Vinod Nair, Head of Research at Geojit Financial Services
Domestic market opened on a positive note taking cues from global market & FIIs buying. However, the mood turned negative in line with global peers following inconclusive Russia-Ukraine talks. Plunge in Oil prices on reports that the US will release substantial petroleum reserves & cheaper oil offered to India by Russia will be positive for India in the future.
Veranda Learning Solutions IPO updates
The maiden public offer of Veranda Learning Solutions, which offers online and offline coaching services, has seen good response from investors with the issue being subscribed 3.43 times till the afternoon of the final day of bidding on March 31.
Investors have put in bids for 4.04 crore equity shares against an offer size of 1.17 crore units. Retail investors remained ahead with subscribing 10.26 times the portion set aside for them. Non-institutional investors have bid 3.71 times their allotted quota, while qualified institutional buyers have subscribed shares 2.02 times the total reserved portion.
Hariom Pipe Industries IPO updates
The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 1.41 times by the afternoon of March 31, the second day of bidding, receiving bids for 1.19 crore equity shares against an offer size of 85 lakh shares.
Retail investors remain at the forefront, subscribing 3.34 times their allotted quota, while non-institutional investors had put in bids for 31 percent of the shares reserved for them and qualified institutional investors, so far, bought 44 percent shares of allotte quota.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
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Investors followed global market cues, which were mostly weak as most of them had rallied in the last few sessions on fall in crude oil prices and expectations of some solution to the Russia-Ukraine conflict. After seeing sharp gyration during the week, investors exercised caution with a negative bias on the expiry day. Technically, after a promising uptrend move, Nifty is currently witnessing a narrow range activity and has formed a small bearish candle near the important resistance level. However, the short-term texture of the market is still on the positive side. For the positional traders, 17400 and 17350 would act as key support levels. Above the same, the index could touch the level of 17600-17675. On the flip side, below 17350, the uptrend would be vulnerable.
Ajit Mishra, VP - Research, Religare Broking
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Market took a breather on a monthly expiry day and ended the last day of the financial year on a flat note. Mixed global cues triggered a flat opening, followed by range bound move till the end. Amid all, sectoral indices traded mixed as healthy buying in FMCG, auto, and realty supported indices to inch higher. However, on the flip side, profit booking in pharma, IT and PSU banks capped the upside. Finally, the Nifty ended down by 0.2% to close at 17,464.75 levels. Meanwhile, the broader markets outperformed and ended higher in the range of 0.4-0.7%.
We reiterate our positive yet cautious stance citing lingering geopolitical tension between Russia-Ukraine and its impact on the global markets. Meanwhile, markets are offering opportunities across sectors so the focus should be on identifying the sectors/themes which are gaining traction and plan the positions accordingly.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
: Nifty opened on a positive note on March 31 however couldn’t continue with its winning streak of the last three sessions. For the last couple of sessions, the index is hovering near the crucial barrier of 17500. Failure to sustain above this crucial hurdle suggests that the index can consolidate further in the range of 17000-17500 in the short term. The hourly chart shows that the Nifty has broken down from a rising channel & the breakdown is being accompanied by a bearish hourly momentum indicator. Going ahead, the index is expected to fill up a gap area of 17387-17343 on the daily chart. The short term traders can consider booking profit at this level & wait for a minor degree dip to initiate a fresh long position.
S Ranganathan, Head of Research at LKP Securities
: Even as markets ended the last day of the financial year in a rather quiet mood, it has delivered a 19% return this year on the Nifty with two sectoral indices - Metals & Media returning over 50% this year. On the broader market as well, both Midcap100 and Smallcap100 delivered over 25% return this year. Such returns in a year when FPI's have pulled out big money highlights the confidence of the Indian investors amidst a slew of headwinds.
Market at Close
: Benchmark indices ended in the red, trading largely flat on the last day of the financial year with Sensex shedding 115 points to close at 58,568.51 while the Nifty was down 30 points and closed at 17,468 mark.
Among the sectors, FMCG and realty ended in the green while selling was seen in pharma, IT and PSU Banks. The midcap and smallcap indices ended in the green.
SJVN in Focus
The company has incorporated a wholly owned subsidiary company - SJVN Green Energy. "The subsidiary will carry out business in the field of power generation in particular solar parks and projects, wind projects & hybrid projects including battery energy storage system, assets creation in wave, biomass, small hydro, and green hydrogen based business ventures," says the company in its BSE filing.
Yatharth Hospital files draft papers with SEBI to raise funds via IPO
Yatharth Hospital and Trauma Care Services Ltd has filed draft papers with the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).
TheIPOcomprises a fresh issue of Rs 610 crore and an offer for sale (OFS) of up to 6.55 million shares by current shareholders and promoters.
The OFS consists of up to 3.74 million shares by Vimla Tyagi, up to 2.02 million shares by Prem Narayan Tyagi and up to 787,000 shares by Neena Tyagi.
The proceeds from the issue will be used to repay debt of the company and its arm AKS Medical and Research Centre and Ramraja worth Rs 250 crore, As on February 28, 2022, total borrowings of the Yatharth Hospital and its arm stood at Rs 103.35 crore and Rs 152.51 crore, respectively.
Hindustan Zinc Targets 40% Reduction in Carbon Footprint by 2030
Hindustan Zinc in its BSE filing said it has set a target for 40 percent reduction in carbon footprint by 2030. "We will be achieving carbon neturality by 2050 by transitioning towards renewable energy."
The company has approved the proposal for entering long term group capital renewable power development plan up to a capacity of 200 MW.
Bharat Dynamics Signs MoU
Bharat Dynamics and Tawazun Economic Council (TEC), United Arab Emirates have exchanged Memorandum of Understanding (MoU) to explore new business opportunities in various areas of mutual interest in the field of defence.
Veranda Learning Solutions IPO Update
The maiden public offer of Veranda Learning Solutions, which offers online and offline coaching services, has seen good response from investors with the issue being subscribed2.63 times till the afternoon of the final day of biddingon March 31.
Investors have put in bids for3.1 crore equity shares against an offer size of 1.17 crore units. Retail investors remained ahead with subscribing9.45 times the portion set aside for them.
Non-institutional investors have bid1.44 times their allotted quota, while qualified institutional buyers have subscribed shares 1.67times the totalreserved portion.
Hariom Pipe Industries IPO update
Total subscription at 1.25 times, retail portion booked 3.13 times on Day 2 of bidding.
The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 1.25 times by the afternoon of March 31, the second day of bidding, receiving bids for 1.06 crore equity shares against an offer size of 85 lakh shares.
Retail investors remain at the forefront, subscribing 3.13 times their allotted quota, while non-institutional investors had put in bids for 6 percent of the shares reserved for them and qualified institutional investors, so far, bought 44 percent shares of allotte quota.
Pidilite Industries Ltd promoter group sold equity shares
Deepak Sanghavi, part of the promoter group of Pidilite Industries Ltd, today sold 17,632 shares in the company via open market transactions at a price of Rs 2,401 per share. Sanghavi sold another tranche of 32,368 shares via open market transactions at a price of Rs 2,408 per share. The cumulative value of both the transactions works out to Rs 12.02 crore. His holding in the company after this transaction stands at 0.13 percent compared to 0.14 percent earlier.
Aditi Nayar, Chief Economist, ICRA Limited
India's external debt indicators displayed a mixed trend, easing as a percentage of GDP and rising as a share of reserves between September and December 2021. Moreover, short term debt inched up relative to reserves and as a share of total external debt. Regardless, vulnerability remained relatively limited at end-Dec 2021.
Likhita Chepa, Senior Research Analyst, Capitalvia Global Research Ltd.
On the wake of negative cues from other Asian markets, Indian equity benchmarks turned negative in the late morning session, with both the Sensex and the Nifty trading in the red. Domestic sentiment remained gloomy, as India Ratings and Research (Ind-Ra) downgraded India's GDP growth prediction for FY23 to 7-7.2 percent, down from 7.6 percent previously expected, citing increased concern over the Russia-Ukraine conflict and the resulting weakening of consumer sentiment. On the global front Asian markets were generally in the red.
European Markets Updates
L&T Finance Holdings | Arm raises its first sustainability linked loan of Rs 200 crore from Société Générale
L&T Finance (LTF), a wholly owned subsidiary of L&T Finance Holdings secured its first sustainability linked rupee loan of Rs 200 crore, from the Indian arm of the French multinational investment bank and financial services company - Société Générale. The stock was trading at Rs 81.10, up Rs 0.50, or 0.62 percent. It has touched an intraday high of Rs 82.35 and an intraday low of Rs 80.
Market Update at 2 PM: Sensex is down 116.83 points or 0.20% at 58567.16, and the Nifty shed 38.30 points or 0.22% at 17460.
India is said to bring states' off-budget borrowings on books, reports Bloomberg. Government is likely to ask Indian states to include borrowings made via enterprises owned by them as part of fiscal deficit.
Buzzing stock
Share price of Hindalco Industries shed over 4 percent after CLSA downgraded the stock to outperform and has cut target to Rs 695 from Rs 710 per share. "Unveiled a $8 billion capex plan over the next five years. With at least a mid-teen IRR expected, execution will be the key. It highlighted headwinds for Novelis which could impact Q4 earnings. Hindalco was trading at Rs 571.40, down Rs 28.40, or 4.73 percent. It has touched an intraday high of Rs 599.65 and an intraday low of Rs 570.20.
Ashoka Buildcon gets LoA for NHAI highway project
Infrastructure company Ashoka Buildcon on Thursday said it has received a letter of award (LoA) from NHAI to develop a section of National Highway 150 C on a hybrid annuity model. In a regulatory filing, Ashoka Buildcon Limited said it "has received an LoA from National Highways Authority of India (NHAI) for the project viz development of 6 lane access controlled greenfield highway from km 162.500 to KM 203.100, Baswantpur to Singondi section of NH 150 C…on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana”. The stock was trading at Rs 86.55, up Rs 0.65, or 0.76 percent. It has touched an intraday high of Rs 87.50 and an intraday low of Rs 85.80.
The FMCG index added a percent led by Marico, Godrej Consumer Products, P&G and Britannia Industries
Grasim Industries - Swedish company Renewcell & Birla Cellulose sign agreement for cellulosic fiber production
According to an exchange filing to BSE, Grasim Industires said Swedish textile-to-textile recycling innovator Renewcell has signed a Letter of Intent with Birla Cellulose, the pulp and fibre business of Grasim Industries Ltd. a flagship company of the Aditya Birla Group, concerning a long-term commercial collaboration for manmade cellulosic fiber production. The agreement affirms the two companies’ intent to work together to supply high quality Liva Reviva textile fibers made using Circulose, Renewcell’s 100% recycled textile raw material, to global fashion brands and textile industry in the coming years. The shared ambition is to use 30 000 tonnes of Circulose per year. The agreement has been facilitated by Ekman Group, Renewcell’s exclusive global trading partner. Share price of Grasim Industries was trading at Rs 1,665.10, down Rs 2.45, or 0.15 percent. It has touched an intraday high of Rs 1,677.60 and an intraday low of Rs 1,650.95.
Jaiprakash Associates defaults on Rs 2,897-crore payments to lenders
Construction firm Jaiprakash Associates has defaulted on payments to lenders to the tune of Rs 2,897 crore on February 28. The company has Rs 1,544 crore of interest overdues and Rs 1,353 crore to lenders, according to a statement issued to bourses.
Lenders to Jaipraksh Associates, the flagship company in the group, include ICICI Bank, Axis Bank, IDBI Bank, Canara Bank and Bank of Baroda. The default is on obligations such as fund-based working capital, non-fund-based working capital, term loans and FCCB. In total, there are about 32 banks which have exposure to Jaiprakash Associates.
Allcargo Logistics sells Project Logistics business to JM Baxi Heavy for Rs 98.6 crore
Allcargo Logistics has executed business transfer agreement with J M Baxi Heavy Private Limited for sale of Project Logistics Business division of the company, as a going concern on a slump sale basis. The consideration mentioned in business transfer agreement is Rs 98.64 crore. The stock was trading at Rs 359.70, up Rs 1.30, or 0.36 percent. It has touched an intraday high of Rs 363.30 and an intraday low of Rs 354.50.
Market update at 1 PM: Sensex is up 27.45 points or 0.05% at 58711.44, and the Nifty added 8.50 points or 0.05% at 17506.80.
Advent International looks to delist DFM Foods from stock exchanges. DFM Foods delisting to help Advent undertake bold strategic overhaul, according to CNBC-TV18
Hindustan Unilever hikes prices of cleaning and personal care products:
Sources
Hindustan Unilever has raised prices of cleaning and personal care products. HUL says it is seeing significant inflationary pressures. "Have been able to provide the right price value equation to the consumer. Remain confident of navigating the inflationary environment. HUL stock was trading at Rs 2,037.60, up Rs 22.15, or 1.10 percent on NSE. It has touched an intraday high of Rs 2,043 and an intraday low of Rs 2,019.
Hariom Pipe Industries IPO updates
The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 100 percent by the morning of March 31, the second day of bidding, receiving bids for 84.97 lakh equity shares against an offer size of 85 lakh shares.
Retail investors remain at the forefront, subscribing 2.8 times their allotted quota, while non-institutional investors had put in bids for 6 percent of the shares reserved for them. Qualified institutional investors were yet to participate in the offer.
Veranda Learning Solutions IPO updates
The maiden public offer of Veranda Learning Solutions, which offers online and offline coaching services, has seen good response from retail investors with the issue being subscribed 1.54 times till the morning of the final day of bidding on March 31.
Investors have put in bids for 1.81 crore equity shares against an offer size of 1.17 crore units. Retail investors remained ahead with subscribing 8.27 times the portion set aside for them. Non-institutional investors have bid 1.14 times their allotted quota, while qualified institutional buyers have subscribed to 35 percent for the total shares allocated to them.
SpiceJet winding up case | SpiceJet confirms settlement of payment dispute with Credit Suisse
Bharti Airtel, Tech Mahindra to co-develop and market 5G use cases in India
Bharti Airtel and Tech Mahindra announced a strategic partnership to build and market innovative solutions for India’s digital economy by bringing together their core strengths. Airtel and Tech Mahindra will co-develop and market 5G use cases in India. Airtel has been spearheading 5G demos and testing in India while Tech Mahindra has developed world-class 5G applications and platforms. Airtel and Tech Mahindra will set up a joint 5G innovation lab for developing Make in India use cases for the Indian and global markets.
Bharti Airtel was trading at Rs 743.55, down Rs 5.85, or 0.78 percent. It has touched an intraday high of Rs 755.60 and an intraday low of Rs 739.60. Tech Mahindra was trading at Rs 1,504.90, up Rs 8.75, or 0.58 percent. It has touched an intraday high of Rs 1,509.10 and an intraday low of Rs 1,495.60.
Prashanth Tapse, Vice President (Research), Mehta Equities
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Moderate returns likely for next financial year in the range of 9-11%. There is a bright chance that Dalal Street will trade with positive bias in coming session as Window Dressing could be the preferred theme on backdrop of financial year 2021-22 coming to an end today. Having said that, volatility is likely to be the hallmark amidst March series F&O expiry. Nifty bulls will continue to monitor developments in the Russia-Ukraine war and consider tighter monetary policy from the Federal Reserve in the year ahead.
Market Update at 12.15 AM: Sensex is down 74.1 points or 0.13% at 58609.89, and the Nifty lost 12.9 points or 0.07% at 17485.
Source: BSE
UK's GDP rose 1.3% in Q4 2021
United Kingdom's gross domestic product (GDP) rose 1.3% during the Jan-Mar'22 quarter, as declared by the country's Office for National Statistics (ONS) on Thursday.This was slightly higher than the expectations but 0.1% below the GDP growth achieved during the same period of FY20, before the pandemic.
The ONS also revealed that the output for the quarter advanced by 1.3%, while the services sector improved by 1.5%.
Retail portion of ONGC OFS subscribed 16% at 11:40 am, NSE data shows
Retail portion of ONGC OFS subscribed 16% at 11:40 am, NSE data shows. Government of India had proposed to sell more than 9.43 crore equity shares (0.75 percent of total paid up equity) through offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing 1.5 percent stake. The floor price for the offer has been fixed at Rs 159 per share.
GAIL India Board approves buyback of shares of up to 5.7 crore shares at Rs 190 per share
The Board of Directors of the Company in their meeting held today has approved buyback of the fully paid up equity shares of the company of face value of Rs 10 each not exceeding five crore sixty nine lakh eighty five thousand four hundred and sixty three fully paid up equity shares of face value of Rs 10 each (representing 1.28% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price
of Rs 190 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,082 crore representing 2.50% and 2.22% of the aggregate of the fully paid-up equity share capital and free reserves.
Sensex all set for best month since August
: Sensex is on track for its best monthly rise since August, as buying by domestic funds supported sentiment this month. Sensex has clocked gains worth 4.6% for the month, amid volatility ahead of the monthly expiry today. Domestic institutional investors have bought $5 billion worth of shares in March, while FIIs continue to remain sellers, now for a sixth consecutive month.
The Power index added half a percent led by Adani Power, NHPC, Adani Green, Torrent Power
Veranda Learning Solutions IPO
The maiden public offer of Veranda Learning Solutions, which offers online and offline coaching services, has seen good response from retail investors with the issue being subscribed 1.46 times till the morning of the final day of bidding on March 31.
Investors have put in bids for 1.72 crore equity shares against an offer size of 1.17 crore units. Retail investors remained ahead with subscribing 7.76 times the portion set aside for them. Non-institutional investors have bid 1.13 times their allotted quota, while qualified institutional buyers have subscribed to 34 percent for the total shares allocated to them.
Hariom Pipe Industries IPO
The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 85 percent by the morning of March 31, the second day of bidding, receiving bids for 72.16 lakh equity shares against an offer size of 85 lakh shares.
Retail investors remain at the forefront, subscribing 2.39 times their allotted quota, while non-institutional investors had put in bids for 4 percent of the shares reserved for them. Qualified institutional investors were yet to participate in the offer.
IndiGo’s Chief Commercial Officer Willy Boulter will resign in 4 months: Bloomberg
. The stock was trading at Rs 2,005.75, up Rs 11.90, or 0.60 percent on NSE. It has touched an intraday high of Rs 2,012.00 and an intraday low of Rs 1,991.85.
Market Update at 11 AM: Sensex is up 84.27 points or 0.14% at 58768.26, and the Nifty added 27.70 points or 0.16% at 17526.
Tata Sons sells 0.7% stake in TCS in the recent share buyback
Tata Sons, promoter of Tata Consultancy Services, sold 24.8 million shares of the company through the recently concluded share buyback plan of the information technology major, a disclosure by the company showed. TCS’ share buyback saw record participation from investors with the company receiving more than seven times the shares it had proposed to buyback from its shareholders.
The company had offered to buy 40 million shares from shareholders at Rs 4,500 apiece, a significant premium to the stock’s market prices. Tata Sons netted close to Rs 11,164 crore from tendering its shares. The inflow of funds is time for Tata Sons given its recent investment in Air India and its other digital ventures.
ABB launches share buyback program of up to $3 billion
:
ABB will launch on April 1, 2022 its previously announced new share buyback program of up to $3 billion. Based on the current ABB share price this represents a maximum of approximately 89 million shares. The maximum number of shares that may be repurchased under this new program on any given trading day is 1,262,310, according to media sources. The total number of ABB’s issued shares is 2,053,148,264 including the 88,403,189 shares approved for cancellation at ABB’s 2022 Annual General Meeting (AGM). ABB currently owns approximately 124 million treasury shares.
Government fastracks work on Ircon International offer for sale issue: Sources
The government has fastracked work on Ircon International offer for sale issue. It has appointed bankers for Ircon OFS, may dilute 15% via OFS. Government likely to raise approximately Rs 600 crore via Ircon OFS. Its stake in Ircon could come down to 58-60% post OFS issue, according to CNBC-TV18.
Apollo Tyres clarifies on CCI investigation
: Cooperating with anti-trust regulator’s (CCI) investigation. Have provided all the details required by CCI. Have acted and will continue to act in compliance with competition laws, the company said in a BSE filing.
