All You Need To Know Going Into Trade On March 23
Asian equities followed their peers on Wall Street higher as bond yields cooled off from their highest level in 14 months.
Benchmark indices in Japan and Australia rose, taking the MSCI Asia-Pacific gauge higher as well. Gains overnight on Wall Street were led by technology stocks.
Focus will now be on a series of closely watched treasury auctions with the cool-off in yields stirring hopes of improved demand.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,776, as of 7:20 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 30 points higher. The index rose 0.3% overnight.
- The U.S. economy seems to be gathering steam but it is still far from recovery according to Fed Chair Jerome Powell, who said this during his testimony before the congress.
- Isaac Poole of Oreana Portfolio Advisory Services believes that long dated yields may breach the 2% mark this year and this will benefit value stocks.
- Yield on the 10-year treasuries stood at 1.68%.
- West Texas Intermediate crude fell 0.6% to $61.19 per barrel.
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Stocks To Watch
- Maruti Suzuki India: To increase prices across models from April 1 owing to rise in input costs. This will be the second price hike undertaken by India's largest Passenger Carmaker after the one taken at the start of the year. The company had hiked vehicle prices by up to Rs 34,000 in January.
- BPCL: Board has approved the Scheme of Amalgamation of Bharat Gas Resources with the company and their respective shareholders. The approval to the scheme is subject to receipt of necessary approvals from the Ministry of Corporate Affairs, other competent authorities and satisfaction of applicable regulatory requirements.
- Mahindra & Mahindra: The Ministry of Defence has signed a contract with Mahindra Defence Systems for supply of 1,300 Light Specialist Vehicles to the Indian Army at a cost of Rs 1,056 crore. The induction of the vehicles is planned to be completed over a period of four years.
- Edelweiss Financial Services: Has announced completion of a strategic investment by PAG in Edelweiss Wealth Management. PAG has made an investment of Rs 2,366 crore in the wealth management business, including primary and secondary investment. Pursuant to these transactions, PAG Group and the company will be the shareholders in EWM, of which PAG will hold a controlling stake. Further, the board will meet on March 25 to consider interim dividend for FY21, if any.
- KEC International: Has secured new orders worth Rs 1,429 crore across its various businesses. The company has secured orders worth Rs 701 crore for Transmission & Distribution projects while the railways business has secured orders worth Rs 366 crore. The company has also secured orders worth Rs 318 crore for infra works and worth Rs 44 crores for various types of cables. With these orders the company's current year order inflows have exceeded Rs 11,000 crore.
- Varroc Engineering: Launches QIP on Monday in order to raise funds. The floor price of Rs 395.41 per share is a 2.83% discount to Monday's closing price. The board will meet again on or after March 25 to consider and approve the issue price for the QIP.
- Tata Communications: The government has exited its shareholding in the company after selling its entire 26% stake. 16.12% stake was sold through the OFS, which fetched the government Rs 5,457 crore and the remaining 10% was sold to a strategic partner at the OFS discovered price for a sum of Rs 3,389 crore. The entire 26% stake sale has fetched the government Rs 8,846 crore.
- BEML: The Disinvestment Secretary wrote on a social media post that the company's planned privatisation has received multiple Expressions of Interest. The transaction will now move to its second stage.
- SBI Life Insurance: Board to meet on March 25 to consider interim dividend for FY21, if any. The record date for the same is April 5, 2021.
- Vaibhav Global: Board has approved sub-division of one equity share of face value of Rs 10 each into five equity shares of Rs 2 each, subject to shareholders' approval.
- Forbes & Company: Board has re-appointed Mahesh Tahilyani as Managing Director of the company for a further period of five years with effect from April 28, 2021.
Pledge Share Details
- Chambal Fertilisers & Chemicals: Promoter Zuari Global created a pledge of 3 lakh shares on March 18.
- JSW Steel: Promoter Siddeshwari Tradex revoked pledge of 30 lakh shares on March 17. Promoters Sahyog Holdings and JSW Holdings created a pledge of 1.13 crore on March 18.
- Adani Enterprises: Promoters Gautam Adani and Rajesh Adani revoked pledge of 46.90 lakh shares on March 19.
- Adani Ports & SEZ: Promoters Gautam Adani and Rajesh Adani revoked pledge of 36.76 lakh shares on March 19.
- Adani Transmission: Promoters Gautam Adani and Rajesh Adani revoked pledge of 6.25 lakh shares on March 19.
- Adani Green Energy: Promoters Gautam Adani and Rajesh Adani revoked pledge of 10.23 lakh shares on March 19.
As reported on March 22.
- Kolte - Patil Developers: Unifi Capital bought 12.89 lakh shares (1.70%) at Rs 230 per share. Goldman Sachs India Fund sold 12.71 lakh shares (1.67%) at Rs 230.01 per share.
- Infibeam Avenues: L7 Hitech sold 99.60 lakh shares (1.50%) at Rs 41.89 per share.
- Safari Industries (India): Promoter Sudhir Mohanlal Jatia sold 2 lakh shares (0.89%) at Rs 626.22 per share.
Who's Meeting Whom
- VIP Industries: To meet Motilal Oswal Asset Management Company on March 23.
- HeidelbergCement India: To meet ICICI Prudential Mutual Fund on March 23.
- Heranba Industries: To meet Canara HSBC Oriental Bank of Commerce on March 23.
- Garware Polyester: To meet Jainmay Venture Advisors LLP on March 24 and KC Investments Firm on March 27.
- Isgec Heavy Engineering: To meet UTI Mutual Fund and Sundaram Mutual Fund on March 25
- Greaves Cotton: To meet Elephant Asset management on March 23.
- Ex-Date Interim Dividend: Indian Oil Corporation, Bharat Electronics, AGI Infra
- Record Date Interim Dividend: Allcargo Logistics, Mishra Dhatu Nigam, Renaissance Global, The Ramco Cements, GAIL (India), NMDC, National Aluminium Company, Ramco Industries, Swastika Investmart
- Price Band Revised From 20% To 10%: Vidhi Specialty Food Ingredients
- Move Out Of Short-Term ASM Framework: Quick Heal Technologies, Intellect Design Arena
- Move Into ASM Framework: PDS Multinational Fashions, NOCIL, Intellect Design Arena
- Godfrey Phillips India: Promoter KK Modi Investment And Financial Services bought 5,356 shares on March 22.
- Godrej Industries: Promoter Arel Enterprise bought 85,831 shares on March 16.
- Westlife Development: Promoter Makino Holdings sold 7.76 lakh shares between March 18-19.
- Nilkamal: Promoters bought 6,923 shares on March 18.
- Panama Petrochem: Promoter Panama Builders Developers bought 22,481 shares between March 18-19.
- Mold-Tek Packaging: Promoter Mold-Tek Technologies bought 7,202 shares between March 18-19.
As reported on March 22.
Money Market Update
- The rupee ended at 72.37 against the U.S. Dollar on Monday as compared to Friday's close of 72.52.
- Nifty March futures ended at 14,756; premium of 20 points
- Nifty March futures shed 9% and 10,462 shares in Open Interest
- Nifty Rollovers at 37.6%
- Nifty Bank March futures ended at 33,734; premium of 131 points
- Nifty Bank March futures shed 2.3% and 1,228 shares in Open Interest
- Nifty Bank Rollovers at 62.3%
- Nifty Put-Call Ratio at 0.91
- Stocks In F&O Ban: SAIL, Vodafone Idea