All You Need To Know Going Into Trade On April 1
Asian equities edged higher on the first day of a new quarter as investors assess U.S. President Joe Biden's new plan. Equities tracked overnight gains on Wall Street.
Benchmark indices in Japan and South Korea outperformed while those in Australia had more modest gains.
The U.S. Dollar stabilised after posting its best quarter in a year while the treasuries held losses after its worst quarterly performance since 1980.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.8% to 14,865, as of 7:15 a.m.
Let’s take a look at the factors that may influence equities in today’s session:
- Futures on the Dow Jones are trading 35 points higher. The index declined 0.3% on Wednesday.
- U.S. President Joe Biden laid out a $2.25 trillion infrastructure plan on Wednesday which will be funded by higher corporate taxes.
- ECB President Christine Lagarde said that policy makers will not shy away from using all their powers if investors try to push bond yields higher.
- “There is still some room for recovery in stocks that will benefit from the economic recovery and the reopening trade,” Ania Aldrich, investment principal at Cambiar Investors LLC, said on Bloomberg TV. “There’s still a lot of growth that has to come and that’s not necessarily reflected in earnings yet.”
- Yields on the 10-year treasuries stood at 1.74%.
- West Texas Intermediate crude rose 0.6% to $59.53 per barrel ahead of the OPEC+ meeting today.
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Stocks To Watch
- Axis Bank: Has entered into a share purchase agreement to sell 100% stake in Axis Bank U.K. Ltd. to OpenPayd Holdings Ltd. Sale to fetch an overall consideration of $5.5 million along with book value of the bank. Transaction likely to be completed by September 30, 2021, subject to approval from the U.K. financial regulator.
- Wipro: Announces acquisition of Australia-based Ampion for a cash consideration of $117 million. The transaction is expected to be completed during the quarter ending June 30, 2021. The deal is subject to regulatory approvals and customary closing conditions. Ampion is the provider of cyber security, development operations and quality engineering services in Australia.
- HCL Technologies: Has entered into an agreement with Tenneco for a multi-year, integrated application development, modernisation, and operations services contract.
- Hindalco: Novelis Inc announced the completion of offering of €500 million aggregate principal amount of 3.375% euro-denominated senior green notes due April 15, 2029 by Novelis Sheet Ingot GmbH, an indirect wholly-owned subsidiary of Novelis. The Notes are guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain Novelis subsidiaries.
- Hindustan Aeronautics: Recorded a revenue in excess of Rs 22,700 crore for the financial year ended March 31, 2021 and posted a revenue growth of around 6%. Further, the company has ended the year with a positive cash balance of around Rs 6,700 crore as against borrowings of Rs 5,775 crore as on March 31, 2020.
- Likhitha Infrastructures: The company received a contract of Rs 34.63 crore from Indian Oil Adani Gas Pvt. Ltd. on March 31, 2021 for laying Pipeline from Thrissur Geographical Area to Ernakulam Geographical Area. Post this order, the company has received orders worth Rs 234.85 crore from various oil and gas distribution companies during Q4FY21.
- Rossari Biotech: Has fully operationalised all phases of its Greenfield manufacturing facility at Dahej, Gujarat. The Greenfield facility will have a total installed capacity of 132,500 MTPA. The facility will not only provide cost and logistical advantage but also double the company's overall capacity. Rossari is confident of ramping up utilisation levels at Dahej courtesy a strong upcoming product pipeline.
- Bodal Chemicals: Has acquired Siel Chemical Complex situated at Rajpura in Punjab from Mawana Sugars. The operations from the said unit will be merged with Bodal Chemicals from April 1, 2021.
- Bank of India: Gets capital infusion of Rs 3,000 crore from the government.
- Central Bank of India: Divestment of entire stake in Cent Bank Home Finance to Centrum Housing Finance has been cancelled. The lender has also received capital infusion of Rs 4,800 crore from the government.
- Indian Overseas Bank: Gets capital infusion of Rs 4,100 crore from the government.
- UCO Bank: Gets capital infusion of Rs 2,600 crore from the government.
- Sunteck Realty: Has entered into Joint Development Agreement for development of a residential project in Mumbai's Borivali.
- NHPC: Has completed the formalities for the takeover of Rangit Stage-IV HE Project (120 MW) by remitting Rs 165 crore to the account of Jal power Corporation for distribution to the creditors as per the approved resolution plan. JPCL is now a wholly-owned subsidiary of the company.
- NTPC: First part capacity of 70 MW of 85 MW Bilhaur Solar PV Project in Uttar Pradesh, is declared on Commercial Operation with effect from March 28. With this, the commissioned as well as commercial capacity of NTPC and NTPC group has become 51,725 MW and 64,490 MW respectively.
- Godrej Properties: Has increased its stake in Godrej Realty from 51% to 100% by acquiring equity shares from HDFC Venture Trustee Company. Subsequently, Godrej Realty has become a wholly-owned subsidiary of the company with effect from March 31.
- Spandana Sphoorty Financial: Board has approved the issuance of Secured Unlisted NCDs of up to an aggregate amount of Rs 45 crore.
- Heranba Industries: To add capacity at Unit 4 situated in Vapi for which the company has started the capital expenditure. The company expects to start commercial production by Q3FY22.
- Acrysil: Has commenced the dispatches of Quartz Kitchen sinks to IKEA Supply AG. The company had entered into strategic partnership with IKEA in 2020 for manufacturing and supply of composite quartz kitchen sinks for their global requirement.
- DLF: Rajeev Talwar has retired as the CEO and Whole-time Director of the company effective March 31.
- Vedanta: GR Arun Kumar to step down as the Chief Financial Officer effective April 24, 2021.
Pledge Share Details
- Apollo Tyres: Promoters Apollo Finance and Sunrays Properties and Investments Company revoked pledge of 1.06 crore shares between March 26-30.
- Aurobindo Pharma: Promoter Group created a pledge of 1.05 crore shares between March 26-31.
- Chambal Fertilisers & Chemicals: Promoter Premium Exchange & Finance created a pledge of 30 lakh shares on March 26. Promoter Zuari Global revoked pledge of 90,000 shares on March 26.
- Kalpataru Power Transmission: Promoter Kalpataru Constructions revoked pledge of 9.78 lakh shares on March 30.
As reported on March 31.
- Eris Lifesciences: Vanguard FTSE All World ETF bought 7.05 lakh shares (0.52%) at Rs 605 per share. Promoter Himanshu Shah sold 8.96 lakh shares (0.66%) at Rs 605.05 per share.
- Lux Industries: Monet Securities sold 1.67 lakh shares (0.67%) at Rs 1,770 per share.
- MPS: ICICI Lombard General Insurance sold 3.96 lakh shares (2.20%) at Rs 434.78 per share. Param Value Investments bought 3 lakh shares (1.66%) at Rs 434.78 per share.
- Seamec: Nomura Singapore bought 1.60 lakh shares (0.63%) at Rs 454.97 per share.
- Sterling & Wilson Solar: Promoter Khurshed Yazdi Daruvala sold 44.60 lakh shares (2.78%) at Rs 250.86 per share and sold another 35.40 lakh shares (2.21%) at Rs 250.33 per share.
- Price Band Revised From 20% To 10%: Mukand
- Record Date Buyback: Aarti Drugs
- Move Into Short-Term ASM Framework: Dhani Services, Hinduja Global Solutions, Bliss GVS Pharma
- Move Into ASM Framework: Jindal Stainless, KPIT Technologies
- Apollo Tyres: Promoter PTL Enterprises bought 22,000 shares on March 26.
- Eris Lifesciences: Promoter Himanshu Shah sold 16,696 shares between March 25-26.
- Godrej Agrovet: Promoter Godrej Industries bought 32,988 shares on March 25.
- Godfrey Phillips India: Promoter KK Modi Investment And Financial Services bought 23,975 shares on March 30.
- J Kumar Infraprojects: Promoters Sonal Gupta and J Kumar Minerals And Mines India bought 3.15 lakh shares on March 26.
- Karda Constructions: Promoter Prem Karda sold 1 lakh shares on March 30.
- Minda Industries: Promoters Amit Minda and Anand Minda sold 11,000 shares on March 30.
- Power Mech Projects: Promoter bought 38,002 shares on March 30.
- Religare Enterprises: Promoter bought 5,000 shares between March 22-26.
- Raymond: Promoters JK Investo Trade (India) and JK Investors (Bombay) bought 1.43 lakh shares on March 30.
As reported on March 31.
Money Market Update
The rupee ended at 73.11 against the U.S. Dollar on Wednesday as compared to Tuesday's close of 73.38.
- Nifty April futures ended at 14,762; premium of 72 points
- Nifty April futures add 2% and 2,924 shares in Open Interest
- Nifty Bank April futures ended at 33,533; premium of 230 points
- Nifty Bank April futures added 4% and 3,580 shares in Open Interest
- Nifty Put-Call Ratio at 1.62
- Stocks In F&O Ban: SAIL