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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.56% higher at 17,207, signalling that Dalal Street was headed for positive start on Wednesday.
Asian equities rose as investors’ optimism was boosted after a rally on Wall Street and as the US inflation data were in line with expectations. The Nikkei 225 index rose 0.27%, the Topix advanced 0.91%. The Hang Seng jumped 2.35% and the CSI 300 index climbed 0.58%.
Indian rupee fell 37 paise to 82.49 against the US dollar on Tuesday.
The US annual inflation rate fell to 6% in February 2023, which was the lowest level since September 2021. In January, the inflation stood at 6.4%. The food index increased by 9.5%, while the energy index rose by 5.2%. Further, core inflation declined to 5.5% from 5.6%.
FII/DII Trading Data
Stocks in News Today
Reliance Industries Ltd (RIL): The Competition Commission of India said it has approved Reliance Retail Ventures’ (RRVL’s) acquisition of METRO Cash & Carry India for Rs 2,850 crore. RRVL is a subsidiary of Reliance Industries. In December last year, RRVL had signed a definitive agreement to acquire a 100% stake in the German firm Metro AG’s wholesale operations in India. With this acquisition, RRVL gets access to a wide network of METRO India stores across key cities.
In other news, Reliance Jio on Tuesday unveiled new Postpaid family plans – Jio Plus for Rs 399 and Rs 699. The Rs 399 plan offers three additional connections meant for family or friends. The Rs 399 postpaid plan comes with 75GB of data with an additional 3 add-on connections at Rs 99 per SIM. The total monthly charge for a family of 4 is only Rs 696. Besides that, users can share data with their entire family as there is no daily data limit. The OTT (over-the-top) subscriptions offered to the consumers with this plan are Amazon Prime, Netflix, JioTV and JioCinema.
GAIL India: The National Company Law Tribunal (NCLT) has approved the state-owned GAIL’s Rs 2,079 crore resolution plan for JBF Petrochemicals, which owed Rs 7,918 crore to a consortium led by IDBI Bank. The other secured lenders of the company are Union Bank of India, Bank of Baroda, Exim Bank and Indian Overseas Bank, among others. These lenders made a claim of Rs 4,584 crore, but NCLT admitted a total claim of Rs 4,662 crore. GAIL offered to pay the bankers Rs 2,015 crore, which is a 43.23% recovery for them. However, for the unsecured creditors and operational creditors, the recovery is much lower at 5.7% and 6.9%, respectively.
Mahindra & Mahindra (M&M): The auto major said its wholly-owned unit Mahindra Bangladesh Pvt Ltd has ceased to exist. Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up, M&M said in a statement. Hence, MBPL has been liquidated and has ceased to be in existence with effect from March 14, 2023, it added. MBPL had zero income from operations as on March 31, 2022.
Hindustan Construction Company Ltd (HCC): The company in a joint venture with Megha Engineering & Infrastructures Ltd (MEIL) has bagged a Rs 3,681 crore project for construction of a bullet train station. The contract was awarded by the National High-Speed Rail Corporation Ltd (NHSRCL) for the construction of the Bandra Kurla Complex Station of the 508.17 km-long Mumbai-Ahmedabad high-speed rail.
Cipla: The pharma major and its subsidiaries, Cipla (EU), UK, and Meditab Holdings, Mauritius, have entered into a share purchase agreement with Africa Capitalworks SSA 3, for the sale of 51.18% stake in Cipla Quality Chemical Industries (CQCIL), Uganda. After the stake sale, CQCIL will cease to be a subsidiary of the company. The stake sale process is expected to be completed by May 2023 and they will receive about $25-30 million.
NBCC (India): The company received a work order from Government of Puducherry to construct Government Medical College and Hospital at Karaikal, Puducherry for Rs 500 crore.
RailTel Corporation of India: The company has received a work order worth Rs 287.57 crore from Centre for Development of Advanced Computing (C-DAC). The work includes supply, installation, integration, testing and commissioning of IT infrastructure in green field data centres in New Delhi and Bengaluru along with training and support.
LIC Housing Finance: MR Kumar has resigned as Chairman from the board of LIC Housing Finance. Kumar has tendered the resignation after the attainment of superannuation from the services of Life Insurance Corporation of India with effect from March 13.
PNC Infratech: The company has been declared lowest bidder in a National Highways Authority of India’s (NHAI) highway project for the construction of the 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway under Bharatmala Pariyojana in Bihar on Hybrid Annuity Mode. The project bid cost is Rs 1,260 crore. The project is expected to be constructed in 24 months and operated for 15 years after construction.
TVS Motor Company: The company has received board approval for the allotment of 12,500 non-convertible debentures of face value Rs 1 lakh each, amounting to Rs 125 crore, through private placement. The date of maturity of these NCDs will be March 13, 2026.
Texmaco Rail & Engineering: The company has received the board approval for the transfer of rail EPC business via slump sale to its wholly owned subsidiaries. Its rail EPC business comprises two undertakings – Kalindee Rail and Bright Power. Both units will be transferred to its two subsidiaries, Texmaco Rail Electrification and the other is to be incorporated.
Honeywell Automation India: Honeywell has appointed Vimal Kapur, its president and COO, as its next CEO. Kapur will succeed incumbent chairman and CEO Darius Adamczyk.
DFM Foods: The company has received a delisting order, approving the delisting of equity shares from BSE and NSE India. Consequently, trading of the company shares will be discontinued from both the exchanges with effect from March 28 this year. Further, the company will be delisted from exchanges with effect from April 5. The exit option will be kept open by the promoter or acquirer of the company i.e. Al Global Investments (Cyprus) PCC along with Al Darwin (Cayman) for the remaining public shareholders for a period of at least one year from the date of delisting at the rate of Rs 467 per share, being the exit price determined.