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Market Opening - An Overview
SGX Nifty futures were trading 1.03% higher at 17,619.50, signalling that Dalal Street was headed for a positive start on Wednesday.
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Asian shares excluding Japan were trading higher as investors were buoyed by the progress in the recent Ukraine-Russia peace talks. Japan’s Nikkei fell 1.27% , Topix dropped 1.55%. China’s CSI 300 jumped 1.57% and Hang Seng rose 1.13%.
Indian rupee rose 18 paise to close at 75.98 against the US dollar on Tuesday.
FII/DII Trading Data (29-03-2022)
| Category | Buy Value | Sell Value | Net Value |
| FII/FPI | 7360.87 | 7325.4 | 35.47 |
| DII | 5860.54 | 4147.23 | 1,713.31 |
| *All numbers are in INR crore | |||
Stocks in News Today
ONGC: The Indian government will sell up to 1.5 per cent of its stake in ONGC to raise about Rs 3,000 crore, the company said in a regulatory filing. The Offer For Sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per equity share.
Stata Bank of India (SBI): The bank will acquire the entire stake of over 13 per cent held by three other banking partners in SBI Global Factors Ltd (SBIGFL), the bank said. The other three banking partners are SIDBI, Bank of Maharashtra and Union Bank of India. SBIGFL, a subsidiary of SBI, is a non-banking financial company that offers domestic and export factoring services.
Punjab National Bank (PNB): The lender’s board has approved a proposal to raise Rs 12,000 crore through issuance of bonds to fund business growth. It will issue Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in one or more tranches, PNB said in a filing.
IDBI Bank: The private-sector lender said its board of directors has approved the rupee bond borrowing limit of Rs 8,000 crore for the next fiscal year beginning April 1. It will comprise of additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23, the lender added.
Meanwhile, IDBI Bank will sell its balance 25 per cent stake in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV. The board of directors has approved to sell IDBI Bank’s entire stake of 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option by Ageas.
Tata Consumer Products (TCPL): The company has announced reorganisation of its India and overseas businesses to leverage synergies and efficiency. This plan includes the demerger of plantation business of Tata Coffee Limited (TCL) into TCPL Beverages & Foods Limited (TBFL), a wholly owned subsidiary of TCPL and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with TCPL. The company also proposed to purchase of a 10.15 per cent minority interest in its UK subsidiary, TCP UK, from Tata Enterprise (Overseas), Switzerland, (TEO).
Interglobe Aviation (IndiGo): The company has announced Gaurav Negi as its new chief financial officer (CFO) and the appointment comes a day after its incumbent CFO Jiten Chopra resigned from his post.
Hero MotoCorp: The two-wheeler manufacturer said that it will increase prices of its motorcycles and scooters by up to Rs 2,000 from April. The price revision is to offset increase in commodity prices and input costs.
Future Enterprises Ltd (FEL): The company has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan, FEL said in an exchange filing. The due date for payment of Rs 19.16 crore was March 28. This is the second default by FEL this month.
Bharat Electronics Ltd: The company and the defence ministry has sealed a contract for the development of an electronic warfare equipment for the Indian Air Force at a cost of Rs 1,109 crore. As part of the contract, Instrumented Electronic Warfare Range (IEWR) will be developed and the ministry described it as a “significant step” toward enhancing the capabilities of the IAF to prepare for future warfare.
SBI Life Insurance: Canda Pension Plan Investment Board (CPPIB) sold 0.56 per cent stake in SBI Life Insurance for Rs 597 crore. It sold 5.58 million shares at Rs 1,068.35 apiece. The buyers include Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore’s GIC and Goldman Sachs.
BSE Ltd: The company has begun the search for a new managing director (MD) and chief executive officer (CEO). Candidates are required to send their applications by April 23 and it has appointed Egon Zehnder to oversee the process.
Vedanta Limited: Rating agency, Ind-Ra, said that it has upgraded mining giant Vedanta Limited’s long-term issuer rating to ‘AA’ with a stable outlook. It said that the rating upgrade reflects the group’s continuous deleveraging and expectation of an improvement in the consolidated operational cash flow in FY22 and FY23.
United Spirits Ltd (USL): The Diageo-controlled company said it has extended the deadline to complete the “strategic review” of its select popular liquor brands till May 31, 2022. The company had earlier set the deadline of March 31, 2022 to complete the review process.
Ruchi Soya Industries: The company said it has rescheduled its board meeting on March 31 to fix issue price of its Rs 4,300 crore FPO (follow-on public offer) in view of markets regulator Sebi’s direction to allow withdrawal of investors’ bids till Wednesday.