Pre Market Analysis: Dalal Street may open higher; Airtel, RIL, IOCL, BPCL and HPCL in news today

Market Opening - An Overview

SGX Nifty futures were trading 0.34% higher at 17,280.50, signaling that Dalal Street was headed for a positive start on Friday.

Asian shares retreated from gains in early trade and were trading lower. Japan’s Nikkei fell 0.17%, Topix lost 0.12%. China’s Hang Seng dropped 0.40% and CSI 300 was down 0.38%.

Brent Crude was trading at $119.05per barrel and WTI Crude was at $112.21 a barrel.

Indian rupee fell 6 paise to 76.36 against the US dollar on Thursday.

FII/DII Trading Data (24-03-2022)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Airtel: Telecom operator showcased its high-speed 5G network and low latency capabilities to transform the users’ experiences to the next level, and said that it is fully prepared to launch the high-speed network in the country. Low latency helps in streaming a very high volume of data with minimal delay.

Reliance Industries Ltd (RIL): The joint bid of RIL and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden Sintex Industries has been moved before the NCLT for its approval after getting unanimously selected by the lenders of the textiles maker.

IOCL, BPCL and HPCL: India’s fuel retailers have together lost around USD 2.25 billion (Rs 19,000 crore) in revenue between November and March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said. The rating agency estimated that IOC’s revenue loss to be around USD 1-1.1 billion while that of BPCL and HPCL to be about USD 550-650 million each over the same period.

Future Enterprises Ltd (FEL): The company said it has defaulted on payment of Rs 93.99 crore to Punjab National Bank and Canara Bank under the one-time restructuring (OTR) plan. The due date for payment of the amount was March 23. However, FEL said it had a review period of 30 days from the above mentioned due date.

State Bank of India: India’s largest public sector lender has acquired 9.9% stake in National Assets Reconstruction Company.

Adani Enterprises Limited and L&T: The government said that the two companies are part of two consortia led by State-run enterprises that have evinced interest in building the Polar Satellite Launch Vehicle (PSLV), the ISRO’s warhorse rocket to put satellites in orbit. This is to encourage private sector participation in the space industry.

PNB Housing: The company entered strategic co-lending agreement with State Bank of India to offer retail loans to homebuyers. The two financial institutions will co-originate loans at an agreed ratio of 20:80 interest rates.

IndusInd Bank: The lender has agreed to sell its Rs 247 crore principal loans of Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company at a consideration of Rs 195 crore, said two people aware of the development, according to Economic Times.

JK Tyre & Industries: The company said that it has come up with the country’s first puncture guard technology in tyres for four-wheelers. The technology, with specially engineered self-healing elastomer inner coat, applied inside the tyres through an automated process, heals the punctures.

Motherson Sumi Systems: Auto components major said it has bagged an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. This is the first order for Motherson from Boeing and it will commence from the third quarter of FY23. It will be produced at its Noida plant.

NTPC: State-run power producer has made commercially operational an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana. With this, the total commercially operational power generation capacity of Ramagundam project has reached 80 MW and the project is of 100 MW capacity.

Ruchi Soya Industries Ltd: The combined annual turnover of Patanjali Ayurved group and its subsidiary Ruchi Soya is around Rs 35,000 crore and the target is to become India’s number one food, FMCG and agriculture company in the next five years, Baba Ramdev said at a press conference. He also announced that Patanjali Ayurved will demerge all its food businesses into the listed entity Ruchi Soya Industries.

Punjab National Bank (PNB): The bank has acquired a 5.97 per cent stake in Open Network for Digital Commerce (ONDC) in the first tranche by investing Rs 10 crore in ONDC.

Aurum Proptech: The company has approved the acquisition of 100% of the share capital of HelloWorld Technologies for Rs 42 crore. After the completion of acquisition, the company will infuse Rs 18 crore in the HelloWorld Technologies.