Stock Market Live: SGX Nifty Points To Higher Open; Tata Motors, Bandhan Bank, Hind Zinc In Focus

Sonata Software Secures Rs 1,325-Crore Project From A U.S.-Based Consumer Retail Company

• Sonata Software bags its largest ever contract worth $160 million, or around Rs 1,325-crore, for 10 years with a US-based consumer retail company.

• Sonata will be managing end-to-end I.T. modernization and transformation for the client.

Source: Exchange filing

Global Cues

• U.S. Dollar Index at 103.2

• U.S. 10-year bond yield at 3.59%

• Brent crude down 0.64% to $74.84 per barrel

• Nymex crude at $69.33 per barrel

• SGX Nifty up 0.22% at 17,182.5 as of 8:15 a.m.

• Bitcoin down 0.01% to $28,152.4

Pledge Share Details

• Emami: Promoter group Suraj Finvest created a pledge of 4.4 lakh shares, promoter group Diwakar Finvest created a pledge of 19.5 lakh shares between March 16 and 17.

• Star Cement: Promoter group Vinay and Company revoked a pledge of 25,000 shares on March 16.

• Chambal Fertilisers & Chemicals: Promoter group Simon India created a pledge of 1.5 lakh shares on March 17.

• Gensol Engineering: Promoter group Gensol Ventures created a pledge of 8.55 lakh shares on March 17.

Insider Trading

• Kirloskar Oil Engines: Promoter Rahul Kirloskar bought 4,000 shares, promoter Atul Kirloskar bought 4,000 shares, promoter group Geetanjali Vikram Kirloskar sold 6,484 shares on March 20.

• Kirloskar Pneumatic Company: Promoter Rahul Kirloskar bought 2,500 shares, promoter Atul Kirloskar bought 2,500 shares, promoter group Geetanjali Vikram Kirloskar sold 1,155 shares on March 20.

• Zydus Wellness: Promoter Zydus Family Trust bought 1,785 shares on March 20.

• Mukand: Promoter group Baroda Industries bought 31,551 shares between March 17 and 20.

• Greaves Cotton: Promoter Karun Carpets bought 79,005 shares on March 20.

• Sunteck Realty: Promoter Matrabhav Trust, through its trustees Kamal Khetan and Manisha Khetan, bought 22,000 shares between March 17 and 20.

• Choice international: Promoter group Patodia Properties bought 21.3 lakh shares on March 20.

• KDDL: Promoter group RKS JS Family Trust bought 12,125 shares

• KCP: Promoter Dr. VL Indira Dutt bought 11,445 shares on March 20.

Trading Tweaks

• Record Date Interim Dividend: Housing & Urban Development Corporation

• Record Date Bonus Issue: Magellanic Cloud

• Move Out Of Short-Term ASM Framework: Seamec

Bulk Deals

• Greenlam Industries: Asiana Fund I bought 33.43 lakh shares (2.63%) at Rs 306 apiece, Smiti Holding And Trading Company sold 33.42 lakh shares (2.63%) at 306 apiece.

• Devyani International: Franklin Templeton Mutual Fund bought 62 lakh shares (0.51%) at Rs 145 apiece, Dunearn Investments Mauritius sold 3.44 crore shares (2.86%) at Rs 145.04 apiece.

Block Deals

• Lloyds Metals And Energy: Pune IT Space Solutions bought 3.4 lakh shares (0.07%), Om Hari Mahabir Prasad Halan sold at 3.4 lakh shares (0.07%) at Rs 296.5 apiece.

Stocks To Watch: Tata Motors, Tata Power, Bandhan Bank, Indian Oil, Hindustan Zinc In Focus

• Tata Motors: The company raised the prices of its commercial vehicles by 5% from April 1 to comply with the BS6 phase II emission norms.

• Tata Power: Subsidiary Tata Power Renewable Energy received a letter of award to set up a 200 MW solar PV project at the Maharashtra State Electricity Distribution Company in Solapur, Maharashtra.

• Bandhan Bank: The bank received binding bids of Rs 369.20 crore for a written-off portfolio worth Rs 2,614.03 crore and Rs 370.62 crore for NPA originating from banking units worth Rs 2,316.32 crore on a security receipt consideration basis for transferring loans to an asset reconstruction company.

• Indian Oil Corporation: The company will prepare a detailed feasibility report for setting up a petrochemical complex at Paradip, Odisha, at an estimated project cost of Rs 61,077 crore. The project will improve the petrochemical intensity index of the company and de-risk its fossil fuel business.

• Power Finance Corporation: The company’s board approved raising Rs 80,000 crore of debt via long-term borrowings, short-term borrowings, and commercial paper during the next financial year.

• Hindustan Zinc: The board approved a fourth interim dividend for the current fiscal of Rs 26 per share, with an overall outgo of Rs 10,985.83 crore.

• Power Grid Corporation Of India: The company’s Committee of Directors for Bonds will meet on March 24 to consider the issue of bonds under the private placement.

• Lupin: The company received approval from the U.S. FDA for its Brexpiprazole tablets, which will be manufactured at its Pithampur facility in India.

• Zydus Lifesciences: The company received final approval from the U.S. FDA for Tofacitinib Tablets, 5 mg, and tentative approval for Tofacitinib Tablets, 10 mg.

• Mastek: Ashank Desai will relinquish his role as Vice Chairman and Managing Director and become Chairman and Managing Director from April 1.

• Samvardhana Motherson International: The company acquired the remaining 50% stake in Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria.

• HG Infra Engineering: The company was declared the lowest bidder by North Central Railway for the redevelopment of Kanpur Central Railway Station at Rs 677.31 crore.

• Ashiana Housing: The company crossed the annual booking value guidance of Rs 1,100 crore for the years 2022–23. The total booking value up to March 20, stands at Rs 1,278.84 crore.

• Emami: The board of the company will meet on March 24 to consider a proposal for a share buyback scheme.

SGX Nifty Indicates Higher Open For Benchmarks

Asian markets are set to follow U.S. equities higher as concerns over financial stability ease as investors prepare for the Federal Reserve’s interest-rate decision later on Wednesday.

Contracts for the S&P 500 were flat after the index advanced 1.3% on Tuesday, while the tech-heavy Nasdaq 100 lifted 1.4% as the two U.S. benchmarks posted a second day of gains.

Banks enjoyed relief after days of turmoil that triggered last week’s 15% rout in an index of U.S. lenders. UBS Group AG rose as investors focused on the upside of its Credit Suisse Group AG takeover.

The yield on the 10-year Treasury note was trading at 3.59%. Crude oil prices were trading around the $74 mark, while Bitcoin was hovering around the $28,000 level.

At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.22% at 17,182.5.

The Indian benchmark indices, Sensex and Nifty, held onto their gains through the day and advanced after midday to end higher.

The Indian rupee pared gains against the U.S. dollar to close lower amid speculation of a possible dovish U.S. Fed at the upcoming policy meeting this week.

Foreign investors in Indian equities remained net sellers for the ninth day in a row. Foreign portfolio investors sold equities worth Rs 1,454.6 crore on Tuesday. Meanwhile, domestic institutional investors remained net buyers for the ninth consecutive day as they bought equities worth Rs 1,946.1 crore. Foreign institutions invested in Indian equities have remained net sellers so far in 2023, selling equities worth Rs 50,147.6 crore.

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