All You Need To Know Going Into Trade On March 31
Asian equities have opened mixed in mid-week trading which is also the last trading day of the quarter. Investors await more details on the next leg of stimulus spending in the U.S. and analyse the upward pressure on bond yields.
Benchmark indices in Japan fell after Mitsubishi UFJ Financial group joined the list of global banks taking a hit from the meltdown at Bill Hwang's Archegos Capital Management. South Korean equities traded higher.
The U.S. Dollar held an overnight advance while gold fell to the lowest in nine-months. Oil prices were steady.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 14,918, 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 50 points higher. The index fell 0.3% on Tuesday.
- The International Monetary Fund will upgrade its forecast for global economic growth, driven by improved outlooks for the U.S. and China while warning of higher uncertainty and new virus strains that threaten to hold back the rebound.
- “We believe that the equity market rally and cyclical rotation have room to run as improving economic expectations make their way to reality via earnings growth,” Lauren Goodwin, portfolio strategist at New York Life Investments, said in a note.
- U.S. President Joe Biden is expected to unveil his infrastructure program later tonight.
- Yield on the 10-year treasuries stood at 1.72% after climbing to as high as 1.77%.
- West Texas Intermediate crude rose 0.4% to $60.76 per barrel.
Get your daily fix of the global markets here.
Stocks To Watch
- IDFC First Bank: Board approves launch of QIP issue on Tuesday. The floor price of Rs 60.34 per share is a premium of 3.5% to Tuesday's closing price. Board to meet again on April 6 in order to determine the issue price for the QIP. The lender had approved raising Rs 3,000 crore in February through a QIP and various other methods.
- Insecticides India: Board has approved buyback of 10.43 lakh fully paid up equity shares, representing 5.1% of paid up capital, for an aggregate amount not exceeding Rs 60 crore. Buyback price set at Rs 575 apiece, is at premium of 21.44% to Tuesday closing price.
- HPCL: Has completed a deal to acquire 50% stake in joint venture HPCL Shapoorji Energy from SP Ports, a unit of Shapoorji Pallonji Group, for Rs 397 crore. HPCL Shapoorji Energy was equal JV formed by the companies for development, construction and operation of greenfield LNG terminal with all associated facilities for receipt, unloading, storage and re-gasification of LNG and supply of re-gasified LNG to the gas grid.
- UltraTech Cement: The company has prepaid its long-term loans amounting to Rs 5,000 crore. The loan repayments have been done through free cash flows generated over the last few quarters.
- SJVN: Has been awarded 70MW grid connected Solar Power Project in Gujarat. Tariff of the electricity supplied will be Rs 2.21/KWh and power generated from this project will be procured by Gujarat Urja Vikas Nigam Ltd. for 25 years. These projects will support SJVN in achieving its ambitious shared vision of electricity generation of 5,000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040 and simultaneously contribute towards Renewable Energy capacity addition target of 175 GW by 2022 set by Government of India.
- Punjab & Sind Bank: Has declared IL&FS Transportation Network's account, with outstanding dues of Rs 149.98 crore, as fraud and reported it to the RBI.
- IRB Infrastructure Developers: The total order book of the company stands at Rs 14,509 crore, including construction contracts of Rs 7,583 crore, providing revenue visibility of more than two years. The company has received letter of award from NHAI for widening of 68 kilometer long highway in West Bengal. The project cost is Rs 2,421 crore. Further, the company's bid of Rs 778.64 crore for 28.7 km long highway project in Himachal Pradesh has been preferred by NHAI. IRB has also secured new orders of Rs 5,004 crore during FY21.
- Mahindra Holidays & Resorts: In compliance with directives issued by the Government of Finland, the operations at 3 SPA hotels of Holiday Club Resorts Oy, a material unlisted subsidiary of the company will remain suspended until May 2, 2021.
- NHPC: Has received approval for investment of Rs 938.29 crore for acquisition of Jalpower Corp. and construction of balance works of 120MW project in Sikkim. The investment includes Rs 165 crore to be paid for acquisition of JPCL through corporate insolvency resolution process.
- VA Tech Wabag: The company has completed the financial closure for its Hybrid Annuity Model project received from Bihar Urban Infrastructure Development Corporation. Further, to meet the project debt funding requirement, the company has partnered with infrastructure finance company PTC India Financial Services. The company has also approved investment of Rs 29 crore in DK Sewage Project, a wholly-owned subsidiary of the company.
- Bank of India: Has issued and allotted 6,020 Basel-III Compliant Additional Tier-I bonds of face value of Rs 10 lakh each aggregating to Rs 602 crore.
- KNR Constructions: Has received letter of acceptance for six laning of Ramanattukara Junction, to start of Valanchery bypass section of NH-66, in Kerala on Hybrid Annuity Mode under Bharatmala Pariyoiana. The project bid cost was Rs 2,367 crore and company bid price was Rs 2,116 crore.
- TCS: Has renewed its strategic partnership and services footprint with Nationwide Building Society, the world’s largest building society and one of the largest savings and mortgage providers in the U.K., to help strengthen the society's enterprise agility and operational resilience.
- Mrs. Bector Food Specialities: Rajni Bector to retire as Director on March 31 and has been appointed as Chairperson Emeritus from April 1. The company has decided to appoint Suvir Bector as an Additional Director & Wholetime Director effective April 1, for a period of 5 years.
- M&M Financial Services: Ideal Finance (Sri Lanka) and the company have agreed to extend completion date for a stake deal due to Covid-19 pandemic. M&M Financial Services had agreed to acquirer 58.20% equity share capital of Ideal Finance. Till date the company has acquired 38.20% of the equity share capital of Ideal Finance.
Pledge Share Details
- Sun Pharmaceutical Industries: Promoter Shanghvi Finance created a pledge of 1.45 crore shares on March 23.
- JSW Holdings: Promoter Siddeshwari Tradex created a pledge of 42,000 shares on March 24.
- JSW Energy: Promoter Indusglobe Multiventures revoked pledge of 69.93 lakh shares on March 24. Promoter JSW Investments created a pledge of 78.80 lakh shares on March 23. Promoter Siddheshwari Tradex revoked pledge of 1.17 lakh shares on March 24.
As reported on March 30.
- Lux Industries: Monet Securities sold 2.87 lakh shares (1.14%) at Rs 1,770.01 per share.
- Welspun Enterprises: Promoter Welspun Group Master Trust bought 41 lakh shares (2.75%) at Rs 120.48 per share.
Who's Meeting Whom
- Prince Pipes and Fittings: To meet Laburnum Capital, Equirus Securities and Aurum Capital on March 31.
- Price Band Revised From 10% To 5%: RattanIndia Infrastructure
- Price Band Revised From 20% To 10%: Dhani Services
- Ex-Date Interim Dividend: Railtel Corporation Of India
- Record Date Interim Dividend: Colgate Palmolive (India)
- Record Date Final Dividend: ACC
- Record Date Rights Issue: KDDL
- Move Out Of Short-Term ASM Framework: Dewan Housing Finance Corporation
- Aarti Industries: Promoter Shreya Suneja sold 5,000 shares on March 26.
- Raymond: Promoter JK Investo Trade (India) bought 1.61 lakh shares on March 26.
- Zuari Global: Promoter Adventz Finance bought 4,281 shares on March 26.
- Alembic Pharmaceuticals: Promoter Bhailal Amin General Hospital sold 2 lakh shares on March 26.
- Inox Wind: Promoter Inox Wind Energy sold 14 lakh shares on March 26.
- Power Mech Projects: Promoter bought 15,990 shares on March 26.
- Vaibhav Global: Promoter Brett Enterprises bought 50,000 shares on March 26. Promoter Nirmal Bardiya sold 50,000 shares on March 26.
- J Kumar Infraprojects: Promoters Nalin Gupta, Sonal Gupta, Shalini Gupta, J Kumar Software Systems and J Kumar Minerals And Mines India bought 2.59 lakh shares on March 25.
As reported on March 30.
Money Market Update
- The rupee ended at 73.38 against the U.S. Dollar on Tuesday as compared to Friday's close of 72.51.
- The rupee was the worst performing currency among its Asian peers on Tuesday.
- Nifty April futures ended at 14,917; premium of 72 points
- Nifty April futures added 22.4% and 27,238 shares in Open Interest
- Nifty Bank April futures ended at 34,080; premium of 205 points
- Nifty Bank April futures added 7.4% and 6,393 shares in Open Interest
- Nifty Put-Call Ratio at 1.66
- Stocks In F&O Ban: SAIL