On the sectoral front, Nifty bank, auto, FMCG, PSU bank and pharma indices shed 1 percent each. The BSE midcap index fell 0.4 percent, while smallcap index ended flat.
The benchmark indices snapped the three-day winning streak, with the Sensex slipping below 51,000, though the Nifty managed to hold 15,000. At close, the Sensex was down 487.43 points, or 0.95%, at 50,792.08, while the Nifty was down 143.80 points, or 0.95%, at 15,031. Bajaj Auto, Hindalco, SBI Life Insurance, HDFC Life and Maruti Suzuki were among the major losers on the Nifty, while gainers were BPCL, IOC, Power Grid Corporation, JSW Steel and Titan Company. On the sectoral front, Nifty Bank, auto, FMCG, PSU bank and pharma indices shed 1 percent each. The BSE midcap index fell 0.4 percent and the smallcap index ended flat.
IDBI Bank | CMP: Rs 42 | The share price added 10 percent on March 12 after the Reserve Bank of India (RBI) said it will be taken out of prompt corrective action (PCA) framework following improvement in its overall performance. The bank provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis. The performance of bank was reviewed by the board for financial supervision (BFS) in its meeting on February 18, 2021 and it was noted that as per the published results for the quarter ending December 31, 2020, the bank had not breached the PCA parameters on regulatory capital, net NPA and leverage ratio.
Prestige Estates Projects | CMP: Rs 293.30 | The company share price ended higher after research firm CLSA retained buy on the stock and raised the target price to Rs 360 from Rs 340 per share. The firm feels that re-rating is likely on the back of a stronger balance sheet. It is of the view that estimated net debt is likely to decline to Rs 1,900 crore from Rs 8,500 crore, reported CNBC-TV18 quoting the brokerage. CLSA has, however, cut FY21-23 earnings estimates due to a decline in rental income. Also, the company concluded phase 1 of the proposed transaction with US private equity major Blackstone Group worth Rs 74,670 million, the real estate developer said on March 10.
Quick Heal Technologies | CMP: Rs 199.35 | The share price was down over 2 percent after the company’s board at its meeting on March 10, 2021 approved the proposal to buyback up to 63,26,530 equity shares, being 9.85 percent of the total paid-up equity share capital, of the company for an aggregate amount not exceeding Rs 1,550 million at Rs 245 per equity share. The buyback is subject to the approval of the members by means of a special resolution through a postal ballot. The board has approved the constitution of the buyback committee.
Man Infraconstruction | CMP: Rs 45.15 | Share price touched a 52-week high of Rs 46.70 after company through its JV entity, Man Chandak Realty LLP, launched a real estate development project having a total saleable area of approximately 350,000 sq ft at Vile Parle West, Mumbai under the ‘Development Management Model. The project would be developed in two phases and Phase I has been christended as “Insignia”. On March 10, Man Vastucon LLP, a wholly-owned subsidiary of Man Infraconstruction, received a Rs 84.32-crore order from Mira Shaindar Municipal Corporation for construction and finishing an auditorium off the Western Express Highway, Mira Road East, Thane.
Hatsun Agro Products | CMP: Rs 786.10 | The company share price added nearly 2 percent on March 12 after the board approved entering into a power purchase agreement with Swelect Sun Energy Private Limited, shareholders’ agreement and the share subscription agreement and other related agreements with Swelect Energy Systems Limited, SICGILSOL Gases Private Limited and Swelect Sun Energy Private Limited. The board also approved the proposal for setting up of a dairy plant in northern Andhra Pradesh besides the already approved proposal for a dairy plant in Odisha.
Deccan Gold Mines | CMP: Rs 16.55 | Deccan Gold Mines shares jumped 4.7 percent on March 12 after the company said that the Karnataka High Court had set aside the Centre’s order to keep its prior approval for Ganajur Mining Lease in abeyance. The writ petition was filed by Deccan Exploration Services Private Limited (DESPL), a wholly-owned subsidiary of the company. The government has been given three months to initiate action but it will have to afford the company a hearing before passing an order, it said.
Tata Power Company | CMP: Rs 113.25 | The share price touched a 52-week high of Rs 114.45, rising more than 5 percent on reports of the company and Tesla exploring an arrangement on charging infrastructure. The talks between Tata Power and Tesla were in an initial stage and no agreement had been between the companies, quoting Source, reported CNBC-TV18.
Bharat Dynamics | CMP: Rs 362.70 | The share price gained on March 12 after the company’s board approved payment of interim dividend for the financial year 2020-21 at Rs 6.70 per share of the face value of Rs 10 each. The record date for the payment of interim dividend will March 20. The date of payment of interim dividend for FY 2020-21 will be completed on and before April 10.
India Glycols | CMP: Rs 533.55 | The share price slipped nearly 8 percent after the board approved the execution of the business transfer agreement for the transfer of the company’s BioEO (specialty chemicals) business to IGL Green Chemicals (IGCPL), a wholly-owned subsidiary. The board also approved entering into a joint venture with IGCPL and Clariant International in connection with, investment by Clariant in IGCPL and issuance of subscription shares by IGCPL to Clariant. It would result in IGCPL becoming a 51 :49 joint venture, in which 51 percent stake would be held by Clariant and the remaining 49 percent by the company.
PG Electroplast | CMP: Rs 455 | The share price rose 5 percent after the company entered into an agreement to acquire and purchase all leasehold interests and rights to an industrial land measuring 10 acres adjacent to the company’s manufacturing facility at Supa Parner MIDC, Ahmednagar, Maharashtra at a tentative cost of Rs 9.5 crore. The industrial land acquired will be used to expand the existing facility into a 20 acre integrated manufacturing campus and will enable the company to significantly improve both its capabilities and capacities for manufacturing air conditioners and other appliances.
Rakesh Patil
