All You Need To Know Going Into Trade On March 24
Motorcyclists travel past pedestrians near the Chhatrapati Shivaji Terminus railway station in Mumbai, India. (Photographer Dhiraj Singh/Bloomberg)

All You Need To Know Going Into Trade On March 24

Most Asian equities have opened lower after setbacks on the pandemic front weighed on U.S. equities and drove demand for haven assets.

Benchmark indices opened lower in Japan and South Korea while Australia's indices outperformed. Bond yields in the U.S. fell for the second straight day.

Oil prices are fighting to hold the $60 per barrel mark after a 6% drop overnight. Renewed prospects of lockdowns in Europe clouded a speedy recovery in consumption.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 14,785, 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 20 points higher. The index fell 1% overnight.
  • A strong two-year treasury auction on Tuesday helped allay concerns that poor appetite can propel yields higher yet again.
  • “We have a lot of innovation happening, incredible advancement in health-care technology, rapid vaccine development,” Dune Thorne, a partner at Brown Advisory LLC, said on Bloomberg TV. “But at the same time, there’s risk around inflation and rising rates and the impact that will have on equities.”
  • Yields on the 10-year treasuries fell seven basis points to 1.61%.
  • West Texas Intermediate crude was little changed at $57.69 per barrel after falling 6.2% on Tuesday.

Get your daily fix of the global markets here.

All You Need To Know Going Into Trade On March 24

Stocks To Watch

  • Rail Vikas Nigam: The government plans to sell 15% of the company's equity through an Offer for Sale. The initial plan is for the sale of 20.85 crore shares or 10% of the total equity with a green shoe option to sell another 10.42 crore shares or 5% of the total equity. The floor price of Rs 27.5 per share is a 9.5% discount to Tuesday's closing price. The OFS opens for non-retail investors today and for retail investors tomorrow.
  • Hero MotoCorp: To increase prices of its scooters and motorcycles from April 1. The price hike has been necessitated to partially offset the impact of increased commodity costs. The company has accelerated its cost savings program to ensure minimal impact on the customer.
  • Rossari Biotech: Approves issue and allotment of 30.12 lakh equity shares worth Rs 300 crore on a preferential basis. The shares have been issued at Rs 996 apiece, which is a 10.7% discount to Tuesday's closing price. SBI Mutual Fund, Malabar Select Fund are some of the investors to whom the shares have been allotted.
  • Vascon Engineers: Emerged as lowest bidder for two projects from the Uttar Pradesh Public Works Department. The two projects are for the establishment of new medical colleges attached with existing District Hospitals in Bijnor and Kaushambi. The two projects are valued at Rs 246.09 crore and Rs 269.54 crore respectively.
  • MOIL: Closure of another JV company - RINMOIL Ferro Alloys Pvt. ltd. is under process. The company was a JV with Rastriya Ispat Nigam Ltd. The JV has been a dormant company since its incorporation in 2009. This will have no impact on the company's financials.
  • Bank of Maharashtra: Has successfully raised Rs 100 crore through private placement of BASEL-III compliant tier-II bonds. The bonds will have a coupon rate of 8% and a tenor of 10 years.
  • India Grid Trust: Board has approved Rights Issue of up to 11.66 crore units for an aggregate amount of Rs 1,283.65 crore. The issue price of Rs 110 per unit is at a discount of 19.11% to Tuesday's closing price. The record date for the same is fixed as March 30, 2021. The issue will open on April 6 and close on April 13.
  • IFCI: Board has approved Preferential Issue of equity shares aggregating up to Rs 200 crore to the promoter i.e. Government of India, subject to shareholders approval.
  • Crompton Greaves Consumer Electricals: Board has approved appointment of Mathew Job as Executive Director and Chief Executive Officer of the company for a period of five years with effect from January 22, 2021.
  • Agro Tech Foods: The Income Tax Appellate Tribunal, Hyderabad, has allowed the company’s appeals for allowance of certain expenditures for Financial Years 2009-10 to 2013-14. Subsequently, the contingent liability towards disputed direct tax liability shown in the financial statements of the company for FY 2019-20 will be reduced by Rs 13 crore.

Pledge Share Details

  • Apollo Hospitals Enterprise: Promoters Preetha Reddy, Suneeta Reddy And K Vishweshwar Reddy revoked pledge of 9.2 lakh shares between March 18-22.
  • Everest Kanto Cylinder: Promoters Pushkar Khurana, Khurana Gases, Premkumar Khurana and Medical Engineers (India) revoked pledge of 3.36 crore shares on March 22.
  • JSW Energy: Promoter JSW Investments created a pledge of 1.7 crore shares on March 18. Promoter Siddeshwari Tradex revoked pledge of 10 lakh shares on March 22.

As reported on March 23.

Bulk Deals

  • Infibeam Avenues: L7 Hitech sold 1 crore shares (1.50%) at Rs 44 per share.
  • Wheels India: Promoter India Motor Parts & Accessories bought 5.84 lakh shares (2.43%) at Rs 446.50 per share. Royal Sundaram General Insurance sold 5.84 lakh shares (2.43%) at Rs 446.50 per share.
  • Prince Pipes Fittings: Oman India Joint Investment Fund II sold 8.59 lakh shares (0.78%) at Rs 405.17 per share.
  • Intellect Design Arena: Vanguard Funds Public Ltd bought 7.20 lakh shares (0.54%) at Rs 670 per share.

Who's Meeting Whom

  • Mahindra Logistics: To meet HDFC Mutual Fund on March 24.
  • Max Healthcare Institute: To meet State Street Corporation, Ambit Capital and Elara Capital on March 24. Further, the company will meet Kotak Securities on March 25 and HSBC Securities & Capital Markets India on March 30.
  • Adani Ports and Special Economic Zone: To meet Federated Hermes on April 6.

Trading Tweaks

  • Ex-Date Interim Dividend: Somany Ceramics, Gothi Plascon (India)
  • Record Date Interim Dividend: Indian Oil Corporation, Bharat Electronics, AGI Infra
  • Move Into Short-Term ASM Framework: Best Agrolife
  • Move Out Of Short-Term ASM Framework: Arvind
  • Move Into ASM Framework: Likhitha Infrastructure, Cyient, JK Tyre & Industries, Zensar Technologies

Insider Trades

  • Godfrey Phillips India: Promoter KK Modi Investment And Financial Services bought 13,723 shares on March 23.
  • Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services bought 96,000 shares between March 18-19.
  • Prakash Industries: Promoter Ved Agarwal bought 20,000 shares on March 22.
  • Safari Industries: Promoter Sudhir Jatia sold 3 lakh shares on March 22.
  • Mastek: Promoter Ashank Desai bought 19,000 shares on March 19.
  • NRB Bearings: Promoters Harshbeena Zaveri and Aziz Zaveri bought 8,260 shares between March 19-22.
  • Meghmani Organics: Promoter Hansaben Patel sold 12,500 shares on March 19.
  • HG Infra Engineering: Promoter Girishpal Singh Family Trust bought 10,236 shares on March 19.
  • Karda Constructions: Promoter Prem Karda sold 2 lakh shares on March 22.

As reported on March 23.

Money Market Update

  • The rupee ended at 72.42 against the U.S. Dollar on Tuesday as compared to Monday's close of 72.37.

F&O Cues

  • Nifty March futures ended at 14,827; premium of 13 points
  • Nifty March futures shed 27.4% and 29,211 shares in Open Interest
  • Nifty Rollovers at 53.34%
  • Nifty Bank March futures ended at 34,290; premium of 106 points
  • Nifty Bank March futures shed 12.4% and 6,548 shares in Open Interest
  • Nifty Bank Rollovers at 66.96%
  • Nifty Put-Call Ratio at 1.05
  • Stocks In F&O Ban: SAIL, Vodafone Idea
All You Need To Know Going Into Trade On March 24
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