Equity Market Outlook for 06-04-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a negative to neutral start for the broader index in India with a loss of 48 points. The Nifty futures were trading around 17,577 levels on the Singaporean exchange. Among sectors, the FMCG index was up by 1.36% and the IT index appreciated by 1.20%. Whereas, the PSU Bank index & Auto index was down by 0.79% & 0.55% accordingly. The midcap and the smallcap indices rose 0.03% & 0.48% respectively. IT index has formed a big bullish body candlestick pattern and closed with a gain of 1.20%.

Global Markets:
During the regular session on Wednesday, the Dow added nearly 80 points, to close at 33,482. The S&P 500 fell by 0.25 percent, to close at 4090 also snapping a recent string of four consecutive winning sessions and the Nasdaq Composite dropped by 1.07 percent to close at 11,996. The pan-European Stoxx 600 index provisionally closed 0.16 percent lower, with sectors and major bourses pointing in different directions. Germany’s DAX index shed 0.5 percent and France’s CAC 40 fell 0.4 percent, while the U.K.’s FTSE 100 rose 0.4 percent as the defensive and energy stocks that dominate the index gained. Japan’s Nikkei 225 led losses in the region as it slid 1.08 percent and the Topix lost 0.91 percent. Elsewhere, the South Korean Kospi fell 0.68 percent, while the Kosdaq saw a smaller loss of 0.64 percent. The Australian S&P/ASX 200 slipped 0.2 percent. Hong Kong’s Hang Seng index was 0.58 percent down, while the Hang Seng Tech index was 1.5 percent lower. Mainland Chinese markets were also lower, as the Shanghai Composite shed 0.37 percent and the Shenzhen Component was down 0.45 percent.

Technical Outlook:
The whole day nifty showed strength and traded in higher top higher bottom formation. As a result, it has formed a big bullish body candlestick pattern and closed above the psychological level of 17500 which is positive for the index. Moreover, nifty has managed to sustain above 200 simple DMA and 50 simple DMA which are placed at 17499 and 17531 levels. Overall moving average suggests that the short to long-term trend is positive. Weekly and daily candlestick pattern indicates bullish bias in the near term. On the upper side, the potential reversal zone placed around 17689 to 17669 levels, coinciding with the upper band of the channel pattern. Whereas 17500 may act as the nearest support.

Things that will decide the Market today

SGX NIFTY signals a negative start for the Indian Market

• Nifty futures on the Singapore Exchange traded 40 points lower to 17,584, signalling that the Indian Stock Market is headed for a negative start.

US indices end in a mix

• The after-effect of the jobs data for the month of February’23 seemed to have a reverse impact on the US Stock Market on Wednesday, as investors shifted away from growth stocks amid signs that the U.S. economy is weakening. The Dow Jones Industrial Average surged at 80.34 points, to close at 33,482.72, while NASDAQ and S&P500 dipped brought down by tech-heavy stocks.

RBI meeting

• The Reserve Bank of India is expected to increase the repo rate for 7th time in a row today, with a 25 basis points move to take the repo rate to a stragering 6.75%, the highest in 7 years!

Daily Fundamental and Technical Picks

Fundamental Picks (for more than a year)
ICICI Bank – Target – 1,150 (30%)
TATA MOTORS – Target – 540 (27%)
COAL INDIA – Target – 275 (24%)
SUN PHARMA – Target – 1,220 (22%)
HUL – Target – 3,100 (20%)

Technical pick (For 2-3 days)
ITC
Previous close – 386
Target – 395
Potential upside – 3%

Equity Market Outlook for 05-04-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a muted start for the broader index in India with a loss of 35 points i.e., 0.24 percent. The Nifty futures were trading around 17,532 levels on the Singaporean exchange. The BSE Sensex in the previous session added 114 points to close at 59,106, while the Nifty50 closed 38 points higher at 17,398. Among sectors, the Auto index was up by 1.49% and the PSU Bank index appreciated by 1.06%. Whereas, Oil Gas index & Metal index was down by 0.44% & 0.3% accordingly. The midcap and the smallcap indices rose 0.37% & 0.66% respectively. The Auto index has given closed above 20 simple DMA after a gap-up opening which is positive for the index.

Global Markets:
US stocks snapped four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy. During the regular session on Tuesday, the Dow shed nearly 200 points, snapping a four-day win streak to close at 33,402. The S&P 500 fell by 0.58 percent, also snapping a string of four consecutive winning sessions and the Nasdaq Composite dropped by 0.52 percent to close at 12,126. Germany’s DAX closed 0.14 percent higher and France’s CAC 40 was flat. Where they had boosted the energy-heavy index on Monday, a 1.3 percent fall in oil and gas stocks took the UK’s FTSE 100 to a 0.5 percent loss. The Nikkei 225 slid 0.65 percent, while the Topix lost 0.85 percent. South Korea’s Kospi was up 0.35 percent, while the Kosdaq index also gained 0.52 percent.

Technical Outlook:
The whole day nifty traded in copy range of 116 points. It has formed a bearish body with a long lower shadow which looks like a hanging man candlestick bearish reversal candlestick pattern on a daily time frame which needs confirmation for the same. Nifty may find resistance near the 17480 level which is a 50% retracement of the recent downfall, 200 simple DMA and unfilled gap. On the lower side, 20 simple DMA may act as support. Moreover, as per moving average analysis, the short-term trend remains bullish as long as it’s trading above 17218 levels. The nifty trading range is expected to be in the range of between 17550 and 17214.

Things that will decide the Market today:

SGX NIFTY signals a negative start for the Indian Market

• Nifty futures on the Singapore Exchange traded 30 points lower to 17,545, signalling that the Indian Stock Market is headed for a negative start.

US indices fall, Asian shares mock the same

• Major US indices on Tuesday, dropped below 200 points, breaking it’s 4-day winning streak. The decline comes post spike in the oil prices and a great decline in the job market, which fell below 10 million open positions since 2-years, signalling economic slowdown. Asian markets replicated the same, starting the day on a pessimistic note.

Oil prices surge

• Oil prices rose in early Asian trade on Wednesday on anticipated U.S. crude inventory declines and OPEC+’s latest output cut targets. Brent crude futures gained 38 cents to $85.32/barrel, while WTI U.S. crude was up 33 cents to $81.04/barrel.

Daily Fundamental and Technical Picks

Fundamental Picks (for more than a year)
IDFC First Bank – Target – 70 (26%)
Apollo TYRES – Target – 395 (22%)
Varun Beverages – Target – 1,620 (14%)
Chola Finance – Target – 880 (13%)
Trent – Target – 1,500 (11%)

Technical pick (For 2-3 days)
NTPC
Previous close – 178
Target – 186
Potential upside – 4%

Headlines Around the Corner:

The country’s largest carmaker Maruti Suzuki is looking to sell nearly half a million vehicles in the current fiscal 2023-2024 to notch up the top slot in the country’s fast-growing sports utility vehicle segment. (ET)

Bharti Airtel Tuesday said it has approved the allotment of equity worth $5.1 million (about ₹42 crore) to holders of its foreign debt bonds issued in January 2020 at ₹521 a share.
Airtel had issued $1 billion 1.5% foreign currency convertible bonds (FCCBs) in January 2020, due in 2025. (ET)

Ashwani Kumar has stepped down as the Chief Executive Officer (CEO) of Suzlon Energy Ltd. He will be replaced by former group CEO and strategic advisor JP Chalasani with effect from April 5, 2023, the company said in a regulatory filing. (ET)

Piramal Capital & Housing Finance Ltd has sold two office spaces spread over 22,524 sq ft in commercial tower TCG Financial Centre in Mumbai’s business district Bandra-Kurla Complex for over Rs 110 crore to TCG Urban Infrastructure Holdings. (ET)

State-owned Oil and Natural Gas Corporation (ONGC) is stepping up a USD 7 billion investment over the next three-four years to reverse years of decline in oil and gas production, company’s director for production Pankaj Kumar said. Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production. (ET)

India’s Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West from this month, three sources with direct knowledge of the matter said, a move that could expedite transition to a rupee trade mechanism. (ET)

Grasim Industries, the flagship company of the Aditya Birla Group, on Tuesday announced entering into three term loan agreements totalling Rs 5,000 crore to finance capital expenditure and repayment of existing loans. It has executed agreements for a secured loan of Rs 4,850 crore and two unsecured loans of Rs 70 crore and Rs 80 crore, Grasim Industries said in an exchange filing. (ET)

Barely days after signing a USD 3 billion financing in India’s most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised USD 2 billion add-on foreign currency facility at most competitive rates, sources said. The USD 3 billion financing closed on March 31 and the add on USD 2 billion thereafter. The fund raising is the largest through syndicated term loans by an Indian corporate house in at least five years, the banking sources involved in the deal said. (ET)

Loans booked by Bajaj Finance jumped 20 per cent year-on-year (YoY) to 7.6 million in January – March quarter (Q4) of FY23, taking the total loans booked by the lender in the financial year (FY23) to 29.6 million, its highest ever in a year. (BS)

J.P.Morgan on Tuesday placed HCL Tech on “negative catalyst watch” ahead of the earnings season, citing the highest near-term risks for the company. (BS)

IndusInd Bank’s net advances improved 21 per cent YoY in Q4 to Rs 2.9 lakh crore, while it reported a 15 per cent growth in deposits to Rs 3.36 lakh crore. The CASA ratio stood at 40.1 per cent. (BS)

HDFC Bank deposits grew 20.8 per cent YoY to Rs 18.84 lakh crore in Q4, while this was up 8.6 per cent QoQ. The bank’s advances stood at Rs 16.01 lakh crore, up 16.9 per cent YoY. (BS)

M&M Finance reported strong momentum in disbursals and collection efficiency in Q4. The NBFC’s business assets stood at Rs 2.13 lakh crore, up 17.4 per cent YoY. Overall disbursements rose 50 per cent to Rs 13,750 crore. (BS)

Bandhan Bank has recorded 9.8 per cent yearly rise in advances for Q4 to Rs 1.09 lakh crore. Deposits came 12.2 per cent higger at Rs 1.08 lakh crore. (BS)

South Indian Bank has reported a 16.65 per cent YoY growth in gross advances to Rs 72,107 crore, while total deposits grew 2.82 per cent YoY to Rs 91,652 crore. (BS)

Vedanta said its aluminium production touched record levels of 22.91 lakh tonnes during 2022-23, marginally up from 22.68 lakh tonnes in the preceding fiscal. The production of zinc from international business rose 22 per cent year-on-year to 2.73 lakh tonne in Q4. (BS)

Hindustan Zinc refined metal production rose three per cent to the highest-ever level of 269 kilotonnes in Q4. Mined metal production and integrated zinc production increased by two percent each. (BS)

The Federal Bank reported strong growth across key financial metrics for the quarter ended March 2023. The bank’s customer deposits increased by 13.3 per cent, while total deposits grew by 17.4 per cent. (BS)

Nazara Tech subsidiary Nodwin Gaming has acquired 51 per cent stake in Singapore-based firm Branded Pte. (BS)

HG Infra has received a Letter of Acceptance dated from Rail Vikas Nigam for a project with bid cost of Rs. 466.11 crore. (BS)

Cyient has appointed Krishna Bodanapu as the Executive Vice Chairman & MD of the company, and appointed Karthikeyan Natarajan as ED & CEO of the company. (BS)

Astra Microwave Products has received an order from IMD for Rs. 32.97 crore. (BS)

RailTel Corp received a contract from Bihar State Electronics Development Corporation for Rs 76.10 crore. The company also secured an order worth Rs 38.95 crore from National Informatics Centre Services Inc. (BS)

Indigo Paints will acquire 51 per cent stake in construction chemical firm Apple Chemie. (BS)

Britannia Industries has declared an interim dividend of Rs 72 per share for FY23. (BS)

The market share of Maruti Suzuki India slipped to 40.86 per cent in the passenger vehicle (PV) segment during FY23 compared with over 42 per cent it had in the previous fiscal, according to the latest data shared by Federation of Automobile Dealers Associations (FADA) on Tuesday. (BL)

Ahead of the March quarter results, Fast-Moving Consumer Goods (FMCG) major Marico said its India business saw improved volume growth.
Marico’s consolidated revenue grew in the low single digit on a year-on-year basis. (BL)

Having ramped up production to 700 million tonnes (mt) in FY23 and with a targeted production of close to 780 mt in FY-24 Coal India Ltd is on its part aiming to meet the 1-billion-tonne output by FY-26 and has devised a transformational plan for operationalising 15 mines by engaging independent mine developer cum operators for the purpose. These 15 mines have a proposed capacity of 168.6 mt per annum. (BL)

Havells India, on Tuesday, said it has entered into a commercial agreement with Swedish tech start-up, Blixt Tech AB, to introduce Solid State Circuit Breaker (SSCB) technology in the domestic market. (BL)

The Adani Group has set in motion the background process for integrating the operations of ACC Ltd and Ambuja Cements, paving the way for the legal merger of the two big cement companies and bringing them under the umbrella Adani Cements. (BL)

Suryoday Small Finance Bank Ltd reported 21 percent growth in gross advances at Rs 6,115 crore for the quarter ended March 2023 against Rs 5,063 crore in the year ago period. Disbursements rose 72 percent, and total deposits rose 34 percent. (CNBCTV18)

Lemon Tree Hotels Ltd signed a licence agreement for a 88-room property, named Peninsula Suites, in Whitefield, Bengaluru. (CNBCTV18)

Veranda Learning Solutions Ltd has partnered with Xavier School of Management (XLRI), to launch an executive diploma in advanced business strategies for CXOs. The one-year program, commencing on July 29, 2023, will be conducted in a hybrid mode via a combination of on-campus sessions and live classes online. (CNBCTV18)

NBCC (India) Ltd bagged an order for construction of an 88.58-km border and road in Mizoram along the Indo Bangladesh Border at a cost of Rs 448.02 crore by the department of border management. (CNBCTV18)

Most quick service restaurant chains in India are in a hiring and expansion mode in anticipation of strong consumer demand from metros as well as non-metro cities, experts at recruitment and search firms and private equity funds told ET. (ET)

The World Bank on Tuesday said it has lowered its forecast for India’s economic growth in the current fiscal year that started on April 1 to 6.3% from 6.6%. (ET)

The Centre has slashed windfall tax on domestically produced crude oil to nil from Rs 3,500 a tonne, effective from April 4. It has also reduced the levy on diesel to 50 paise per litre from Rs 1. The move means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax. (BS)

Equity Market Outlook for 03-04-2023

Option Chain Analysis

Highest call side open interest is at 17700 strike & highest put side open interest is at 17000.

Aggressive put writing observed in the range of 17200-17300 indicates positive sentiment.

Daily Market Updates:

Domestic Markets:
The SGX Nifty indicate a positive start for the broader index with a gain of 35 points after a pretty strong end to the last trading session of the previous financial year. Among sectors, the IT index was up by 2.45% and the Energy index appreciated by 2.45%. The BSE midcap and the smallcap indices rose 1% each. IT index has formed bullish reversal candlestick pattern on weekly time frame. The realty index has found support near unfilled gap and formed hammer type candlestick pattern which needs confirmation for the same.

Global Markets:
The Dow Jones Industrial Average closed 415 points higher, or 1.26 percent, to 33,274.15, the S&P 500 gained 59 points, or 1.44 percent, to 4109.92 and the Nasdaq Composite gained 218.21 points, or 1.68 percent, to close at 13,181. The Nikkei 225 rose 0.92 percent and the Topix rose 1.02 percent as Tokyo’s inflation print continued to show lower levels from its recent peak of 4.3 percent seen in December. South Korea’s Kospi also rose 0.97 percent, while the Kosdaq fell marginally. Hang Seng futures also pointed to a positive start after adding 90 points in the previous trading session to close over 20,400 levels. European stock markets closed higher Friday, with the Stoxx 600 logging gains of 7.05 percent in the first quarter despite a volatile few weeks of trade, in the banking sector. The European benchmark closed down 1.36% for the month.

Technical Outlook:
Nifty has formed a big bullish body candlestick pattern on a daily time frame after a gap-up opening. And closed with a gain of 2.45% on a weekly scale. It has been moving in a falling channel pattern, recently it has given a bounce from the lower band of channel pattern and closed above 100 and 50 WMA which are placed at 17104 and 17320 accordingly. Moreover, it has exactly found trend line resistance and closed near the hurdle of 17360 levels. A bullish reversal candlestick pattern on a daily as well as weekly chart indicates bullish bias in the near term. On the lower side 20 simple DMA and unfilled gap may act as support, placed at 17126 -17204. Furthermore, on the upper side, Nifty may find strong resistance in the zone of 17482 to 17557, which is a confluence zone of 200 simple DMA, unfilled gap, 50% Fibonacci retracement and 50 simple DMA. The anticipated nifty trading range is between 17550 and 17214.

Stocks To Watch

Hindustan Aeronautics: The company registered its highest ever revenue from operations in a fiscal after a growth of 7.6% at Rs 26,500 crore during the year ended March 2023. The order book of the company stood at around Rs 82,000 crore at the end of March. The company’s cash flow improved substantially with payments of around Rs 25,000 crore from various defence customers during the period under review.

Rail Vikas Nigam: The consortium of Tracks & Towers Infratech and Rail Vikas Nigam received the letter of award from NHAI for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,271.99 crore. The company received letter of award from NHAI for construction of six lane elevated Kona Expressway for Rs 720.67 crore. The company also received letter of award from Ministry of Railways for manufacturing and maintenance of 120 Vande Bharat trainsets at a cost of Rs 120 crore per trainset.

Engineers India: The company secured job orders Rs 48.82 crore for five assignments related to the energy sector.

GR Infraprojects: The company received letter of award for construction of four‐lane access controlled greenfield highway section of NH‐163G from Venkatpur village in Warangal district to Thallasenkesa village in Mahabubabed district of Telangana for Rs 847.87 crore.

Ashoka Buildcon: The company received letter of acceptance from Ministry of Railways for all civil engineering works and supply of machine crushed stone ballast in between block section from Birpur to Seroni Road in connection with Gwalior-Sheopurkalan GC project of North Central Railway. The project cost is Rs 284.65 crore.

HG Infra Engineering: The company received letter of award from NHAI for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Deoria to Donoreshan villages in Jharkhand at a project cost of Rs 998.36 crore.

ICICI Bank: The company acquired 9.5% stake in Propertypistol Realty via investment of Rs 22.5 crore in the latter’s equity shares and compulsorily convertible preference shares.

EIH Associated Hotels: The company acquired 40 acres of land on lease from Andhra Pradesh government for construction, development and operation of a five-star luxury hotel or resort in Visakhapatnam. The lease period for the land will be for 94 years, including four years of construction.

Punjab National Bank: The bank changed its base rate from 9% to 9.5% with effect from April 1, 2023.

Bank of India: The bank revised its marginal cost of fund-based lending rate in the range of 10-40 basis points with effect from April 1, 2023. The rep-based lending rate will be marked up by 10 basis points.

Westlife Foodworld: The company subsidiary will pay royalty at 4.5% to fast food restaurant chain McDonald’s for the fiscal ending March 2024.

Dixon Technologies (India): The company incorporated wholly owned subsidiary Dixtel Communications to undertake wholesale/trading of electronic equipment and other related parts thereof.

CreditAccess Grameen: The company completed three direct assignment transactions aggregating to Rs 936.63 crore and a PTC transaction of Rs 98.77 crore during March. During the quarter ended March 2023, the company raised total funds of Rs 5,840.09 crore through term loans, NCDs, MLD, ECBs, direct assignments and PTC.

Life Insurance Corporation of India: BC Patnaik has ceased to be the managing director of the corporation after close of office hours March 31, 2023, upon his superannuation.

Orient Electric: The company appointed Rajan Gupta has managing director and chief executive officer for a period of five years, effective April 4, 2023, after the resignation of Rakesh Khanna from the position.

Greenpanel Industries: The company suspended manufacturing operations at the MDF plant in    Rudrapur, Uttarakhand for 20 days, with effect from April 1, 2023, due to routine maintenance.

Barbeque-Nation Hospitality: The company said it has suffered an IT incident and subsequently isolated its impacted IT assets. The core operations are unaffected, and all the company’s restaurants are fully operational, serving both dine-in and delivery.

Karnataka Bank: The bank saw CASA rise around 9% year-on-year to Rs 28,807.04 crore as on March 31, 2023. Meanwhile, gross advances increased 6% on-year to Rs 61,326.42 crore.

CSB Bank: The bank recorded 16% YoY rise in CASA at Rs 7,886.26 crore as on March 31, 2023, while term deposits increased 24% YoY to Rs 16,619.55 crore. Total deposits of the bank increased 21% YoY to Rs 24,505.81 crore. It recorded 30% YoY rise in gross advances at Rs 20,841.66 crore.

Karur Vysya Bank: Total deposits of Karur Vysya Bank increased 12% YoY to Rs 76,637 crore, as on March 31, 2023. The bank’s CASA increased 6.5% on-year to Rs 25,449 crore.

Equity Market Outlook for 31-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a flat start for the broader index in India with a loss of 1 point i.e., 0.01 percent. The Nifty futures were trading around 17,250 levels on the Singaporean exchange. The BSE Sensex added 346 points to close at 57,960, while the Nifty50 closed 129 points. Among sectors, the PSU Bank index was up by 3.22% and the Media index appreciated by 2.65%. Whereas the Energy index fell down by 0.07%. PSU BANK index has formed a big bullish body candlestick pattern after two days of consolidation. On the upper side 3735 and 3832 levels may act as resistance.

Global Markets:
US stocks traded in range as investors are looking towards more clarity from US regulatory agencies on struggling banks and shares of technology and bank stocks mostly remained flat. Trump whereas becomes the first ex-US president to be indicted. The Dow Jones Industrial Average closed 141 points higher, or 0.43 percent, to 32,859.03, the S&P 500 gained 23 points, or 0.57 percent, to 4050.92 and the Nasdaq Composite gained 117.11 points, or 0.91 percent, to close at 12,963. The Nikkei 225 rose 1.12% and the Topix rose 1.07% as Tokyo’s inflation print continued to show lower levels from its recent peak of 4.3% seen in December. South Korea’s Kospi also rose 0.36% while the Kosdaq fell marginally. Hang Seng futures also pointed to a higher open at 20,563 against the index’s last close at 20,309.13.

Technical Outlook:
After the gap-up opening nifty traded below the 16900 levels and a sharp recovery has been in the second half. As a result, it has formed a big bullish body candle and closed above the previous day’s high, which is positive for the index. One can expect this bounce may continue as long as it’s trading above 16900 levels. On the upper side, 17210 and 17260 may act as a hurdle for bulls. Watch out, the level for nifty is placed around 100 WMA at 17110 levels. Although, bank nifty has formed a big bullish body candle and closed above 200 simple DMA, it has found resistance near 20 simple DMA which is placed at 40050 levels. It has been trading in the zone of 39050 to 40050 levels, a breakout of this range may give further direction.

Headlines Around the Corner:

French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger, said people with knowledge of the matter.
The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22. About 70% of Sanofi’s India revenue is contributed by its top seven brands. (ET)

A bankruptcy court on Thursday allowed IndusInd Bank’s application to withdraw insolvency proceedings against Zee Entertainment Enterprises (ZEE) after both parties decided to settle the dispute amicably. The division bench of members HV Subba Rao and Madhu Sinha, in an oral order, allowed the private sector lender’s withdrawal application. (ET)

India’s most valuable company Reliance Industries Limited has started the process of demerger of its financial services business. A meeting of the creditors and shareholders of Reliance Industries will be held on May 02, 2023, to consider and approve the proposed scheme of arrangement between Reliance Industries Limited and Reliance Strategic Investments (RSIL). After the demerger, the name of the Reliance Strategic Investments shall be changed to Jio Financial Services Limited. (ET)

Welspun Group has acquired the plastic industry market leader Sintex for Rs Rs 1251 crore, the company said today. (ET)

Tata Power has re-appointment Dr. Praveer Sinha as CEO & Managing Director of the company for a period of four years, the company said today. (ET)

The country’s largest two-wheeler maker Hero MotoCorp on Thursday appointed Niranjan Gupta as the new Chief Executive Officer (CEO) of the company, effective from May 1, 2023. Gupta currently is the Chief Financial Officer (CFO), Head – Strategy and M&A at the company. (ET)

Schneider Electric India has appointed Deepak Sharma as Managing Director and Chief Executive Officer and Zone President – Greater India, with effect from May. Sharma will take over from Anil Chaudhry. (ET)

Embattled Adani Group is looking at a 20 per cent growth in earnings across businesses spanning from sea ports to airports, edible oil and commodities, energy, cement and data centres, to repay about USD 23 billion of debt over the next 3-4 years in a comeback strategy, sources said. (ET)

JSW Energy’s wholly-owned subsidiary – JSW Neo Energy acquired renewable energy assets of 1,753 MW from Mytrah Energy (India) worth over Rs 10,000 crore. Since inception, this is the largest acquisition made by the company. (BS)

HPCL inked pact with BPCL’s Mumbai refinery as part of synergy through purchase and sale of hydrogen. This partnership between two oil marketing companies will enable mutual aid during emergenices in areas of hydrogen exchange and uninterrupted availability. (BS)

Ratings agency India Ratings and Research assigned ‘IND A’ ratings to Shakti Pumps with a stable outlook. Stable revenue profile, strong distribution network, established market position, were some of the rating drivers. (BS)

Bharti Airtel’s subsidiary Nxtra Data signed agreement to acquire 5.4 per cent additional stake in Avaada MHAmravati for captive power consumption under electricity laws. (BS)

Bharat Dynamics bagged Rs 8,161 crore worth of order from the Ministry of Defence for production and supply of Akash Weapon System to the Indian Army. (BS)

Rail Vikas Nigam received Letter of Award (LoA) from Ministry of Railways to manufacture cum maintain Vande Bharat Trainsets, including an upgrade of the government’s manufacturing units and trainset depots. (BS)

Mahindra Logistics entered into a business transfer agreement with MLL Express Services (MESPL), a wholly-owned subsidiary for sale or transfer of express network business on a slump exchange basis to MESPL from April 1, 2023. (BS)

Tips Industries, a leading music record label and film production company, aims for a 30 per cent year-on-year growth in its topline and bottomline over the next three years. The growth target comes amid the spike in consumption of its cataloged songs across platforms and its growing focus on regional content launches. (BL)

Employees of ACC and Ambuja Cements are out in the market looking for jobs with the new owner, the Adani Group, relocating significant roles to Ahmedabad, sources said. (BL)

The Medicines Patent Pool (MPP) has signed sublicence agreements with Aurobindo, Cipla and Viatris (through its subsidiary Mylan) to manufacture generic versions of cabotegravir long-acting (LA) for HIV pre-exposure prophylaxis (PrEP). (BL)

State-run Indian Oil Corporation (IOCL) has signed a term agreement with Russian oil giant Rosneft to enhance the crude oil trade between both the countries including diversifying the grades. (BL)

Granules India has received approval from the US Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for gabapentin tablets. (BL)

MakeMyTrip announced its plan to expand its franchise business in the top 100+ cities of the country.
The company started 2023 with 146 active franchisees and aims to grow by more than 50 per cent to reach 220 by the end of the calendar year. (BL)

G R Infraprojects has secured letter of award for five projects from the National Highway Authority of India (NHAI) worth over Rs 44,000 crore. The company emerged as the L‐1 bidder for construction of four lane highway worth Rs 847.87 crore. (CNBCTV18)

Maharashtra Seamless has bagged orders from ONGC with cumulative basic value of Rs 537 crore for supply of seamless casing pipes. (CNBCTV18)

Punjab National Bank approved raising up to Rs 12,000 crore via bond issue in one or more tranches. Rs 7,000 crore will be raised via issuance of additional tier-I bonds, and Rs 5,000 crore via Basel III-complaint tier-II bonds. (CNBCTV18)

The US FDA has issued Form 483 with 10 observations for Lupin’s Pithampur unit-2 manufacturing facility. The US drug regulator inspected the facility from March 21-29, 2023. (CNBCTV18)

PVR has opened a four screen multiplex in Telangana and a five screen multiplex in Dehradun. (CNBCTV18)

Tata Power Solar Systems Limited has received letter of award worth Rs 1,755 crore to set up 300 MW solar project for NLC India Limited in the state of Rajasthan. (CNBCTV18)

With online shopping becoming the new normal, Indian e-commerce is expected to grow at a compound annual growth rate (CAGR) of 27 per cent to reach $163 billion by 2026, almost three times the growth of the overall retail market, according to Redseer. (BL)

The era of low interest rates and easy credit is over in the Asia Pacific region. Amid greater market volatility and slower Asia-Pacific economies, funding access could tighten sharply, said S&P Global Ratings in a report. (BS)

The central government will borrow 57.55 per cent of its full-year target in the first half (April-September) of the approaching fiscal year (2023-24, or FY24), thereby frontloading its borrowing programme for FY24. (BS)

Equity Market Outlook for 27-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 116 points. The Nifty futures were trading around 17,041 levels on the Singaporean exchange. Sensex fell 398 points to close at 57,527, while the broad-based Nifty declined 132 points to settle at 16,945. Among sectors, the Media index fell 2.38%, and the Realty index dropped 2.27%. The smallcap100 and midcap100 indices closed down by 1.67% & 1.17% each. The Pharma index has formed a bullish reversal candlestick pattern on a weekly time frame and closed with a gain of 0.68%. 200 WMA is placed at 11555 levels, which may act as a strong demand zone.

Global Markets:
US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector. While all three major U.S. stock indexes started the session sharply lower on the heels of a sell-off among European banks, those losses reversed by closing bell, repeating the intraday roller coaster ride of recent sessions. he Dow Jones Industrial Average rose 132.28 points, or 0.41%, to 32,237.53, the S&P 500 gained 22.27 points, or 0.56%, to 3,970.99 and the Nasdaq Composite added 36.56 points, or 0.31%, to 11,823.96. S&P 500 futures firmed 0.5% in early trade while Nasdaq futures added 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, with trading cautious. Japan’s Nikkei gained 0.1% and South Korea 0.2%.

Technical Outlook:
On the daily chart, Nifty has constructed a bearish body candlestick pattern and closed lower by 0.77% and 0.91%, on a weekly scale. It has been moving in a lower top lower bottom formation in a “Falling channel pattern”. On the lower side, trend line support is placed around 16800 levels. The moving average analysis indicates a short to long-term trend is bearish. Recently prices have closed below 100 WMA, which may act as resistance for the near term, placed at 17076 levels. Whereas 16800 and 16740 may act as strong demand zone. Prices are reading below the lower band of “Bollinger Bands”, which is negative for the index. If the market closes below the 16,740 level, then it may move towards 16,340.;

Headlines Around the Corner:

State Bank of India has sold ₹341 crore of principal loan outstanding from bankrupt Atibir Industries to CFM Asset Reconstruction Company for ₹250 crore through a Swiss challenge auction held on Friday, two people close to the development said.
The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. (ET)

Adani Group and Reliance Industries have not submitted revised bids for SKS Power Generation (Chhattisgarh), making it a five-way contest for the 600 MW thermal power project, people familiar with the process said.
Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power, and Singapore-based Vantage Point Asset Management have submitted revised bids to take over SKS under the corporate insolvency resolution process. (ET)

Crompton Greaves Consumer Electricals Ltd (CGCEL) and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. This will also simplify corporate and governance structure and convergence of public shareholders of Butterfly at the parent level and align interests for shareholders of both companies, said a joint statement. (ET)

Reliance Industries Limited (RIL) on Friday named Srikanth Venkatachari as the new Chief Financial Officer, the company stated in a press release. (ET)

Paytm Payments Services Limited (PPSL) on Sunday announced that it had received an extension of time from the Reserve Bank of India for resubmission of its payment aggregator (PA) license application. (BS)

Murugappa Group’s engineering firm Tube Investments of India (TII) and Azim Premji Foundation’s Premji Invest have joined hands to acquire Lotus Surgicals Pvt Ltd, which is engaged in the business of wound closure products, for an estimated sum of ₹348 crore. (BL)

Schaeffler India, a manufacturer of automotive and industrial parts, proposes to undertake capacity expansion at an investment of Rs 1,500 crore over the next three years, which will include establishment of a new factory at Hosur at an investment of Rs 300 crore. (BL)

Amid declining profit and falling share price, top executives at Nykaa, including Gopal Asthana, Chief Business Officer of the fashion division; Chief Commercial Operations Officer Manoj Gandhi; and Chief Executive Officer of wholesale business Vikas Gupta, have resigned. (BL)

Thejo Engineering, a Chennai-based engineering solutions provider, on Friday inaugurated a 3.1-lakh sq ft manufacturing unit in Ponneri near the city. The new facility is expected to meet the growing demand from the overseas market. (BL)

Bharat Electronics Ltd has bagged orders worth Rs 4,300 crore from the Indian Army and Indian Navy to supply warfare systems. (CNBCTV18)

The US FDA had issued form 483 with two minor procedural observations for the Karkhadi facility of Alembic Pharma. The drug regulator inspected the facility from March 16-24, 2023. (CNBCTV18)

RBL Bank launched the RuPay National Common Mobility Card (NCMC) in association with the Bangalore Metro. Prime Minister Narendra Modi inaugurates the RuPay NCMC on Saturday. (CNBCTV18)

The US drug regulator conducted an inspection at the Zydus Lifescience’s, Ahmedabad manufacturing facility SEZ-1 from March 20 to 24, 2023. The inspection was a Pre-Approval Inspection (PAI) as well as a GMP Audit and concluded with three observations. (CNBCTV18)

Lupin announced the completion of inspection of Pithampur facility by the UK MHRA. The US drug regulator also completed the pharmacovigilance inspection with no observations. (CNBCTV18)

The Reserve Bank of India approved the merger of L&T Finance, L&T Infra Credit and L&T Mutual Fund Trustee with L&T Finance Holdings. (CNBNCTV18)

Sun Pharma has entered into an agreement to acquire 60 percent shareholding for 143.3 crore in Vivaldis Health And Foods Private Ltd from its existing shareholders with remaining 40 percent shareholding to be acquired in future. (CNBCTV18)

Dalmia Bharat arm Dalmia Cement (Bharat) Ltd to sell 42.36 percent equity shares of associate company Dalmia Bharat Refractories Ltd at Rs 800 crore to Sarvapriya Healthcare Solutions. (CNBCTV18)

India’s foreign exchange reserves rose $12.8 billion to $572.8 billion as on March 17, 2023, Reserve Bank of India (RBI) data showed on Friday. This is the highest level since early February. (ET)

The government on Friday increased the minimum support price of raw jute by Rs 300 to Rs 5,050 per quintal for 2023-24 season. The decision was taken at the Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Narendra Modi. (ET)

The penetration of electric vehicles in the three-wheeler segment has crossed 50 per cent in FY23, spurred majorly by electric rickshaws (e-rickshaws). (BL)

Revenue of private hospitals will grow 10-11 per cent in financial year 2022-23 and 2023-24, supported by increasing domestic demand and pick-up in medical tourism, says a report. (BL)

Equity Market Outlook for 24-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 21 points. The Nifty futures were trading around 17,062 levels on the Singaporean exchange. The BSE Sensex fell 289 points to close at 57,925, while the Nifty50 declined 75 points to settle at 17,077. Among sectors, the FMCG index was up 0.35% and the Pharma index was appreciated by 0.22%. Whereas the PSU Bank index fell 1.74%, and the Realty index dropped 1.08%. The midcap100 smallcap100 indices closed down by 0.43% & 0.41% each. The IT index has formed copy book hammer bullish candlestick pattern which needs confirmation. The Pharma index has given a bullish breakout and completed a bullish reversal harmonic pattern. 200 WMA placed at 11555 levels which act as demand zone for short term.

Global Markets:
Wall Street closed higher on Thursday as market participants were reassured by US Treasury Secretary Janet Yellen’s reassurances that measures will be taken to keep Americans’ deposits safe. All three major US stock indexes reversed an earlier rally, turning red before clawing their way back to positive territory in the final hour as Yellen resumed her congressional testimony. The Dow Jones Industrial Average rose 75.14 points, or 0.23 percent, to 32,105.25, the S&P 500 gained 11.75 points, or 0.30 percent, to 3,948.72 and the Nasdaq Composite added 117.44 points, or 1.01 percent, to 11,787.40. The Nikkei was down 0.38 percent, and the Topix saw a larger loss of 0.46 percent as the country saw its core inflation come in at 3.1 percent for February, marking the first time in 14 months that the pace of inflation has slowed.

Technical Outlook:
Due to global clue nifty opened the gap down and showed some strength. Made high of 17200 levels and some profit booking has been seen in the second half. It second consecutive day where nifty found resistance near the same levels. As result, it has formed a bearish body candlestick pattern with a long upper shadow. On a lower time frame, like the hourly chart, nifty has been moving in a higher top-higher-bottom formation. Prices are consolidating near 100 simple WMA which is placed at 17075 levels. Moreover, nifty has entered again the trading range of 100 WMA (17060) to 50 WMA (17325).

Market Triggers:

VEDANTA LIMITED has informed the Exchange about Board Meeting to be held on 28-Mar-2023 to consider Dividend.

The Ministry of Defence (MoD) has signed two contracts worth of Rs. 3800 Crs with Bharat Electronics Ltd (BEL) a DPSU for supply of Medium Power Radar and Digital Radar Warning Receiver (RWR) for Indian Air Force. Positive

Lupin Limited announced that it has received tentative approval from U.S. FDA for its Abbreviated New Drug Application (ANDA), Obeticholic Acid Tablets, 5 mg and 10 mg, to market a generic equivalent of Ocaliva® Tablets, 5 mg and 10 mg, of Intercept Pharmaceuticals, Inc. Obeticholic Acid Tablets (RLD Ocaliva®) had estimated annual sales of USD 255 million in the U.S. (IQVIA MAT December 2022). Marginal Positive

United Nations Development Programme Collaborates with Infosys Public Services to Implement Oracle Fusion Cloud Applications Suite Positive

Treasury Secretary Janet Yellen indicating that regulators are prepared to take more action if needed to stabilize U.S. banks.

Accenture reported Q2 Revenues which came in at $15.8 billionat higher end of the guided range (guided range $15.20 billion to $15.75 billion). EBIT margin came in at 12.3% compared to 16.5% in 1QFY23 and 13.7% in 2QFY22
New bookings for the quarter were a record $22.1 billion, with consulting bookings of $10.7 billion and managed services bookings of $11.4 billion. Bookings for 2QFY22 stood at US$19.6bn vs Q1fy23 of $16.2 bn
Fiscal 2023 Guidance
Lowered higher end of 2023 annual revenue growth guidance , to be between 8% and 10% vs previous guidance of 8% to 11%
Expects GAAP operating margin for fiscal 2023 to be in the range of 14.1% to 14.3%, compared to 15.3% to 15.5% previously
Expects GAAP diluted EPS to be in the range of $10.84 to $11.06, compared to $11.20 to $11.52 previously
Third Quarter Fiscal 2023
Expects revenues for the Q3 of fiscal 2023 to be in the range of $16.1 billion to $16.7 billion, an increase of 3% to 7% in local currency
neutral

Proposed Offer for Sale of Hindustan Aeronautics Limited
Floor Price : Rs. 2450/-

Retail category Bidding details (RS Series)
Bidding session Date : March 24, 2023
Bidding session Time : 09:15 Hrs. to 15:30 Hrs.
Series : RS (Retail category)

AJANTA PHARMA LTD
Buy Back of Shares
Ex-date : 24 Mar 2023

Growington Ventures India Ltd
Bonus issue 24:100
Ex-date : 24 Mar 2023

SUNDARAM-CLAYTON LTD
Scheme of Arrangement
Ex-date : 24 Mar 2023

Vivanza Biosciences Ltd
Stock Split From Rs.10/- to Rs.1/-
Ex-date : 24 Mar 2023

BHARAT AGRI FERT & REALTY LTD
Stock Split From Rs.10/- to Rs.1/-
Ex-date : 29 Mar 2023

MIRZA INTERNATIONAL LTD
Spin Off
Ex-date : 29 Mar 2023

SEPC Ltd
Right Issue of Equity Shares
Ex-date : 29 Mar 2023

Symphony Limited
Buy Back of Shares
Ex-date : 29 Mar 2023

Artemis Electricals and Projects Ltd
Stock Split From Rs.10/- to Rs.1/-
Ex-date : 31 Mar 2023

GODAWARI POWER & ISPAT LTD
Buy Back of Shares
Ex-date : 31 Mar 2023

SHIPPING CORPORATION OF INDIA LTD.
Spin Off
Ex-date : 31 Mar 2023

Mkventures Capital Ltd
Right Issue of Equity Shares
Ex-date : 03 Apr 2023

TeamLease Services Ltd
Buy Back of Shares
Ex-date : 03 Apr 2023

Jet Infraventure Ltd
Bonus issue 1:1
Ex-date : 21 Apr 2023

Sanofi India Ltd
Final Dividend : 194.00
Special Dividend : 183.00
Ex-date : 28 Apr 2023

Brokerage reports

Interglobe Aviation

Jefferies: U-P – TP Rs 1615

CITI: Buy, TP Rs 2400

Macquarie: O-P, TP Rs 2600

Jefferies on RIL
Buy, TP cut to Rs 3060 from Rs 3100

JPM on Hindalco maintain OW with tgt price of 490

JPM on tata motors maintain neutral with tgt price of 415

CLSA on IT
Healthy managed services rev/bookings is positive read-through
Infosys, HCL Tech & TCS preferred picks

CITI on IT
Managed services bookings strong but 3Q guidance broadly in line
Infosys, only Buy

MS on IT
More positives than negatives for India IT
Preferred picks -LTIMindtree, Infosys & HCL Tech

Nomura on IT
Demand continues to shift towards cost optimization
Top picks: Infosys, & Tech mahindra, Coforge & Persistent

Money Market Update

Rupee closed 0.49% higher against the U.S. dollar at 82.26 on Thursday, compared to Wednesday’s close of 82.66.

Pledge Share Details

Emami: Promoter group Diwakar Finvest created a pledge of 9.60 lakh shares on March 20.

Chambal Fertilizers & Chemicals: Promoter group Zuari International created a pledge of 1.50 lakh shares on March 21.

Insider Trading

LG Balakrishnana & Bros: Promoter group LGB Auto Products bought 17,840 shares on March 21.

Mukand: Promoter group Baroda Industries bought 24,548 shares between March 21-22.

Sunteck Realty: Promoter Matrabhav Trust bought 20,000 shares on March 22.

Jai Corp: Promoter Mega Trust bought 1.40 lakh shares between March 21-22.

NRB Bearings: Promoter and director bought Harshbeena Zaveri 42,993 shares between March 20-21.

Fineotex Chemicals: Promoter and director Sanjay Tibrewala bought 40,000 shares on March 22.

Star Cement: Promoter and director Prem Kumar Bhajanka bought 15,000 shares on March 22.

Trading Tweaks

Ex-Date Buyback of Shares: Ajanta Pharma

Ex-Date Scheme of Arrangement: Sundaram Clayton

Ex-Date Interim Dividend: Aditya Birla Sun Life Asset Management Company, Bharat Electronics, Glenmark Life Sciences, Steel Authority of India, Styrenix Performance Materials

Move Into Short-Term ASM Framework: Mangalore Chemicals & Fertilizers

Who’s Meeting Whom

UltraTech Cement: To meet investors and analysts on March 24.

Persistent Systems: To meet investors and analysts on March 24.

Arvind SmartSpaces: To meet investors and analysts on March 24.

ISGEC Heavy Engineering: To meet investors and analysts on March 24.

Meghmani Organics: To meet investors and analysts on March 24.

World Market

Dow + 75
Nasdaq + 117
Dax – 6
Nikkei – 117
Hangseng – 150
SgxNifty – 31(17051)
Dowfut – 30
Nasdaqfut – 20
Crude Oil 75.19
Dollar Index 102.30

Stocks Ban In F&O:
Biocon,
HAL,
Indiabulls HSG

STOCKS TO WATCH:

RAIL VIKAS, BEL, KUPIN, HAL, RELIANCE, ADANI GREEN, PFC, INFY, TATA STEEL, CANARA BANK, CAMPUS ACTIVEWEAR

Rail Vikas Nigam: Co Says Rachana -RVNL JV Has Received Loa Loa Worth 2.52b Rupees

Bharat Electronics: India’s Defence Ministry Signs Two Contracts Worth 37b Rupees With Co For Radars – Statement

Lupin: Co Receives Tentative Approval From U.S. FDA For Obeticholic Acid Tablets

HAL: India Dipam Secy Says Govt Has Decided To Exercise The Green Shoe Option Says Retail Investors Get Chance To Bid Today

Reliance Industries: Piramal Realty Partners With Jio-Bp For Installation Of EV Charging Stations In Its Residential Developments – Statement

Adani Green Energy: Totalenergies – Its Investment In Adani Entities Interests Stood At $3.1b At 31 December 2022

Power Finance Corp: Co Says Deferred The Proposal To Declare Fourth Interim Dividend

Infosys: Co Says United Nations Development Programme Collaborates With Infosys Public Services To Implement Oracle Fusion Cloud Applications Suite

Tata Steel: Co Says Acquisition Of Equity Stake In Tata Steel Advanced Materials || Acquired Balance Of 13.5m Shares Of Tata Steel Advanced Materials; Co Says Deal For An Amount Upto About 173.3m Rupees

Canara Bank: Co Says Consideration Of 1.21b Rupees Received Over Sale Of Stake Held In Commercial Indo Bank LLC, Moscow

Campus Activewear: TpgTo Sell 7.62% Stake Worth Rs 800 Crore In Campus Activewear Via Block Deal At Rs 345/Share – CNBCTV18

Maruti Suzuki will increase prices of its cars from April as its costs are rising due to high inflation and regulatory requirements. The second phase of BS-VI emission norms will be implemented from April 1. Neutral. (Rival Tata Motors has already announced price hike of 5% early this week.)

Hindustan Aeronautics: The government will exercise the greenshoe option to sell additional 1.75% stake in the company as the offer for sale was subscribed 4.5 times its base size. The issue will open for retail investors on Friday.

Reliance Industries: Jio-bp, a joint venture between Reliance Industries and bp, and Piramal Realty, the real estate arm of Piramal Group, have entered a partnership to set up EV charging solutions across all of latter’s residential projects in the Mumbai Metropolitan Region.

Life Insurance Corporation of India: The Financial Services Institutions Bureau has recommended Siddhartha Mohanty as the chairperson of the insurer.

Bharat Electronics: The company secured two contracts worth Rs 3,700 crore from Ministry of Defence for supply of medium power radars ‘Arudhra’ and 129 DR-118 radar warning receivers for the Indian Air Force.

Tata Steel: The company acquired the balance 1.35 crore shares (24.06%) of indirect wholly owned subsidiary Tata Steel Advanced Materials from wholly owned unit Tata Steel Downstream Products for Rs 17.33 crore.

Vedanta: The board of the company will meet on March 28 to consider its fifth interim dividend for the current fiscal.

Infosys: The company’s U.S.-based subsidiary Infosys Public Services deployed Quantum Global Digital Management System for United Nations Development Programme, which will offer services to eight agencies of United Nations with a user base of 50,000 across 170 countries.

Lupin: The company received tentative approval from U.S. FDA to market its abbreviated new drug application Obeticholic acid tablets, a generic equivalent of Intercept Pharmaceuticals’ Ocaliva tablets.

IDFC First Bank: The board has approved the allotment of 37.75 crore shares of Rs 58.18 apiece to wholly owned subsidiary IDFC Financial Holding Company on preferential basis by way of private placement, taking the latter’s stake in the bank up to 39.99%.

Rail Vikas Nigam: The 40:60 joint venture of Rail Vikas Nigam and Rachana Construction received letter of award for upgradation to six-lane Sarkhej-Changodar Section of NH-8A national highway with paved shoulder for Ahmedabad-Bagodara-Rajkot road in Gujarat at a project cost of Rs 252.21 crore.

Punjab National Bank: The bank’s board will meet on March 29 to consider a proposal to raise capital for fiscal ending March 2024 through Basel-Ill compliant additional tier-I bonds and tier-II bonds.

Canara Bank: The bank received the entire consideration of Rs 121.29 crore for the sale of its entire 40% stake in Moscow-based Commercial Indo Bank LLC.

Indiabulls Housing Finance: The company allotted 9.16 lakh non-convertible debentures in public issue to raise Rs 91.65 crore.

PNB Housing Finance: The board of the company will meet on March 28 to discuss and decide various matters related to the Rs 2,500-crore rights issue approved earlier this month.

Indian Railway Catering & Tourism Corporation: The company signed an MoU with Uttarakhand Civil Aviation Development Authority for a period of five years for providing helicopter ticket booking service to the pilgrims of Kedarnath Dham on latter’s behalf.

BULK DEAL 23.12.2023

Asian Energy Services Ltd
+2.21 LK @ 104.84 BY OILMAX ENERGY PRIVATE LIMITED

PARAGMILK
+8 LK @ 76.23 BY PIVOTAL ENTERPRISES PRIVATE LIMITED
-8 LK @ 76.23 BY PIVOTAL BUSINESS MANAGERS LLP

SUMUKA
+89 K @ 89.51 BY PANKAJ BABULAL VORA
-120 K @ 89.61 BY TEAM INDIA MANAGERS LTD

VADILALIND
-46 K @ 2107.47 BY EVOKE MANAGEMENT SERVICES LLP
+46 K @ 2107.68 BY NAVIN SHAH FAMILY PRIVATE TRUST

ANANDRATHI
-330 K @ 810 BY ANAND RATHI FINANCIAL SERVICES LIMITED
+150 K @ 810 BY ANAND RATHI IT PRIVATE LIMITED
+180 K @ 810 BY ANANDRATHI HOUSING FINANCE LIMITED

Kamdhenu Ispat Limited
-2.50 LK @ 312.35 BY CAPRI GLOBAL HOLDINGS PRIVATE LIMITED

Equity Market Outlook for 23-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a flat to negative opening for the broader index in India with a loss of 56.50 points. The Nifty futures were trading around 17,101.50 levels on the Singaporean exchange. The BSE Sensex rallied 140 points to close at 58,215, while Nifty added 44.40 points or 0.26%. Among sectors, the Pharma index was up 1.04% and the PSU Bank index was appreciated by 0.83%. Whereas the PSE index fell 0.57%, and the Media index dropped 0.32%. The BSE midcap index ended on a flat note, while smallcap index rose 0.5%. The Pharma index has given a bullish breakout with a big bullish body candle. On the lower side, 200 WMA may act as a strong demand zone which is placed at 11555 levels.

Global Markets:
Wall Street gyrated to end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector. The Dow Jones Industrial Average fell 530.49 points, or 1.63 percent, to 32,030.11, the S&P 500 lost 65.9 points, or 1.65 percent, to 3,936.97 and the Nasdaq Composite dropped 190.15 points, or 1.6 percent, to 11,669.96. Asian markets are trading mixed in the early trade on Thursday with Nikkei and Straits Times down 0.5 percent teach, while Hang Seng was up marginally.

Technical Outlook:
After the gap-up opening found resistance near the psychological level of 17200 and some profit booking has been seen from higher levels. As result, it has constructed a small bearish body candlestick pattern, which looks like Doji candlestick pattern. This pattern may act as continuation pattern here. Nifty has close above the previous day’s high and sustained above 100 WMA indicates that bulls are not ready to give up. On the hourly chart, nifty has given bullish breakout of double-bottom pattern at level of 17145. On the upper side, achievable targets are 17300 and 17420. Whereas stop loss can be placed around 16840 levels. Moreover, nifty has entered again the trading range of 100 WMA (17060) to 50 WMA (17325).

Stocks To Watch

Hindustan Aeronautics: The central government will sell up to 3.5% stake in the company via offer for sale route on March 23 and March 24 at a price of Rs 2,450 per share.

Hero MotoCorp: The company will hike prices for certain motorcycles and scooters from April 1 to cover cost increases on account of transition to On-Board Diagnostic II. The price hike will be around 2% and vary by specific models and markets.

Larsen & Toubro: The company signed an agreement with France-based McPhy Energy for a long-term partnership where the latter will grant an exclusive manufacturing license of its pressurised alkaline electrolyser technology to the former, including future product upgrades.

Reliance Industries: Reliance Consumer Products, the FMCG arm of the company’s retail subsidiary Reliance Retail Ventures, expanded its FMCG portfolio with the launch of personal and home care products.

Power Grid Corporation of India: The company acquired six special purpose vehicles from REC Power Development and Consultancy for a cumulative consideration of Rs 80.23 crore. The SPVs have been mostly formed for the construction of Transmission Projects in Khavda region of Gujarat.

GR Infraprojects: The company emerged as the lowest bidder for six-laning of Surat-Nashik-Ahmednagar-Solapur greenfield stretch from Hasapur to Badadal in Maharashtra at a cost of Rs 872.17 crore. It has also been selected for construction of civil works at the Dibang Multipurpose Project in Arunachal Pradesh for Rs 3,637.12 crore.

PNC Infratech: The company’s subsidiary Sonauli Gorakhpur Highway received the appointed date of March 6, 2023 for the four-laning of Sonauli-Gorakhpur section of NH-29 national highway in Uttar Pradesh.

Coromandel International: The board approved the company’s foray into contract development and manufacturing organisation business and speciality and industrial chemicals. The board also approved scaling up the company’s crop protection chemicals business.

HG Infra Engineering: The company has been selected as the lowest bidder by the National Highways Authority of India for the construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Lepo village in Jharkhand to Kamlapur village on the Jharkhand-West Bengal border. The estimated project cost is Rs 764.01 crore.

Indiabulls Housing Finance: The company will delist 5.68 lakh Global Depository Receipts, representing 0.12% of its paid-up capital, from Luxembourg Stock Exchange due to low trading volume.

Chalet Hotels: The company will acquire 100% stake of Sonmil Industries for 74.65 crore and 82.28% stake in The Dukes Retreat. Sonmil owns the land in Khandala where The Dukes Retreat runs a property.

Nazara Technologies: Absolute Sports, a subsidiary of the company and the parent of sports news platform Sportskeeda, will acquire 73.27% in Pro Football Network, which is the third ranked platform for coverage and analysis of National Football League in the U.S.

Things that will decide the Market today

SGX NIFTY signals a negative start for the Indian Stock Market

• Nifty futures on the Singapore Exchange traded 47 points lower at 17,111 signalling that the Indian Stock Market is headed for a negative start.

US and Asian Stock Markets under pressure

• The US Stock Market on Wednesday, ended sharply lower against its gains the previous session, given FED’s decision to increase the interest rate by 25 basis points. However, FED also stated that it was on the verge of pausing the rate hikes, given the financial turmoil in the country. Asian Stock Markets, on the other hand, also felt the pressure with major benchmark indices trading in red.

Dollar slips on Oil

• After the FED’s meeting on Wednesday, the Global currency – Dollar came under pressure as bond yeilds declined, pushing the dollar lower in 7-months. Oil prices also felt the heat – with Brent Crude trading at $75.89 and WTI at $70.06 per barrel.

Daily Fundamental and Technical picks

Fundamental picks (For Long Term)
1) Maruti – Target – 10,500 (27%)
2) TCS – Target – 3,950 (26%)
3) Sun Pharma – Target – 1,220 (26%)
4) HDFC BANK – Target – 1,930 (22%)
5) TITAN – Target – 3,070 (22%)

Technical pick ( For 3-4 days)
SRF
Previous close – 2,381
Target – 2,500
Potential upside – 5%

Equity Market Outlook for 22-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 19 points. The Nifty futures were trading around 17,163 levels on the Singaporean exchange. The BSE Sensex climbed 446 points to 58,075, while the Nifty50 jumped 119 points to 17,108 Among sectors, the Psu Bank index was up 1.65% and the Pvt Bank index was up by 1.44%. Whereas the IT index fell 0.98%, and the FMCG index dropped 0.66%. The BSE midcap index rose 0.66% and smallcap index added 0.5%.

Global Markets:
Wall Street closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate. The Dow Jones Industrial Average rose 316.02 points, or 0.98 percent, to 32,560.6, the S&P 500 gained 51.3 points, or 1.30 percent, to 4,002.87 and the Nasdaq Composite added 184.57 points, or 1.58 percent, to 11,860.11. Japanese markets led gains in the region, with the Nikkei 225 up 1.54 percent and the Topix higher at 1.77 percent after breaching the 2 percent level earlier. In Australia, the S&P/ASX 200 rose 0.9 percent, while in South Korea, the Kospi rose 0.67 percent.

Technical Outlook:
The Nifty opened the gap up and closed above the psychological level of 17100 levels which is positive for the index. Nifty has close above the previous day’s high and 100 WMA indicates that bulls are not ready to give up. it has confirmed the bullish reversal hammer candlestick pattern. It has given bounce from the potential reversal of harmonic pattern is paced around 17000 to 16980 level. on the hourly chart, closing above the 17150 level will confirm the bullish breakout of the double-bottom pattern. On the upper side, achievable targets are 17300 and 17420. Whereas stop loss can be placed around 16840 levels. Moreover, nifty has entered again the trading range of 100 WMA (17060) to 50 WMA (17325).

Stocks To Watch

Tata Motors: The company raised prices of its commercial vehicles by 5% from April 1, 2023, to comply with the BS6 phase II emission norms.

Tata Power: Subsidiary Tata Power Renewable Energy received letter of award to set up 200 MW solar PV project Maharashtra State Electricity Distribution Company at Solapur, Maharashtra.

Bandhan Bank: The bank received binding bids of Rs.369.20 crore for written-off portfolio worth Rs 2,614.03 crore and Rs. 370.62 crore for NPA originating from banking units worth Rs 2,316.32 crore on security receipt consideration basis for transferring loans to asset reconstruction company.

Indian Oil Corporation: The company will prepare a detailed feasibility report for setting up a petrochemical complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore. The project will improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business.

Power Finance Corporation: The company’s board approved raising Rs 80,000 crore debt via long-term borrowings, short-term borrowings and commercial papers during the next financial year.

Hindustan Zinc: The board approved fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.

Power Grid Corporation Of India: The company’s Committee of Directors for Bonds will meet on March 24 to consider issue of bonds under private placement.

Lupin: The company received approval from the U.S. FDA for its Brexpiprazole tablets, which will be manufactured at its Pithampur facility in India.

Zydus Lifesciences: The company received final approval from the U.S. FDA for Tofacitinib Tablets, 5 mg and tentative approval for Tofacitinib Tablets, 10 mg.

Mastek: Ashank Desai will relinquish his role as Vice Chairman and Managing Director to Chairman and Managing Director from April 1, 2023.

Samvardhana Motherson International: The company acquired remaining 50% stake of Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria.

HG Infra Engineering: The company was declared the lowest bidder by North Central Railway for Redevelopment of Kanpur Central Railway Station at Rs 677.31 crore.

Ashiana Housing: The company crossed the annual booking value guidance of Rs 1,100 crore for the year 2022-23. The total booking value up to March 20, 2023 stands at Rs 1,278.84 crore.

Emami: The board of the company will meet on March 24 to consider a proposal for a share buyback scheme.

Headlines around the Corner:

Hyundai Motor India (HMIL) will cease to offer diesel engine options in sedans amid increased consumer preference for petrol fuel options and a steep spike in costs of diesel vehicles due to impending implementation of the second phase of Bharat Stage VI emission norms. (ET)

JSW Energy is looking to refinance ₹6,000 crore of renewable energy loans that it assumed when it acquired assets from Mytrah Energy for an enterprise value of ₹11,934 crore in August, according to people aware of the matter. (ET)

The upward trend in steel prices may halt and could even reverse in the coming weeks if the market’s expectations of a likely demand revival in the biggest global consumer China remain unmet, Seshagiri Rao, joint managing director, JSW Steel, told ET. (ET)

Ares SSG Capital-backed Asset Care and Reconstruction Enterprise (ACRE) gave an improved revised binding offer to the State Bank of India (SBI) to buy the loans given to Visa Steel amid intensifying competition from other asset reconstruction companies making counteroffers, said two people aware of the development. (ET)

Reliance Jio on Tuesday said it has now rolled out 5G network in more than 400 cities. The company has rolled out 5G in the nine cities of Andhra Pradesh, six in Tamil Nadu, five each in Haryana and Kerala, three in Madhya Pradesh, two each in Odisha and Maharashtra and one each in Goa, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Mizoram, Punjab, Rajasthan and Tripura. (ET)

Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre, which on Tuesday introduced a tyre brand — Levitas Ultra — to cater to the luxury car segment, is also expected to follow the industry growth path and report a double-digit sales growth next financial year, he noted. (ET)

Tata Motors on Tuesday announced price increase for commercial vehicles ahead of BS6 phase II emission norms, the company said in a press release.
The company stated that the prices for commercial vehicle will be hiked by up to 5 per cent starting April 1, 2023. (ET)

N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing TCS MD and CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role, PTI reported citing unnamed sources from Tata Group. (ET)

The Srei companies – Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) – could not have been admitted for insolvency proceedings, counsels representing Adisri Commercial, the largest shareholder, said before the National Company Law Tribunal (NCLT), Kolkata Bench, on Tuesday. (BS)

Turkish Airlines is open to a unilateral increase in traffic rights to Indian carriers that will allow them to increase the number of flights to Türkiye, Chief Executive Officer Bilal Eksi said on Tuesday.
Additional traffic rights, if granted, will allow IndiGo to carry more traffic to Türkiye and onwards to Europe, boosting its international operations. (BS)

Hindustan Zinc will pay Rs 10,990 crore ($1.3 billion) to its shareholders, a fourth dividend this year, which will help billionaire Anil Agarwal (pictured) meet debt obligations at the parent company. (BS)

Steel Authority of India Ltd (SAIL) – the largest state-run PSU steel maker – is witnessing a delay in ongoing projects worth ₹2,400 crore across its Bhilai, Rourkela, and Bokaro steel plants, even as the steel-maker is trying to renew lapsed leases. (BL)

Indigo Paints is planning to enter the allied segment of construction chemicals and waterproofing, in order to compete with existing players who derive about a tenth of their revenues from this segment. (BL)

Larsen & Toubro (L&T) has secured major contracts in the range of ₹5,000-7,000 crore for its hydrocarbon business from an overseas customer, the company said in an exchange filing on Tuesday. (BL)

Samvardhana Motherson International has completed the acquisition of the remaining 50 percent stake in Fritzmeier Motherson Cabin Fm F Holdings GmbH, Austria. The company is a profitable joint venture between Samvardhana Motherson International and F Holdings GmbH, Austria since 2007. (CNBCTV18)

HG Infra Engineering has been declared the lowest bidder for a project worth Rs 677 crore by the North Central Railway in Kanpur. Under the terms of the contract, the construction company will be responsible for the re-development of the Kanpur Central Railway station in the Engineering, Procurement, and Construction (EPC) mode in UP. (CNBCTV18)

Lupin on Tuesday said it has received approval from the US health regulator for Brexpiprazole tablets used to treat certain mental and mood disorders. The approval by the US Food and Drug Administration (USFDA) is for Brexpiprazole tablets of strengths 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg, and 4 mg. (CNBCTV18)

Tata Power Renewable Energy Ltd (TPREL) on Tuesday said it has secured a letter of award (LoA) for setting up a 200 MW solar PV project for Maharashtra State Electricity Distribution Company Ltd (MSEDCL) in Solapur, Maharashtra. The power distribution company claims that the project is expected to offset approximately 432.94 million kg of CO2 emissions annually. (CNBCTV18)

Indian Oil Corporation on Tuesday announced that its board has provided in-principle approval to carry out pre-project activities for setting up the Paradip petrochemical complex at Paradip, Odisha. The project will be developed at an estimated cost of Rs 61,077 crore. (CNBCTV18)

Asian Energy Services on Tuesday said it has received a Letter of Award (LoA) from Svetah Energy Infrastructure FZE, UAE, for the Operations & Maintenance works (O&M) of the floating production storage and offloading system (FPSO), Svetah Venetia. (CNBCTV18)

The finance ministry will make a pitch to global rating agencies in the coming days for an upgrade in India’s sovereign rating, citing a sharp post-pandemic improvement in the country’s macroeconomic fundamentals despite global turmoil. (ET)

The government needs to expedite its work on the revised consumer price index (CPI) which may help the central bank manage inflation expectations better as the published indices are divergent from market prices due to the 2012 base in the current series. (ET)

Flagging concerns around sticky retail inflation, the Reserve Bank of India on Tuesday in its monthly bulletin said that the consumer price inflation in India remains high and the core inflation is continuing to defy the distinct softening of input costs. (ET)

The IT services sector in India may have to bear the brunt of the banking sector crisis in the US and Europe, which may affect their FY24 growth momentum. The industry counts banking, financial services, and insurance (BFSI) as its largest customer base. According to Nasscom, BFSI constituted 41 per cent of the industry’s revenue in FY23. (BS)

Equity Market Outlook for 21-03-2023

Daily Market Updates:

Domestic Markets:
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 84 points. The Nifty futures were trading around 17,109 levels on the Singaporean exchange. The BSE Sensex dropped 361 points to 57,629, while the Nifty shed 112 points to 16,988. Among sectors, the FMCG index was up 0.79% and the MEDIA index was up by 0.12%. Whereas the METAL index fell 2.35%, and the PSU BANK index dropped 1.74%. The BSE Midcap and Smallcap indices declined by 1% each.

Global Markets:
US stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week. The Dow Jones Industrial Average rose 382.6 points, or 1.2 percent, to 32,244.58, the S&P 500 gained 34.93 points, or 0.89 percent, to 3,951.57 and the Nasdaq Composite added 45.03 points, or 0.39 percent, to 11,675.54. In Australia, the S&P/ASX 200 rose 1.07 percent higher, while South Korea’s Kospi was up 0.73 percent. Markets in Japan are closed for a holiday.

Technical Outlook:
The Nifty witnessed a volatile day of trade today. After the gap-down opening nifty traded below the previous day’s low and made a low of 16828. A sharp recovery has been seen in the second half and it has managed to close above 16900 with a long lower shadow. Nifty has constructed a bearish body candlestick pattern which looks like a bullish reversal “hammer candlestick” pattern, confirmation is required for the same. the lower band of the channel pattern is proving good support from the past three trading sessions. The potential reversal of harmonic pattern is paced around 17000 to 17980 level. One can expect a bounce back in the near term as long as it holds the same levels. on the upper side, 17077 (100 WMA) and 17323 (50 WMA) may act as strong resistance.

Stocks To Watch

Adani Enterprises: The company clarified that the green PVC project in Mundra has been held up on account of financial closure pending with the lenders. The same is expected to be cleared within six months, it said in a statement.

Indian Oil Corporation/NTPC: Indian Oil Corporation and NTPC Green Energy, a wholly owned subsidiary of NTPC, will form a joint venture for setting up of renewable energy power plants to meet round the clock power requirement of new projects of the former’s refineries.

Uno Minda: The company will acquire 81.69% stake in Kosei Minda Aluminum Company and 49.9% stake in Kosei Minda Mould from joint venture partner Kosei, Japan in share swap deals to consolidated four-wheeler alloy business.

Sterling and Wilson Renewable Energy: The company emerged as the successful bidder for a package comprising of four blocks of 300 MW each in the proposed 1200MW Solar PV Project of NTPC Renewable Energy at Khavda RE Power Park, Rann of Kutch. The total bid value, including operation and maintenance for three years, will be Rs 2,100 crore.

Lupin: The company’s alliance partner Caplin Steriles received final approval from the U.S. FDA to market its Thiamine Hydrochloride injection USP and Rocuronium Bromide injection.

Dr. Reddy’s Laboratories: Coya Therapeutics in a statement, announced a worldwide agreement with Dr. Reddy’s Laboratories to license the latter’s proposed Abatacept biosimilar for the development of Coya’s combination product for neurodegenerative diseases, COYA 302.

Kotak Mahindra Bank: The bank allotted 30,000 non-convertible debentures of face value Rs 1 lakh each on private placement basis to raise Rs 300 crore.

RBL Bank: The Reserve Bank of India imposed a penalty of Rs 2.27 crore over the bank’s failure to ensure that debt recovery agents engaged by it did not resort to intimidation or harassment of any kind.

Rail Vikas Nigam: The company formed a JV with Jakson Green for clean energy EPC projects globally.

PNC Infratech: The company received the notification of intention to award from Haryana Rail Infrastructure Development Corporation for design and construction of civil works from New Patli to Patli and New Patli to Sultanpur for a quoted price of Rs 771.46 crore.

J Kumar Infraprojects: The company’s joint venture J Kumar-AICPL received the letter of acceptance from Bangalore Metro Rail Corporation for the construction of airport depot for Bangalore Metro Rail Project for a contract cost of Rs 182.34 crore.

Tata Motors: The company has appointed Usha Sangwan as an additional director and independent director for five years from May 15, 2023, to May 14, 2028.

CEAT: The company appointed Arnab Banerjee as MD and CEO for two years from April 1, 2023, after the resignation of Anant Goenka from the post. Goenka has been appointed as a non-executive non-independent director, designated as vice chairman of the company.

Dwarikesh Sugar Industries: The company’s board approved an interim dividend of Rs 2 per share of face value Rs 1 for the current fiscal, with an outgo of Rs 37.66 crore. The record date for the dividend will be March 31, 2023.

PCBL: The company started pre-commissioning trial run of first phase (63,000 MT) of 147,000 MT greenfield carbon black manufacturing facility in the state of Tamil Nadu by wholly owned subsidiary PCBL (TN) Ltd.

Dynamatic Technologies: The company’s board allotted 4.5 lakh shares at Rs 2,509 apiece to raise Rs 112.91 crore from three entities.

Things that will decide the Market today

1) SGX NIFTY signals a positive start for the Indian Stock Market

• Nifty futures on the Singapore Exchange traded 53 points higher at 17,076, signalling that the Indian Stock Market is headed for a positive start.

2) UBS’ move to buy Credit Sussie helps indices end higher

• After a sharp decline in the last week, US indices on Monday ended in green, giving steers to the Bulls. The rise in the numbers was a result of UBS’ move to buy Credit Sussie, thus bolstering confidence in the investor minds on the FED taking a pause in its rate hike operation for a certain period of time.

3) Rupee falls 4 paise against dollar

• The Indian rupee on Monday fell 4 paise against the dollar to end at82.63against the US dollar on Friday, marking negative sentiments in the domestic and global equity markets.

Daily Fundamental and Technical picks

Fundamental picks (For Long Term)
1) SBI – Target – 725 (40%)
2) M&M – Target – 1,525 (31%)
3) RELIANCE – Target – 2,800 (27%)
4) Infosys – Target – 1,760 (25%)
5) HCL – Target – 3,100 (23%)

Technical pick ( For 3-4 days)
HPL
Previous close – 247
Target – 265
Potential upside – 7%

Headlines around the Corner:

Royal Enfield is on track to launch its first electric motorcycle by 2025, and the company has made considerable progress in its electric vehicle journey, its chief executive said. (ET)

UBS and Credit Suisse’s India-based technology back offices, which together employ about 14,000 people, will likely see the maximum impact of the mega bailout in Swiss banking as rationalisation of roles and focus on costs after the UBS takeover of its stressed rival cause job losses at the multi-city facilities known locally as global in-house centres (GIC). (ET)

Reliance Industries plans to develop hotels and resorts near the Statue of Unity, Gujarat through its newly formed company Reliance SOU. (ET)

CEAT Limited has appointed Arnab Banerjee has the new CEO and MD of the tyre major. He will take over from Anant Goenka, who has been appointed vice chairman of the tyre major. This appointment is effective from 1st April 2023. Anant Goenka had a decade-long stint as MD & CEO of CEAT, a phase that witnessed a significant transformation at tyre major. (ET)

SBI Mutual Fund bought a 2.2 per cent stake in HDFC AMC worth Rs 757 crore in open market transactions on Monday, as GQG Partners sold off 1.16 per cent stake (worth Rs 396.8 crore) in the asset management company, shows bulk deal data available with the exchanges. (BS)

NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have inked pact for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries. (BS)

Zurich-headquartered UBS, which is acquiring Credit Suisse in an all-share deal, will have to seek the Reserve Bank of India’s (RBI’s) approval to continue with Credit Suisse’s bank licence, informed sources familiar with the development. (BS)

Carborundum Universal Limited (CUMI), a private sector pioneer in material sciences, said on Monday that it has signed a “Licensing Agreement for Tran¬sfer of Technology” with the Defence Research and Develop¬ment Organisation (DRDO) for manufacturing ceramic radomes used in aerospace and missile systems. (BS)

Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and the hike could be effected “very soon” as discussions are underway with stakeholders. (BS)

The cost of arbitration over the Delhi Airport Metro Express holds salutary lessons for government bodies setting up public private partnership (PPP) projects as India pushes ahead with an over Rs 100-trillion infrastructure agenda. The critical learning is how to share the risks from these projects. (BS)

Keeping in line with its strategy to grow its revenues from the farm machinery segment 10 fold within the next five years, Mahindra and Mahindra (M&M) acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. (BS)

Bhilai Steel Plant (BSP) in Chhattisgarh, an arm of state-run Steel Authority of India Limited (SAIL), has been given license to produce a full range of IS 7904 Grade steel wire rods, which are used in bridge cables and tyre reinforcement materials. (BS)

Westlife Foodworld Ltd, owner and operator of McDonald’s restaurants in West and South India, has elevated Saurabh Kalra as the Managing Director (MD) on Monday. He will take over from Smita Jatia, who was the company’s MD since 2010. (BL)

Glenmark Pharmaceuticals on Monday said it has received approval from the US health regulator to market a generic product used to treat schizophrenia and in some cases to control severe nausea. (BL)

Auto components maker Uno Minda (formerly known as Minda Industries Limited) said on Monday its Board has approved the acquisition of an 81.69 per cent stake in Kosei Minda Aluminum Company (KMA) and a 49.90 per cent stake in Kosei Minda Mould (KMM) from joint venture partner Kosei, Japan (Kosei) at transaction costs of ₹60 crore and ₹11 crore, respectively. (BL)

Biotechnology company Coya Therapeutics on Monday announced a worldwide agreement with Dr Reddy’s Laboratories to in-license the proposed Abatacept biosimilar of Dr Reddy’s for the development of Coya’s combination product for neurodegenerative diseases, COYA 302. (CNBCTV18)

Sterling & Wilson Renewable Energy on Monday said it has emerged as a successful bidder for a project worth Rs 2,100 crore. The company said it was the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW(AC) each in the proposed 1,200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park, Rann of Kutch, Gujarat. (CNBCTV18)

RVNL on Monday said it has signed a Memorandum of Understanding (MoU) with Noida-headquartered infrastructure and renewable firm Jakson Green for clean energy engineering, procurement and construction (EPC) projects, globally. (CNBCTV18)

J Kumar Infra on Monday said it has bagged a Letter of Award from Bangalore Metro Rail Corporation Limited for a project worth more than Rs 182 crore. (CNBCTV18)

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 2.27 crore on RBL Bank Ltd. for non-compliance with certain provisions. The action is based on observations regarding deficiencies in regulatory compliance in the period FY 2018-19 to FY 2021-22 and is not intended to pronounce on the validity of any transaction or agreements between the bank and its customers. (CNBCTV18)

PCBL on Monday said its subsidiary, PCBL (TN), has commenced pre–commissioning trial run of the first phase (63,000 MT) of 1,47,000 MT greenfield carbon black manufacturing facility in Tamil Nadu. (CNBCTV18)

Tata Motors on Monday said it has appointed Usha Sangwan as additional director and independent director of the company for 5 years, effective from May 15, 2023, until May 14, 2028. (CNBCTV18)

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday. Supported by the gains from high services exports, the moderation in oil prices, and the recent fall in import-intensive consumption demand, India’s current account deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee in uncertain times, Monthly Economic Review by the ministry said. (ET)

The government has taken various reforms following which asset quality of public sector banks has improved significantly with gross NPA ratio declining from the peak of 14.6 per cent in March 2018 to 5.53 per cent in December 2022, Parliament was informed on Monday. (BS)

Domestic and international passenger traffic will grow more than 20 per cent in FY24, driven by fleet addition as Indian airlines lose $1.6-1.8 billion due to a weak rupee and fuel costs increasing, said an industry consultancy on Monday. (BS)