Pre Market Analysis: Dalal Street may open higher; TCS, Adani Power, Adani Ports and ZEEL in news today

Market Opening - An Overview

SGX Nifty futures were trading 0.52% higher at 17,462.50, indicating that Dalal Street was headed for a positive start on Wednesday.

Asian shares were trading higher, tracking gains in Wall Street. Chinese stocks rose, boosted by technology firms. Japan’s Nikkei rose 2.66%, Topix gained 2.03%. Meanwhile, China’s Hang Seng jumped 1.86% and CSI edged up 0.38%.

Indian rupee fell 6 paise to 76.17 against the US dollar on Tuesday.

FII/DII Trading Data (22-03-2022)

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*All numbers are in INR crore

Stocks in News Today

Tata Consultancy Services (TCS): The IT major is ready to deploy 5G network for any telecom operator across the globe on any given day and the company is working in India on a country-specific gears for the network, said Kamal Bhadada, head for Communication, Media & Information Services of TCS.

Adani Power: The company said that its board has approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself. The proposed amalgamation is expected to achieve size, scalability, integration, improved controls, cost and resource use optimisation, greater financial strength and flexibility.

Meanwhile, Adani Power, IHI Corporation, and Kowa Company Ltd. (Kowa) have signed a Memorandum of Understanding (MoU) to study the feasibility of achieving 20 per cent liquid ammonia co-firing ratio and thereafter extend this to a ratio up to 100 per cent mono-firing at the Adani Power Mundra Coal Fired Power Plant.

Adani Ports and Special Economic Zone Ltd (APSEZ): The company has achieved a milestone of handling 300 million metric tonnes (MMT) of cargo well ahead of the year end. The company’s CEO and whole-time director, Karan Adani, APSEZ, said, “We anticipate our growth to continue to accelerate given our capabilities that are now best-in-class and the tailwind of a growing Indian economy.”

Zee Entertainment Enterprises Ltd (ZEEL): The Bombay High Court allowed an appeal filed by Invesco Developing Markets Fund, one of the shareholders of Zee, against a single judge order of October 2021 that had stayed a shareholders’ meeting to remove Zee’s Chief Executive Officer and Managing Director Punit Goenka. The order also granted Zee three weeks to file an appeal before the Supreme Court.

HCL Technologies: The IT company signed an agreement with Florida-based Neoris to jointly offer integrated IT solutions globally. HCL Technologies will aid Neoris in expanding its business internationally, including the US, Europe and Asia.

Jet Airways: The National Company Law Tribunal has extended the revival plan deadline till March 29 based on submissions made by the Kalrock Jalan consortium and lenders. The deadline got expired on March 22. The extension is expected to allow lenders to formulate their view on the consortium’s application and the matter will be heard on March 29.

Tata Coffee: The company said its board has approved the re-appointment of Chacko Purackal Thomas as Managing Director and Chief Executive Officer for a term of three years starting from April 1. The board also approved the re-appointment of K Venkataramanan as Executive Director – Finance and Chief Financial Officer of the Company for a term of one year starting from October 25, 2022 to October 24, 2023.

GMR Power and Urban Infra Ltd: Equity shares of the company, which is the non-airport business company of the GMR Group, will start trading on BSE and NSE from Wednesday onwards. The scrip will trade under the script ID GMRP&UI, the company said in a statement. GMR Power and Urban Infra Limited (GPUIL) is the new entity into which the non-airport businesses of GMR Group have been demerged.

Indiabulls Housing Finance: The board-constituted committee of the mortgage financier approved raising of funds of up to Rs 50,000 crore via non-convertible debentures (NCDs) or bonds in one or more tranches on a private placement basis.