- RBI clears IndusInd Bank merger with Bharat Financial.
- PNB says Rs 942 crore is not new fraud, recall of credit limits, Bloomberg reports.
- BPCL to submit resolution plan for insolvent Nagarjuna Oil by March 17.
- NCLT approves DLF merger scheme for some units.
- IRB InvIT: Nomura bought 64 lakh shares at Rs 82.75 per share.
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Asian stocks retreated following a drop in American equities after a fresh personnel shakeup in the Trump administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.4 percent to 10,389 as of 6:55 a.m.
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Here Are The Stocks To Watch Out For In Wednesday’s Trade
- RBI cleared IndusInd Bank merger with Bharat Financial.
- PNB says Rs 942 crore is not new fraud but recall of credit limits.
- Yes Bank acquired 17.31 percent stake of Fortis Healthcare pursuant to invocation of pledge.
- IRB Infra, Modern Road emerge as preferred bidder for NHDP project with cost of Rs 3,465 crore.
- NHAI awards Dwarka Expressway contract worth Rs 1,047 crore to L&T says NHAI.
- L&T Finance Holdings successfully closes QIP of up to Rs 1,000 crore.
- Usha Martin clarifies has not been contacted by ED with respect to investigation of granted loans.
- BPCL to submit resolution plan for insolvent Nagarjuna oil by March 17.
- NCLT approves DLF merger scheme of some units.
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F&O Setup
- Nifty March Futures closed trading at 10,426.4 discount of 0.4 points versus premium of 11.4 points.
- March series: Nifty open interest down 2 percent, Bank Nifty open interest down 5 percent.
- India VIX ended at 14.4, down 0.2 percent.
- Max open interest for March series at 10,500 call strike (open interest at 46.8 lakh, down 3 percent).
- Max open interest for March series at 10,000 Put (open interest at 48.7 lakh, down 9 percent).
F&O Ban
- In ban: Andhra Bank, Balrampur Chini, BEML, Dewan Housing, IDBI, JP Associates
- No new stocks in or out of ban list.
Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions
Active Stock Futures
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Bulk Deals
- TCS: Tata Sons sells 3.1 crore shares at an average of Rs 2,874 per share.
- IRB InvIT: Nomura bought 64 lakh shares at Rs 82.75 per share.
- Vishal Fabrics: Shanti Exports bought 2.6 lakh shares at Rs 667 per share.
- Ashapura Intimate Fashions: Promoter Harshad Thakkar bought 1.3 lakh shares at Rs 464 per share.
Brokerage Radar
Citi on Voltas
- Maintained ‘Buy’ with price target of Rs 744.
- Favorable weather forecasts for business.
- Pre-buys in December quarter should not impact current quarter AC sales.
- EMP business' RoCE focus to continue.
- Consumer durable JV product launch likely in the second half of 2018.
- Top pick in India consumer electricals.
Citi on Coal India
- Downgraded to ‘Neutral’ from ‘Buy’; cut price target to Rs 320 from Rs 365.
- Most triggers have largely played out.
- Limited visibility on further triggers.
- Further FSA price hikes may not be imminent.
- E-auction price upside may be limited.
- Commercial mining not a worry.
- Can expect another small dividend payout.
Citi on Vedanta and Hindustan Zinc
- Vedanta: Maintained ‘Buy’ with price target of Rs 360.
- Hindustan Zinc: Maintained ‘Neutral’ with price target of Rs 285.
- Hindustan Zinc would have to pay dividend of Rs 26 per share based on Vedanta’s dividend.
- Dividend of Rs 24 per share by Hindustan Zinc would imply cash outflow of $1.9 billion.
- Vedanta does not have to pay dividend distribution tax (DDT).
- Vedanta remains a story of ramping up operations to their full potential.
Credit Suisse on Capital Goods
- Investment cycle pick up—more optimism.
- Data points better but not entirely conclusive.
- Industrial sector data points also quite sedate till now.
- Execution improvement seems more broad based.
- Expect pick up but build likely to be gradual.
- Capital goods order inflows modest; Construction sector execution has picked up.
Jefferies on FMCG
- Next fiscal to witness gradual recovery in topline led by trade normalisation and mild rural uptick.
- Underlying drivers for strong rural recovery are still missing.
- Margins to play a lesser role in driving earnings.
- Valuations are close to all-time high.
- Prefer discretionary over staples.
CLSA on Cement
- Worst of sand shortage seems to be behind.
- Sand availability has improved in Madhya Pradesh, Bihar, Tamil Nadu, Uttar Pradesh.
- Problems opened up avenues for ‘manufactured sand’ or M-sand.
- M-sand make it better than even natural sand for use in construction.
Media Reports
- IHH to make voluntary open offer for Fortis to buy non promoter shares (Economic Times).
- Only Liberty House bids for ABG Shipyard (Economic Times).
- Torrent Pharma may raise Rs 1,500 cr by selling shares to institutional investors (Mint).