue To Gain Market Share Above Industry Average: Allcargo Logistics

https://www.youtube.com/watch?v=VdB7cuiGph0

Metropolis: Ameera Shah, MD

Core Diagnostics Business Has Outpaced The Industry As Of 9MFY24: Metropolis Healthcare

https://www.youtube.com/watch?v=2OwbQlYfQ7c

Titagarh Rail: Umesh Chowdhary, Vice Chairman & Managing Director

Orders For New Vande Bharat Trains Will Be Announced Post Elections: Titagarh Rail Systems

https://www.youtube.com/watch?v=htq3AYFkSgk

V-Mart Retail: Lalit Agarwal, CMD

Target High Single-Digit Same-Store-Sales Growth & Double-Digit Revenue Growth In FY25: V-MART

https://www.youtube.com/watch?v=2AhTUjrg1xc

Advanced Enzyme: Mukund Kabra, Wholetime Director

There Will Be Hit Of ?15 Cr On The P&L In Q4 Due to Order Against Adv Supp Tech: Advanced Enzymes

https://www.youtube.com/watch?v=nQK1TWG9Fi4

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

Fitch Ratings has placed IIFL Finance’s ‘B+’ rating on ‘Watch Negative’ citing downward risks to the franchise and profitability due to regulatory restrictions.

18.45 U.S. Industrial Production m/m (Expected: 0.0% versus Previous: -0.1%)

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 77.1 versus Previous: 76.9)

Jabil Inc. (Pre market) (Sector- Technology)

IndusInd International Holdings (IIHL), a Hinduja Group company and the successful resolution applicant for acquisition of Reliance Capital, has said that it will be unable to complete the resolution process in FY24.

Oil marketing companies (OMCs) on Thursday cut prices of diesel and petrol by ₹2 per litre each across the country, the first revision by the companies since April 6, 2022. The last reduction in the prices of auto fuels was through a cut in excise duty in November 2022.

The outlook is bearish for ICICI Securities. The uptrend has reversed after forming a double-top pattern. The share price has been falling for more than two weeks now. This week the stock has tumbled over 7 per cent. 

Eris Lifesciences has entered into a definitive agreement to acquire the India-branded formulation business of Biocon Biologics for ₹1,242 crore, a move that strengthens its footprint in the domestic injectables segment, and catapults it into the top bracket of the insulin segment.

The ides of March is upon us and Paytm’s future hangs in the balance. March 15 is the deadline for subsidiary Paytm Payments Bank (PPBL) to wind down its operations, taking with it a significant portion of parent One97 Communication’s (OCL) business.

State-run GAIL on Thursday said that it will set up liquefied natural gas (LNG) retailing outlets, which will cater to medium and heavy commercial vehicles, along major national highways (NHs) and aims to capture more than 50 per cent market share by 2030.

The huge interest in mutual funds among retail investors over the past several years, specifically the SIP (systematic investment plan) mode, which allows small sums to be parked periodically in schemes, has spawned a new rival. As asset management companies roll out new fund offers (NFOs) periodically, life insurance companies, too, have been on a launching spree.