SGX Nifty hinted that the domestic equity indices could see a start in the red, snapping the gaining streak of the domestic indices. On the Singapore Exchange, Nifty futures were trading lower by 69 points, at the 17,093 level. On Friday, markets extended their winning streak for a second day as Nifty reclaimed the 17,100 level while Sensex closed 355 points up, at 57,989.
“Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps, indicating its preparedness to provide liquidity to banks upon necessity,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 20 March, Monday
Jindal Steel and Power
JSPL said it will manufacture India’s first fire-resistant steel structures. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings, Jindal Steel and Power said in a statement.
Adani Enterprises, Adani Ports & SEZ
The Adani Group suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat. Adani Enterprises’ subsidiary, Mundra Petrochem, was to set up a greenfield coal-to-PVC plant on Adani Ports land. However, the embattled Group also canceled its fundraising plans for the project, as it was in talks to raise Rs 14,000 crore from a consortium of seven to eight banks, led by SBI.
HDFC, HDFC Bank
The NCLT approved the much discussed merger between HDFC and HDFC Bank on Friday. According to vice chairman Keki Mistry, the merger is set to be completed by July 2023.
The company clarified that it is not considering undertaking another further public offering (“FPO”) for achieving minimum public shareholding. The promoters’ shares in the Baba Ramdev-led firm have been frozen for failing to meet minimum public shareholding norms.
The steel major acquired 1,55,34,738 equity shares of Rs 10 each at an issue price of Rs 12.81 per share of Tata Steel Advanced Materials, for a total consideration of Rs 19.9 crore. TSAML has been identified as the anchor company to pursue business opportunities in new materials business in areas of composites, graphene, medical materials amongst others.
Rail Vikas Nigam
Rail Vikas Nigam Limited was the lowest bidder for a composite contract package in connection with the new BG Railway Line of HORC project. The total consideration for this contract package is Rs 1088.49 crore.
Mahindra & Mahindra
M&M completed the acquisition of M.I.T.R.A. Agro Equipments Private, a player in the fast-growing horticulture sprayers segment for Rs 61.7 crore. Following the purchase of shares, MITRA has become a wholly owned subsidiary of the company.