Stock market updates: Amid a jump in Brent crude oil price, which was above the $70 per barrel-mark, and weak global cues, a tug-of-war between bulls and bears kept the markets choppy through the day on Monday. The volatility index, India VIX, cooled-off 3.5 per cent and closed at 24.6 levels even indices traded in the range of 600 points.
Among the headline indices, the frontline S&P BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. Infosys, L&T, Reliance Industries, Axis Bank, and State Bank of India were the top contriutors towards the index's gains today.
In absolute terms, L&T, ONGC, HCL Tech, Axis Bank, NTPC, and SBI were the top gainers, up between 1.5 per cent and 3.5 per cent on the Sensex while Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Auto, HDFC, and HUL. down up to 2.3 per cent, were the top laggards.
On the NSE, the Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.
In the broader market, the S&P BSE MidCap and SmallCap indices closed 0.3 per cent and 0.6 per cent higher, respectively.
Trends among sectoral indices remained muted with the Nifty PSU Bank, Metal, and IT indices ending up to 1.5 per cent higher on the NSE. Nifty Realty, FMCG, and Auto indices, meanwhile, ended up to 1 per cent down.
World shares dipped on Monday as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters.
The MSCI world equity index fell 0.1 per cent, as gains in European cyclical and travel stocks were offset by losses in Asia. Chinese stocks posted their biggest decline in seven months, down 3.5 per cent, on concerns that Chinese officials could tighten policy to rein in lofty valuations.
Nasdaq futures fell 2 per cent in early European trade, reversing early gains, while S&P 500 futures fell 1 per cent as investors looked past the benefits of the fiscal package.
TECH VIEW :: Nifty is facing resistance at 15,070, says Rohit Singre, senior technical analyst at LKP Sec
Index opened a day with gains but unable to sustain on highs and after showing good volatility index closed a day at 14959 with mild gains of 21 points. The index has formed stiff resistance near 15070 if the index managed to cross above-said levels then some positive traction can be witnessed in the index and we may see a good move towards a good hurdle zone of 15150-15240 zone, immediate support for nifty is coming near 14900-14850 zone
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & Gas, PSU Banks and Metal stocks were the sectors in focus inching broader market. Oil prices were parked near record highs following geopolitical issue in Gulf while reports of the progress of PSU Bank privatization tempered buying in PSBs.
STOCK OF THE DAY :: HLE Glascoat doubles in 17 sessions
>> Shares of HLE Glascoat, on Monday, were locked in 10 per cent upper circuit at a fresh record high of Rs 2,682.95 on the BSE. In the last 17 trading days, the company engaged in industrial machinery business has seen its market value nearly-doubled, up 98 per cent since February 12, after the company reported a healthy performance for the quarter ended December 2020 (Q3FY21).
STOCK OF THE DAY :: Just Dial zooms 10%
>> Shares of Just Dial, on Monday, were locked in 10 per cent upper circuit at Rs 963.60 on the BSE after the company said it has entered into an advertising agreement for IPL. The stock of India’s leading local search engine company was trading close to its 52-week high of Rs 1,063, hit on March 3.
STOCK OF THE DAY :: BEML hits 20% upper circuit as report suggests Tata, Mahindra eyeing stake in firm
>> Shares of BEML surged 20 per cent to hit a 52-week high of Rs 1,416 on the BSE in intra-day trade on Monday amid reports that at least six companies, including Tata Motors, Mahindra and Mahindra and Ashok Leyland, are looking to buy a 26 per cent stake in the state-run defence equipment maker.
SECTOR WATCH :: S&P BSE Oil and Gas index outperforms in a muted market
IPO Update :: Easy Trip Planners' issue subscribed nearly 2x till 3:40 PM on Day 1
Stocks that supported the Sensex today
Sectoral trends on NSE at Close
Sensex Heatmap at Close
Among the headline indices, the frontline S&P BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively.
On the NSE, the Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.
Indian banks' modest recovery faces challenges from Covid-19 stress: Fitch
The banks reported lower impaired loans and improved profitability for nine months ended December 2020 due to various forbearance measures and continued large write-offs.
Particularly, government-owned banks remained more risk averse than in prior years which was reflected in their weak credit growth. READ MORE
APL Apollo zooms 48% in 10 trading sessions as Board okays merger scheme
Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held Apollo Tricoat. This transaction has been effected by way of a scheme of amalgamation and is subject to shareholder approval at each of APL Apollo and Apollo Tricoat, as well as regulatory approvals. This transaction is expected to close in Q3FY22 with appointed date of merger being April 1, 2021. READ MORE
India VIX eases nearly 3% to 24.67
> VIX is a measure of market volatility
Just Dial shares surge 10% on advertisement agreement for IPL
Shares of Just Dial, on Monday, were locked in 10 per cent upper circuit at Rs 963.60 on the BSE after the company said it has entered into an advertising agreement for IPL. The stock of India’s leading local search engine company was trading close to its 52-week high of Rs 1,063, hit on March 3. In the past month, Just Dial's stock outperformed the market by surging 50 per cent, as compared to 1.6 per cent decline in the S&P BSE Sensex. Till 02:23 pm, a combined 3.5 million equity shares had changed hands on the counter on the NSE and BSE. READ MORE
DCW has completed the refinancing of its debt with the issuance of NCDs amounting Rs 350 crore and OCDs to be converted into equity within 18 months, amounting Rs 60 crore.
MARKET UPDATE :: Sensex off day's low, up nearly 300 points
Tata Motors shareholders approve hiving off PV business into new entity
Tata Motors on Monday said its shareholders have approved hiving off its passenger vehicles business into a separate entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration.
Company along with its JV partners has won multi year orders worth ~Rs 304 crore. These orders are spread across its domestic and international customers. The orders will be implemented over a period of 5 years starting from current fiscal year itself and major chunk of it distributed between 2023-2025.
(Source: BSE Filing)
Anupam Rasayan Rs 760-cr IPO to open on Mar 12; issue price at Rs 553-555
Specialty chemical company Anupam Rasayan on Monday fixed a price band of Rs 553-555 a share for its Rs 760-crore initial share-sale, which will open for public subscription on March 12. The three-day public issue will close on March 16, Anupam Rasayan said in a statement. The IPO aggregating up to Rs 760 crore is entirely fresh issuance of equity shares and proceeds of the issue would be mainly used to pay debt. READ MORE
Fall from intra-day high in BSE500 stocks in today's session
Sensex Heatmap | Top gainers & losers at this hour
Market Check :: Sensex slips into the red
NEWS ALERT | SBI Card to consider raising funds via issuance of NCDs, aggregating to Rs 2,000 cr, on March 12
Life insurers' new business premium up 21% in February at Rs 22,425 crore
After tepid growth in January, following two months of consecutive decline, February saw life insurers, 23 in total, recording impressive 21 per cent growth in new business premiums (NBP) to Rs 22,425.21 crore, compared with Rs 18,533.19 crore in the same period, a year ago. READ MORE
This Ashish Kacholia-owned stock has nearly doubled in 17 trading sessions
Shares of HLE Glascoat, on Monday, were locked in 10 per cent upper circuit at a fresh record high of Rs 2,682.95 on the BSE. In the last 17 trading days, the company engaged in industrial machinery business has seen its market value nearly-doubled, up 98 per cent since February 12, after the company reported a healthy performance for the quarter ended December 2020 (Q3FY21). READ MORE
Covid-19 pandemic impact will pose challenge to Indian banks in FY22: Fitch
The improving financial performance of Indian commercial banks will face a challenge from the impact of Covid-19 pandemic once asset-quality risks manifest in the next financial year (FY22), according to Fitch Ratings. Indian banks reported lower impaired loans and improved profitability for the nine months ended December 2020 (FY21) due to various forbearance measures and continued large write-offs. READ MORE
MARKET UPDATE:: Broader indices outperform benchmarks
Market Check :: Sensex near day's low amid weakness in global markets
NEWS ALERT :: M&M President - Mobility Services VS Parthasarathy to step down
Mahindra & Mahindra (M&M) announced that VS Parthasarathy, President - Mobility Services Sector and Member of the Group Executive Board, has decided to leave the Group effective close of 1 st April 2021, to pursue personal interests.
IPO Update :: Easy Trip IPO sails through on Day 1, subscribed 1.04 times so far
> The IPO received bids for 1,57,57,040 shares vs the issue size of 1,50,80,644 shares
Sugar stocks in focus; Balrampur Chini, EID Parry rally up to 7%
Shares of sugar companies, on Monday, were in focus at the bourses, with Balrampur Chini Mills, EID Parry, Dwarikesh Sugar Industries, Dhampur Sugar Mills, and Dalmia Bharat Sugar and Industries rallying up to 7 per cent on improved sector outlook. In comparison, the S&P BSE Sensex was up 0.44 per cent at 50,625 points, at 11:51 am. READ MORE
INTERVIEW:: Pradeep Gupta, vice-chairman and co-founder at Anand Rathi Group
"My longer-term view on the Indian equity market remains positive, but the possibility of a relatively minor market correction and considerable volatility in the near-term cannot be ruled out. With the forward-looking equity multiples being close to fair valuation, the big driver for the market from this point onwards would mainly be corporate earnings," Gupta said. READ MORE
Fitch Ratings has assigned Indian Railway Finance Corporation's (IRFC's) proposed US dollar Regulation senior unsecured notes a rating of BBB-minus. The proposed notes will be issued under IRFC's existing four billion dollars global medium-term note programme. READ MORE
Retail engine revs up but YES Bank has hands full on asset quality
Squashing rumours around another forced merger, the banking regulator stitched a never-seen-before rescue plan for YES Bank -- with State Bank of India (SBI) donning the promoter’s hat and seven private lenders, including ICICI Bank and HDFC Limited, swiftly infusing Rs 12,000 crore equity, helping YES Bank exit the moratorium on March 17, 2020, ahead of its one-month period. READ MORE
ONGC, IOC, GSPL: Crude hits $71; is it time to focus on oil-related stocks?
Oil-linked stocks were trading actively on the BSE, on Monday, as Brent crude futures surged above $70 a barrel for the first time since the Covid-19 pandemic began, following reports of attacks by Yemen's Houthi forces on Saudi Arabian facilities. Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since January 8, 2020, and were at $71.11 a barrel by 0255 GMT, up $1.75, or 2.5 per cent.READ MORE
Mutual funds managed by women have given better returns, shows data
The over Rs 30-trillion MF industry in India has a large male dominance. According to the data compiled by MF tracker Morningstar, the industry has 376 fund managers, but only 8 per cent, or 30, of them are female. Assets managed by women fund managers are worth Rs 4.11 trillion, about 13.5 per cent of total AUM.
Two dozen AMCs don’t even have a single women fund manager; only a couple have more than two. READ MORE
Astral Poly jumps 5% on fixing record date for 1:3 bonus share issue
Shares of Astral Poly Technik advanced 5 per cent to Rs 2,332 on the BSE in Monday's intra-day trade after the company said it has fixed March 19 as the record date for the 1:3 bonus share issue. The stock of the plastic products manufacture surpassed its previous high of Rs 2,249.95 touched on March 2. READ MORE
NEWS ALERT :: Meera Industries wins export order from Turkey
Company has won an order worth $180,000 from Monofiber Teknik Tekstil San Tic, a Turkey based firm
(Source: BSE Filing)
Easy Trip Planners IPO :: Should you subscribe?
>> Easy Trip Planners Ltd. is ranked second among the Key Online Travel Agencies in India in terms of booking volume in the nine months ended December 31, 2020 and third among Key Online Travel Agencies in India in terms of gross booking revenues in Fiscal 2020.
>> The company had the highest CAGR from Fiscal 2018 to Fiscal 2020 in terms of gross booking revenue and operating revenues among the Key Online Travel Agencies in India. It’s Gross Booking Revenues increased by 51.04% from Rs 19,450.63 million in Fiscal 2018 to Rs 29,377.75 million in Fiscal 2019, and by 43.13% from Rs 29,377.75 million in Fiscal 2019 to Rs 42,047.30 million in Fiscal 2020. It’s Gross Booking Revenues amounted to Rs 12,207.57 million in the nine months ended December 31, 2020. It’s market share in the total Indian online travel agency industry in terms of gross booking revenues and gross booking revenues for airline ticketing segment was approximately 4.6%, and 5.5% to 6.5%, respectively, in Fiscal 2020.
>> At the upper end of the IPO price band, it is offered at 58.62x its FY20 earnings, with a market cap of Rs. 2032 crores. There are no listed entities in India whose business portfolio is comparable with that of its business. Given the company’s strong operating and financial performance in a highly competitive and growing industry; including strong margins, RoNW of 32.58% in FY20, strong balance sheet and management - we give this IPO a "Subscribe" rating.
(Source: Anand Rathi Shares and Stock Brokers)
NEWS ALERT | India Ratings upgrades Happiest Minds' long-term issuer rating to A- from BBB+; outlook positive
Bond vs Equity :: Equities are the winners in the long-term
Ultra-long term equity investments have been a lot more rewarding than debt, a study published by Credit Suisse Research Institute in collaboration with London Business School shows. “Over the last 121 years, global equities have provided an annualised real return (in dollar terms) of 5.3 per cent versus 2.1 per cent for bonds,” shows the study, which has looked at returns for 23 countries since 1900. READ MORE
MARKET UPDATE:: Sensex off day's high
Q&A | Hard to make a case for a material upside in this market: Saion Mukherjee
We expect high volatility in the markets in 2021. The economic recovery in India and the rest of the world has been strong. Hopefully, with the rollout of vaccines globally, the Covid-19 pandemic will be largely behind in the coming quarters.The surge in commodity prices can adversely impact earnings in certain pockets and higher bond yields will limit any material expansion in valuation multiples. Therefore, despite improving fundamentals, it is hard to make a case for a material upside in the market. READ FULL INTERVIEW HERE
Oil & Gas shares rally; ONGC, Gail surge up to 7%, hit 52-week highs
Shares of oil & gas companies were in focus on Monday after Brent crude prices hit their highest level since January, 2020. Besides, amid improved outlook and expectation of higher crude oil prices going forward, Oil and Natural Gas Corporation (ONGC) and Gail (India) surged up to 7 per cent and hit their respective 52-week highs on the BSE in the intra-day trade. READ MORE
Easy Trip IPO opens today: All you must know before hitting subscribe
The three-day initial public offer (IPO) by Easy Trip Planners (ETP), an online travel agency, is slated to open on March 8. The issue has been priced in the band of Rs 186-187 per share and is entirely an offer for sale (OFS). At the upper price band, the total issue size stands at Rs 510 crore. The company will not receive any proceeds from this offer as the prime purpose of the issue is to enhance visibility, brand, provide liquidity to existing shareholders and achieve benefits of listing shares on exchanges. READ MORE
NEWS ALERT :: Natco Pharma receives final approval for Everolimus tablets for the US market
>> Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for its Abbreviated New Drug Application (ANDA) for Everolimus Tablets (generic for Afinitor) from the US Food and Drug Administration (USFDA).
>> NATCO's partner BPI plans to launch 2.5 mg, 5 mg and 7.5 mg strengths of the product shortly within the next few weeks. The launch date of 10 mg strength of the product will be announced at a later date.
>> The above strengths of Everolimus are indicated in the treatment of breast cancer and a few other types of cancers.
>> As per ind ustry sales data, Afinitor and its therapeutic equivalents had generated annual sales of $712 million in USA during the twelve months ending December 2020.
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Three factors weigh on market sentiments presently: US bond yields, dollar index and crude. All the three firmed up last Friday impacting sentiments. The combined FII, DII cash market selling ( above Rs 3000 cr on last Friday) reflected the market's concern. Brent crude rising beyond $71 is a macro concern for India. But rising US bond yield and dollar index, though a concern, need not be a market impacting move provided growth recovery keeps up pace. The latest job data from the US indicates that the US economy is bouncing back. In India, too, the growth and earnings data are set to improve. These positive trends can sustain market buoyancy provided the bond yield doesn't spike sharply.
BEML surges 13% as report suggests Tata, Mahindra eyeing stake in firm
Shares of BEML surged 13 per cent to hit a 52-week high of Rs 1,326 on the BSE in intra-day trade on Monday amid reports that at least six companies, including Tata Motors, Mahindra and Mahindra and Ashok Leyland, are looking to buy a 26 per cent stake in the state-run defence equipment maker. Bharat Forge and Megha Engineering and Infrastructure may also submit expressions of interest for the government’s stake in BEML, the Mint reported quoting two people aware of the developments. READ MORE
>> State-owned Indian Bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetisation exercise. The bank holds a 38.26 per cent stake in ASREC (India) Ltd.
BUZZING :: Bank of India soars 7%
Cipla trades about a per cent higher
>> Drug major Cipla, on Saturday, said it has voluntarily liquidated a wholly-owned step-down subsidiary. This liquidation was a part of internal reorganisation and it will not affect performance or revenue of the company, Cipla said
Adani Ports up 1.7%
>> The company will issue up to 1 crore equity shares of face value of Rs 2 each to Windy Lakeside Investments on a preferential basis. The allottment will be done at a price of Rs 800 per share, which is a 6.7 per cent premium to Friday's closing price.
Just Dial leaps 7% on positive news flow
>> The company has signed an advertising agreement with Star India for advertising as Co-presenting Sponsor for the Indian Premier League.
>> In another development, media reports suggest Tata Digital, the digital arm of the salt-to-software services conglomerate, has held exploratory talks with Just Dial to strike a strategic alliance or pick up stake, as part of the Mumbai-based group’s push to enter the e-commerce space.
Aarti Drugs zooms nearly 6% on PLI boost
>> Aarti Specialty Chemicals (ASCL), a wholly-owned subsidiary of the company, gets an approval accorded under the Production Linked Incentive (PLI) Scheme for the pharma sector.
Sectoral trends on NSE :: Metal, PSB stocks charge ahead
Sensex Heatmap :: ONGC, M&M top gainers; Bajaj Auto underperforms
Just Dial in focus :: Co signs advertising agreement with Star India for Indian Premier League
Top gainers and losers on S&P BSE Sensex at Pre-open
Markets at Pre-open
Stocks to watch: Aarti Drugs, Adani Ports, PVR, IndiGrid, Just Dial
Aarti Drugs: Aarti Specialty Chemicals (ASCL), a wholly-owned subsidiary of the company, gets an approval accorded under the Production Linked Incentive (PLI) Scheme for the pharma sector.
Adani Ports: The company will issue up to 1 crore equity shares of face value of Rs 2 each to Windy Lakeside Investments on a preferential basis. The allottment will be done at a price of Rs 800 per share, which is a 6.7 per cent premium to Friday's closing price. READ MORE
BROKERAGE VIEW :: HDFC Securities on Butterfly Gandhimathi Appliances
CMP: Rs 581.6 | Reco: Buy at LTP and add on dips to Rs. 522-524 band | Base case TP: Rs 626 | Bull case TP: Rs 686
>> Strong presence of the company in all segments of domestic appliances industry including LPG stoves, Mixer Grinders, Cookers and Table Top Wet Grinders, planned new launches and expanded network of dealers will help the company to consolidate its recent gains further and grow ahead of the Industry in the coming years.
>> We believe rising disposable income (although remains weak in near term), increasing urbanization, number of nuclear households, rise in female working population coupled with increasing consumer preference towards branded products is likely to drive company’s growth going ahead. The healthy growth in the company in FY21 was on the back of WFH related stocking up at home and preference for home cooked food which added demand for household kitchen appliances.
>> Disruption in the operations of local/regional players which were more dependent on imports also helped in achieving such strong topline. Demand in first two quarters of the next fiscal would throw more light on the company’s increase share in the overall household appliances market. The company has shown consistent improvement in its operational and financial parameters. Sharpening focus on branded sales is envisaged to enhance the company’s margin and return ratios, leading to a re-rating given the valuations enjoyed by its peers (some of whom have been left behind by Butterfly in terms of absolute sales and/or growth rates).
>> Sustained improvement in revenue growth and management’s ability to steer the company on such higher margins (in 9MFY2021) along with lower working capital requirement would remain key monitorables. We think the fair value of the stock is Rs.626 (21xFY23E EPS) and the bull case fair value is Rs 686 (23xFY23E EPS) over the next two quarters. Investors can buy the stock at LTP and add on dips to Rs.522-524 (17.5xFY23E EPS). At the LTP of Rs 581.6 it quotes at 19.5xFY23E EPS.
BROKERAGE VIEW :: MOFSL on IEX
CMP: Rs 307 | TP: Rs 355 (+16%) | Reco: Buy
>> The launch of new products has provided a fillip with TAM+RTM now contributing 20% of IEX’s volumes (v/s less than 10% in FY20). Volume momentum in the first two months of 4QFY21 has been strong at IEX, with over 45% YoY growth. RTM continues to perform well with volumes in Jan’21 crossing 1.2BU (the highest ever monthly volume for the product).
>> Long-term potential for IEX remains huge, given the nascent market share for exchanges in India’s Power generation. With newer product launches, a continued oversupplied market, and IEX’s competitive positioning, we expect volume/PAT to increase at 17%/20% CAGR over FY21-23E and build in higher RTM volumes. Given the strong growth and high return profile (RoEs of ~45-50%), we Maintain Buy and raise our multiple to 36x FY23E EPS (v/s 32x earlier) with a target price of Rs 355 per share.
Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on
The stock has witnessed a decent correction recently and has taken support near 6,800 levels -- which is an important base -- and also the 200-DMA level lies in that zone. The stock has indicated a trend reversal from that levels and has improved the bias to signal further upside in the coming days. The RSI also has reversed from the oversold zone and has signaled a 'buy'. We suggest to buy and accumulate the stock for an upside target of 8,200-8,400 levels keeping the stop loss near 6,800. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Brent jumps past $70 for first time
>> Brent crude futures surged above $70 a barrel on Monday for the first time since the Covid-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.
>> Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $71.11 a barrel, up $1.75, or 2.5%.
>> US West Texas Intermediate (WTI) crude for April rose $1.60, or 2.4%, to $67.69. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.
SGX Nifty Update
>> At 8:37 am, the index was at 14,992 levels, up 39 points.
Asian market check
Asian stocks rose Monday on optimism over the $1.9 trillion US pandemic relief plan and the global recovery. MSCI's broadest index of Asia-Pacific shares outside Japan firm 0.4%, Japan's Nikkei gained 1.2%, while S&P 500 futures rose 0.3%.
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