All You Need To Know Going Into Trade On March 16
Asian equities are trading with modest gains after shares on Wall Street hit a record overnight. Treasury yields edged lower.
Benchmark indices in Japan, South Korea and Australia edged higher. Oil prices slipped while the U.S. Dollar fluctuated. Bitcoin fell for the third straight day and is now down over $8,000 from its record high.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.3% to 14,990 as of 7:10 a.m.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
Let’s take a look at the factors that may influence equities in today’s session:
- Futures on the Dow Jones are trading 45 points lower. The index gained 0.5% on Monday.
- The focus is now on the Federal Reserve's statement on Wednesday, which will include fresh economic and interest rate projections.
- Investors are also assessing the potential for an infrastructure spending package in the U.S. and the potential impact of higher taxes on corporate profits.
- Yield on the 10-year treasuries stood at 1.6%
- West Texas Intermediate crude fell 0.6% to $65 per barrel.
- Bitcoin falls for the third straight day, falling as much as 5.5% to $53,310.
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Stocks To Watch
- Adani Ports & SEZ: Received a Letter of Intent for development and operations of West Container Terminal in Colombo. The company will partner with John Keells Holdings PLC and Sri Lankan Port Authority as a part of the consortium. The terminal will be developed on a BOT basis for a period of 35 years through a public-private partnership. As the first-ever Indian port operator in Sri Lanka, Adani Ports will hold 51% in the terminal partnership and WCT will be developed to reach a capacity of 3.5 million Twenty-Foot Equivalent Units.
- Tata Communications: The government will sell up to 16.1% stake through an Offer for Sale. The OFS opens for non-retail investors today. The government plans to sell 10% of the total equity with a green shoe option of an additional 6.12%. The OFS opens for retail investors tomorrow. The floor price of Rs 1,161 per share is a 9.8% discount to Monday's closing price. The government intends to exit its entire 26% shareholding in the company.
- AU Small Finance Bank: The lender has raised Rs 625.5 crore through its QIP issue. It has allotted 50 lakh equity shares to eligible buyers at an issue price of Rs 1,251 per share. The issue price is at a 6% premium to the QIP floor price. Government of Singapore, HDFC Life and Smallcap World Fund are some of the investors that have been allotted shares. The lender intends to use the net proceeds for support long-term growth, maintain sufficient headroom over and above the regulatory capital requirement and general corporate purposes.
- Godrej Properties: Godrej Properties: Approved closure of its QIP issue. The issue price of Rs 1,450 per equity share is a 4.19% discount to the floor price of the QIP.
- Max Healthcare Institute: Acquired 42.8% stake of Saket City Hospitals from Kayak Investments for $64 million. Max Healthcare earlier held 58.2% stake in SCHL. Post this related party transaction, Saket City Hospitals is now a wholly-owned subsidiary of Max Healthcare.
- Allcargo Logistics: Board declared interim dividend of Rs 2 per equity share. Record date for interim dividend set as March 23. The board has also approved the sale of 100% equity in its wholly-owned subsidiary Bantwal Warehousing.
- Mishra Dhatu Nigam: Board has declared interim dividend of Rs 1.20 per share. The record date for the same is March 23.
- NIIT: NIIT USA, a wholly-owned subsidiary, has signed a Managed Services agreement with a US based financial services organization. The organisation is an existing client. The term of the agreement is five years while the value of the agreement is not disclosed.
- Nippon Life India Asset Management: Has re-appointed Sundeep Sikka as executive director and CEO for another five years. The appointment, with effect from April 22, 2021, is subject to the approval of the shareholders of the company.
Pledge Share Details
- Kesoram Industries: Promoter Manav Investment & Trading Company revoked pledge of 31.75 lakh shares on March 12.
- HIL: Promoter Central India Industries created a pledge of 1.70 lakh shares on March 12.
- Emami: Promoter Sneha Enclave revoked pledge of 1.30 lakh shares on March 10.
As reported on March 15.
- Ramkrishna Forgings: Lotus Family Trust bought 3.50 lakh shares (1.09%) at Rs 546.25 per share. Tathastu Advisors LLP sold 3.50 lakh shares (1.09%) at Rs 546.25 per share.
- VST Industries: Derive Trading bought 6.50 lakh shares (4.21%) at Rs 3,465 per share. Radhakishan Damani sold 6.50 lakh shares (4.21%) at Rs 3,465 per share.
Who’s Meeting Whom
- UltraTech Cement: To meet Axiom International Investors LLC on March 16.
- Mahindra Logistics: To meet Nippon AMC on March 16.
- Gujarat Gas: To meet Jefferies India on March 16.
- Tata Consumer Products: To meet Candriam Investors Group and Causeway Capital on March 16. To meet Hill Fort Capital and Columbia Threadneedle Investments on March 17.
- JSW Steel: To meet BofA Securities on March 18.
- Mahindra Lifespace Developers: To meet White Oak Capital on March 25.
- Indigo Paints: To meet Investec Capital Services on March 16, Crestwood Capital Management on March 17 and Motilal Oswal Financial Services on March 18.
- Ex-Date Bonus Issue: Smruthi Organics
- Ex-Date EGM: SPML Infra
- Ex-Date Interim Dividend: Mold-Tek Technologies, Mold-Tek Packaging
- Record Date Interim Dividend: Coal India
- Price Band Revised From 10% To 5%: Jindal Poly Films
- Price Band Revised From 20% To 10%: Meghmani Organics
- Move Into ASM Framework: Saregama India, Phillips Carbon Black, Borosil Renewables, Emami, Sarda Energy & Minerals, JK Cement, PC Jeweller, Ganesha Ecosphere, Apollo Pipes, Kabra Extrusiontechnik, Lakshmi Machine Works, Olectra Greentech
- Move Out Of Short-Term ASM Framework: PTC India Financial Services, Prime Focus, Saregama India
- Godrej Agrovet: Promoter Godrej Industries bought 39,328 shares between March 9-10.
As reported on March 15.
Money Market Update
- The currency ended at 72.47 against the U.S. Dollar as compared to Friday's close of 72.79.
- Nifty March futures ended at 14,947; premium of 18 points
- Nifty March futures shed 2.4% and 3,707 shares in Open Interest
- Nifty Bank March futures ended at 35,336; premium of 154 points
- Nifty Bank March futures shed 12.9% and 7,911 shares in Open Interest
- Nifty Put-Call Ratio at 1.29
- Out of F&O Ban: PNB, SAIL
- Stocks In F&O Ban: BHEL, Sun TV