SGX Nifty hinted that the domestic equity indices could see a flat start. On the Singapore Exchange, Nifty futures were trading lower, down 8 points, at the 17,251 level. On Wednesday, markets gained as Nifty reclaimed the 17,000 level, while Sensex settled at 57,960, about 350 points.
“The home market is being impelled to stay non-sticky in both directions by the continuous instability in the international market. The domestic market’s favorable ending was supported by a significant upswing in both the US and European markets. This volatility is expected to continue until the global banking system fully recovered from the turmoil, along with a confirmation of the Fed’s decision to pause rate hikes,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 31 March, Thursday
JSW Energy had signed an agreement in August last year to acquire Mytrah Energy’s 1,753 MW renewable energy portfolio for an enterprise value of about Rs 10,530 crore, which was its largest-ever acquisition.
RIL has completed the acquisition of Sintex Industries (SIL) and has infused Rs 1,500 crore into yarns and fabric maker under the resolution plan. SIL allotted shares totalling Rs 600 crore and optionally fully convertible debentures of Rs 900 crore to RIL.
The company re-appointed Praveer Sinha as the company’s Chief Executive Officer (CEO) and Managing Director. Also, Tata Power Solar Systems (TPSSL), a wholly-owned subsidiary of Tata Power, has won a ₹1,755-crore solar project from NLC India (formerly Neyveli Lignite Corporation), through a competitive bidding process.
Welspun Group has completed the acquisition of plastics products manufacturer Sintex BAPL, a company that was earlier backed by private equity major KKR, after a bankruptcy court approved the former’s resolution plan.
Punjab National Bank
PNB approved raising up to Rs 12,000 crore in debt, in one or more tranches, as per an exchange filing by the bank. Of the total Rs 12,000 crore, Rs 7,000 crore will be raised via issuance of additional tier-I bonds, and Rs 5,000 crore via Basel III-compliant tier-II bonds, as per the notice.
The Ministry of Defence signed two contracts with BEL that are worth Rs 2,394 crore cumulatively. The first contract is for procurement of an automated air defence control and reporting system ‘Project Akashteer’ for the Indian Army. The second contract is for acquisition of Sarang electronic support measure systems and associated engineering support package for the Indian Navy.
Rail Vikas Nigam
In a joint venture with Metrowagonmash and Locomotive Electronic, Rail Vikas Nigam was given a Letter of Award from the Ministry of Railways for manufacturing and maintenance of Vande Bharat trainsets including upgradation of the government manufacturing units & trainset depots. The total quantity is 200 trainsets and cost per set is Rs 120 crore.
ZEEL, IndusInd Bank
Zee Entertainment Enterprises Ltd (ZEEL) has reached a settlement with IndusInd Bank