All the sectoral indices ended in the red, with the Nifty metal index falling 2 percent and the Nifty Bank losing a percent. Mid and smallcaps indices outperformed the main indices with gains of 0.4-0.8 percent each.
The benchmark indices ended lower to break their three-day gaining streak on March 4 on the back of selling in the metal stocks. At close, the Sensex was down 598.57 points or 1.16% at 50,846.08, and the Nifty was down 164.80 points or 1.08% at 15,080.80. All the sectoral indices ended in the red, with the Nifty metal index falling 2 percent and the Nifty Bank index losing a percent. Mid and smallcaps indices outperformed the benchmarks, with gains of 0.4-0.8 percent each. On the BSE, the metal index shed 2 percent, while the Bank index was down 1.4 percent. A volume spike of more than 100 percent was seen in IRCTC, BHEL and CONCOR. Long buildup was seen in Trent, IRCTC, Navin Fluorine International, while short buildup was seen in City Union Bank, Power Grid and Aarti Industries. More than 300 stocks, including ACC, Torrent Power, Karnataka Bank and IFCI, hit a fresh 52-week high on the BSE. The bullish candle with a bigger shadow on the daily scale indicated a tussle between the bulls and the bears. Experts expect the consolidation to continue in the coming sessions but say a sharp fall is unlikely till the index holds the 15,000-mark.
Dilip Buildcon | CMP: Rs 691 | The stock jumped 5 percent after the company received the letter of acceptance (LOA) from Mahanadi Coalfield (MCL) on March 4, 2021, for mine developer cum operator (MDO) contract for the development and operation of SIARMAL Open Cast Project in the state of Odisha. The value of the contract is Rs 36,819.07 crore.
Vivimed Labs | CMP: Rs 18.10 | The share price jumped more than 11 percent after the company announced that its FDF manufacturing facility in Jeedimetla, near Hyderabad, was inspected in August 2017 by the Ukraine ministry of health and has been approved and accredited with GMP Certification effective September 2017 and same has been renewed up to February 4, 2022.
Ashoka Buildcon | CMP: Rs 115 | The scrip added more than 2 percent after the company entered into a share purchase agreement with India Infrastructure Fund (IIF) for purchasing directly or through its subsidiary, 49 percent stake (i.e.1,27,95,399 equity shares of Rs 10 each) held by IIF in Ashoka Highways (Bhandara) Limited along with Zero Interest Shareholders Loan for an aggregate consideration of Rs 35,98,00,000, company said in its release.
Indian Bank | CMP: Rs 140 | The stock ended in the green after Crisil revised the bank’s Tier 1, Tier 2 and Infrastructure Bonds’ ratings to “stable” from “negative”. The state-owned bank said it held an extraordinary general meeting (EGM) to seek the shareholders’ nod for raising equity capital up to Rs 4,000 crore through various means. Extraordinary General Meeting of the bank was held on March 2, 2021 through video conferencing/other audio-visual means in accordance with government guidelines, the bank said in a regulatory filing.
Adani Ports | CMP: Rs 751.55 | The share price gained 3 percent as the company said it is acquiring a stake in Gangavaram Port. It is acquiring the 31.5 percent stake held by Windy Lakeside Investment (an affiliate of Warburg Pincus) in Gangavaram Port (GPL), the company said in a press release. The company is also in discussions with DVS Raju & Family for their 58.1 percent stake (around 30 crore shares) in GPL, it added. GPL is the second-largest non-major port in Andhra Pradesh with a 64 MMT capacity established under a concession from the Andhra Pradesh government, which has extended the benefit till 2059.
AIA Engineering | CMP: Rs 1,890 | The stock added 3 percent after the Japanese research firm Nomura upgraded the stock to buy with a target of Rs 2,230 per share. It is of the view that freight rates have started to moderate, adding that the high raw material prices can be passed through. The company’s superior offerings can help the firm’s entry into mines.
Mahindra Logistics | CMP: Rs 512 | The scrip jumped over 6 percent after the company announced that it has partnered Bajaj Electricals for a five-year, Rs 1,000-crore agreement for logistics optimisation and outsourcing arrangement. The deal is an end-to-end redesign and outsourcing of BEL’s entire logistics by MLL. It will help them to achieve enhanced service levels coupled with a logistics cost saving in excess of 25 percent.
Welspun India | CMP: Rs 75.40 | The share price was up over 6 percent after the board approved raising up to $ 100 million in one or more tranches. The board of directors has “approved raising of borrowing of up to a maximum of $ 100 million in one or more form or instruments, including but not limited to loans, ESG bonds, nonconvertible debentures (NCDs), ECBs, etc, may be raised in form of domestic or overseas issuance… in one or more tranches”, Welspun said in a regulatory filing.
VST Tillers | CMP: Rs 1,955 | The stock added 2 percent after the company entered into a share purchase agreement for investment in Series A Preferred Stock of Zimeno Inc. The investee company is in the development of the electric autonomous tractor. The investment will be $ 1.5 million in Series A preferred stock of the investee company. There will be no nominee in the board of directors of the listed entity and no potential conflict of interest arising out of the agreement.
Union Bank of India | CMP: Rs 39.40 | The share price ended in the red even after CRISIL Ratings revised its outlook on the long-term debt instruments of Union Bank of India to ‘stable’ from ‘negative’ while reaffirming its ratings at ‘CRISIL AA+/CRISIL AA-’. It has also withdrawn its rating on the Tier-II bond issue (under Basel III) of Rs. 500 crore in-line with its withdrawal policy. CRISIL has received independent verification that these instruments are fully redeemed.
Sandip Das
