Indian benchmark indices are likely to open on a flat note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were mildly in the green, up 0 points, at the 17,809 level. Markets extended their rally on Wednesday, ending higher after trading with cuts for most of the session. Nifty gained 42 points to settle at 17,754, while Sensex added 21%, to close at 60,348.
“The global market has fallen back into the grip of uncertainty as the Fed chief signalled the possibility of a prolonged and faster rate hike, contradicting a dovish comment made by another Fed official last week. The market now anticipates a 50 bps rate hike, which has pushed the dollar index to a three-month high. However, a strong recovery was seen in the domestic market towards the end of the day, which kept the bulls on the move,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 9 March, Thursday
The largest domestic lender raised Rs 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year at a coupon rate of 8.25%. The proceeds of bonds will be utilized in augmenting additional tier 1 capital, overall capital base and for strengthening capital adequacy of the bank.
Kalyani Powertrain, a wholly owned subsidiary, inaugurated its first e-bike manufacturing facility. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake assembly of e-bikes for Tork Motors, Kalyani Powertrain has a 64.29% stake in.
Adani Enterprises, Adani Power, Adani Wilmar
Three Adani group shares have been replaced under the additional surveillance measure by the National Stock Exchange of India (NSE). This update comes days after the group’s flagship firm Adani Enterprises was removed from the short-term additional surveillance framework.
The acquisition plan to acquire 100% stake in Tineta Pharma has not materialized. Therefore, the share purchase agreement entered by the company with Tineta and its promoters has been terminated.
As Andhra Cements (ACL) is being acquired by the company, ACL’s board has been dissolved and reconstituted with members from Sagar Cement’s board of directors. The company stated, following the reconstitution, ACL has become a subsidiary of Sagar Cements.