Stocks To Watch: IndusInd Bank, Diagnostic Players, Coffee Day Enterprises, Life Insurers 

U.S. stock futures dropped and the yen advanced in early Wednesday trading in Asia, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow. Asian stocks opened mixed, with the Sydney market down more than 3.5 percent, while shares in Tokyo edged higher.

Here are the stocks to watch in today’s trade:

• IndusInd Bank: Says it is financially strong, well-capitalized, profitable, and a growing entity with strong governance. The bank expects net NPA to drop below 1% in March ended quarter. Post the Yes Bank fiasco, some state government entities have made withdrawals up to 2% of the bank's deposit base. The bank is engaging with these entities to reiterate RBI's stance that their deposits are safe with private banks.
• Syndicate Bank: Board approved equity share exchange ratio of 158 equity shares of Rs 10 each of Canara Bank for every 1000 equity shares of Rs 10 each of Syndicate Bank, for the amalgamation of the Bank into Canara Bank.
• Yes Bank: CEO-designate Prashant Kumar said that deposit outflows have been less than what was permitted. Only one-third of customers who could have withdrawn up Rs 50,000 withdrew that maximum amount and last since last 4 days the bank saw higher inflows than outflows, in a press conference on March 17. SBI has nominated Partha Pratim Sengupta and J Swaminathan as board members for Yes Bank board.
• Metropolis Healthcare, Dr Lal PathLabs, Thyrocare Technologies: The government urges private labs to provide virus tests at no cost. ICMR to engage high-quality private labs which are NABL accredited labs. Private labs in India yet to acquire probes to test for coronavirus and are in the process of doing so.
• Café Coffee Day Enterprises clarified that it has not received any investigation report from authorities, and the process of investigation is currently still on for investigating the circumstances leading to statements made in the letter of former Chairman late V.G.Siddhartha dated July 27, 2019 and to scrutinize the books of accounts of the Company and its subsidiaries.
• Tata Consumer Product: Mitsubishi UFJ Financial Group reduced stake from 5.6 percent to 3.59 percent in the company on March 13.
• HSIL: HDFC Mutual Fund reduced its stake in the company from 5.17 percent to 3.14 percent on March 16.
• Apollo Tyres: HDFC Mutual increased its stake from 5.05 percent to 7.05 percent in March.
• Sterling and Wilson Solar: Board of directors approved amalgamation of wholly-owned arm Sterling and Wilson Waaree into the company. The appointed date for the scheme set on April 1.
• Alkem Laboratories clarified that an individual has contested against the company for breaching provisions of the Competition Act, 2002 for indulging into anti-competitive practices. The company and its officials said that it shall file appeals to the order before NCLAT within the prescribed time.
• Reliance Naval & Engineering has received a termination and evacuation notice from Gujarat Pipavav Port for termination of sub-concession agreement executed for land parcels owned by Gujarat Maritime Board and sub-leased by Gujarat Pipavav Port to the company for the shipbuilder activity.

Bulk Deals

• Mphasis: Marble II acquired 30.49 lakh shares (1.64 percent) at Rs 699.68 per share
• Oberoi Realty: Wellington Trust sold 27.2 lakh shares (0.75 percent) at Rs 430.38 per share and Invesco Fund acquired 50.24 lakh shares (1.38 percent) at Rs 430.38 per share

Pledged Share Details

• Ramkrishna Forgings promoter Riddhi Portfolio created pledge of 14.5 lakh shares on March 12
• Arvind promoter Aura Securities revoked pledge of 42.5 lakh shares on March 16
• AGC Networks promoter Onir Metallics revoked pledge of 43 lakh shares on Feb. 28
• Aurobindo Pharma promoter K Nityananda Reddy created pledge of 20.58 lakh shares from March 12-13
• Emami promoters created pledge of 1.5 crore shares from March 11-13
• Ajanta Pharma promoter Aayush Agrawal created pledge of 2.2 lakh shares on March 16
• DB Corp promoter DB Consolidated created pledge of 36.52 lakh shares on March 16
• Adani Green Energy promoter SB Adani Family Trust created pledge of 79 lakh shares on March 16

(As Reported On March 17)

Trading Tweaks

• Arvind Fashions record date for rights issue at 16:47 at a premium of Rs 146 per share
• Karnataka Bank record date for bonus issue at 1:10
• Olectra Greentech, Paisalo Digital to move into ASM Framework
• Intellect Design Arena, Emmbi Industries, Newgen Software Technologies, Allsec Technologies to move into short term ASM Framework
• Future Enterprises, Mahindra CIE Automotive, VA Tech Wabag, MEP Infrastructure Developers, Munjal Showa, J.M. Financial, Tourism Finance Corporation, Jubilant Life Sciences, GOCL Corporation price band revised to 10 percent
• Hindustan Foods, Tanla Solutions, Welspun Corp, Olectra Greentech price band revised to 5 percent

Who’s Meeting Whom

• Dr Lal Pathlabs to meet ICICI Securities and HDFC Standard Life Insurance on March 18
• Shriram City Union Finance to meet IIFL Securities on March 18
• Eicher Motors to meet Nikko Asset Management, Bajaj Allianz Insurance and Janchor Partners from March 18-19
• Affle (India) to meet Kotak Mahindra Asset Management and B&K Securities on March 18

Insider Trading

• NCC promoters acquired 15.75 lakh shares from March 11-13
• Great Eastern Shipping promoter Ravi Seth acquired 1.1 lakh shares on March 13
• Welspun India promoter Welspun Group Master Trust acquired 9.36 lakh shares on March 13
• JMC Projects promoter Kalpataru Power Transmission acquired 92.801 shares from March 13-16

(As Reported On March 17)

Money Market Update

• The rupee ended stronger at Rs 74.21 against the dollar on Tuesday versus Rs 74.27 against the dollar on Monday.