The domestic indices are likely to open in the red, as hinted by the SGX Nifty on Friday. Nifty futures are trading at 17,061.5, lower by 22 points on the Singaporean exchange. On Thursday, the markets snapped a two-day gaining streak, as Nifty gave up the 17,100 level, closing lower by 0.44% at 17,076.9. Sensex closed 290 points down, at 57,925.
“Although the Fed’s decision to increase rates by 25 basis points was in line with expectations, concerns were raised by the U.S. Treasury Secretary’s statement that blanket insurance for all deposits was not being considered. The domestic market attempted to recoup its initial losses with the help of favourable U.S. futures as the Fed hinted at its plan to pause rate hikes sooner. However, the recovery was short-lived due to a sluggish start in the European market led by a 50bps hike by the Swiss National Bank,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in focus on 24 March, Friday
Canara Bank, SBI
Canara Bank sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
The Financial Services Institutions Bureau (FSIB) selected Siddhartha Mohanty to head insurance behemoth LIC. As per the guidelines, the chairman is selected from the four managing directors of the company.
The company’s board of directors is set to meet on 28 March to consider and approve the fifth interim dividend on equity shares. If the dividend is declared, the company announced that the record date for the same would be 7 April.
Adani Power and AdaniConnex executed a share purchase agreement. 100% of Adani Power’s stake in Support Properties will be transferred to AdaniConnex. ACX is a 50:50 joint venture between Adani Enterprises and EdgeConneX. It is engaged in the business of developing data centers and providing co-location hosting and ancillary services including managed services, remote hands and feet, and other related services.
Tata Steel acquired the balance 1.35 crore equity shares for Rs 12.81 per share of Tata Steel Advanced Materials from Tata Steel Downstream Products for an amount aggregating to approximately Rs 17.33 crore. TSAML has been identified as the anchor company to pursue business opportunities under New Materials Business (‘NMB’) in areas of composites, graphene, medical materials amongst others.
United Nations Development Programme (UNDP) and Infosys Public Services (IPS), a US-based subsidiary, announced the successful deployment of UNDP’s Quantum Global Digital Management System, a platform for all business functions including human capital management, financials management, supply chain management and more.
The Ministry of Defence has signed two contracts worth Rs 3800 crore with Bharat Electronics for a DPSU for supply of Medium Power Radar and Digital Radar Warning Receiver (RWR) for Indian Air Force.
37.75 crore shares of the IDFC First Bank, amounting to Rs 2,196.30 crores at Rs 58.18 per equity share, will be allotted to wholly owned subsidiary IDFC Financial Holding Company, taking IDFC’s stake in the bank up to 39.99%.
Rail Vikas Nigam
Rail Vikas Nigam and Rachana Construction, a 40:60 joint venture, received a letter of award for upgradation to six-lane Sarkhej-Changodar section of the NH-8A national highway in Gujarat at a project cost of Rs 252.21 crore.