Indian benchmark indices are likely to open on a lower note, hinted SGX Nifty, even though the markets snapped an eight-day losing session on Wednesday. Tata Steel, Bajaj Finserv, Adani Ports stocks in focus.
Indian benchmark indices are likely to open on a lower note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the red, down 30 points, at the 17,489 level. However, in the last session, Nifty and Sensex broke out of their rout, snapping an eight-day losing streak. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 3.25:1.
“The Indian market was oversold and needed encouraging domestic triggers to show signs of revival. The manufacturing PMI reported was better than predicted at 55.3, even though India’s Q3 FY23 GDP statistics came in slightly below expectations at 4.4%. Solid global markets, bolstered by strong Chinese manufacturing data, also ignited optimism in the domestic market,” said Vinod Nair, Head of Research, Geojit Financial Services.
Tata Steel
Acquired shares worth Rs 74 crore in TRF, a listed associate company of Tata Steel. TRF is engaged in the business of designing and manufacturing of bulk material handling systems and equipment for core sector industries such as power, ports, steel, mining, and cement for projects undertaken on Turnkey basis. Additionally, Tata Steel is the promoter company for TRF.
Adani Ports
Adani Agri Logistics, a step down subsidiary of Adani Ports, has incorporated a wholly owned subsidiary named HM Agri Logistics. HM Agri will develop and operate state-of-the-art silo complex at various locations across India.
Mindspace Business Parks REIT
CRISIL Ratings Limited has reaffirmed the credit rating for non-convertible debentures, Market linked debentures and corporate credit rating of Mindspace Business Parks REIT at AAA, while the company’s commercial papers are rated A1+.
Raj Oil Mills
The last date for receipt of applications in the ongoing “Rights Issue” has been extended from 13 March, 2023 to 21 March, 2023. The rights issue is for equity shares with the face value of Rs 10 each, for an amount of Rs 1.50 crore with an option to retain oversubscription up to Rs 44.97 crore.
Sunteck Realty
Leased out approx. 2 lakh square feet of built-up area of its premium commercial building Sunteck BKC51 to Upgrad Education for a lease term of 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.
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Rail Vikas Nigam
Rail Vikas Nigam emerged as the lowest bidder (L1) for ‘Manufacturing cum Maintenance of Vande Bharat Trainsets including Upgradation of the Government Manufacturing Units & Trainset Depots’ in a joint venture with its partners. The total quantity is 200 Trainsets and cost per set is Rs 120 crore.
Hero MotoCorp
Hero MotoCorp sold 394,460 units of motorcycles and scooters in February 2023. This translates into a double-digit growth of 10% on-year when the company had sold 358,254 units.
Maruti Suzuki
The car major reported a decline in production of passenger cars and light commercial vehicles of 6% on-year. The total production in February was 159,873 units. The current shortage of electronic components may have an impact on the production print in February as compared to recent months.
Bajaj Finserv
SEBI granted the company approval for a mutual fund license. Bajaj Finserv Asset Management has also been accorded an approval to act as an asset management company for Bajaj Finserv Mutual Fund.
