Indian benchmark indices are likely to snap their current losing streak to open in the green, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading higher, up 95 points, at the 17,206 level. Domestic indices extended losses for the fourth session in a row. Nifty sank 111 points to close at 17,043, after sinking under the 17,000 mark intraday. Sensex followed suit, tanking more than 300 points to end at 57,900.
“The selling continued while the degree of ambiguity over the US Banks reduced due to supportive measures announced by the US Fed. The underlying issue of the market is high interest rates, which will continue to wreak havoc in the world economy. Yields will take time to moderate to the long-term trend given hawkish monetary policy & high inflation. However, the disruptive development in the US Banks and slowing economy have created a precursor to presume that yields will peak in the near future, supported by a change in monetary policy from hawkish to neutral, which will diminish the worries of long-term investors,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 15 March, Wednesday
Jammu and Kashmir Bank, LIC
The lender signed an agreement with LIC, for servicing and soliciting of the insurance major’s life insurance products through their branch network.
The firm has been awarded with a work order for construction of a government medical college and hospital at Karaikal, Puducherry for a total consideration of Rs 500 crore.
The board approved the amalgamation of the firm with its subsidiary, Welspun Metallics. The date of this scheme is 1 April.
51.18% stake of Cipla Quality Chemical Industries, a subsidiary of Cipla, will be sold to UK and Meditab Holdings. Following the sale, the firm will cease to be a subsidiary of Cipla.
Tide Water Oil
A fire that broke out at the premises of Autocare Lubricants, a contract manufacturer of the company which is located at Silvassa, damaged Rs 0.9 crore worth of stock.
Hi-Tech Steel Pipes
The subdivision of the firm’s shares from 1 equity share of face value Rs 10 to 10 equity shares with face value of Rs 1 will take place on the record date of 17 March.
The firm was the lowest bidder for the construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata highway in Bihar with a length of 35.2 km for a cost of Rs 1260 crore.
The company’s subsidiary, Elgi Compressors USA Inc., USA acquired 33.33% of the share capital of CS Industrial Services LLC. CS Industrial Services LLC will act as an exclusive dealer distributor for Elgi Compressors USA Inc, for sale of ELGi branded compressors in Western New York region.