All sectoral indices ended in the green, with the Nifty Energy index rising 3 percent. BSE midcap and smallcap indices added 0.4-1.3 percent. The S&P power index jumped 3 percent, while the FMCG index rose 2 percent. The realty index shed 0.5 percent. The Nifty formed a strong bullish candle on the daily scale and closed the day with gains of around 185 points.
The benchmark indices ended on a positive note on March 19 supported by the buying across sectors. At close, the Sensex was up 641.72 points, or 1.30%, at 49,858.24 and the Nifty was up 186.10 points, or 1.28%, at 14,744. All the sectoral indices ended in the green, with the Nifty energy index rising 3 percent. BSE midcap and smallcap indices added 0.4-1.3 percent. The S&P power index jumped 3 percent, while the FMCG index rose 2 percent. The realty index shed 0.5 percent. The Nifty formed a strong bullish candle on the daily scale and ended the day with handsome gains of around 185 points.
Aarti Drugs | CMP: Rs 745 | The stock jumped over 9 percent after the company approved a buyback of equity share worth up to Rs 60 crore. The board has approved the buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs 10 each of the company, representing up to 0.64 percent of the total number of equity shares of the company, at a price of Rs 1,000 per equity share payable in cash for an aggregate amount of up to Rs 60 crore. The buyback will be done on a proportionate basis through a tender offer to all the equity shareholders and beneficiary owners who hold equity shares on the record date. The board of directors has set the record date for the proposed buyback as April 1, 2021.
Bajaj Auto | CMP: Rs 3,645.80 | The stock ended in the red as the company announced an amendment to its dividend distribution policy. According to the amendment, “subject to the caveats given in the policy, the board shall endeavour to arrive at a dividend payout as a percentage of profits after tax on the company’s standalone financials, taking into account the surplus funds available with the company,” the company said in an exchange filing. “Surplus funds” for this purpose comprises investments in financial assets other than in equity shares of group companies and strategic investments. “The final dividend will be recommended by the board for the approval of the shareholders in a general meeting, while interim dividend, if any, may be declared by the board. The company has only one class of shares, ie equity shares,” it added. Nomura has maintained a “buy” call on the stock with the target at Rs 4,403 per share. JP Morgan has maintained the “overweight” rating on the stock, with the target at Rs 4,400 per share.
Tata Chemicals | CMP: Rs 756.40 | The stock gained over 5 percent after Fitch Ratings affirmed Tata Chemicals Limited’s long-term foreign currency Issuer Default Rating (IDR) at ‘BB+’. The outlook is stable. The stable outlook reflects expectations that TCL’s credit metrics would remain adequate for the rating over the medium term. However, downside risks could arise from higher-than-expected capex, shareholder payouts and acquisitions, or a prolonged weakness in industry conditions, it added.
Bharat Dynamics | CMP: Rs 345.85 | The scrip added a percent after the defence ministry on March 19 signed a Rs 1,188-crore deal with Bharat Dynamics Limited (BDL) for the supply of 4,960 Milan-2T Anti-Tank Guided Missiles (ATGMs) to the Indian Army. “This will further boost the ‘Make in India’ initiative of the government. It is a ‘repeat order’ of contract, which was signed with BDL on March 8, 2016,” said the defence ministry in a statement. According to the ministry, the missile is a Tandem Warhead ATGM with the range of 1,850 metres, produced by BDL under licence from MBDA Missile Systems, France.
Adani Enterprises | CMP: Rs 885.50 | The share ended in the green after the company said its subsidiary Adani Road Transport received a letter of award (LoA) from the National Highways Authority of India (NHAI) for a toll operate transfer (ToT) road project in Gujarat. The consortium led by ARTL has received a letter of award (LoA) from NHAI for a road project in Gujarat. The project involves tolling, operation, maintenance and transfer of Palanpur-Radhanpur-Samkhiyali Section of NH-27, the length of which is 53.6 km. The concession period is 20 years.
Manappuram Finance | CMP: Rs 158.75 | The stock ended marginally in the red on March 19. The company said it will raise up to Rs 6,000 crore in the next fiscal. The decision was taken by the board of directors at a meeting on March 19, the company said in a regulatory filing. “The board of directors of Manappuram Finance Limited at its meeting held on today has considered and approved the fundraising programme of the company for FY 2021-2022, which includes the issuance of redeemable non-convertible debentures to the tune of Rs 6,000 crore,” it said. The fundraising will be through various ways, including the issuance of redeemable non-convertible debentures on private placement and/or a public issue in one or more tranches.
Future Retail | CMP: Rs 55.90 | The share price fell 10 percent after Amazon won relief in a see-saw legal battle with Kishore Biyani’s Future Group after the Delhi high court on March 18 ordered Future Retail Ltd not to take any further steps to sell its assets to Mukesh Ambani’s Reliance Industries Ltd. The single-judge bench of Justice JR Midha ruled that Future Retail has “wilfully violated Singapore International Arbitration Centre’s (SIAC’s) emergency order”, holding that the tribunal’s ruling is legally enforceable in India under the country’s arbitration law. The stock touched a 52-week low of Rs 55.85. There were pending sell orders of 52,266 shares, with no buyers available. Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
GAIL India | CMP: Rs 139.30 | The stock was up 3 percent after the state-owned natural gas company and the Ranchi Municipal Corporation signed a concession agreement for setting up a compressed biogas plant in Ranchi. As per the agreement, GAIL would set up compressed biogas (CBG) plant for processing 150 tonnes per day of organic municipal solid waste (MSW). The plant will produce 5 tonnes of compressed biogas per day and approximately 25 tonnes of fermented bio manure per day, it added. CBG plant would be beneficial for people of Ranchi by producing clean & green fuel and will be a step towards Aatmanirbhar Bharat, GAIL said in its BSE filing.
Deepak Nitrite | CMP: Rs 1,516.10 | The scrip added 2 percent after rating agency CRISIL has upgraded its long-term rating outlook for the bank loan facilities of Rs 750 crore, from ‘AA-/positive’ to ‘AA/stable. CRISIL has re-affirmed the short-term rating of the company as ‘A1+’, Deepak Nitrite said. It touched an intraday high of Rs 1,521.95 and an intraday low of Rs 1,427.95. It traded with volumes of 145,648 shares, compared to its five-day average of 68,794 shares, an increase of 111.71 percent. The stock has been showing strong momentum: price above short, medium and long term moving averages with FII / FPI or institutions increasing their shareholding.
deepak Nitrite
Sandip Das
