Share Market Highlights: Sensex, Nifty rebound led by Reliance Industries, ITC, and SBI

Benchmark equity indices Sensex and Nifty rebounded on Wednesday, propelled by bargain hunting in index majors Reliance Industries, ITC and SBI amid a largely firm trend in global equities.

In a highly volatile trade, the 30-share BSE Sensex rebounded 89.64 points or 0.12 per cent to settle at 72,101.69. During the day, it jumped 390.62 points or 0.54 per cent to 72,402.67. The benchmark hit its day’s low of 71,674.42, down 337.63 points or 0.46 per cent, earlier in the day.

The NSE Nifty climbed 21.65 points or 0.10 per cent to finish at 21,839.10.

“Lifted by favourable global sentiment and solid direct tax collection, Indian markets rebounded, closing with modest gains. Robust FII and DII inflows sustained the market,” said Vinod Nair, Head of Research, Geojit Financial Services.

From the Sensex basket, Maruti, Nestle, Power Grid, State Bank of India, ITC, Reliance Industries, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank and Asian Paints were the major gainers.

In contrast, Tata Steel, Axis Bank, Tata Motors and HDFC Bank were among the laggards.

In Asian markets, Seoul, Shanghai, and Hong Kong settled in positive territory.

Japanese stock exchanges were closed for a holiday.

European markets were trading mostly lower.

Wall Street ended with gains in the overnight trade on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,421.48 crore on Tuesday, according to exchange data.

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17 on higher advance tax mop-up.

Global oil benchmark Brent crude declined 0.80 per cent to USD 86.68 a barrel. -- PTI

The rupee declined 13 paise to close at 83.16 (provisional) against the US dollar on Wednesday, weighed down by a strong American currency against major rivals overseas and elevated crude oil prices.

However, a recovery in domestic equity markets and foreign fund inflows cushioned the downside, forex traders said.

Read more here.

Aster DM Healthcare Ltd has announced that the separation of its India and GCC businesses and the proposed investment in the company’s GCC business by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE, is nearing completion.

Read more here.

Bharat Forge Limited alloted Rs 125 crore in non-convertible debentures to investors as part of a fundraising decision. The NCDs, with a face value of Rs 1,00,000 each, were approved by the Investment Committee and issued on a private placement basis. The shares were down by 2.11% to Rs 1092.05 on the BSE.

​Resgen Limited​ acquired 55% stake in Mumbai’s RESGEN Protech Pvt Ltd, specializing in Tyre Pyrolysis Business. The acquisition supports the target’s zero emission concept using batch automated processes. The shares were down by 4.06% to Rs 89.99 on the BSE.

A total of 3,862 stocks were actively traded, 1,633 advanced, while 2,124 declined and 105 stocks remained unchanged where 84 stocks hit a 52 week high and 72 stocks hit a 52 week low at 3.09 pm on the BSE.

Top gainers on the NSE at 3.07 pm include- Eicher motors (4.15%), Maruti Suzuki (2.67%), power grid corporation of India (2.14%), Nestle India (1.87%), Oil and Natural Gas corporation (1.68%).

Top losers include- Tata Steel (-2.05%), Tata consumer products (-2.02%), Tata motors (-1.91%), Axis Bank (-1.65%), HDFC Bank (-1.28%)

​Aster DM Healthcare Ltd​ is close to completing the separation of its India and GCC businesses, with a Fajr Capital-led consortium set to acquire a 65% stake in its GCC arm. Regulatory approvals, including from Saudi Arabia’s General Authority for Competition, have been secured, and all conditions precedent in the Sale and Purchase Agreement are fulfilled. The integration of business operations in Qatar into Aster DM Healthcare FZC, a wholly owned subsidiary, has been finalized. Shares were up by 2.36% to Rs 438.60 on the BSE.

BGR Energy Systems stock rose 1.27 per cent on the NSE to trade at ₹40 as of 2:05 pm. The stock has hit a 52-week low today of ₹38.40.

NSE nifty was up by 0.05% or 11.50 points to 21,822.85 points, while the BSE Sensex was at 72,038.90 up by 0.04% or 26.10 points at 2.40 pm

The BSE Sensex rose 187.02 pts or 0.26% to 72,199.07 and the NSE Nifty gained 54.50 pts or 0.25% to 21,871.95.

TAC Security’s IPO opens on Wednesday, March 27, 2024; price band fixed at Rs. 100–106

· Anchor Book will open on Tuesday, March 26, 2024, while the issue will be closed on Tuesday, April 02, 2024

· IPO comprises a fresh issue of 28,29,600 equity shares with a face value of Rs. 10 each through the book-building route

· The company plans to utilise net proceeds from the IPO to invest in human resources and product development to support organic growth in India and investment in TAC Security INC. (Delaware, USA) to hire skilled personnel for organic growth outside India.

· The company offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of Penetration testing to domestic and international organisations of any scale, size, and business through the “SaaS model”

· Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the Issue

· TAC Security is backed by stock market maven Vijay Kedia

Gujarat Toolroom Limited’s subsidiary, GTL Gems DMCC, reported a turnover of Rs 202 crore and a profit of Rs 27 crore. Shares were up by 4.83% to Rs 48.80 on the BSE.

BSE Sensex rose by 214.65 pts or 0.30 per cent to trade at 72,226.70 as of 1.05 pm, while Nifty 50 traded at 21,871.05, up 53.60 pts or 0.25 per cent.

Shares of IIFL Finance hit a 52-week low at ₹335.30. The stock traded at ₹338.75, lower by 5.76 per cent on the NSE as of 12.58 pm.

CG Power & Industrial Solutions stock hit a 52-week high at ₹511.15.

Shares of IIFL Finance hit a 52-week low at ₹335.30. The stock traded at ₹338.75, lower by 5.76 per cent on the NSE as of 12.58 pm.

City Union Bank stock inched up by 0.63 per cent to trade at ₹128.35 as of 12.49 pm. The bank has opened its 800th branch today at Rampath, Ayodhya. 

Blue Star stock declined by 3.58 per cent to rtade at ₹1,231 on the NSE as of 12.52 pm, following the launch of a range of energy-efficient deep freezers from 60 to 600 litres.

Carysil board has approved raising of funds up to ₹150 crore through QIP. Shares rose 1.14 per cent to trade at ₹961 on the NSE as of 12.55 pm.

Sarveshwar Foods Limited has initiated campaign to promote millet cultivation in Jammu & Kashmir, Himachal Pradesh through Sarveshwar Facilitation Centres (SFC). However, the stock slumped 4.81 per cent to trade at ₹8.90 on the NSE.

NBCC (India) Limited secured a contract for providing project management consultant services for construction of chancery-cum-residential complex at CGI, Jeddah, a MEA’s project having value of $30 million i.e. ₹249 crore. However, shares traded lower by 0.46 per cent on the NSE at ₹108.85 as of 12.59 pm.

The board of Himadri Speciality Chemical (HSCL) has approved acquisition of 40 per cent equity shares of Invati Creations Private Limited. HSCL stock fell 0.88 per cent to trade at ₹317 on the NSE as of 1.01 pm.

The BSE Sensex rose 241.62 points or 0.34% to 72,253.67 and the NSE Nifty gained 57.70 points or 0.26% to 21,875.15.

Shares of Maruti Suzuki India Ltd hit a 52-week high on the NSE on Wednesday’s trade at ₹12,007.15. As of 11.51 a.m., the stock traded at ₹11,950.25, higher by 3.05 per cent.

TCS opens Pace Port in London, a hub for innovation and digital transformation, aiming to drive growth and empower businesses in the UK with emerging technologies. The shares were up by 0.62% to Rs 4002.05.

While 72 stocks hit 52-week high and 63 stocks hit 52-week low 

Top gainers on the NSE at 12.11 p.m. include- Eicher motors (4.13%), Maruti Suzuki India (2.95%), Bharat Petroleum Corporation (1.22%), Nestle India (1.88%), Bajaj finance (1.34%)

Major losers include Tata Consumer Products (-2.80%), Tata Motors (-2.38%), Tata Steel (-1.95%), Hindalco Industries (-1.91%), UPL (-1.51%)

This will benefit 7 lakh residents with improved voice and data connectivity, per the company. 

Bharti Airtel’s shares were up by 0.65% to ₹1235.65 on the BSE.

The deep freezers are designed for various applications including dairy, ice cream, frozen food, restaurants, and supermarkets, starting at ₹16,000. 

Blue Star’s shares were down by 3.51% to ₹1231.90 on the BSE.

Sarveshwar Foods Ltd announced millet cultivation in Jammu & Kashmir and Himachal Pradesh through its facilitation eentres. The move aims to strengthen its their Nimbark Organics range, offering eco-friendly, gluten-free millet products packed with nutrients and fibre. 

The shares were down by 4.94% to ₹8.85 on the BSE.

Zomato on Wednesday said that riders of its specialised fleet servicing vegetarian food orders will sport red colour. This decision came after the food delivery platform received widespread criticism for its decision to have a segreated fleet sporting green colour for vegetarian food deliveries.

At 11.47 a.m., Zomato’s share price gained ₹1.95, or 1.23 per cent, to trade at ₹159.90 on NSE. 

Rama Steel Tubes Limited reduced its bank loans by approximately ₹115.98 crore, constituting 39% of total existing sanctioned limits. However, its shares were down 5.11% to Rs 14.48 on the BSE.

BFSI-focused SaaS player Trust Fintech IPO opens on Tuesday, March 26; price band fixed at Rs. 95–101

· Anchor Book will open on Friday, March 22, while the issue will be closed on Thursday, March 28, 2024

· IPO comprises a fresh issue of 62,82,000 equity shares with a face value of Rs. 10 each through the book-building route

· The company plans to raise Rs. 63.45 crore from the IPO and intends to utilize net proceeds towards setting up a new development facility in Nagpur, procure hardware and upgrade IT infra and existing products, expand global and domestic business development and general corporate purposes

· The company provides Core Banking SaaS Products and Fintech Software Solutions around ERP Implementation, Customized Software Solutions Development, SAP B1 and Offshore IT services for the BFSI sector

· Corporate Capital Ventures is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue; Trust Fintech is from the MSMEx SME IPO Cohort program

On Multi Commodity Exchange (MCX), the Lead futures (March contract) has been tracing a sideways trend for a little over a month The contract has largely been oscillating within the range of ₹178 and ₹182.

Go long now at ₹178 with a tight stop-loss at ₹176.50. When the contract surpasses ₹180, tighten the stop-loss to ₹178.

Wardwizard Innovations & Mobility Limited expanded its distribution network with 156 showrooms and 750+ touchpoints across India. The move aims to enhance customer access to their electric two-wheelers and three-wheelers, emphasizing consumer-centric services. Shares were up by 1.17% to Rs 61.56 on the BSE.

Bank Nifty opened today’s session on a flat note at 46,393 as against yesterday’s close of 46,385. However, after a while, the index had declined. Currently, it is hovering around 46,100, down 0.6 per cent.

Although 46,000 is a support for Bank Nifty futures, this level is less likely to hold.

Nifty 50 began today’s session higher at 21,844 versus yesterday’s close of 21,817. After marking a high of 21,891.70, the index made a U-turn. It is now hovering around 21,750, down 0.3 per cent by the end of the first hour of trade.

As Nifty futures closed below the support at 22,000 on Tuesday, the likelihood of further fall is high.

At 10:41 am, the ​BSE Sensex ​fell 161.69 points or 0.22% to 71,850.36 and the ​NSE Nifty ​was down 55.50 points or 0.25% to 21,761.95.

Jupiter Wagons Limited approved the acquisition of Bonatrans India Private Limited. It is valued at approximately Rs 271.00 crore and is to enhance Jupiter Wagons’ manufacturing capabilities for railway components. Bonatrans India specializes in wheels and axles production for rolling stocks with a turnover of Rs 63.50 crore in 2022-2023. The shares were down by 1.31% to Rs 334.35 on the BSE.

Crude oil futures traded lower on Wednesday morning as the market remained cautious over the outcome of the US Federal Reserve meeting later in the day.

DCB Bank stock declined by 0.71 per cent to trade at ₹118.20 as of 9.50 a.m., following receipt of order from RBI imposing a monetary penalty of ₹63.60 lakh on the bank for non-compliance with certain directions issued by RBI on ‘interest rate on advances.’

HDFC Credila has ceased to be a subsidiary of HDFC Bank.

Shares of Zomato rose 1.36 per cent to trade at ₹160.10 on the NSE after the launch of ‘pure-veg’ mode on its food delivery app.

Uniparts India has received an audit memo from Central Goods and Service Tax, Audit Commissionerate, Noida, with a tax demand of ₹2,64,044 along with 15 per cent interest and penalty of ₹39,607, tax demand pertaining to GST Audit for the FY 2020-21, FY 2021-22 & FY 2022-23. The shares traded at ₹536.45 on the NSE, up by 0.10 per cent as of 9.36 a.m.

Tata Steel stock decliend by 1.31 per cent on the NSE as of 9.46 am to trade at ₹146.80 following the board’s approval to issue NCDs aggregating to ₹2,700 crore.

Univastu India stock rose 1.50 per cent on the NSE trading at ₹145.45 on receipt of order worth ₹57.13 lakh for construction of pavilion on the West Side with Changing Rooms, VIP Dias, Gymnasium along with development works at Assagao, Bardez, Goa. 

Ramky Infrastructure Limited has secured two contracts with Greater Chennai Corporation, Chennai, Tamil Nadu, for reclamation of Kodungaiyur dumping ground through biomining. Shares inched up 0.73 per cent on the BSE as of 9.59 am to trade at ₹457.45.

Deccan Gold Mines stock surged 5.86 per cent on the BSE to trade at ₹109.35.

Univastu India stock rose 1.50 per cent on the NSE trading at ₹145.45 on receipt of order worth ₹57.13 lakh for construction of pavilion on the West Side with Changing Rooms, VIP Dias, Gymnasium along with development works at Assagao, Bardez, Goa. 

​Tata Steel​ stock decliend by 1.31 per cent on the NSE as of 9.46 am to trade at ₹146.80 following the board’s approval to issue NCDs aggregating to ₹2,700 crore.

Uniparts India has received an audit memo from Central Goods and Service Tax, Audit Commissionerate, Noida, with a tax demand of ₹2,64,044 along with 15 per cent interest and penalty of ₹39,607, tax demand pertaining to GST Audit for the FY 2020-21, FY 2021-22 & FY 2022-23. The shares traded at ₹536.45 on the NSE, up by 0.10 per cent as of 9.36 a.m.

Shares of Zomato rose 1.36 per cent to trade at ₹160.10 on the NSE after the launch of ‘pure-veg’ mode on its food delivery app.

India’s equity markets opened marginally higher on Wednesday. Nifty 50 traded at 21,836.30, up by 18.85 pts, or 0.09 per cent, as of 9.32 a.m., while BSE Sensex rose 126.52 pts, or 0.18 per cent, to 72,138.57.

UBS has upgraded Eicher Motors to Buy, raised its price target from Rs4,300 to Rs5,000 and added it as a UBS APAC Key Call. UBS forecast an 18% EBITDA CAGR in FY24-26 for Eicher and are 11% ahead of consensus in PAT by FY26. The forecast is underpinned by domestic demand and a continued favourable backdrop for exports. Eicher is trading at a 17% discount (on P/E basis) to two-wheeler (2W) OEM peers versus an average 47% premium in the past five years

DCB Bank Limited was fined Rs 63.60 lakh by the Reserve Bank of India for non-compliance with certain directions on interest rates for loans. The penalty was imposed under the Banking Regulation Act, 1949, for failing to reset interest rates in MCLR linked loans and benchmarking retail and MSME advances incorrectly. The shares were down by 0.63% to Rs 118.30 on the NSE.

The rupee edged up 1 paisa to 83.02 against the US dollar on Wednesday ahead of the announcement of the key US Fed policy decision later in the day.

Ramky Infrastructure Ltd secured contracts from Greater Chennai Corporation for the reclamation of Kodungaiyur Dumping Ground through Biomining for Rs 216.65 crore. The shares were up by 0.85% to Rs 485 on the BSE.

L&T Technology Services Ltd plans to upskill 1,000 engineers in generative AI over three years with NVIDIA training, focusing on NVIDIA NeMo for custom AI development. This initiative aims to enhance AI solutions across sectors like manufacturing, automotive, and healthcare to improve customer interaction and production processes. The shares were down by 0.34% to Rs 5162.65 on the BSE.

HDFC Bank has completed the sale of 14,01,72,180 equity shares of HDFC Credila to various acquirers, ceasing HDFC Credila’s status as a subsidiary. The transaction, amounted to approximately Rs 9,552.73 crore. The shares were up by 0.05% to Rs 1449.70 on the BSE.

Jyoti Structures:-

Issue Open - 28-March-24

Issue Close - 16-April-24

Right issue Size: Rs. 175 Crs (11.67 Crs Shares)

Stock Price – 24.41 /-

Right issue Price: Rs. 15 /-

Payment Terms: Rs. 15/- (Full amount of Rs.15 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 6 Rights Equity Share for every 37 shares held (Effectively 0.16 for every 1 share held).

Last Trade date (Cum Right): 20 March 2024 (Today)

Ex-Right Trading date: 21 March 2024

Record Date: 21 March 2024

Right Entitlement (RE) Trading Period:- 28-March-2024 to 10-April-2024

Last day of Renunciation of Rights Entitlements: 10-April-2024

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 1.31

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

A total of 2,956 stocks were actively traded, 1,659 advanced, while 1,176 declined and 121 stocks remained unchanged where 33 stocks hit a 52 week high and 32 stocks hit a 52 week low at 9.40 am on the BSE

Top gainers on the NSE at 9.35 am include- Eicher motors (5.36%), Maruti Suzuki India (2.46%), Bharat Petroleum Corporation (1.86%), Power grid corporation of India (1.29%), Indusind Bank (1.29%)

Major losers on the NSE include - Hindalco Industries (-1.77%), UPL (-1.54%), Grasim industries (-1.50%), Dr Reddy laboratories (-1.22%), Tata consumer products (-1.19%)

NSE nifty was up by 0.25% or 54.65 points to 21,872.60 points, while the BSE Sensex was at 72,249.63 up by 0.33% or 288.36 points at 9.38 am

Oriana Power gets Rs 14.9 crore order for 3 MWp project from Mormugao Port Authority in Goa

Pre-market views of Mr. Vikas Jain, Senior Research Analyst at Reliance Securities:

Focus Today – US Fed interest rate decision (India Impact tomorrow.). People of Bank of China - 5-Year and 1-Year Prime Lending interest rate decision. Vodafone Idea to meet institutional investors in Singapore today. JBM Auto won a nearly $1bn order. ADR/GDR – HDFC Bank, Tata Steel, Reliance Industries, Infosys, Wipro down 1% each. L&T down 2%.

Today’s Market Outlook – Rally in the global market ahead of US Fed policy outcome today, both US and European market surged to nearly record high and falling US 10-Year bond Yield from 1-month high, may open domestic bourses on a positive note. US stocks rose up to 1% (S&P 500 ended all time high) on optimism the Federal Reserve will signal a rate cut as soon as June when it issues its policy decision on Wednesday. While, interest rate cut in March is not expected by traders, they are closely monitoring the outlook for potential future rate cuts. Gift Nifty is up 30 points or 0.1%. Yesterday Nifty declined by 1% to close to a 1-month low at the crucial 50-DMA level at 21800 mark. The Indian market did not participate in the rally in the last few sessions after the market regulator SEBI and AMF have directed fund houses to provide additional disclosures for small and mid-cap funds from this month. As a result, traders were booking profit at a higher level and skip the higher market volatility. Recent fall is a good buying opportunity for a longer term perspective in the strong fundamental stocks. Expects – realty, financial, auto, IT and PSUs stocks are looking attractive on account of favourable risk reward ratio.

Oil Price Update –.Brent Crude surged to 5-month high at nearly $88/bbl month highs as concerns about tightening supplies drive up prices and geo-political Russia-Ukraine tension .

Gold Price Update – Gold was steady AT $2157/ounce as markets prepared for the Federal Reserve’s rate decision later Wednesday, with policymakers due to present forecasting that could shed light on when the US central bank will pivot to lowering borrowing costs.

NIFTY-50 OUTLOOK

NIFTY-50 has broken on the downside below 21,900 with sustained pressure across sectors and 22,000 will act as strong resistance from current levels.

The next band of support would be at 21,700 being the band of monthly closing followed by the gap levels at 21,550 range.

RSI has being oversold on hourly charts followed by other key technical indicators and an immediate bounce back cannot be ruled out.

Highest call OI has moved lower to 22,000 strike while on the downside the highest put OI is at 21,700 for the weekly expiry.

BANK NIFTY OUTLOOK

BANK NIFTY has resisted breaking the weekly support levels of 46,400 and the bullish momentum will be only above 46,800 levels.

The lower support will be at the 100 day average of 45,900 levels will be key to hold for the broader market up move.

RSI is oversold and with respect to the weekly expiry we expect volatility to increase in the second half of the day.

Bank Nifty highest call OI is at 46,700 levels while on the downside put OI is at 46,100 levels for the weekly expiry.

Deepak Jasani, Head of Retail Research, HDFC Securities’ pre-market outlook:

Indian markets could open mildly higher, in line with mixed and muted Asian markets today and higher US markets on Mar 19

US stocks rose Tuesday as the Federal Reserve kicked off its two-day policy meeting. Traders also kept an eye on Nvidia following key announcements from the tech giant. Investors will now turn their focus to the U.S. Federal Reserve’s monetary policy meeting that ends on Wednesday when the central bank is expected to provide further clues about the pace at which it will likely lower interest rates this year. In addition to releasing its rate decision after the meeting wraps up Wednesday, the central bank will update its economic projections as well as its unofficial forecast for the direction of interest rates over the next several years. India’s net direct tax collection grew 19.88 percent to over Rs 18.90 lakh crore till March 17 on higher advance tax mop-up. China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively.

Asian shares were muted on Wednesday on concerns the Federal Reserve could signal a slower path of rate cuts this year. Nifty fell to its lowest level in over a month on March 19. At close, Nifty was down 1.08% or 238.3 points at 21817.5. Nifty gave a downside breakout on March 19, breaching the 21860 level. It also showed follow-through weakness after the bearish Engulfing pattern shown on weekly charts last week. A break of 21745 on the downside could result in an acceleration in the downtrend while 21905 could offer resistance on the upside.

Aditya Birla Sun Life AMC Ltd (ABSLAMC)- Offer for Sale:-

Issue Period:- 19- March-24 to 20- March-24

For Non- Retail ( QIB +HNI ) open & close date - 19-March -24 

For Retail open & close date – 20 –March-24 (Today)

Floor Price: INR “450”

Closing Price on date of announcement: Rs.475.35

Current Market Price: 459.65

Base Issue size: 2.02 Crs Shares – 7.00% of O/S Capital

Green Shoe Issue size: 1.29 Crs Shares – 4.47% of O/S Capital

Total Issue Size: 3.31 Crs equity shares (INR 1487 Cr) – 11.47% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 19-March -24 

Total Issue Size: 2.97 Crs shares (INR 1338.63 Cr)

Non-Retail Clearing Price: Rs. 453

Retail Portion - 10% of Offer Size - Bidding on 20 March, 2024 (Today) 

Total Issue Size: 0.33 Crs equity shares (INR 148.74 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 453.

CLSA said that the market share of CNG passenger vehicles will rise from 15% in FY24 to 22% in FY30, adding that Maruti And Tata Motors likely to benefit from the rise.

Issue Open - 06-March-24

Issue Close - 20-March-24 (Today)

Right issue Size: Rs. 1,151.01 Crs (52.32 Crs Shares)

Stock Price – 28.20 /-

Right issue Price: Rs. 22 /-

Payment Terms: Rs. 22 /- (Full amount of Rs. 22 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 4 shares held (Effectively 0.25 for every 1 share held).

Last Trade date (Cum Right): 26 February 2024

Ex-Right Trading date: 27 February 2024

Record Date: 27 February 2024

Right Entitlement (RE) Trading Period:- 06 March 2024 to 14 March 2024

Last day of Renunciation of Rights Entitlements: 14 March 2024

Date of Allotment (on or about): 05 April 2024

Date of listing (on or about): 12 April 2024

Ex-Dividend 21 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

Castrol India Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 196.6

Ksolves India Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 1186.25

Patanjali Foods Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1353.1

Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd:

“In yesterday’s trading session, Nifty faced a downturn due to various factors including reduced Fed rate cut expectations and heightened geopolitical tensions. However, this Wednesday morning brings optimism with positive catalysts such as India VIX stability, FIIs’ buying activity, and favorable Wall Street performance. Looking ahead, Nifty’s bullish outlook remains strong with key support expected at 21560, while technical confirmation of strength lies above 22050. The Nifty Put Call ratio fell to 0.73, signaling a potential shift towards bullish sentiment. Attention now turns to the outcome of the Fed’s FOMC meeting, with futures traders estimating a 54% chance of a rate cut in June. Oil marketing companies may face pressure as WTI Crude trades above $82 per barrel. Recommended trading strategies include buying Nifty and Bank Nifty at current levels, with a bullish stance on INDIGO based on momentum play.”

Pre-market views by Avdhut Bagkar, Technical and Derivatives Analyst, StoxBox:

On the global front, the US market after coming under pressure early in the session, stocks showed a significant turnaround over the course of the trading day on Tuesday. The major averages climbed well off their worst levels of the day and into positive territory. Meanwhile, traders also continued to look ahead to the Federal Reserve’s highly anticipated monetary policy announcement on Wednesday. While the Fed is widely expected to leave interest rates unchanged, the central bank’s accompanying statement and economic projections could have a significant impact on the outlook for rates. Meanwhile, Asia markets were trading higher in the early trade on Wednesday as investors digested the Bank of Japan’s landmark shift in monetary policy while awaiting the U.S. Federal Reserve’s interest rate decision. Furthermore, on the commodity front, Gold prices retreated on Tuesday, hurt by a strengthening U.S. dollar, while investors geared up for the Federal Reserve’s interest rate stance from Chair Jerome Powell’s speech after the central bank’s policy meeting on Wednesday. In addition, Oil prices edged lower in early Asian trading on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in each of the past two sessions. On the domestic economic front, for FY24 the gross direct tax collections were up 18.74% at Rs. 22,27,067 crores, while net direct tax collections were up 19.88% at Rs. 18,90,259 crores, YoY. The benchmark Sensex and Nifty indices are likely to open higher on March 20 as trends in the GIFT Nifty indicate a firm start for the broader index.

The 50 index opened 43 points lower, and the selling pressure intensified as the trading session progressed. The index closed 176 points lower on above-average volume, and in the interim, it also breached the 50DMA. While the broader market also remains under distress, the market status is now downgraded to the current uptrend under pressure.

Supp: 21890-21680-21550

Res: 21850-21930-22050

Shrikant Chouhan, Head Equity Research, Kotak Securities:

On Tuesday, the benchmark indices corrected sharply, the Nifty ended 242 points lower while the Sensex was down by 735 points. Among Sectors, almost all the major sectoral indices were traded in the red but IT, Media and Pharma indices lost the most, shed over 2.5 percent. Technically, after gap down the market slip below 50 day SMA (Simple Moving Average) and post breakdown the selling pressure intensified. On daily charts, the market has formed bearish candle and it also holding lower top formation on intraday charts, which is broadly negative. We are of the view that, the current market texture is weak but oversold hence we could expect one quick pullback rally from the current levels.

For the day traders now, 21900/72300 would act as a key resistance zone. Below the same, the correction wave is likely to continue till 21700-21600/71500-71400. On the flip side, above 21900/72300 the market could bounce back till 22000-22050/72500-72600. The current market texture is volatile hence level based trading would be the ideal strategy for the day traders.

The listing ceremony of AVP Infracon Limited will be starting soon in Chennai. Watch live here.

ICICI Securities’ take on Balkrishna Ind

“We expect, in FY24, India OHT exports to deliver about 10 per cent growth YoY on a base of $139 million a month on an average in CY23; against that, we build in 12 per cent volume growth for BIL to our FY24 estimates.

“Downside risks: Weakness in retail offtake from key markets may impact volume offtake for BIL in coming quarters, post weak volumes in the past couple of quarters due to inventory destocking.”

Interarch Building Products Limited, one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing, and on-site project management capabilities for installation and erection of pre-engineered steel buildings, has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

OBER IN, Mkt Cap $6 billion, CMP ₹1361, TP ₹1390, 2% Upside, Neutral) 

Gearing up for multiple launches in 2HFY25

- Despite strong demand tailwinds, Oberoi Realty’s pre-sales were stagnant over FY21-23 due to the lack of key launches. However, it has launched a new project at Kolshet Road (Thane) and a new tower at Elysian (Goregaon) in 2HFY24, which will drive 23% YoY growth in pre-sales to ₹4,000 crore in FY24.

- The company is now gearing up for the launch of the initial phase (2msf) of its flagship project at Pokhran Road (Thane), a luxury project at Peddar Road (South Mumbai) and a new tower at Skycity (Borivali) in 2HFY25.

- The management plans to release the higher-floor inventory soon at Mulund and is confident of increasing the sales run rate to ₹1,000 crore from the twin projects (vs. ₹700 crore in FY23).

“This is in response to a recent media stories about an old case of front running. We have further placed robust controlling mechanisms along with best practices to prevent any kind of front running. All stringent measures for transactional hygiene of the dealing room are put in place, i.e., entry by biometric, cctv coverage, restriction on electronic gadgets, etc.

“Appropriate action against the concerned official has been taken by disciplinary authority by his removal from services of the corporation after following the due administrative procedure. LIC has always been in the forefront of being a compliant organisation and we will continue to strengthen further on all issues of corporate governance.”

• BALRAMPUR 

• BHEL 

• BIOCON 

• HINDCOPPER 

• INDUSTOWER

• MANAPPURAM 

• PEL 

• RBLBANK 

• SAIL 

• ZEEL

Domestic equity markets are expected open on a flat note with a positive bias on Wednesday. Analysts said the selling in small- and mid-cap stocks may moderate. However, they do not expect any quick buying from these segments. Meanwhile, as the election process kicked in India, the focus shifted entirely to global events for domestic market movement, they said. Nifty futures at Gift City points at a marginal gain for domestic benchmarks at the open. According to them, the big event is US Federal Reserve decision on rates later today. Analysts expect hawkish stance given the elevated inflation. 

HDFC. Bank sells 14.01 crore shares of HDFC Credalia to BPEAEQT and ChrysCapital consortium for ₹9,552 crore.

PDD Holdings Inc. (Pre market) (Sector- Technology)

General Mills, Inc. (Pre market) (Sector- FMCG)

Prudential Public Limited Company (Pre market) (Sector- Financial)

BioNTech SE (Pre market) (Sector- Healthcare)

H World Group Limited (Pre market) (Sector- Hotel)

Micron Technology, Inc. (Post market) (Sector- Technology)

Five Below, Inc. (Post market) (Sector- Retail)

Japan Market -- Holiday

06:45 CHINA PBOC Loan Prime Rate (Expected: 3.45% versus Previous: 3.45%) 

12:30 U.K. CPI y/y (Expected: 3.5% versus Previous: 4.00%) 

14:15 EURO ECB President Lagarde Speaks 

23:30 U.S. Fed Interest Rate Decision (Expected: 5.50% versus Previous: 5.50%) 

00.00 U.S. FOMC Press Conference

Time Technoplast has received an approval from the Petroleum and Explosives Safety Organization (PESO) for the manufacturing of High Pressure Type-IV Composite Cylinder, Prototype, for Hydrogen. “The authority has advised us to manufacture first lot of cylinders for its joint testing and inspection. The testing of one per cent lot of cylinders will be completed in approx. six months’ time,” the company said.

The Board of Directors of SBI Cards and Payment Services Limited has declared an interim dividend of ₹2.50 (25 per cent) per equity share of the company for the financial year 2023-24. The Record Date for the purpose of determining the entitlement of payment of the dividend is March 28 and the dividend will be credited/dispatched on or before April 17.

Tata Consultancy Services has announced that Central Bank, a leading Midwest regional bank, will use TCS BaNC to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC. The product will be launched in Q1FY25. The approved product has an estimated market size of $44.5 million for the twelve months ending January 2024, according to IQVIA.

JK Cement has participated/submitted the winning bid for “Mahan Coal Block” and “West of Shahdol (South) Coal Block” in the recent Commercial Coal Mine E-auction organised by Ministry of Coal, Govt of India, on March 12 and 13. However, it may be noted that the allocation order is yet to be issued and Coal Mine Development and Production Agreement (CMDPA) is yet to be signed and the mine is yet to be vested by the company.

Apollo Hospitals Enterprise has announced appointment of Madhu Sasidhar as President of its hospital division. In this role, Dr Madhu will oversee Apollo’s hospital business and will focus on continuing to deliver the world’s best clinical outcomes, coupled with enhancing Apollo’s hallmark patient care and experience, it said.

Venky’s (India) Ltd has announced the project for manufacture of veterinary medicine products under its Animal Health Product Segment at Kesurdi village in Maharashtra, has been completed. The company has now started commercial production. This project is to manufacture veterinary medicines powders (600 tonnes/annum) and veterinary medicines liquids (300 kilolitres/annum) to cater the growing demand from poultry industry.

The board of IFCI approved preferential issue of equity shares to the Centre against a capital infusion of ₹500 crore for financial year FY24. The government currently holds 70.32 per cent stake in IFCI.

YES Bank, which had invited Expression of Interest for sale of identified stressed loan exposures through auction under Swiss Challenge Method, has concluded the transfer of exposure of the Bank in Katerra India Private Limited to Prudent ARC Limited, an asset reconstruction company, for cash consideration of ₹203.40 crore.

Persistent Systems said that it has entered into a share purchase agreement for the transfer of the 100 per cent shareholding of Persistent Systems UK Limited (stepdown subsidiary) from Aepona Group Limited, Ireland (stepdown subsidiary) to itself for cash consideration of GBP 74,30,000

Star Health and Life Insurance will remain in focus as ICICI Prudential Mutual Fund has acquired 0.6 per cent stake via block deals at an average price of ₹540 per share.

Sunil Singhania’s Abbakkus Asset Management has acquired 0.98 per cent stake in LT Foods at an average price of ₹162.04.

Deccan Gold Mines in an update said that it discovered high grade quartz veins, up to a maximum of 8.52 g/t gold grade, in the PL block 11524 in the Nzega - Tabora Greenstone belt and 1.2 A PL for Lithium and associated metals covering an area of 100.49 sq.km. The grant order in favour of Deccan Gold Tanzania Pvt Ltd is awaited.

Jattashankar Industries has authorised its Board of Directors for the sale of land and building situated at 77/78, Silvassa Piparia Industrial Estate, Dadra & Nagar Haveli, after obtaining prior approvals from members at the EGM.

EFC (I) Limited has announced that EFC LTd, wholly owned subsidiary, has been awarded a contract for Supply, Installation, Testing, Commissioning and Handing Over of Interior, MEP and Allied works at Tata Consultancy Services Ltd, IIT Delhi Research & Innovation Park, New Delhi. The company has begun the work of mobilisation of resources to complete the project well within the prescribed timelines as per the contract terms.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Recent Interviews

Khadim India: Rittick Roy Burman, Whole Time Director

Khadim India: Mapping E-Commerce Channel Trends | Rittick Roy Burman

https://www.youtube.com/watch?v=16Vz31hgBQQ

Shriram Trans: YS Chakravarti, MD CEO

Shriram Finance: Personal Loans Grows 8% Despite Caution | YS Chakravarti

https://www.youtube.com/watch?v=qts5x-TsaIk

Som Distilleries: JK Arora, Chairman

Som Distilleries: Volume, Margin Guidance, Capex Plans & More | J K Arora

https://www.youtube.com/watch?v=_mdW_KWEjU0

Shalby : Shanay Shah, President

Shalby To Save Costs On Leased Rentals’ Expense? | Shanay Shah Share Details On New Transactions

https://www.youtube.com/watch?v=urNxOvsfXYE

United Brewerie: Vivek Gupta, MD&CEO

UBL’s FY25-26 Volume Growth Estimates Post Queenfisher Launch | MD & CEO Vivek Gupta

https://www.youtube.com/watch?v=CA2nzdnGj20

BLS International Services : Shikhar Aggarwal, Joint Managing Director

Revenue & Profitability To Improve In Q4 On The Back Of Rising Volumes: BLS International

https://www.youtube.com/watch?v=gLQJN3YTALk

Electronics Mar: Premchand Devarakonda, CFO

Will Add 25 Stores In FY25, Of Which 10 Will Be In NCR: Electronics Mart India

https://www.youtube.com/watch?v=nWWOQHdMiXM

Eris Life: Amit Bakshi, MD

Have Total Debt Of Approx ?3,000 Cr Post Acquisition Of Biocon’s India Formulation Biz: Eris

https://www.youtube.com/watch?v=JmW6-Up4T_c

HPCL: Amit Garg, Marketing Director

Will See 48-50% Capex In New Energy In Next 5 Years: Amit Garg Of HPCL

https://www.youtube.com/watch?v=5vafXBp1hLE

Shriram Properties: Murali Malyappan, MD

Shriram Properties Bengaluru Project Worth Rs 350 Cr; What To Expect In Shares? Murali Malayappan

https://www.youtube.com/watch?v=oKOrefA1-zg

Events today

https://www.researchbytes.com/Default.aspx?cc=event

Results today

https://www.researchbytes.com/Default.aspx?cc=result

The outlook for Exide Industries is bearish. The 3.5 per cent fall on Tuesday has dragged the share price well below the 100-Day Moving Average (MA). Resistance is around ₹307. The 100-Day MA is also poised around this level.

That makes the region around ₹307 a very strong resistance. As such the stock will now find it difficult to breach ₹307 as fresh sellers can come in around that level.

Stocks in Asia rose after the US equities touched fresh highs and bonds also rallied as traders brace for the latest monetary policy decision from the Federal Reserve, per a Bloomberg report.

Equities advanced in Australia and South Korea, while Hong Kong equity futures also rose. Japanese markets are closed for a holiday.

US equity futures were little changed after Wall Street closed higher, spurred on by a rebound in the “Magnificent Seven” cohort of tech megacaps. Nvidia Corp.’s new chips helped support the rally, the report added.