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Market Opening - An Overview
SGX Nifty futures were trading 0.30% higher at 17,376.5, indicating that Dalal Street was headed for a positive opening.
Asian shares were trading higher after China kept its benchmark interest rate for corporate and household lending unchanged on Monday. Japan’s Nikkeie rose 0.65
% and Topix gained 0.54%. China’s Hang Seng advanced 0.68% and CSI 300 was up 0.48%.
The rupee rose 47 paise to close at 76.79 against the US dollar.
Brent crude futures climbed 1.8% to $109.89 a barrel, adding to a 1.2% rise last Friday. US West Texas Intermediate (WTI) crude futures rose 2% to $106.79, extending a 1.7% jump last Friday.
FII/DII Trading Data (17-03-2022)
| Category | Buy Value | Sell Value | Net Value |
| FII/FPI | 25393.17 | 22593.03 | 2800.14 |
| DII | 7756.01 | 8434.46 | (678.45) |
| *All numbers are in INR crore | |||
Stocks in News Today
Reliance industries Ltd (RIL): Reliance- Assets Care & Reconstruction Enterprise Ltd (ACRE) joint bid to buy the Sintex Industries Ltd, which is undergoing an insolvency process, was approved by the lenders. The lenders were Punjab National Bank, Bank of India, Bank of Baroda, Export Import Bank of India, HDFC Bank and Axis Bank. The lender’s exposure to Sintex is about Rs 7718.72 crore. Sintex will be delisted from BSE and NSE.
Meanwhile, its retail arm Reliance Retail Ventures Limited (RRVL) has acquired 89 percent equity stake in Purple Panda Fashions Private Limited, which owns and operates intimate wear brand Clovia. RRVL has made an investment of Rs 950 crore in the company through a combination of secondary stake purchase and primary investment, according to an official statement.
State Bank of India (SBI): The lender has lined-up a dozen non-performing assets (NPAs) on sale to recover loan dues of over Rs 820 crore, as per the bank’s notifications. It has put up a total of 12 bad assets for sale during this month to April 13. The bank said in a notice that bids with highest cash component shall be considered as successful bid.
Tata Consultancy Services: The IT major said that its board has re-appointed Rajesh Gopinathan as the Managing Director and Chief Executive Officer for five years, from February 21, 2022 to February 20, 2027. The company has also re-appointed N Ganapathy Subramaniam as the Chief Operating Officer and Executive Director from February 21, 2022, to May 19, 2024, as per the retirement age policy of the company.
In other news, TCS has bagged a multi-year contract from Western Power, an Australian government entity, for digital transformation of its software system for delivery of cleaner and resilient energy supply to western Australia, the company said.
Housing Development Finance Corporation (HDFC): The company’s subsidiary HDFC Capital Advisors Ltd (HCAL) said that it will acquire 7.2 per cent stake in proptech start-up Loyalie IT Solutions Pvt Ltd for Rs 1.1 crore. The shares are proposed to be acquired at Rs 28.16 per equity share and the deal is likely to be concluded by the end of this month.
Bharat Petroleum Corporation Ltd (BPCL): The refiner launched a voice-based digital payment facility for its cooking gas (LPG) consumers, who do not have smartphones or internet. BPCL said it has partnered UltraCash Technologies Pvt Ltd to offer a voice-based digital payment facility.
Piramal Enterprises: The company’s subsidiary Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default.
Hindustan Petroleum Corporation Ltd (HPCL): The oil marketing and refining company has bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts. HPCL bought Russian Urals crude through European trader Vitol, sources with knowledge of the development said. Separately, Mangalore Refinery and Petrochemicals Ltd (MRPL) has floated a tender seeking one million barrels of similar crude oil.
Transport Corporation of India (TCI): The logistics firm is planning to have a capital expenditure of around Rs 250 crore for the next fiscal, a top company executive has said. The company is expected to spend Rs 100-125 crore on ships and containers. The company also said that it is looking at around 12-15 per cent growth in revenue and 20 per cent growth in the bottom-line.
Jindal Steel & Power Ltd (JSPL): Homegrown steel major on Sunday said its subsidiary in Mauritius has made a prepayment of $357 million to lenders. The pre-payment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML), the company said in a statement.
Future Group: The listed companies of the Kishore Biyani-led group informed exchanges about meetings of their respective shareholders and creditors being convened on April 20 and 21 to get their approval for the Rs 24,713-crore deal with Reliance Retail. The listed entities are Future Enterprises Ltd, Future Retail Ltd, Future Consumer Ltd and Future Supply Chain.
Dodla Dairy Ltd: The company said it has acquired Karnataka-based Sri Krishna Milks Pvt Ltd for Rs 50 crore to expand its business. The deal is expected to be concluded in around two months from the date of the acquisition and the buyout would be in the form of cash.