Stocks

Markets may trade in a narrow range; stock-specific action likely

KS Badri Narayanan Chennai | Updated on April 09, 2021

Stocks likely to witness action today: Srei Equipment Finance, S H Kelkar, Thyrocare Technologies, Zensar, CEAT, Emkay Global, and Salora International

Indian markets are expected to trade in a narrow range with a flat opening on Friday ahead of quarterly results. Companies will start results from next week.

Global markets present mixed signals, with US markets ending firm overnight. Though Japan's Nikkei is ruling firm, others such as Korea, Australia and China are down marginally.

However, the SGX Nifty at 14,930 signals a flat opening, as Nifty futures closed at 14,924 on the NSE. With the Prime Minister ruling out a complete lockdown, Indian markets may gain strength in today's trade, said analysts. Prime Minister Narendra Modi on Thursday ruled out imposing any lockdown in the country. However, he emphasised the need to identify micro-containment zones in a mission mode.

The market is expected to have a stock centric rally in the coming days due to the beginning of earnings, said Vinod Nair, Head of Research at Geojit Financial Services.

Stocks to Watch

Srei Equipment Finance has said that it has received expression of interest for up to $250 million capital infusion in the company. The international private equity funds are US-based Arena Investors LP and Singapore's Makara Capital Partners.

S H Kelkar and Company Ltd (SHK), the largest Indian origin fragrance and flavours company, has announced the business update for Q4 FY21. The company saw healthy demand and enquiries during Q4 FY21, with normalisation seen across both domestic and international markets. Client engagements and wins remained robust across the mid & large sized FMCG customers. Creative Flavours and Fragrances (CFF), the company's 100 per cent wholly-owned subsidiary, also delivered steady performance during the quarter. Besides, Keva Italy S.r.1, Italy, and Creative Flavours & Fragrances S.p.A. have entered into an agreement for acquisition of 70 per cent equity stake of Nova Fragranze S.r.1. Keva Italy and CFF shall be acquiring 28 per cent and 42 per cent stake respectively of Nova.

Thyrocare Technologies has informed the exchanges Arindam Haldar resigned as Chief Executive Officer for personal reasons.

Zensar, a leading digital solutions and technology services company, announced that they have entered into a global strategic partnership with US based Claimatic. This partnership combines industry-leading, intelligent decisioning software of Claimatic with Zensar's world-class strategic consulting, enterprise delivery, and implementation services. This new, innovative partnership leverages the respective strengths of Claimatic and Zensar to create compelling value for both companies and their mutual clients.

CEAT has entered into a third Addendum Agreement to the existing share subscription and shareholders' agreement with Tyresnmore Online Private Limited, an associate of the company and other parties, for making a future investment of up to ₹2.4 crore. Upon completion of the investment, the total holding of CEAT in Tyresnmore would be 44.17 per cent.

Emkay Global Financial Services has tied up with Stockal - a global investment platform to help its clients invest in US-listed stocks and securities. The association will provide access to the thematic investments available in the US equity market, for example FAANG stocks, which have been the major contributors to the rise in the US market in the past few years due to their potential to disrupt the current and future technology landscape.

The board of Salora International Ltd has, subject to approval of shareholders, approved the proposal for sale/divestment of the company's property at Nodia, (Gautam Budh Nagar, UP) to reduce debt of the Company and the corresponding interest burden. The potential sale will have no adverse impact on the operations of the Company.

IPO Corner

Macrotech Developers (formerly known as Lodha Developers) share sale via initial public offering (IPO) witnessed weak demand as the issue was only subscribed 0.35 times or 35 per cent by the end of second day of subscription. The IPO closes for subscription on Friday. Price band of the issue is ₹483- ₹486. From IPO proceeds, Macrotech proposes to reduce debt by up to ₹1,500 crore and acquire land or land developmental rights aggregating up to ₹375 crore. Ahead of the issue, Macrotech Developers Ltd also known as Lodha Developers, has raised ₹740 crore from 14 anchor investors. The company informed the bourses that it has allocated 1.52 crore shares at ₹486 a share to anchor investors.

Published on April 09, 2021

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