All You Need To Know Going Into Trade On March 3
Asian equities are mixed this morning after an overnight drop on Wall Street amid concerns over excessive investor optimism.
Benchmark indices in Japan and South Korea fluctuated while those in Australia advanced.
The ten-year treasury yields edged higher, the U.S. Dollar was little changed while oil prices are declining this morning.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 14,991 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 higher by 50 points. The index fell 0.5% overnight.
- Federal Reserve Governor Lael Brainard said that bond-market volatility may further delay a pullback in the Fed's asset purchase plans.
- “We believe we’re still very much in a bull market, but certain pullbacks like the one we’ve seen since the beginning of this year are very natural and sometimes needed,” Katerina Simonetti, Morgan Stanley Private Wealth Management senior vice president, told Bloomberg TV. “If interest rates start moving higher and quicker than expected, then there’s a chance there might be more significant pullback in the market."
- Yield on the 10-year treasuries stood at 1.41%.
- West Texas Intermediate crude fell 0.4% to $59.53 per barrel.
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Stocks To Watch
- IRCON International: Government proposes to sell 4.7 crore shares or 10% of the total equity through an offer for sale. The government will also have a greenshoe option to sell an additional 2.82 crore shares or 6% of the total equity. The floor price of Rs 88 per share is a 10.2% discount to Tuesday's closing price. The OFS for non-retail investors opens March 3, while for retail investors, it opens March 4. As per the December quarter shareholding pattern, the government held 89.18% stake in the company.
- Bharat Forge, RK Forgings: Class 8 Truck orders in the U.S. rise 209% to 44,000 units in February from 14,243 units during the same period last year. On a month-on-month basis, orders were up 2.8% as compared to 42,800 units in January. February is the fifth consecutive month where orders were higher than 40,000 units.
- Bank of Baroda: Approves closer of the QIP issue and sets an issue price of Rs 81.70 per share. The issue price is a 5% discount to the floor price of Rs 85.98 per share.
- Engineers India: Indian Oil Corporation has awarded the project for execution of consultancy for overall project management and EPCM services (Phase II) for capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA to the company. The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for mechanical completion.
- JB Chemicals & Pharmaceuticals: In an analyst call, the company said that the organic growth will sustain at a higher pace than industry. Infrastructure and resources available will support growth in near and mid-term. The company also plans to ramp up its Field Force Productivity by 12-14% from current levels. Plans an expansion of bigger brands beyond tier-2 towns and 6-8 annual launches.
- Jaiprakash Power Ventures: Has approved disinvestment of 74% shareholding in the Jaypee Powergrid - a Joint Venture Company of Power Grid Corporation of India and the company. Power Grid to buy the stake from the company. The expected date of completion of sale is March 31, 2021.
- Kirloskar Ferrous Industries: The Board of Directors has declared an interim dividend of Rs 2 per equity share of Rs 5 each for the financial year 2020-2021. The record date has been fixed as March 13, 2021.
- Mahindra Lifespace Developers: The company has launched its residential project 'Aclove', at Chandivali in Mumbai. The project is registered with Maharashtra RERA.
- Spandana Sphoorty Financial: A meeting of the Management Committee of the Board of Directors is scheduled on March 5 to consider and approve, the issue and offer of Non-Convertible Debentures on a private placement basis. .
- V-Mart Retail: The company has opened a new store in Bihar and has also closed two stores in Assam and Uttar Pradesh respectively. With this the total number of stores of the company stands at 273.
- Zuari Agro Chemicals: The company has executed Business Transfer Agreement with Paradeep Phosphates on March 1, 2021 for sale of fertiliser plant in Goa on a slump sale basis.
Pledge Share Details
- Chambal Fertilisers & Chemicals: Promoter Zuari Global revoked pledge of 11.50 lakh shares on February 26.
- JSW Steel: Promoters JTPM Metal Traders and JSW Techno Projects Management revoked pledge of 27.40 lakh shares between February 24-25.
- JSW Energy: Promoter JSW Investments revoked pledge of 38.90 lakh shares on February 25.
- Adani Enterprises: Promoters Gautam Adani and Rajesh Adani revoked pledge of 26 lakh shares on February 26.
- Adani Ports & SEZ: Promoters Gautam Adani and Rajesh Adani revoked pledge of 98.65 lakh shares on March 1.
- Adani Green Energy: Promoters Gautam Adani and Rajesh Adani revoked pledge of 2.69 crore shares on March 1.
- Sun Pharmaceutical Industries: Promoter Shanghvi Finance revoked pledge of 81.60 lakh shares on February 25.
- Emami: Promoter Sneha Enclave created a pledge of 1.79 lakh shares on February 26.
- Orient Cement: Promoter Shekhavati Investments and Traders revoked pledge of 16.45 lakh shares on February 26.
- Orient Electric: Promoter Shekhavati Investments and Traders revoked pledge of 21.50 lakh shares on February 26.
As reported on March 2.
- Ion Exchange (India): Plutus Wealth Management LLP bought 4.75 lakh shares (3.24%) at Rs 1,220.75 per share. Rakesh Jhunjhunwala sold 1.50 lakh shares (1.03%) at Rs 1,205.19. Rare Investments sold 3.87 lakh shares (2.64%) at Rs 1,205.42 per share.
Who’s Meeting Whom
- Mahindra Holidays & Resorts India: To meet M&G Investment Management on March 3 and Nikko Asset Management on March 4.
- Tata Power: To meet IDFC Mutual Fund on March 3 and Sylebra Capital on March 10.
- Multi Commodity Exchange of India: To meet Eternity Capital LLP on March 3.
- Matrimony.com: To meet Valorem Advisors on March 3.
- Sundram Fasteners: To meet Eternity Capital LLP on March 5.
- Crisil: To meet Yes Bank Securities (India) on March 4.
- Price Band Revised From 10% To 5%: KIOCL, Vardhman Special Steels
- Price Band Revised From 20% To 10%: Just Dial, NBCC (India), Railtel Corporation Of India, Religare Enterprises, Vardhman Holdings
- Record Date Interim Dividend: Butterfly Gandhimathi Appliances
- Record Date Bonus Issue: Quint Digital Media
- Ex-Date Reduction Of Capital: Digjam
- Move Into ASM Framework: Gravita India, Linde India, Satin Creditcare Network, Religare Enterprises
- Move Into Short-term ASM Framework: Southern Petrochemicals Industries Corporation, Just Dial, Jaiprakash Associates
- Move Out Of Short-term ASM Framework: Linde India, Dewan Housing Finance Corporation, TCNS Clothing
- Godrej Agrovet: Promoter Godrej Industries bought 16,000 shares on February 25.
- Inox Wind: Promoter Inox Wind Energy sold 6.90 lakh shares between February 25 and March 1.
- Dabur India: Promoter Mohit Burman bought 20,000 shares on February 24.
- Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services bought 53,500 shares on February 26.
- Mastek: Promoter Ashank Desai bought 22,894 shares on February 26.
- Aarti Industries: Promoter Jaya Gogri sold 25,000 shares on March 1.
As reported on March 2.
Money Market Update
- The currency ended at 73.37 against the U.S. Dollar, as compared to Monday's close of 73.55.
- Nifty March futures ended at 14,983; premium of 64 points
- Nifty March futures added 3.9% and 5,100 shares in Open Interest
- Nifty Bank March futures ended at 35,504; premium of 85 points
- Nifty Bank March futures added 7.2% and 4,297 shares in Open Interest
- Nifty Put-Call Ratio at 1.75
- Enters F&O Ban: SAIL