Pre Market Analysis: Dalal Street may open higher; VIL, Future Group, Mankind Pharma and IndiGo in news

Market Opening - An Overview

SGX Nifty futures were trading 0.5% higher at 18,187, signalling that Dalal Street was headed for a positive start on Tuesday.

Japanese shares fell on profit booking and as investors were cautious over Russia-Ukraine war. Japan’s Nikkei slipped 0.1%, Topix fell 0.35%. Chinese markets were closed on account of public holiday.

Indian rupee closed 21 paise higher at 75.53 against the US dollar on Monday.

FII/DII Trading Data (04-04-2022)

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*All numbers are in INR crore

Stocks in News Today

Vodafone Idea Limited (VIL): British telecom major Vodafone has raised its stake in debt-ridden Vodafone Idea to 47.61 per cent through its subsidiary Prime Metals, a regulatory filing said. The company earlier held 44.39 per cent stake in Vodafone Idea Limited (VIL).

Future Group: India’s apex court said Amazon and Future group have mutually agreed to appear before the Singapore International Arbitration Centre (SIAC). Both the companies have also been directed by Chief Justice of India (CJI) N V Ramana to file a joint memo in the Supreme Court with respect to this.

Mankind Pharma: The company has announced its entry into the agri-tech segment, with plans to invest up to Rs 200 crore in the first two to three years. The company has set up a new arm Mankind Agritech Pvt Ltd, which will offer a variety of crop care solutions to Indian farmers, including weedicides, insecticides, fungicides, plant growth regulators and biologicals.

Reliance Industries: The company has received NCLT’s approval for scheme of amalgamation of the company and Reliance Syngas.

IndiGo: The budget carrier has suspended a few pilots who were planning to organise a strike on Tuesday to protest against the pay cuts that were implemented during the peak of the COVID-19 pandemic, sources said. On April 1, the airline announced its decision to increase the salaries of pilots by 8 per cent. It said that another hike of 6.5 per cent will be implemented from November onwards in case there are no disruptions. However, a section of pilots remained unsatisfied and decided to organise a strike, sources said.

Meanwhile, R K Singh, former Joint Secretary in the Ministry of Civil Aviation, has been appointed as Principal Advisor to IndiGo’s Managing Director Rahul Bhatia, a statement said.

SBI Card and Payment Services: The private equity firm Carlyle Group will sell its entire 3 per cent stake in the financial service player for about Rs 2,550 crore, through a block trade. CA Rover Holdings, a Carlyle entity, which as of December 2021 quarter, held 29.20 million shares or 3.09 percent stake in SBI Cards.

Federal Bank: The private lender said its gross advances during FY2021-22 rose by 9.5 per cent to Rs 1,47,644 crore, while total deposits grew by over 5 per cent during the year. The gross advances as of March 31, 2021 was at Rs 1,34,877 crore.

PVR and Inox Leisure: The two big multiplex operators, which had announced their merger last month, have a combined pipeline of 2,000 screens and aim to double this size in next seven years, entailing an investment of Rs 4,000 crore.

Bank of Maharashtra: The public sector lender said it has witnessed over 27 per cent growth in gross advances at Rs 1,36,733 crore during the financial year 2021-22, while deposits grew by 16 per cent to Rs 2,02,641 crore. In FY21, the gross advances of the bank stood at Rs 1,07,654 crore and the deposits were worth Rs 1,74,006 crore.

Tata Consumer Products: The Tata group FMCG arm is consolidating its business by merging various companies and plans to reduce the number of legal entities to around 23 from the existing 45 after restructuring.

IndusInd Bank: The private sector lender said net advances of Rs 2.39 lakh crore at the end of March 2022 quarter grew by 13 per cent compared to year-ago period and up 5 per cent compared to previous quarter. Deposits increased by 15 per cent to Rs 2.93 lakh crore in March 2022 quarter.

Bajaj Finance: The company reported 26 per cent year-on-year growth in core assets under management in the fourth quarter of 2021-22. AUMs stood at Rs 1.97 lakh core as on March 31, 2022, compared to Rs 1.53 lakh crore a year ago. Core AUM, excluding IPO financing receivables, grew 26 per cent.

Zomato: Competition Commission ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners. Both the companies have been accused of breaching platform neutrality by providing priority to exclusive contractors, according to National Restaurant Association of India.

Vedanta Limited: The mining on Monday reported a rise of 8 per cent in its production of aluminium and zinc and that of iron ore by 18 per cent during the quarter ended March 31, 2022 as compared to its output during the same quarter a year ago. Overall aluminium production in FY22 touched a record high of 22,68,000 tonnes, up 15 per cent from 19,69,000 tonnes in FY21.

Mahindra & Mahindra (M&M): The company’s subsidiary Mahindra Electric Mobility Ltd launched its new Alfa CNG passenger and cargo variants with price starting at Rs 2.57 lakh (ex-showroom Lucknow). With this launch, the alfa variant is available in electric, diesel and CNG.