Indian benchmark indices ended higher on March 8 amid high volatility led by the realty, IT, and pharma names. At close, the Sensex was up 581.34 points or 1.10 percent at 53,424.09, and the Nifty was up 150.30 points or 0.95 percent at 16,013.50.
UltraTech Cement | CMP: Rs 5,839 | The share price was up over 2 percent on March 8. Credit Suisse has kept ‘outperform’ call on UltraTech Cement and cut target to Rs 7,500 from Rs 9,250 per share. The price sensitivity is about Rs 500/t for USD 100/t rise in high calorific value coal, while crude sensitivity is lower, as 30 percent of freight cost depends on diesel prices. It has maintained outperform as crisis-driven spike can be short-lived.
Adani Ports | CMP: Rs 689.55 | The stock ended in the green on March 8. Adani Ports and Special Economic Zone Ltd has signed an agreement with Indian Oil Corp wherein IOCL will be adding nine more crude oil tanks in the APSEZ. This is in addition to the 12 tanks currently present in the SEZ which have a total capacity of 720,000 KL. The addition of new tanks will augment the storage capacity to 1,260,000 KL. This will support IOCL’s expansion of its Panipat Refinery (Haryana). IOCL is raising the capacity at its Panipat Refinery by 66 percent to 25 MMPTA to meet India’s rapidly growing energy requirements.
Shriram City Union Finance | CMP: Rs 1,479.70 | The scrip added over 2 percent after the Board of Directors at their meeting declared a second interim dividend of Rs 27 (i.e. 270 percent) per equity share of Rs 10 each for the financial year 2021-2022 to those members whose name appears in the Register of Members of the Company as on March 17, 2022, being the record date for payment of second interim dividend subject to deduction of tax at source, if any, to the eligible shareholders. The second interim dividend shall be paid/despatched on or before March 25, 2022.
Future Enterprises | CMP: Rs 9.65 | The stock price jumped over 6 percent after the company was cleared for its stake sale in its general insurance joint venture with Italy’s Generali, an exchange filing showed on Monday. A Mumbai city court late last month put on hold Future’s planned sale of its 25 percent stake in Future Generali India Insurance Company to Generali for 12.52 billion rupees ($ 162.82 million), after a legal challenge from some bondholders of Future companies that had defaulted.
Dish TV | CMP: Rs 14.95 | The share spiked 6 percent on March 8. Dish TV is likely to appeal before Securities Appellate Tribunal against the SEBI order. SEBI had asked Dish TV to disclose the outcome of AGM within 24 hours.
