Market News:
IOC Board approves investment worth 7282 Cr in 9 City gas networks
HCC JV got orders worth 609 Cr from Rajasthan government.
Happiest Minds ties up with OutSystem to offer low-code app platform
PVR opened 6 screen multiplex at Jalandar, Punjab
Kotak Bank, Business Finance in pact to aid business in India, France
IIFL Wealth up 4% on inclusion in FTSE Global index
Gujarat Fluorochemicals to consider interim dividend on March 23rd
Atul Ltd board to meet on Mar 25, mull buyback of shares
Aurobindo Pharma, Torrent Pharma get licence for Pfizer COVID pill
SMS Pharma in pact for manufacturing, selling Pfizer COVID-19 oral pill.
NBCC gets 500 Cr worth order in Ladakh
Dhanlaxmi Bank to raise 130 Cr via Rights Issue
RBI OKs extension of RBL Bank interim MD Ahuja's term for 3 months.
Vanguard Group buys stake in 20 Indian companies through bulk deal on NSE. The companies include BSE Ltd, Century Plyboards (India) Ltd, Nuvoco Vistas Corp Ltd, NIIT Ltd, Angel One Ltd, Computer Age Management Services Ltd, Gujarat Narmada Valley Feritilizers & Chemicals Ltd, Sundaram Finance Holdings Ltd, VIP Industries Ltd, Vardhman Textiles Ltd, Yes Bank Ltd, among others. According to the data, Singapore-based investment company Integrated Core Strategies (Asia) Pte was the major seller in most of the companies today.
India April1- March 16 Advance Tax collections up 40.7 %, Direct Tax collections up 48.4 % ( YoY )
Granules India, Torrent Pharma, SMS Pharma, got licences to manufacture, sell Pfizer COVID-19 oral pill.
Aurobindo Pharma, Torrent Pharma get licence for Pfizer COVID pill.
Vanguard group buys 25.1 lakh shares of UTI AMC
TVS Motor to pay 3.75 Rs/share interim dividend.
Thermax got orders worth 1180 Cr for sulphur recovery block.
RBI approves one year extension for two YES Bank additional directors.
Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter Saudi Aramco
Tax Department carries out search at premises of KNR Construction.
M&M acquires majority stake in agri tech startup Carnot Technologies.
🙏Morning Updates🙏
World Markets @ 8
SGX Nifty 17405 +123Pts +0.71%
NIKKEI +0.65%
HANG SENG +0.18%
US30 FUT -0.33%
Important News/Data/Events
China kept its benchmark interest rate for corporate and household lending unchanged
Bank of England hikes bank rate by 25 bps but softens tightening stance
FII/DII Trade Summary
Cash Segment
FII/FPI Net 2800 Cr
DII Net -678 Cr
Index FUT 4303 Cr
Index OPT 6041 Cr
Securities in F&O Ban for 21-03-2022
* Board Meetings of:
+ Dhampur Sugar Mills, to consider declaration of dividend
+ Hexa Tradex, to consider Voluntary delisting of shares
+ Pro Fin Capital Services, to consider of bonus issue and stock split
+ Regency Trust, to consider buy back of shares
* US – Equity indices rose for a fourth consecutive day on Friday as investors sidelined the hike in interest rates by the US Federal Reserve, uncertainty over the ongoing Russia-Ukraine war, and rise in COVID-19 cases in some parts of the world. The benchmark US indices clocked their biggest weekly gains in more than a year.
* Asia – Major share indices in Asian markets inched higher in early trade today tracking gains in US equities. Momentum remained positive as the US Federal Reserve's clarity on its rate hike trajectory to tackle soaring inflation bode well with investors.
* AUTOMOBILE: Mercedes-Benz India will increase prices across its range of models effective Apr 1. The price increases are in the range of 50,000-500,000 rupees, it said.
* BANKING: Banks Board Bureau has extended till Apr 8 the deadline to submit applications for three positions of deputy managing director of National Bank for Financing Infrastructure and Development.
* ECONOMY: The ongoing crisis following Russia's invasion of Ukraine poses downside spillover risks to the Indian economy, a report by the Reserve Bank of India's staff said.
* ENERGY: Transition to the net-zero carbon emission target will require an adjustment in the production processes of industries exposed to fossil fuels, which could pose a risk to gross non-performing assets from these sectors, Reserve Bank of India said in a paper.
* REGULATORY: The Securities and Exchange Board of India has said that stock exchanges can extend the limit on number of orders per second for algorithmic trading in commodity derivatives segment to 120 from 100 earlier.
* TAXATION: The government's direct tax collections so far have exceeded the revised Budget estimate for the current financial year ending March by 1.13 trln rupees, the finance ministry said.
* TELECOMMUNICATION: The government is likely to announce next set of reforms for the sector by May or June, Telecom Secretary K. Rajaraman said.
Bharat Sanchar Nigam expects over 17,000 Cr in revenue from services in current financial year, lower than the previous fiscal, mainly due to the removal of call connect charges that used to bring in additional inflows, Chairman and Managing Director P. K. Purwar said. He said the firm was confident of retaining customer base and defending its turf with quality 4G.
* ASHOK LEYLAND: The fundraising committee has allotted non-convertible debentures aggregating 200 Cr at a coupon of 7.30%.
* ATUL LTD: Board will meet on Mar 25 to consider a proposal for buyback of shares.
* AUROBINDO PHARMA: Entered into sub-licence agreements with Medicines Patent Pool to manufacture and sell a generic of Pfizer's oral COVID-19 pill, Paxlovid.
* AXIS BANK: Has kept its marginal cost of funds-based lending rates unchanged across loan tenures.
* BHARAT ELECTRONICS: To pay 1.50 rupees a share interim dividend.
* COCHIN SHIPYARD: The company has signed an agreement with the DREDGING CORP OF INDIA to build a dredger in collaboration with IHC Holland.
* DHANLAXMI BANK: Board has approved raising 130 Cr through the issuance of equity shares on a rights basis.
* EIH: The board has approved the sale of its entire stake in Mauritius-based wholly-owned subsidiary EIH Flight Services to Newrest Group International, France, for a consideration of 552 mln rupees.
* GRANULES INDIA: Received a licence from the Medicines Patent Pool to manufacture and market a generic of Pfizer's oral COVID-19 pill, Paxlovid.
* GUJARAT FLUOROCHEMICALS: To consider interim dividend on Wednesday.
* HOUSING DEVELOPMENT FINANCE CORP: Subsidiary HDFC Capital Advisors will acquire 390,666 shares, or 7.20% stake, of Loyalie IT-Solutions at 28.16 rupees per share.
* IIFL FINANCE: The finance committee of the board of directors will meet on Wednesday to consider approving the buyback or refinance of certain debt securities, either rupee or dollar denominated, listed in India or offshore.
* JINDAL STEEL & POWER: Said its subsidiary in Mauritius has made a prepayment of $357 mln to lenders.
* JUBILANT PHARMOVA: A material wholly-owned subsidiary Jubilant Pharma through its subsidiary, Jubilant Cadista Pharmaceuticals Inc, has received final approval from the US Food and Drug Administration for Doxepin hydrochloride capsules, a generic version of Sinequan in 10 mg, 25mg, 50mg, 75mg, and 100mg strengths.
* KNR CONSTRUCTIONS: Income tax department conducted a search at the registered office and residences of the company’s officials from Wednesday till Saturday.
* MAHANAGAR TELEPHONE NIGAM: The government is reviving the proposal to merge Bharat Sanchar Nigam, the company and Bharat Broadband Network--which is implementing the BharatNet project--to create a single state-owned telecom entity.
* MAHINDRA & MAHINDRA: Bought majority stake in Carnot Technologies for 140 mln rupees through primary infusion of preference shares and secondary purchase.
* MARUTI SUZUKI INDIA: Parent Suzuki Motor Corp has signed an agreement with Gujarat government to invest over 104 bln rupees in India for local manufacturing of electric vehicles and batteries for such vehicles.
* MBL INFRASTRUCTURES: Arbitral Tribunal has passed majority award for a sum of 788.4 mln rupees (including interest) plus further interest at 8% per annum till the payment of the award amount in favour of the company against West Bengal Highway Development Corp for a road project in West Bengal.
* MINDTREE: Opened second facility in Pune at the International Convention Center Tech Park. The facility measures 43,000 sq ft and has the capacity to accommodate more than 350 professionals.
* NBCC INDIA: Has received an order from the administration of the Union Territory of Ladakh to execute various construction works. Also, the company has awarded package-II of its Maldives social housing project to Varindera Constructions.
* PTC INDIA FINANCIAL SERVICES: Expected to realise over dues from Danu Wind Parks as the Andhra Pradesh High Court has directed distribution companies to clear dues as per the rate mentioned in power purchase agreements.
* RBL BANK: Reserve Bank of India has approved extension of term for Rajeev Ahuja, interim managing director and chief executive officer of the bank, with effect from Mar 25, for three months or till a regular managing director and chief executive officer is appointed, whichever is earlier.
* RELIANCE INDUSTRIES: The bid by the company's consortium to acquire SINTEX INDUSTRIES, which is undergoing bankruptcy proceedings, received the committee of creditors' approval on Saturday. The CoC approved the resolution plan submitted by the company jointly with Assets Care & Reconstruction Enterprise with 100% of their votes.
Reliance Retail Ventures has acquired 89% stake in Purple Panda Fashions, which owns and operates the Clovia business, an industry leader in the bridge-to-premium intimate wear category, with an investment of 9.5 bln rupees through a combination of secondary stake purchase and primary investment.
* RUCHI SOYA INDUSTRIES: Has set price band for follow-on public offer at 615-650 rupees per share.
* SJVN: Has secured a 100-MW grid connected solar power project in Gujarat through tariff based competitive bidding conducted by Gujarat Urja Vikas Nigam.
* SPANDANA SPHOORTY FINANCIAL: Board approved appointment of Shalabh Saxena as managing director and chief executive officer of the company for five years, with effect from Saturday.
* SRF: Has incorporated a wholly-owned subsidiary SRF Altech to manufacture aluminium foil.
* SMS PHARMACEUTICALS: Entered into sub-licence agreements with the Medicines Patent Pool to manufacture and sell a generic of Pfizer's oral COVID-19 pill, Paxlovid.
* STATE BANK OF INDIA: Has signed an agreement with Sri Lanka to provide its government a credit facility of $1 bln to procure food, medicine, and other essential items, the Centre said. The island nation is grappling with a severe debt crisis.
* STRIDES PHARMA SCIENCE: The company's unit, Stelis Biopharma, and US-based Akston Biosciences Corp have entered into a licensing, manufacturing and commercialisation agreement for AKS-452, a protein subunit COVID-19 vaccine.
* THERMAX: Bagged an order of 1180 Cr from an Indian public sector refinery to set up a sulphur recovery block.
* TORRENT PHARMACEUTICALS: Entered into sub-licence agreements with the Medicines Patent Pool to manufacture and sell a generic of Pfizer's oral COVID-19 pill, Paxlovid.
* WOCKHARDT: The company and Serum Institute of India have entered into a partnership to make 150 mln doses of SII vaccines in the company's UK plant.
* YES BANK: The Vanguard Group Inc, through Vanguard Emerging Markets Stock Index Fund A Series, on Thursday bought 369.87 mln shares, representing 1.48% stake through a bulk deal.
The Reserve Bank of India approved reappointment of R. Gandhi and Ananth Narayan Gopalakrishnan as additional directors on the board of the bank for a fresh one-year term, or till further orders, starting Mar 26.
GST Panel may suggest single 15% GST levy by merging 12%, 18% slabs. The panel is likely to meet this week to take a final call on rates
Ruchi Soya sets price band for FPO at 615-650 Rs/share