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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

March 31, 2022

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· Clean Science has subscribed to the 44.7 lakh equity shares of the face value of Rs10 each at a premium of Rs113 each for cash consideration worth Rs55cr - positive.
· BEML - CARE Ratings has issued credit ratings for the debt instruments of the company, in addition to BRICKWORK & ICRA. There has been no change in the credit ratings at A+ assigned by the rating agency – Positive
· Lumax Industries has commenced its commercial production at its new manufacturing plant situated at Plot no. D-2, Tata Vendor Park, North Kotpura, Ahmedabad, Gujarat – positive
· The South India Paper Mills has announced that the Commercial Operation has commenced in the new Paper Machine (PM6) at the Paper Mill at Chikkayanchatra, Nanjangud - positive
· PTC India has approved the appointment of common Independent Directors on the Board of PTC India Financial Services Ltd (PFS/ the Company).- positive
· AurionPro subsidiary in Singapore bagged orders worth over 3 million Singapore dollars, pertains to the upgradation of Smart Lender system.- positive
· Rail Vikas Nigam MoU with J. K. Cement for development of approx. 50 km. new Railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode - positive
· Auto stocks focus - Auto players will announce March sales data on 1st April (Friday). We are positive on Tata Motor, Maruti, Eicher, Ashok Leyland.
· Hero Motocorp increased prices of its motorcycles and scooters by Rs 2,000 effective April 5.and announced the sixth edition of Hero CoLabs, its flagship crowd-sourcing platform.- Positive
· Sterling & Wilson Renewable Energy Limited’s board of directors have approved the appointment of Mr. Cherag Sarosh Balsara as an Additional Director, designated as Non-Executive & Independent Director of the Company – Positive
· Vedanta - India Ratings (Ind-Ra) has upgraded its long‐term issuer rating of Vedanta Limited to ‘IND AA’ from ‘IND AA‐’, and has revised the outlook to ‘Stable’ from ‘Positive’ on March 29, 2022.- positive
· Cochin Shipyard - India Ratings and Research (Ind-Ra) has revised the Outlook on Cochin Shipyard Limited’s (CSL) bonds to Positive from Stable while affirming them at ‘IND AA+’ – positive
· MOIL - The government of India through the Ministry of Steel has appointed Archana Majumdar as Independent Director on the Board of MOIL Limited for a period of 3 years. – Positive
· Honda India Power announced its foray into the marine outboard business and aims to corner around 10 per cent market share in the 4-stroke engine segment in the first three years. From April, the company will introduce Honda 4-stroke marine outboard motors range for boat operators targeting various government agencies engaged in maritime security, coast guard, taxi boat services for passengers and tourists, and fishermen engaged in commercial fishing in sea and inland river systems.- positive
· Bharat Electronics bagged contracts totalling Rs 3,109 crore from the Ministry of Defence.- positive
· Agri Stocks Focus - Agri products export up by over 25% in first 10 months of FY 2021-22 - India's export of agricultural products have touched USD 40.87 billion in the first 10 months of the current fiscal and it is 25.14 percent more than the financial year, Union Minister of State for Commerce Anupriya Singh Patel said in Lok Sabha – Positive for Balrampur Chini, Dhampur Sugar, LT Foods
· Tyre stocks - The Competition Commission of India (CCI) conducted raids at the premises of domestic tyre manufacturers, CEAT Limited, Madras Rubber Factory (MRF), and Apollo Tyres, sources told CNBC-TV18 on Wednesday. The raids were being conducted over alleged competition violation and cartelisation, they said – expects volatile on MRF, CEat and Apollo Tyres
· Tata Power, have joined hands to build a unique innovation curation and venture development program 'Net-Zero Industry Accelerator' focussed on industrial use cases of clean energy transition and industrial decarbonization contributing towards India’s net-zero target.- positive
· EPL Limited has approved for incorporation of a wholly-owned subsidiary of the Company in Brazil. The objective of the formation of a subsidiary in Brazil is to set up a greenfield project for the packaging tube business – positive
· Nazara Technologies Subsidiary Nazara Pte Ltd (Nazara Singapore) will invest $2.5 million in BITKRAFT Funds. Out of which $0.875 million will invest upfront while the balance investment amount of $1.625 million will be deployed over a period of three years.- positive
· Max Healthcare- The block deal will happen today. Kayak Investment will sell $500 m worth of shares through a block deal in Max Healthcare
· Adani Enterprises raising commitment for a Rs12800cr loan for an airport project near Mumbai. The debt was raised by Adani’s unit for greenfield expansion of Navi Mumbai airport; the company also operates the international airport in Mumbai city – Positive for Adani Enterprises, RIIL Infra
· Dilip Buildocn wins order worth Rs1590cr for the development of six-lane highway project in Karnataka by NHAI under Bharatmala programme.- positive
· BHEL has won an order for compressor package from Iraq. The order for the package for Baiji Refinery in Iraq has been placed by Northern Refineries Company (NRC), a National Oil refinery company owned by the Ministry of Oil, Iraq.
· NMDC and Vedanta - Supreme Court has agreed to hear petitions by Vedanta, miners group Federation of Indian Mineral Industries, and other iron ore miners seeking to lift an earlier ban on export of iron ore from the southern Indian state of Karnataka. – positive for NMDC and Vedanta
· Strides Pharma announced that Dr. R. Ananthanarayanan has decided to depart as Managing Director (MD) and Chief Executive Officer (CEO) of Stride Pharma – positive
· Indian Bank - CRISIL Ratings assigned fresh rating of CRISIL A1+ to Bank's proposed additional Certificate of Deposits of Rs.10,000 crore (Total Rs.25,000 crore). – Avoid
· Power Grid Infrastructure has entered into a facility agreement for Rs. 700 crore with HDFC Bank Limited on March 29, 2022 for part financing the funding requirements towards acquisitions being made by PGInvIT.- positive
· PTC Industries Limited board approves 3:2 rights issue – positive
· GR Infra received Letter of Award from National Highways Authority of India for five projects worth Rs 5,774 crore.- positive
· BL Kasyap wins new projects worth Rs461cr - positive
· Power Grid Invit in facility pact for Rs700cr with HDFC Bank – positive
· Saregama India approved the demerger of entire distribution business including carvaan and other non-core assets in publication business. The turnover of the demerged division of the company for FY2021 was Rs 17.63 crore (3.78% of the total turnover of the company)- - positive
· Sun Pharma To Introduce Vortioxetine Version In India - Sun Pharma's subsidiary entered into an exclusive patent licensing agreement with H Lundbeck to market and distribute its own version of Vortioxetine in · India. The drug, used to treat major depressive disorder in adults.- positive
· HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next two-three years as it deepens partnerships and looks to claw back market share lost during the nine-month regulatory ban. Currently, spending through non-bank partnerships stands at about 15% of overall spends, said Parag Rao, group head of HDFC Bank - positive
· Quess Corp considered and approved the transfer of digital business undertaking of the Company comprising of "Qjobs" (Marketplace platform for blue collar and frontline workers) - positive
· Allcargo Logistics has executed Business Transfer Agreement with J M Baxi Heavy PVT for Sale of Project Logistics Business division of the Company, as a going concern on a slump sale basis. The consideration mentioned in Business Transfer Agreement is Rs. 98.64 crores – Positive
· InfoEdge – Company acquisition 4B Network of 57.16% stake worth Rs137cr, all cash deal - positive
· Godrej Properties to develop 9-acre projects in Pune. Pine projects potential 1.7mn Sq ft saleable area, Pune projects estimates revenue Rs1400cr – positive
· ONGC – Non-retail segment subscribed by 3.5% while retail segment OFS open today at Rs159 a share (yesterday close Rs162) – subscribed
· Index changes – Apollo Hospital to add on Nifty 50, replace from IOC. Bank Nifty – Bank of Baroda to add on Bank Nifty, replace from RBL Banks
· IIFL Wealth – Bain Capital to buy 25% stake in IIFL wealth for $485mn at Rs1661 a share (CMP 1679) from General Atlantic and Fairfax - positive
· HDFC: Markets regulator Sebi disposed of a show cause notice that was issued to Housing Development & Finance Corporation (HDFC) with respect to alleged violations of share transfer agent norms. The watchdog had conducted an inspection of HDFC – Any sharp decline will buying opportunity
· Tata Steel: The Steel major said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies – positive
· Tejas Networks: The Tata Group firm will acquire 64.40 per cent stake in semiconductor firm Saankhya Labs Pvt Ltd for Rs 283.94 crore in an all-cash deal.- positive
· Mangalam Cement: The cement company's player promoter Vidula Consultancy Services acquired 2.26 lakh equity shares in the company via open market transactions. With this, its shareholding in the company stands at 9.92 per cent. - positive
· V-Guard Industries: The consumer durable player plans to expand in northern, eastern and western regions of the country as it aims to garner over 60 per cent revenue from these regions in the next five-six years – positive
· Newgen Software: The IT company plans to double its business partners in the next 18 months to increase its revenue share in the growth markets – positive
· NTPC: Damodar Valley Corporation (DVC) has signed a joint venture agreement with NTPC Renewable Energy Ltd, a fully owned subsidiary of the NTPC Limited, for renewable power projects in its command area. Sources said this JV will execute GW size projects.- positive
· Raymond plans to sell ColorPlus and Park Avenue - Raymond is looking to sell its apparel retailing brands of ColorPlus and Park Avenue businesses
· TCS announced it has successfully completed more than 150 digital transformation projects with its strategic partner Freshworks Inc. (NASDAQ: FRSH), a software company empowering the people who power business – Positive
· HAL - Cabinet panel on security approved buying 15 Light Combat Helicopter from Hindustan Aeronautics Ltd. at a cost of 38.9 billion rupees ($513 million),- Positive
· Tata Motors: The homegrown automobile major said TPG Rise Climate has subscribed to 3.75 crore compulsorily convertible preference shares worth Rs3,750 crore as the first tranche of the proposed investment of Rs 7,500 crore in its passenger electric vehicle business.- positive
· Market Summary - Hindalco to Spend $3.37B in India Growth Capex in 5 Years, HDFC Bank's co-branded credit cards to account for 25-30% of spends in 3 years, Saregama Jumps After Approving Demerger Of Entire Distribution Business, Adani Enterprises Commitment for $1.7B Airport Loan, Sun Pharma To Introduce Vortioxetine Version In India, Honda India Power forays into marine outboard business, BHEL bags order for compressor package from Iraq. Agri products export up by over 25% in first 10 months of FY 2021-22, Supreme Court Seeks Govt View on Karnataka Iron Ore Export Ban, CCI raids tyre manufacturers CEAT, MRF and Apollo Tyres, Godrej Properties to develop a 9-acre project in Pune
Events –March series F&O expiry, OPEC Meeting, Pan card to link with Aahar Card final date, GAIL board meeting on share buy-back, Russian Foreign Minister visit in India, Hariom Pipe second day (67% subscribed)
· Indiabulls Housing plans up to Rs1400cr Public Bond Sale – positive
· Bhagwati Autocast has successfully commissioned a 4.5 MW (DC)/ 3.15 MW (AC) Solar power project at Village Bamroli, Santalpur, Dist. Patan, Gujarat for captive consumption, and its commercial operation started effectively from March 28, 2022.- positive
· Kilburn Engineering board has agreed to allot 17 lakh equity shares of Rs10 each of the company at a premium of Rs24 in dematerialised form to Firstview Trading Pvt in promoter category towards conversion of warrants allotted to them and stake increased from 25.15% to 28.86%.
· Diligent Industries a key player in the business of solvent extraction with the capacity of 250 TPD, have just completed the implementation of a green field multiple Refinery-Vegetable Oil Plant in its existing premises – Positive
· Tarsons Products - CARE ratings have assigned ‘A+’ ratings to the company’s new long-term bank facilities - Avoid
Jain Irrigation has successfully implemented the Debt Resolution effective on March 25, 2022. It was approved and announced in the Joint Lenders Meeting on March 29, 2022 after fulfilling all Conditions Precedent as per the Master Restructuring Agreement (MRA) signed on 10th February 2022.- Avoid on account of poor balance sheet
BREAKING: Spain's inflation hits 9.8%, the highest in 37 years.??

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