Sensex, Nifty likely to open lower

KS Badri Narayanan Chennai | Updated on February 17, 2021

Stocks likely to witness some action: APSEZ, Ashok Leyland, Heritage Foods, InterGlobe Aviation, Infosys, KEC International, L&T Finance Holdings, Muthoot Finance, Page Industries and, TVS Srichakra

Global cues and SGX Nifty index signal that domestic markets are likely to open in negative territory with at least 0.75 per cent down. The SGX Nifty, which currently rules at 15,240 at Singapore Stock Exchange, indicates an almost 100-point gap-down for Nifty50 index futures, which on Tuesday closed at 15,330.

Markets across Asia-Pacific region are also ruling in red, with benchmarks of Japan, Hong Kong, Australia, the Philippines and Korea declining between 0.5 and 1.5 per cent.

"The Indian market has been absorbing the global trend these days and we expect that to continue due to the lack of any major domestic event," said Vinod Nair, Head of Research at Geojit Financial Services.

Though overnight US markets closed at record high, futures of major indices are currently trading in red.

Stocks to Wacth


Adani Ports and Special Economic Zone has completed the acquisition of 100 per cent stake of Dighi Port Limited (DPL) for ₹705 crore on February 15. The company had intimated the commencement of this development to stock exchanges on March 6, 2020. DPL, the 12th port to join APSEZ's string of economic gateways across the eastern and western coast of India. This would enable APSEZ to service customers in Maharashtra which includes the highly industrial areas and development in the Mumbai & Pune regions.

Ashok Leyland Ltd had invested a total amount of ₹18.66 crore constituting 26 per cent in the paid-up share capital of Prathama Solarconnect Energy Private Limited, which is engaged in solar power generation business.

Heritage Foods: Heritage Novandie Foods, a 50:50 joint venture company between Heritage Foods and Novandie, France started commercial production.

InterGlobe Aviation: IndiGo has signed an agreement with Bengal Aerotropolis Projects Limited (BAPL) to start operations from Durgapur - the 66th destination in 6E network. The airline will operate its first direct flights from Delhi, Bengaluru, and a southern city to Durgapur from April 22 with bookings opening from February 13.

Infosys: Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, has completed acquisition of automated new business and underwriting platform from STEP Solutions.

KEC International Ltd, an RPG Group Company, has secured new orders of ₹1,681 crore across its various businesses. While the transmission & distribution business won orders worth ₹ 1,287 crore from Power Grid Corporation of India Ltd and other customers in India, SAARC and the Americas, civil business has secured an order of ₹254 crore for infra works in the Water Pipeline segment in India. The Smart Infra business has secured an order of ₹63 crore and the cables business ₹77 crore.

L&T Finance Holdings has raised ₹2,998.61 crore through the rights issue. The company said issue was oversubscribed by approximately 15 per cent. The allotment of equity shares offered pursuant to the rights issue will happen before February 23 and those equity shares will enter the exchanges on February 26.

Muthoot Finance: Crisil Ratings has upgraded its ratings on the long-term debt facilities of Muthoot Finance to 'Crisil AA+/Crisil PP-MLD AA+r/Stable' from 'Crisil AA/Crisil PP-MLD AAr/Positive' and reaffirmed its 'Crisil A1+' rating on the company's commercial paper. The upgrade is driven by Muthoot Finance's demonstrated ability to profitably scale up its core gold loan business while maintaining its strong financial risk profile.

Page Industries: Vedji Ticku has submitted his resignation letter owing to personal commitments. His resignation was accepted by the board of directors by Circulation. The board has acknowledged the contribution made by him during his tenure.

TVS Srichakra Ltd had announced its planned capital expenditure program of ₹1,000 crore on December 8, 2020. In furtherance of this, the company on Monday signed a Memorandum of Understanding with the Government of Tamil Nadu to facilitate this investment program.

Result Calendar: Mayur Leather Products, Mescon, Pasupati Spinning & Weaving Mills, Uniply Decor and Uniply Industries will declare their quarterly numbers.

IPO Corner

RailTel Corporation of India Limited (RailTel). Today is the second of the initial public offering. On Day 1, the issue received bids of 16.13 crore shares against the offered 6.11 crore equity shares, reflecting a 2.6 times oversubscription. The portion reserved for retail investors was subscribed 4.99 times, stated a release. The offer comprises 8.71 crore shares of face value of ₹10 each. The price band has been fixed at ₹93-94 per share.

Nureca: The public issue will close today. The ₹100- crore initial public offer of Nureca Limited was subscribed 14.77 times on Tuesday, the second day of subscription. The public issue received bids for 2.07 crore shares against 14.01 lakh shares on offer, as per data available with the NSE. The price range of the issue is ₹396-400 a share.

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Published on February 17, 2021
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