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Market Opening - An Overview
SGX Nifty futures were trading 1.69% higher at 17,294, indicating that Dalal Street was headed for a gap-up start on Thursday.
Asian stocks were trading higher after the US central bank raised rates by 25 basis points as expected and signalled hikes at all six remaining meeting in 2022. The Fed Chair Jerome Powell also said the US economy can weather its campaign against high inflation. Japan’s Nikkie rose 2.98% and Topix advanced 1.98%. In China, CSI 300 index gained 2.06% and Hang Seng zoomed 4.49%.
The rupee rose 34 paise to close at 76.26 against the US dollar on Wednesday.
FII/DII Trading Data (16-03-2022)
| Category | Buy Value | Sell Value | Net Value |
| FII/FPI | 9098.13 | 8786.14 | 311.99 |
| DII | 5206.82 | 4434.27 | 772.55 |
| *All numbers are in INR crore | |||
Stocks in News Today
Adani Power: The company said it has completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of the acquisition is over Rs 4,250 crore, including estimated cost of compliance with environmental and emission norms, it said in a regulatory filing.
Future Retail Ltd (FRL): The company said in a regulatory filing that FRL and its board remain committed to take all necessary action to seek value adjustments and reversal of takeover of the stores (leases) by Reliance Group. It also said that FRL and its Board is taking steps to arrive at a feasible solution which will be in the interests of all stakeholders.
Indian Oil Corporation Ltd (IOC): The state-owned oil refinery company has bought about 3 million barrels of crude oil that Russia had offered at a steep discount to prevailing international rates, sources said.
Paytm: Macquarie has further cut the target price on Paytm parent One97 Communications to Rs 450 from Rs 700 while retaining an underperform rating.
Bharat Petroleum Corp Ltd: The state-owned refiner has deferred a maintenance shutdown of a crude unit at a 240,000 barrels per day (bpd) Mumbai refinery to May as its seeks to gain from strong fuel cracks, two sources aware of the plan said, according to Reuters news report.
Voltas: The company will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company, according to its regulatory filing. Through this JV company, it will engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products.
Oil India Ltd: The company said subsidiary Numaligarh Refinery will invest Rs 6,555 crore for implementation of petrochemical project at Numaligarh, Assam. The board of directors also approved formation of a joint venture company between Assam Gas Company (AGCL) and Oil India (OIL) for the three geographical areas offered by Petroleum and Natural Gas Regulatory Board [PNGRB].
REC Ltd: The state-owned non-banking finance firm has partnered with Energy Policy Institute at the University of Chicago (India) to improve the performance of power distribution utilities. EPIC India will also collaborate with REC Ltd and REC Power Development and Consultancy Limited to provide a platform for knowledge sharing on international research and policy innovations through its nexus of leading international experts.
Mahindra & Mahindra Ltd: The company said it will increase its stake in Carnot Technologies Pvt Ltd to 52.69 per cent with an investment of around Rs 14 crore. “Carnot is expected to support the company’s strategy by developing information technology solutions for its products, customers and businesses,” the company added.
India Cements: The company announced the launch of Conkrete Super King (CSK) and Halo Super King, as the company plans to take advantage of the brand identity of its successful Indian Premier League franchise CSK (Chennai Super Kings).
Reliance Capital Ltd: The company said its chief executive officer Dhananjay Tiwari has resigned and his cessation is March 15, 2022, the company said in a regulatory filing. The company did not give any reason for Tiwari’s resignation.