Indian benchmark indices are likely to snap their losing streak to open in the green, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading higher, up 32.5points, at the 17,211.5 level. Domestic indices extended losses for the third session in a row. Nifty sank 258 points to close at 17,154, under the 17,200 mark. Sensex followed suit, crashing almost 900 points to end at 58,237.
“Bloodbath was seen in the global market as the fallout of Silicon Valley Bank was followed by turmoil at Signature Bank, keeping investors worried about the strength of the US banking system. Importantly, the Fed’s decision in the upcoming meeting will have a crucial impact on the market sell-off, as the consensus is reversing to no rate hike trajectory. Also, the US inflation due on Tuesday will have a vital impact in the short-term as the market anticipates a cool down from January levels,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 14 March, Tuesday
Mahindra & Mahindra
The company sold 6.058% of its stake in its listed peer, Mahindra CIE, amounting to 2,29,80,000 equity shares at the price of Rs 357.39 per share. With this, the total shareholding in MCIE came down to 3.195% of its share capital.
LIC, Dr Reddy’s
The insurance major’s shareholding in Dr Reddy’s increased from 1,27,83,287 to 1,61,44,983 Equity Shares increasing its shareholding from 7.676% to 9.695% in the pharma company.
Funds affiliated with Blackstone sold their stake of 20.5% in Sona BLW Precision Forgings (Sona Comstar). “This stake sale happened via bulk deals in the open market, which saw strong demand from Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC
The board approved a second interim dividend of 50% at Rs 2.50 per share of face value of Rs 5 each, on the paid-up equity share capital of Rs 918.32 crores.
The board approved an interim dividend of 40% at Rs 4 per share of face value of Rs 10 each. The total dividend amount is Rs 2,630 crore. The record date for this is 21 March, Tuesday.
Received orders for Indian raw cotton from Bangladesh, with the total value aggregating $2.7 million.
United States Food and Drug Administration (U.S. FDA) completed an inspection of Lupin’s bioresearch center in Pune, India. The inspection closed without any observation.
The company invested in 9.80% (5.68% on fully diluted basis) of Lone Cypress Ventures, special purpose vehicle engaged to supply solar power to consumers in the state of Uttar Pradesh. The consideration for this investment was Rs 3.15 crore.