SGX Nifty hinted that the domestic equity indices could see a start in the green. On the Singapore Exchange, Nifty futures were trading higher by 69.5 points, at the 17,094 level. On Monday, markets gave up their gains from the previous session, but recovered smartly. Nifty recovered over 150 points to close at 16,988 levels with a loss of 0.65% while Sensex settled at 57,628, down 360 points.
“Pessimist mood prevailing across the global markets triggered a major sell-off in the domestic market, as investors are battling a slew of negative news from turmoil in large global banks to macro-economic concerns and falling commodity prices. Traders are also cutting down their equity bets ahead of the US Federal Reserve meeting on interest rates this week, as any aggressive hike in interest rates could spell more trouble for equity markets worldwide,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Stocks in focus on 21 March, Tuesday
On Monday, the Reserve Bank of India said it has imposed a penalty of Rs 2.27 crore on RBL Bank for non-compliance with norms related to recovery agents. The penalty is based on the deficiencies in the lender’s regulatory compliance from the fiscal years 2018-19 to 2021-22.
Indian Oil, NTPC
IndianOil and NTPC Green Energy, a wholly owned subsidiary of NTPC, will form a joint venture to set up of Renewable Energy (RE) power plants to meet round the clock power requirement of new projects of IndianOil refineries.
Kotak Mahindra Bank
The private lender raised Rs 300 crore through the issue of 30,000 non-convertible debentures, with a coupon rate of 7.85% per annum for seven years.
Adani Enterprises, Adani Ports & SEZ
The Adani Group clarified that the financial closure of its Rs 34,900 crore petrochemical project at Mundra in Gujarat to set up a greenfield coal-to-PVC plant on Adani Ports land was pending with lenders and various financial institutions, as reports emerged the project was suspended. The Group stated the closure should be achieved within the next six months, following which, “full-fledged procurement and construction activities at the site will commence.”
ICICI Prudential MF bought 6.41 lakh shares of the multiplex chain while SBI Mutual Fund bought 14.7 lakh shares and Societe Generale-ODI acquired 3.28 lakh shares. The seller was Berry Creek Investment who offloaded 24.39 lakh shares (2.49%) at Rs 1,559.35 per equity share.
GQG Partners Emerging Markets Equity Fund sold 24.78 lakh shares in HDFC AMC, for a consideration of Rs 396.83 crore, averaging to the price of Rs 1,600.85 per share. SBI MF emerged as a buyer, acquiring 47.33 lakh shares at an average price of Rs 1,600 per share, amounting to Rs 757.4 crore via open market transactions.
The firm received a notification of intention to award from Haryana Rail Infrastructure Development Corporation for designing and constructing bridges, station buildings, walls, and more in the Indian Railways networks from New Patli to Patli Station and New Patli to Sultanpur Station for a total consideration of Rs 771.46 crore.
Tier 1 supplier, Uno Minda, will acquire a 81.69% stake in Kosei Minda Aluminum Company and a 49.90% stake in Kosei Minda Mould from joint venture partner Kosei, Japan for Rs 60 crore and Rs 11 crore respectively.
Sterling and Wilson
Sterling and Wilson Renewable Energy successfully bid for work on the proposed 1200MW Solar PV Project of NTPC Renewable Energy for a consideration of Rs 2,100 crore including O&M for three years.
The company on Monday allotted two series of debentures of 55,000 non-convertible debentures aggregating to a total value of Rs 550 crore on a private placement basis.