PRE MARKET
Gift Nifty indicates a negative start for the broader index in India, with a loss of 154 points or 0.65 percent. The Nifty futures were trading around the 23,563 level.
US stocks fell on Thursday, as Iranian strikes on two oil tankers sent crude prices surging toward $100 per barrel, further exacerbating inflation fears and sending investors fleeing equity markets.
All three major U.S. stock indexes slid more than 1.5% in a broad selloff, with everything but energy and some defensive stocks suffering steep percentage losses. The S&P 500 notched its biggest three-day percentage drop in a month.
The Dow Jones Industrial Average fell 739.42 points, or 1.56%, to 46,677.85, the S&P 500 lost 103.22 points, or 1.52%, to 6,672.58 and the Nasdaq Composite lost 404.15 points, or 1.78%, to 22,311.98.
Asian stocks followed US peers lower in early trading Friday, with oil prices in focus on growing fears that the war in Iran will further crimp energy supplies and boost inflation.
Japan’s Nikkei, Hong Kong’s Hang Seng, and the Taiwanese weighted index went down -1.06, -0.32, and -1.02 percent.
STOCKS IN NEWS
JK Lakshmi Cement
The company has been declared the ‘preferred bidder’ for the mining lease of the Juipahar New Umrangso Limestone Block (A and B) in Assam. The limestone blocks (A and B) are spread over an area of 405 hectares. Additionally, the board has approved the acquisition of a 77.96 percent equity shareholding in NECEM Cements.
Max Financial Services
The board has approved fund-raising worth Rs 2,000 crore via a qualified institutional placement (QIP) or any other method. The proposed utilisation of the funds is primarily to meet the funding requirements of its material subsidiary, Axis Max Life Insurance, to support its business growth and expansion plans, with the balance to be used for general corporate purposes.
Manorama Industries
The board has approved raising funds of up to Rs 500 crore through the issuance of equity shares, non-convertible debt instruments along with warrants or other convertible securities, via a qualified institutional placement or any other method.
KPI Green Energy
The company has energised an additional 35 MWp of solar capacity, taking its total operational IPP capacity to 589 MWp. With projects currently in hand, the company remains well on track to commission an additional 1,582 MWp in the near term, which will expand its total IPP portfolio to 2.17 GWp.
Indian Overseas Bank
The bank has reduced the one-month MCLR by 10 basis points, effective March 15, while the MCLR for other tenures remains unchanged.
Source – Moneycontrol
