Indian equity benchmarks rose about half a percent on March 23. The BSE Sensex closed 280 points, or 0.56 percent, higher at 50,051.44 while Nifty settled at 14,814.75, up 78 points or 0.53 percent. Sectorally, Nifty Metal, FMCG and Media ended in the red while Nifty PSU Bank jumped 2.91 percent. Nifty Bank and Private Bank indices rose 1.73 percent each. Nifty formed a bullish candle on the daily scale and negated the formation of lower highs of the last six trading sessions. As per Chandan Taparia, Vice President and Derivatives Analyst at Motilal Oswal Financial Services, Nifty has to hold above 14,750 to witness an up move towards 14,900 and 15,000 while on the downside, immediate support exists at 14,700 then 14,600.
Adani Ports | CMP: Rs 737 | The share price gained 2 percent after the company said it signed an agreement to acquire a 58.1 percent stake in Gangavaram Port (GPL). “..the company has signed an agreement on March 23, 2021, between DVS Raju & Family and the company, to acquire 58.1 percent stake of GPL,” Adani Port said in a BSE filing. The transaction, valued at Rs 3,604 crore, is expected to be completed within 6 months. “The acquisition is in line with the company’s strategy of the east coast to west coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource-rich and industrial belt in eastern, central & southern India,” Adani Port said.
Insecticides India | CMP: Rs 470.85 | The stock price jumped over 6 percent after the company’s board is all set to consider share buyback on March 30. A meeting of the Board of Directors of Insecticides (India) Limited is scheduled to be held on March 30 to consider the proposal for the buyback of the fully paid-up equity shares of the company of face value of Rs 10 each, as well as matters related incidental thereto, the company said in a exchange filing.
Jubilant Ingrevia | CMP: Rs 296.20 | The share price spiked 5 percent after the ace investor Rakesh Jhunjhunwala said persons acting in his concert have purchased 3,04,009 equity shares in Jubilant Ingrevia on March 19, resulting in an increase in total shareholding in the company to 99,33,809 equity shares (6.23 percent of total paid-up equity). On February 15, Rakesh Jhunjhunwala received 96,29,800 equity shares of Jubilant Ingrevia (6.04 percent stake) in allotment consequent to the composite scheme of arrangement of Jubilant Pharmova (formerly known as Jubilant Life Sciences). It has touched a 52-week high of Rs 299. It has touched an intraday high of Rs 299 and an intraday low of Rs 290.
Adani Enterprises | CMP: Rs 1,060.90 | The scrip jumped 7 percent on March 23. The company announced its subsidiary Adani Road Transport Limited bagged a project in Gujarat under Toll Operate Transfer (TOT) mode. Besides, media reports suggested that Italian firm Maire Tecnimont S.p.A. on Monday said its arms NextChem, Stamicarbon and MET Development (MET DEV) have teamed up with Adani Enterprises to develop green hydrogen projects in India. As per a PTI report, the company, through its subsidiaries, has signed a Memorandum of Understanding with Adani Enterprises to explore the development of industrial projects using NextChem and Stamicarbon’s Technologies and MET DEV’s project development capabilities and expertise to industrialise green chemistry and circular economy sectors in India.
Bharti Airtel | CMP: Rs 528.80 | The stock managed to end in the green on March 23. Airtel Africa announced the signing of agreements to sell its telecommunications tower companies in Madagascar and Malawi to Helios Towers PLC in Africa. The Group’s tower portfolios in these two markets together comprise 1,229 towers which form part of the Group’s wireless telecommunications infrastructure network. The transactions, comprising two separate agreements, one in respect of each jurisdiction, are subject to customary closing conditions including required regulatory approvals and are not interconditional on each other. The transactions are expected to close in or around calendar Q4, 2021.
Saregama India | CMP: Rs 1,562.05 | The scrip added over 3 percent after a meeting of the Board of Directors of the company was held on March 23, 2021, wherein the Board has considered and declared an interim dividend Rs 20 per equity share (i.e. 200 percent) on the paid-up equity share capital of the Company payable to those members whose names appear in the Register of Members of the Company, or, will appear as beneficial owners at the close of the business hours on April 6, 2021.
Maruti Suzuki | CMP: Rs 7,175 | The share price ended in the green on March 23. The country’s largest car maker has increased vehicle prices with effect from April 2021. “Over the past year, the cost of company’s vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021,” Maruti said in its BSE filing. The country’s largest carmaker reported an 11.8 percent increase in wholesales to 1,64,469 units in February 2021 against 1,47,110 units in February last year. Its domestic sales increased by 11.8 percent to 1,52,983 units last month, as against 1,36,849 units in February 2020.
KEC International | CMP: Rs 447.95 | The stock ended in the green on March 23 after the company secured new orders worth Rs 1,429 crore across its various businesses. The EPC major has secured new orders worth Rs 1,429 crore across its various businesses. Its transmission & distribution division has secured orders worth Rs 701 crore, while railways, civil and cables divisions secured orders of Rs 366 crore, Rs 318 crore and Rs 44 crore, respectively, the company said in a filing to exchanges.
Mahindra & Mahindra | CMP: Rs 842.90 | The stock ended in the red on March 23. In a boost to ‘Make in India’, Defence Ministry placed an order with Mahindra Defence Systems Ltd (MDSL) for supply of 1,300 Light Specialist Vehicles to the Indian Army, at a cost of Rs 1,056 crore on March 22, 2021. The induction of vehicles is planned to be completed in four years, the company said in an exchange filing. It will be authorised to various fighting units for carriage of Medium Machine Guns, Automatic Grenade Launchers as well as Anti-tank Guided Missiles. The Light Specialist Vehicle is indigenously designed and developed by MDSL. These combat vehicles are extremely agile with all round protection against small arms fire. Mahindra Defence Systems is a wholly-owned subsidiary of M&M.
Glenmark Pharma | CMP: Rs 468 | The scrip added over a percent on March 23. International Finance Corporation said Glenmark Pharmaceuticals has become the first domestic drugmaker to get a $ 40-million (about Rs 290 crore) credit-line from its $ 8-billion fast-track COVID-19 facility. The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic. The World Bank Group lender said the $ 40 million-loan is under its $ 8-billion fast-track COVID-19 facility and will help the Mumbai-based company boost its generic drug production capacity in general and respiratory drugs in particular.