Pre Market Analysis: Dalal Street may open lower; IOC, Future Group, ONCG, RIL and HDFC in news

Market Opening - An Overview

SGX Nifty futures were trading 0.15 percent lower at 17,715.50, indicating that Dalal Street was headed for a negative start on Monday.
Asian shares were trading higher as investor welcomed Beijing’s decision to allow the US authorities to inspect Chinese firms traded in New York. Japan’s Nikkei slipped 0.14%, Topix inched up 0.06%. China’s Hang Seng jumped 1.05%, while CSI 300 rose 1.27% .

Indian rupee closed at 75.78 against the US dollar on Thursday.

FII/DII Trading Data (1-4-2022)

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*All numbers are in INR crore

Stocks in News Today

Indian Oil Corp (IOC): The PSU company said that it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast. The company plans to increase its POL capacities to 5,530 Thousand Metric Tonnes Per Annum (TMTPA) by 2030 from the existing 3,160 TMTPA.

Future Retail and Future Enterprises: The two leading companies of Future Group collectively defaulted on loan repayments worth Rs 8,157.97 crore. The due date for payment of Rs 2,835.65 crore by Future Enterprises Ltd (FEL) and Rs 5,322.32 crore by Future Retail Ltd (FRL) was March 31, 2022.

Oil and Natural Gas Corporation (ONGC) and Reliance Industries Ltd (RIL): The state-owned company is likely to see a USD 3 billion (about Rs 23,000 crore) rise in its annual earnings from the more than doubling of the price of natural gas it produces, while Reliance Industries may get USD 1.5 billion (Rs 11,500 crore) more in revenue, Morgan Stanley said in a report.

HDFC Ltd: The Mortgage lender said it has posted a 12 per cent growth in individual loans at Rs 8,367 crore for the fourth quarter ended March 31. The amount of individual loans disbursed was at Rs 7,503 crore in the corresponding quarter of the previous year, HDFC said in a regulatory filing.

Maruti Suzuki India (MSI): The country’s largest car manufacturer aims to sell 4-6 lakh CNG units in the current fiscal year depending upon supply situation of essential components, as per a senior company official. The company sold about 2.3 lakh CNG units in 2021-22.

Acrysil Ltd: The manufacturer of composite quartz kitchen sinks said it will fully acquire UK’s Tickford Orange Ltd (TOL), a producer of solid surface products for kitchens and bathrooms, for 11 million pounds (nearly Rs 110 crore). The acquisition will be done through the company’s wholly owned subsidiary Acrysil UK Ltd.

Tata Motors: The company with its dealer partners delivered 712 electric vehicles on Saturday to individual customers in Maharashtra and Goa. The Mumbai-based auto major delivered 564 Nexon EVs and 148 Tigor EVs to customers.

Infosys: IT major will shift its services from Russia to its other global delivery centres, according to sources. Infosys has less than 100 employees in Russia, and the status of the local staff and whether they will be relocated could not be immediately ascertained.

Dr Reddy’s Laboratories: The company has signed an agreement with Novartis AG to acquire cardiovascular medicine brand Cidmus in India for USD 61 million (Rs 463 crore). Dr Reddy’s will look to leverage its wide base to engage with healthcare professionals, and to significantly enhance the reach of the product in and beyond metros into tier-I and tier-II markets in India.  

TVS Motor Company: The vehicle manufacturer registered sales of 307,954 units in March 2022 as against sales of 322,643 units in the year-ago period. The company’s total exports registered sales of 109,724 units in the month of March 2022 as against sales of 119,382 units in March 2021.

Jindal Steel & Power Limited (JSPL): The company said it would develop its Odisha plant into the largest and greenest facility in the world. The company’s chairman Naveen Jindal said JSPL has secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. He claimed that JSPL is the first steelmaker in the world to build Coal Gasification to produce steel using clean coal technologies.

PVR: The multiplex operator said it has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. After this, PVR’s screen count as on date has come down to 848 at 172 properties in 73 cities, the company said in a regulatory filing.

Coal India Ltd (CIL): The state-owned company’s subsidiary, Mahanadi Coalfields Ltd (MCL), said it has produced 168 million tonnes (MT) of coal during the financial year 2021-22 registering a growth of about 14 per cent over the previous fiscal. MCL said it has set new milestones in all the performance parameters vis-a-vis coal production, despatch and overburden removal (OBR).

National Mineral Development Corporation Limited (NMDC): The country’s largest iron ore producer, said on Saturday its production increased by 23 per cent year-on-year to reach 42.15 million tonnes (MT) in the financial year ended March 31, 2022. The company’s sales increased by 22 per cent to 40.70 MT during fiscal 2021-22. NMDC is a central public sector enterprise under the Ministry of Steel.

JB Chemicals & Pharmaceuticals Ltd (JBCPL): The company’s board has approved the trademark assignment of Azmarda brand from Novartis AG, Switzerland, for a consideration of USD 32.5 million (INR 246 crores approx.) for India. This assignment is expected to be completed in less than two weeks, subject to customary closing formalities.

Kansai Nerolac Paints Ltd: The company said its Executive Director Anuj Jain has been elevated as the managing director of the company. Jain will succeed H M Bharuka, vice chairman and managing director, who has been spearheading the firm for the last 21 years.

Indian Overseas Bank: The public-sector lender signed a memorandum of understanding with the Software Technology Parks of India (STPI) and STPINEXT (a Section 8 company of STPI) for leveraging innovation through the financial technologies engaged under the FinBlue initiative. The MoU was signed in the presence of IOB Managing Director and CEO Partha Pratim Sengupta and STPI Director General Aravind Kumar.