Indian benchmark indices are likely to open on a higher note, hinted SGX Nifty. Mahanagar Gas, Adani Ports, Adani Total Gas stocks in focus.
Indian benchmark indices are likely to open on a higher note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the green, up 68 points, at the 17,700 level. Markets posted a strong rebound on Friday and gained over one and a half percent, tracking supportive global cues. NSE Nifty 50 ended at 17,594, up over 250 points while BSE Sensex settled at 59,808, gaining 900 points.
“The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU Banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers. Positive global sentiments also played a vital role in uplifting the market, as a Fed official commented on a favourable level of rate hike in the next meeting,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Stocks in focus on 6 March, Monday
Bajaj Electrical
Bagged the award for plant and installation services of distribution infrastructure of electric supply circle across districts in Bihar. The aggregate sum of the contract is Rs 645 crore and the project shall take 30 months to complete.
Neogen Chemicals
Entered into a definitive agreement to acquire 100% stake in BuLi Chemicals India from Livent for a consideration of up to Rs 25 crore. The company manufactures specialty chemicals, such as Butyl Lithium and other lithium products.
HDFC Bank
Re-appointed Sashidhar Jagdishan as the Managing Director and CEO for a further period of three years. Jagdishan joined HDFC Bank in 1996 and was appointed as chief financial officer in 2008, before being elevated to the position of MD and CEO in 2020.
CAMS
Announced its acquisition of a 55.42% stake in Think Analytics, a data sciences and artificial intelligence company, through a secondary acquisition for an undisclosed amount. “With AI, Analytics and data led technologies becoming mainstream to solve problems, transform and grow businesses, CAMS found investing into Think Analytics as a good opportunity that will assist CAMS in building overall market reach and drive innovation,” CAMS said, in a regulatory filing with the exchanges.
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Samvardhana Motherson
Increased its investment in subsidiary Motherson Technology Services from 62.9% to 90.4%. The acquisition of additional equity shares is by way of subscription to the right issue of MTSL, at the price which is applicable for all existing shareholders.
Ashoka Buildon, Mahanagar Gas
Ashoka Buildcon and a Morgan Stanley infrastructure fund entered into a share purchase agreement with Mahanagar Gas for sale of its subsidiary, Unison Enviro for Rs 531 crore. Unison Enviro Private Limited is a subsidiary of Ashoka Buildcon and has been granted authorization from Petroleum and Natural Gas Regulatory Board to develop City Gas Distribution business in districts of Ratnagiri, Latur, Osmanabad and Chitradurga & Davanagere. It is engaged in supplying natural gas to the domestic, commercial, industrial and transport sector.
ICRA has revised the outlook for two Adani Group companies – Adani Ports and Special Economic Zone and Adani Total Gas – to ‘negative’ from ‘stable’, on account of the deterioration in the group’s financial flexibility.
