Pre Market Analysis: Dalal Street may open higher; ONGC, Aurobindo Pharma, Airtel and Ruchi Soya in news

Market Opening - An Overview

SGX Nifty futures were trading 0.67% higher at 17,394.50, signalling that Dalal Street was headed for a positive start on Tuesday.

Asian shares were trading higher, tracking gains in Wall Street overnight, on hopes over peace talks between Russia and Ukraine. Japan’s Nikkei rose 0.60%, Topix gained 0.57%, CSI 300 edged up 0.13% and Hang Seng advanced 0.62%.

Indian rupee rose 4 paise to close at 76.15 against the US dollar on Monday.

FII/DII Trading Data (28-03-2022)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

ONGC: The company’s 100% subsidiary ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to draw interest in a tender earlier this month, Reuters reported citing sources familiar with the matter. The sources said HPCL and BPCL had been able to offer a discounted price for the cargo. The two refiners will pay ONGC in rupees, the sources added.

Aurobindo Pharma Ltd: The company has acquired the domestic formulation business of Veritaz for a consideration of Rs 171 crore on debt-free cash-free basis. This acquisition vehicle will help Aurobindo as a launch pad for marketing biosimilar and other products in India, the company said. The transaction comes into effect from April 1, 2022 and is expected to close by May 2022, it added.

Bharti Airtel: The telecom operator’s management has affirmed its ambition of Rs 300 ARPU with further tariff hikes and continued ‘premiumisation’ during a recent analyst meet, according to multiple brokerage reports. Credit Suisse, in a note on Bharti Airtel, said that while the 5G auctions are likely in the first quarter of FY23, the telco “expects a more gradual roll out given limited handset readiness”.

Ruchi Soya Industries Ltd: Market regulator Sebi has directed Ruchi Soya to give an option to the FPO investors, excluding anchor investors, to withdraw their bids due to “circulation of unsolicited SMSs advertising the issue”. The regulator has said prima-facie the contents appear to be “misleading/fraudulent”. The window for withdrawal shall be available from March 28-30, 2022. Ruchi has also complied with the Sebi orders.

An SMS must be sent to all the applicants of the received bids, informing them of the additional window of withdrawal. A notice to investors shall be issued in the form of an advertisement in the newspapers, which will be issued on March 29 and March 30, 2022, said Ruchi Soya in a stock exchange filing.

However, Ruchi has clarified that the unsolicited message was not sent by the company or any of their Directors, Promoters, Promoter Group or Group Companies. Moreover, Ruchi has lodged a FIR with a police station at Haridwar to take up investigation with respect to the circulation of the unsolicited message.

Tata Power: The company and Rustomjee Group have collaborated to set up electric vehicle charging infrastructure at the commercial and residential projects of the latter across Mumbai metropolitan region, a statement said. Under this collaboration, Tata Power will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR.

ICICI Bank: The bank signed an agreement to invest in India Debt Resolution Company. ICICI Bank will buy 15% stake in IDRC for Rs 7.5 crore with the first investment of Rs 3 crore by March 31.

Tata Steel: The board of the company has approved the appointment of Noel Naval Tata as an additional director and designated him as vice-chairman. Further, the board designated Noel Naval Tata as the vice-chairman of the board of directors, the company filing said.

Indiabulls Housing Finance: The mortgage lender is planning to raise Rs 50,000 crore next fiscal to fund its expected 15-20 per cent loan growth which will take its balance sheet near to the pre-pandemic peak when it had crossed the Rs 1-lakh-crore mark, a senior company official said. The lender’s outstanding loan book stood at Rs 74,800 crore as of February-end.

Sudarshan Chemical Industries Ltd: The company said its board has approved a proposal to raise up to Rs 200 crore through issue of debentures. The company is involved in manufacturing pigments since 1952. It primarily serves the coatings, plastics, inks and cosmetics markets.