Indian stock markets are likely to open lower on Monday as most of the Asian shares edged down in the morning deals following the declines in major US stock markets with Dow Industrials falling more than 150 points. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, down 0.14% at 10,417 on Singapore Exchange. Earlier yesterday major macroeconomic data was released amid which the Industrial production grew at a high rate of 7.5% in January 2018 against 3.5% in the same period a year ago while the retail inflation eased to a 4-month low of 4.44% in February on cheaper food articles and lower cost for fuel.
These stocks will be in focus today
Jindal Steel and Power: Jindal Steel and Power’s board will meet this week to consider issuance of securities to qualified institutional investors.
Andhra Bank: The Hyderabad-based state-run Andhra Bank said on Monday that it had classified Sterling group companies as non-performing in March 2015 and reported the matter to the RBI, and subsequently a case has also been lodged with the CBI. Andhra Bank’s exposure to Sterling Group companies stood at Rs 1146.92 crore which is Rs 578.57 core (fund based) and Rs 568.35 crore (non-fund based) as on date.
NBCC: NBCC said that no charges have been established against its CMD Anoop Kumar Mittal as allegations against him were not confirmed during the CBI investigation. Earlier in December last year, the CBI had booked Anoop Kumar Mittal for alleged corruption in the Rs 2,150-crore re-development project of ITPO Complex at Pragati Maidan, New Delhi.
Power Grid Corp: Power Grid Corp has entered into an agreement with State Bank of India for Rs 5,000 crore term loan for meeting its capital expenditure.
Tata Consultancy Services: Tata Sons, the holding company of salt-to-software Tata Group, will raise around $1.25 billion (Rs 8,200 crore) worth of Tata Consultancy Services shares, television news reports said citing unidentified sources. Tata Sons will sell about 2.83 crore shares of TCS at Rs 2,872–2,925 per share which is at a discount of 4.2%-5.9% from Monday’s closing price of Rs 3,052.15 per share.
Bank of India: Bank of India has recovered Rs 7,000 crore worth Standby Letters of Credit in the last two months and the balance of Rs 2,000 crore would be recovered in another two months, PTI reported citing unidentified bank official.
ACC & Ambuja Cements: ACC Ltd and Ambuja had said they plan to enter into a ‘master supply agreement’ with each other.
PNB Housing Finance: PNB Housing Finance is mulling a proposal to raise up to Rs 8,000 crore in one or more tranches by issuing debt securities.
ITI: ITI Ltd is planning to raise authorised share capital by about three-fold to Rs 3,500 crore and come up with follow-on public issue.
Punjab National Bank: Punjab National Bank has put in place a three-tier authentication system for SWIFT transaction and is in the process of installing a “superior” software system.
JSW Steel: Moody’s Investors Service assigned a Ba2 rating to JSW Steel’s proposed senior unsecured bonds with a ‘stable’ outlook.
The Indian rupee on Monday
The Indian rupee jumped as much as 13 paise against the US dollar as Indian equities rolled on Monday with Sensex firing up 611 points, its biggest intraday surge in more than a year’s time. The rupee gained 13 paise to end at 65.04 against the US dollar at the interbank foreign exchange market on Monday. The domestic currency rose 22 paise vs to 64.95 the US dollar in the morning deals. The Reserve Bank of India fixed the reference rate of the rupee at 65.0199 against the US dollar on Monday.
India’s stock markets on Monday
India’s stock markets rallied heavily on Monday after a subdued activity for last seven in eight sessions with Sensex posting its biggest single-day gain in two years surging over 600 points and Nifty reclaiming 10,400-mark under normal liquidity with all sectors finishing in green barring Nifty PSU Bank index. The S&P BSE Sensex gained 610.8 points or 1.83% to conclude the day at one-week high of 33,917.94 while NSE Nifty added 194.55 points or 1.9% to settle at 10,421.4 with shares of India’s FMCG giant ITC emerging as the major booster in uplifting the key equity indices followed by a sustained rally in shares of heavyweight companies such as HDFC, Reliance Industries, ICICI Bank, Infosys, Axis Bank, HDFC Bank, NTPC, L&T and Bharti Airtel.
US stock markets on Monday
The S&P 500 and the Dow Jones Industrial Average slumped on Monday as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials, though gains in tech stocks boosted the Nasdaq, Reuters said in a report. The Dow Jones Industrial Average fell 157.13 points, or 0.62 percent, to 25,178.61, the S&P 500 lost 3.55 points, or 0.13 percent, to 2,783.02 and the Nasdaq Composite added 27.52 points, or 0.36 percent, to 7,588.33.