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