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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.25% lower at 17,496, signalling that Dalal Street was headed for a negative start on Monday.
Asian shares were lower amid an energy crisis in Europe and global economy facing high inflation. Japan’s Nikkei 225 index fell 0.22% and Topix was down 0.14%. China’s Hang Seng dropped 1.23% and CSI 300 lost 0.68%.
The Indian rupee fell 24 paise to 79.80 against the US dollar on Friday.
Tamilnad Mercantile Bank IPO will open for subscription today in the price band of Rs 520 – 525. The bank aims to raise up to Rs 825 crore from its maiden share sale.
FII/DII Trading Data
Stocks in News Today
Adani Enterprises and NDTV: The company said that the tentative date for an open offer to acquire a majority stake in New Delhi Television (NDTV) is only ‘indicative’, and subject to approval from the Securities and Exchange Board of India (Sebi). The company also said that the open offer date could be revised accordingly.
Indian Oil Corporation (IOC): The oil refiner has raised Rs 2,500 crore in debt through non-convertible debentures (NCD) at an interest rate lower than government bonds, its director (finance) Sandeep Gupta said. The company fetched a competitive price of a 5-year unsecured NCD issue at an annual fixed coupon of 7.14%. This coupon rate is lower than the prevailing annualised yield of benchmark G-Sec for similar maturity.
Vodafone Idea: The telecom company has prepaid a short-term loan of around Rs 2,700 crore to State Bank of India, according to an ET report. This has been done to shore up lenders’ confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and clear some of its near Rs 15,000 crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers, the report added.
Reliance Industries (RIL): The Mukesh Ambani-led firm is leading the race to acquire Lanco Amarkantak Power, a coal-based power project, with an offer of Rs 1,960 crore cash upfront, Business Standard reported.
Wipro: The company has joined hands with Cisco to accelerate cloud transformation for customers. Under the partnership, Wipro customers will be able to deploy Wipro FullStride Cloud Service that enables a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience.
TCS: The IT major has put a stop to its anniversary hikes for lateral hires, who complete a year at the company with effect from April 1, 2022, according to Business Standard news report. The company will now follow the industry standard of annual salary hike.
ICICI Bank: The lender is likely to raise up to Rs 10,000 crore through infrastructure bonds for project financing and affordable housing. These long-term bonds carry the benefit of exemption from maintaining cash reserve ratio (CRR) and statutory liquidity ratio (SLR). Rating agency ICRA has assigned “AAA” rating to the proposed infrastructure bond offering by ICICI Bank.
SpiceJet: The budget carrier is likely to get around Rs 225 crore next week under the central government’s Emergency Credit Line Guarantee Scheme (ECLGS) to clear its dues, sources said. The Centre in 2020 had started the ECLGS to provide collateral-free and government-guaranteed loans to businesses affected by the coronavirus pandemic. Under ECLGS, an aviation sector company can get a loan of up to 50% of its total credit outstanding across all lending institutions but cannot exceed Rs 400 crore.
NTPC: The company has registered a 62% growth in coal production from its captive mines, the state-run power producer said. The coal production in this fiscal till August 2022, was 7.36 MMT, posting a robust growth of 62% when compared to 4.55 MMT achieved in the same period of the last year, it stated.
Zomato: The National Restaurant Association of India has written an advisory to its members against Zomato Pay and Swiggy Diner discount programmes saying these are against the interest of restaurant owners. The advisory alleges that ‘middlemen’ like Zomato and Swiggy are making money at the cost of restaurants, who sign up to be on the Zomato Pay and Swiggy Diner programmes by making them compulsorily offer discounts and also pay commission fee on every transaction on these platforms.
GMR Infrastructure: The company’s board approved raising funds of up to Rs 6,000 crore via foreign currency convertible bonds and/or any other security. The funds will be used for various infrastructure projects currently undertaken by the group. Group firm GMR Airports is developing airport cities on commercial land available around its airports in Delhi, Hyderabad, and Goa.
One97 Communications (Paytm): The company denied any link with the merchants that are under the Enforcement Directorate scanner in the Chinese loan app case. Paytm said that none of the funds frozen by the Enforcement Directorate (ED) belongs to it or any of its group firms.
HFCL: The company’s board has approved raising up to Rs 650 crore which will be invested in enhancing R&D facilities, setting up new production facilities to enhance capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme.
Olectra Greentech: The company has bagged an order worth Rs 151 crore for supplying 100 electric buses to the Assam State Transport Corporation. This is the first order for the company from northeastern states, given on an outright basis. The buses will be delivered over a period of nine months, and maintenance will be taken care of for the next five years by Olectra.
Hinduja Global Solutions: Shareholders of NxtDdigital have voted in favour of the company’s merger with Hinduja Global Solutions Ltd. According to the regulatory information, 75.25 lakh votes were polled in which 75.24 lakh were in favour of the scheme and 1,022 against it.
Mahindra Lifespace: The realty firm is targeting a 2.5-fold jump in its annual sales bookings to Rs 2,500 crore in the next three years on better housing demand, says MD and CEO Arvind Subramanian. The company had achieved sales of Rs 1,028 crore in FY22.