Asian shares were mostly lower Thursday after the Fed raised a key interest rate while noting the end may be near for its economy-crunching hikes to interest rates. However, the focus now shifts to BoE which is widely expected to also raise its lending rate by 25 bps after data on Wednesday showed an unexpected rise in UK inflation.
Indices drag as Sensex sheds 290 pts and Nifty 75 pts; IT, Bank indices lag
Indian shares swung between gains and losses on Thursday but ended in the red after the US Fed reiterated its fight against inflation with a quarter-point rate hike.
The Nifty 50 index shed 75 points to close at 17,076, while the S&P BSE Sensex ended below 58,000, at 57,925, a drop of 290 points.
IT, PSU Bank and Realty index contributed most to the drag, while FCMG and Media held steady in today's session and ended in the green.
Hindalco, Maruti Suzuki and Nestle India jumped more than a per cent each. SBI, Bajaj Auto Asian Paints, Kotak Bank, and HCL Tech were among the biggest laggards and shed more than a per cent each.
Asian shares were mixed Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates.
Japan's Nikkei share average closed lower on Thursday, although it hovered near the session high amid a recovery in broader Asian markets as investors assessed the U.S. Federal Reserve's hints of a pivot on its policy tightening. The Nikkei index ended 0.17% lower. The broader Topix closed 0.29% weaker.
China and Hong Kong stocks ended higher on Thursday, as the U.S. Federal Reserve softening its tone on future interest rate hikes boosted investor sentiment.
China's blue-chip CSI300 Index closed up 1.0%, while the Shanghai Composite Index rose 0.6%. Hong Kong's benchmark Hang Seng Index was up 2.3%, and the China Enterprises Index rose 3.0%, both recording their biggest jump in three weeks.
European stocks fell as investors awaited key rates decisions across the region. The Stoxx Europe 600 Index slid before policy announcements from the Bank of England and its counterparts in Switzerland and Norway.
Bank stocks led London's exporter-heavy FTSE 100 lower on Thursday, as the pound strengthened ahead of what will likely be the Bank of England's 11th straight interest rate hike later in the day.
India govt's open e-commerce network ONDC expands into mobility
India's open e-commerce network ONDC on Thursday marked its foray into the mobility sector, tying up with a ride-hailing company in the tech city of Bengaluru to help local businesses take on the likes of Uber Technologies. ONDC is in talks with more companies in the sector across several cities to bring them on board over the next few months, its Senior Vice President Nitin Nair said at an event in Bengaluru. The government launched the Open Network for Digital Commerce (ONDC) last year to enable small merchants and local stores across the country to access processes and technologies typically deployed by large e-commerce platforms like Amazon and Walmart.
The non-profit company's network currently enables the display of products and services from all participating e-commerce platforms in search results across all apps on the network.
With this launch, ONDC aims to do something similar in the mobility space. It will help integrate apps on different modes of transport -metro, buses, and auto rickshaws- on the network, giving customers the option to book rides on a single platform. (Reuters)
Spencer’s Retail Limited appoints Anuj Singh as CEO and MD
Spencer’s Retail Ltd on Wednesday announced the appointment of Anuj Singh as the multi-brand retailer’s chief executive officer and managing director for a period of three years.
“..we wish to inform you that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held today i.e. March 22, 2023, appointed Anuj Singh as an Additional Director of the company with effect from March 22, 2023 (subject to the approval of shareholders at the ensuing general meeting of the company), and the Chief Executive Officer and Managing Director of the company for a period of three years from the said date," the company said in a regulatory filing.
Swiss National Bank raises rates, says bank crisis stopped
The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had "put a halt to the crisis".
The central bank said that additional rate rises could not be ruled out and that it was willing to be active in the foreign exchange market if necessary.
"The measures announced at the weekend ... have put a halt to the crisis," it said in a statement. "The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies."
The rates increase was the SNB's fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB's target band of 0%-2%.
"The growth outlook for the global economy in the coming quarters remains subdued," said the SNB in a statement. "At the same time, inflation is likely to remain elevated worldwide for the time being." (Reuters)
Is ChatGPT getting used for office work? New study makes this revelation
OpenaAI's viral conversational chatbot ChatGPT and similar tools are increasingly being used for doing work-related tasks. While employees are adopting ChatGPT for completing their work, their managers remain unaware of this artificial intelligence usage in their company.
According to new research from professional networking app Fishbowl, nearly 43% of the 11,793 professionals surveyed said they use ChatGPT or other such AI tools for work-related tasks. This is nearly a 50% increase from a similar survey conducted in January this year. In the January Fishbowl survey, only about 27% of respondents were using generative AI-based technology for their work-related tasks. (Read More)
China, Hong Kong stocks rise after Fed hints at rate pause
China and Hong Kong stocks ended higher on Thursday, as the U.S. Federal Reserve softening its tone on future interest rate hikes boosted investor sentiment.
** China's blue-chip CSI300 Index closed up 1.0%, while the Shanghai Composite Index rose 0.6%.
** Hong Kong's benchmark Hang Seng Index was up 2.3%, and the China Enterprises Index rose 3.0%, both recording their biggest jump in three weeks.
** The Fed on Wednesday raised rates by 25 basis points (bps), but indicated it was on the verge of pausing further increases after the recent collapse of two U.S. banks.
** Following the Fed's move, the Hong Kong central bank on Thursday raised its base rate charged through the overnight discount window by 25 bps to 5.25%. As the city's currency is pegged to the greenback in a tight range, Hong Kong's monetary policy moves in lock-step with the U.S.
** Investors' risk sentiment towards Hong Kong shares may be corrected after the Fed "dovishly" raised rates and the Swiss and U.S. regulators quickly responded the banking crisis with policy support, Huatai Securities wrote in a note. (Reuters)
Realty index sheds 0.5% as most stocks are trading lower in today's session
IGL declares 2nd interim dividend of ₹10 per share, record date next week
Natural gas distribution company Indraprastha Gas Ltd's (IGL) board on Thursday approved the declaration of the second interim dividend of ₹10 per share for the financial year 2022-23 (FY23). Shares of IGL were trading marginally higher, recovering from intraday low, at ₹439 apiece on the BSE in the afternoon deals.
“Further to our letter dated March 18, 2023, this is to inform that Board of Directors of the Company in its meeting held today has declared 2nd interim dividend @ 500% i.e, ₹10/- per share (Face value of Rs. 2/- each) on the equity shares of the Company for the Financial year 2022-23. As informed vide letter dated March 18, 2023 the record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be March 31, 2023 (Friday)," the company informed in an exchange filing today. (Read More)
HCL Tech among the biggest laggards and puts a drag on the the IT index
Govt allows import of urea through India Potash till March 2024
The centre has allowed the import of urea through India Potash Limited for another year until March 2024, the Directorate General of Foreign Trade said in a notification.
Earlier, it was supposed to be allowed till March 2023.
Besides India Potash Limited, the import of fertilizer is already allowed through Rashtriya Chemicals and Fertilizers, and National Fertilizers under the current policy. (Read More)
Maruti Suzuki to hike prices of model range from April
Maruti Suzuki India on Thursday said it will increase prices of its model range in April to partially offset the impact of "overall inflation and regulatory requirements".
The auto major, however, did not share the quantum of the price hike it intends to implement from next month.
The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements, the auto maker said in a regulatory filing.
While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase, it added.
The company has planned this price increase in April, 2023, which shall vary across models, Maruti Suzuki India stated.
Already several automakers, including Honda Cars, Tata Motors and Hero MotoCorp, have announced increase in prices from April. (PTI)
Greater risk of rupee weakness; RBI could press hard on brakes: Moody's
The risk of weakness in currencies in the emerging economies in Asia is worrisome, and more so the risk is greater in India with a new bout of rupee weakness, which could force the Reserve Bank of India to "press harder on the brakes", according to Moody's Analytics.
The rupee weakness, according to Moody's, may slow in what it earlier expected India to be one of emerging Asia's best-performing economies.
The Indian rupee had been volatile for almost a year now and hit several fresh all-time lows as the US dollar strengthened against major global currencies. In October 2022, the rupee breached the 83 mark for the first time in its history.
The rupee is currently hovering above 82 per US dollar.
Depleting forex reserves faced with the high cost of imported goods, and the ongoing monetary policy tightening by the US Federal Reserve triggered the currency's depreciation. Investors tend to move towards stable markets, such as the US, for better and stable returns amid any tight monetary policy. (ANI)
India's Vedanta says talk of stake sale baseless as shares drop 6%
Indian billionaire Anil Agarwal-led Vedanta Ltd called talks of any stake sale in the mining major "untrue and baseless" on Thursday, after a media report said the tycoon was weighing selling less than 5% stake in the company.
Bloomberg News reported citing people familiar with the matter that Agarwal was studying options including selling a minority stake in Vedanta, as he looked to shrink his commodities business empire's massive debt load.
However, a Vedanta spokesperson said in an emailed statement to Reuters that "any talk of stake sale in Vedanta Ltd is untrue and baseless."
A 5% stake in $12.3 billion-Vedanta would be worth some $615 million, according to Reuters calculations.
Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March before cutting some losses. (Reuters)
Nestle India shines as it jumps more than a per cent in today's trading
India seeks data on state-bank bond portfolios amid global banking turmoil - sources
India has asked state-owned lenders to submit details of their bond portfolios ahead of a quarterly meeting between the government and banks this Saturday, amid the turmoil in global banks, seven bankers with direct knowledge of the matters told Reuters on Thursday.
"The finance ministry has asked banks to submit data about their held-to-maturity (HTM) portfolios and mark-to-market (MTM) losses in trading books to identify any potential stress," one senior banker said on condition of anonymity.
The data collection process has been going on for the last few days and is more of a precautionary exercise because the government "does not want to be caught off-guard" if the crisis spirals further, the banker added.
It was not immediately clear when the last check was done. However, the government or the Reserve Bank of India typically asks for such data during bouts of volatility.
The bankers did not want to be named as they are not authorised to speak to the media. The Ministry of Finance did not respond to a Reuters email seeking comment. (Reuters)
Biocon's Kiran Mazumdar-Shaw to retire from Infosys Board
IT major, Infosys today announced the retirement of Biotechnology industry veteran Kiran Mazumdar-Shaw as Independent Director of the Board, effective March 22, 2023, upon completion of her tenure.
“The Board has appointed D. Sundaram as the Lead Independent Director of the Company, effective March 23, 2023 based on the recommendation of the Nomination and Remuneration Committee," Infosys said in a company statement. (Read More)
NSE scraps 'do not exercise facility'. What is it, how it impacts F&O traders?
Stock market's Future & Option (F&O) traders need to take extra precautions from next financial year as NSE has decided to scrap the 'Do Not Exercise' (DNE) facility for them from 30th March 2023. As 30th March will be a stock market holiday for the celebration of the Ramnavmi festival across the nation, this month's expiry would fall on 29th March 2023. So, the DNE facility would be available till the 29th March 2023 expiry and from next month there will be no DNE facility for stock option traders. However, the facility will continue for Index Option traders.
According to stock market experts, this will have a negative impact on options trade volume as one won't have an auto square-off facility after the end of monthly option in stock option trade. Now, the settlement will go into the cash delivery segment where an options trader will have to pay the required margin to take delivery. The margin will be very high and they will have to pay interest and penalty as well if they have taken strike without having full amount in their demat account. However, they said that the step taken by NSE would discourage high-risk option trade and push cash trade, which is good for a low risk trader and investor. (Read More)
Noon Update: Indices mostly stay flat after starting in the red as IT and PSU Bank indices continue to struggle
Mars Wrigley elevates Kalpesh Parmar as GM, Asia; Tamer Kadry takes over as India GM
Chocolate and confectionery maker Mars Wrigley has elevated its India head Kalpesh Parmar as the new general manager of the Mars Wrigley Asia business. In his new role, Parmar will oversee businesses across 20 markets.
Parmar is succeeded by Tamer Kadry who is set to assume the role of the country general manager of India.
“After spearheading a successful journey of three years in India and turning around the business with double-digit growth, Parmar has been promoted to lead the company’s Asia business with immediate effect. In his new role, Parmar will oversee 20 diverse markets in the Mars Wrigley Asia portfolio. He will lead business operations of the chocolate, gum, and fruity confections segments across all Asia markets as well as the pet nutrition segment in South Korea, Taiwan, and Hong Kong," the maker of Snickers chocolates said in a statement announcing the appointments. (Read More)
India logs 1,300 fresh Covid cases, highest in 140 days
India has been witnessing a spike in daily Covid-19 cases with the country recording 1,300 new coronavirus infections in the past 24 hours, the highest in 140 days, according to the Union Health Ministry data updated on Thursday.
With this, the country's cumulative Covid caseload has gone up to 4.46 crore (4,46,99, 418).
The death toll has increased to 5,30,816 with three deaths. One death each has been reported by Karnataka, Gujarat and Maharashtra, the data updated at 8 am stated. (Read More)
PSU Bank index continues to struggle as most stocks shed in today's session
Nationwide protests in France after Macron doubles down on pension bill
Hundreds of thousands of people were set to strike and demonstrate in France on Thursday after President Emmanuel Macron vowed to push on with a deeply unpopular pension reform despite escalating anger across the country.
Protests against the legislation -- which lifts the retirement age by two years to 64 -- have drawn huge crowds in rallies organised by unions since January.
Labour unions said Thursday's ninth nationwide day of action would draw huge crowds against what they described as Macron's "scorn" and "lies."
Macron drew an angry response from unions and opposition parties on Wednesday when he rejected their calls for him to heed growing popular anger.
"The best response we can give the president is that there are millions of people on strike and in the streets," said Philippe Martinez, who leads the hardline CGT union.
Thursday's strike will see train traffic seriously disrupted, with airports also affected, and teachers among many professions walking off the job, while rolling strikes continue at oil depots and amid garbage collectors. (Reuters)
Kalpataru Power Transmission bags orders worth ₹2,477-crore
Kalpataru Power Transmission Limited (KPTL) on Thursday said the company and its international subsidiaries have secured new orders worth ₹2,477 crores.
Of those orders, transmission and distribution business orders were worth ₹1,181 crores in India and overseas markets, and Engineering, Procurement and Construction (EPC) projects in the water business of ₹1,296 crore.
"We are pleased with the continuous momentum in order inflows, especially in our T&D and water businesses. The orders in the T&D business have significantly enhanced our order book especially in the domestic market," said Manish Mohnot, MD and CEO, Kalpataru Power Transmission Limited.
"Our water business continues to strengthen and diversify its presence in the rural piped water supply projects. With the above order wins, our YTD (year-to-date) order intake has reached at a record level of ₹25,149 Crores. We continue to focus on delivering profitable growth and improving our return ratios going forward." (ANI)
Hindalco stocks shine in today's trading as it leads the Nifty 50 stock chart
Vedanta's Anil Agarwal said to weigh stake sale as last-resort option
Indian tycoon Anil Agarwal is studying options including selling a minority stake in Vedanta Ltd. as he looks to shrink his commodities business empire’s massive debt load, according to people familiar with the matter.
Agarwal is evaluating the possibility of divesting a less than 5% stake in the Mumbai-listed company, said the people, who asked not to be identified as the information is private. Vedanta’s shares have fallen about 32% in the last 12 months, giving it a market value of about $12.6 billion. A 5% stake is worth about $630 million. A stake sale in Vedanta is a last resort for the billionaire and will only be considered if other fundraising options fail, the people said. (Read More)
Gopal Kavalireddi of FYERS shares his views on the Fed rate hike
Gopal Kavalireddi, Head of Research at FYERS: From a “need for larger and faster-paced rate hikes" in the previous policy meeting to the current setting for peaking of interest rate hikes, it took a couple of banks to collapse and induce financial turmoil, weighing the US economy down further. On expected lines, the US Federal Reserve decided to take a much smaller rate hike of 25 bps in its latest policy meeting. Post this hike, the US Fed fund rate is expected to be in the range of 4.75 to 5.00 per cent. The commentary also signalled for maintaining the focus on inflation in the midst of a banking crisis in spite of the recessionary risk in a weak global economic situation.
Stock markets had priced in this muted rate hike but will take note of the impact on the cost of funds and tightening liquidity situation. In India, the major indices opened with a minor downtick and quickly recovered to trade in the positive territory, brushing aside the US Fed event. It remains to be seen if RBI would follow suit and hike the repo rate in the upcoming Monetary Policy Committee (MPC) meeting in April. The RBI Governor had hiked the benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation in February 2023 and a withdrawal of the accommodation stance. The MPC’s vigil on the inflation outlook remains committed even with the expectations of reduced economic activity in the upcoming financial year. The Indian GDP is expected to grow between 6-7 per cent in FY24 as per various estimates, with the inflation rate remaining firmly above the 4 per cent mark.
Auto index stable as most stocks trade in the green
HAL share price today plunges as govt to sell stake, launches OFS
Shares of Hindustan Aeronautics Ltd (HAL) plunged more than 5% to ₹2,475 apiece on the BSE after the government launched offer for sale (OFS) to sell 3.5% stake in HAL at a floor price of ₹2,450 per share.
The PSU defence company on Wednesday that the government is planning to sell up to 3.5% stake in aerospace and defence company this week in a deal that could fetch the government ₹2,867 crore. The floor price for the HAL stake sale is set at ₹2,450 apiece, at a discount to Wednesday's close. (Read More)
Global Surfaces shares list at premium over IPO issue price
Shares of Global Surfaces Ltd made their positive market debut on Thursday with the stock listing at ₹164 apiece on the NSE, a premium of more than 17% as compared to its IPO issue price of ₹140 per share. On the BSE, Global Surfaces shares started trading at ₹163 a piece.
Global Surfaces Ltd's initial public offering (IPO) was subscribed 12.21 times by the final day of the offer on Wednesday, March 15, 2023. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer. (Read More)
Asian sheds more than 1.5% and is among the biggest laggards in today's early trading
Geojit Financial Services on today's market: Investors need to expect only moderate returns from the market in the present context of high interest rates
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The 25 bp rate hike by the Fed and dovish commentary were on expected lines. The Fed is trying its best to balance inflation control with financial stability. The strong message from Jerome Powell that “the US banking system is sound, resilient and well capitalised with adequate liquidity" should calm the markets. But the late day sell-off was triggered by the Treasury Secretary Janet Yellen’s comment that they are not considering blanket deposit insurance. This kind of gyrations happen in a highly volatile whipsawing market driven by daily doses of news. The Fed has signalled perhaps one more rate hike this year and then a pause. Investors need to expect only moderate returns from the market in the present context of high interest rates. Investment in fixed income and systematic investment in high quality stocks for the long-term is the ideal investment strategy now.
IT index drags in early trading as it sheds more than a per cent with all stocks in the red
Premium hotels revenue likely to surge 80 pc this fiscal: Report
Premium hotels are expected to log in strong growth across operating parameters, especially on the revenue side, which is expected to surge 80 per cent this fiscal and a further 15-20 per cent next, buoyed by the continued recovery across categories, as per a report.
Hotels are getting higher bookings across leisure, corporate, MICE (meetings, incentives, conferences, and exhibitions), and international travels, leading to a decadal-high occupancy for premium hotels, a Crisil Market Intelligence report said.
The report is very bullish on the revenue growth of the premium segment owing to better operational parameters, primarily due to higher demand, increase in room rates and employee rationalisation
The revenue of premium hotels is expected to surge 80 per cent in fiscal 2023, and a further 15-20 per cent in fiscal 2024, according to the report.
Rising demand has the average room rates (ARRs) hitting the pre-pandemic levels, leading to record high operating margins, which is also supported by a lower employee-to-room ratio. (PTI)
Sensex opens 250 pts lower and Nifty is around 50 pts down as most sectors turn red at the start
GAIL India shares' target price raised as brokerages bullish. Key triggers
PNGRB has declared integrated tariff for GAIL's nine inter-connected pipelines carrying almost 90% of its volume compared to the standalone tariff regime earlier. The declared tariff is INR 58.6/mmbtu, which is an increase of 30% over the current INR 45/mmbtu being realized by the company and is broadly in line with street expectations, as per analysts.
“GAIL will likely get its tariff reassessed higher post the KP Committee report, which is likely to be approved by the Cabinet in the coming week and we incorporate the same in our FY25 estimates. We also attended the company's analyst meet yesterday and came back convinced with the progress being made on most fronts," said Antique Stock Broking. (Read More)
Sensex remains flat at the preopen session; Global Surfaces will be debuting at the bourses today
Gold jumps after US Fed signals rate-hike pause imminent
Gold prices climbed on Wednesday after the U.S. Federal Reserve toned down its aggressive approach to reining in inflation in a widely anticipated policy statement, and indicated that an end to interest rate hikes was on the horizon.
Spot gold was up 1.7% at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2%. U.S. gold futures settled 0.4% higher at $1,949.60 before the Fed announcement. (Read More)
Udayshivakumar Infra IPO subscribed 5.15 times on Day 3
The initial share sale of Udayshivakumar Infra was subscribed 5.15 times on the third day of subscription on Wednesday.
The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, according to data available with the NSE.
The quota for non-institutional investors was subscribed 8.47 times, while the category for Retail Individual Investors (RIIs) received 4.14 times subscription and Qualified Institutional Buyers (QIBs) 1.21 times.
The IPO has fresh equity shares of up to ₹66 crore and is in a price range of ₹33-35 a share.
Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes. (PTI)
Stocks to Watch: Global Surfaces, RIL, Wipro, LTTS, HAL, Hero MotoCorp, IOCL, DB Corp, IDBI Bank, Power Finance Corporation, and Patel Engineering
Biocon and Indiabulls Housing Finance Ltd are the two stocks that continue to be part of the F&O ban list for Thursday trading. (Read More)
All Vistara staff to be absorbed in Air India: CEO
Air India will absorb all 5,100 Vistara employees as part of the merger plan to consolidate the number of airlines under the Tata group to two from four, Vistara’s chief executive Vinod Kannan said.
After acquiring Air India, the Tata group plans to merge low-cost carriers AirAsia India with Air India Express and Vistara with Air India. Two airlines - one low-cost and one full-service - will operate under the Air India Group, in which Singapore Airlines will hold a 25.1% stake. (Read More)
L&T signs agreement with France-based McPhy for electrolyzer manufacturing
Larsen & Toubro (L&T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, have entered into an Electrolyzer Manufacturing Binding Agreement with McPhy Energy , a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market.
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyzer technology to L&T for the manufacturing of electrolyzers, including future product upgrades. L&T plans to set up a Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies. (Read More)
Reliance Research Stock in Focus for Today: Bajaj Auto
STOCK IN FOCUS
Bajaj Auto (CMP 3,924): In view of the better traction in domestic market, recovery in high-margin 3W business, likely sequential improvement in exports from current level, improving return ratios, strong balance sheet and attractive valuation, we have BUY rating on BJAUT, with a 1-year Target Price of Rs4,400, valuing the stock at a P/E multiple of 15x FY25E EPS, and adding Rs200/share for the stake in subsidiary, PMAG (holding company of KTM).
BPCL (PREVIOUS CLOSE: RS351) SELL
For today’s trade, short position can be initiated in the range of Rs354- 357 for the target of Rs342 with a strict stop loss of Rs359.
AXISBANK (PREVIOUS CLOSE: 850) BUY
For today’s trade, long position can be initiated in the range of Rs840-844 for the target of Rs868 with a strict stop loss of Rs834.
SIEMENS (PREVIOUS CLOSE: 3307) SELL
For today’s trade, short position can be initiated in the range of Rs3320-3340 for the target of Rs3250 with a strict stop loss of Rs3360.
Reliance Consumer expands portfolio in home, personal care segments
Reliance Consumer Products Limited (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures Limited, on Wednesday said it has expanded its play in the FMCG segment by launching its range of home and personal care products.
RCPL, which has ambitions to be a relevant player in the FMCG segment, will now compete with the leading players of the segments, such as HUL, P&G, Reckitt etc, with the enhanced portfolio.
Now, RCPL's portfolio includes Glimmer beauty soaps, Get Real natural soaps, Puric hygiene soaps, Dozo dish wash bars and liquids, HomeGuard toilet and floor cleaners and Enzo laundry detergent powder, liquid and bars.
Commenting on the development an RCPL spokesperson said: "Our ambition is to help every Indian household get access to quality products at reasonable price points".
This range of home and personal care products boasts high efficacy with the superior formulation. These have been developed keeping "Real India" consumer problems at their core, he added. (PTI)
How US Fed's 25bps rate hike will impact Indian stock market today — explained
In two days Federal Open Market Committee (FOMC) meeting held from 21st to 22nd March 2023, the US Federal Reserve decided to raise the interest rate by 25 bps. According to stock market experts, Dalal Street was expecting this 25 bps interest rate hike and it had already discounted itself before the US Fed's rate hike announcement on Wednesday. However, they are expecting a highly volatile session On Thursday. Market experts advised short-term investors to look at high-quality pharma and FMCG stocks that are available at discounted and attractive valuations. For long-term investors, experts suggested buying on dips strategy in Auto, IT and banking stocks as these stocks may come under the radar of bears after this outcome of the FOMC meeting. (Read More)
Govt proposes to sell up to 3.5% stake in HAL to raise over ₹2,867 cr
India will be selling up to 3.5% stake in its aerospace and defence company, Hindustan Aeronautics (HAL) through an offer for sale (OFS). The offer will open on March 23 and will continue till March 24th. The 3.5% stake sale comprised 1.75% as the base offer and 1.75% as an additional option. The government seeks to raise more than ₹2,867 crore through this transaction.
As per the regulatory filing, the Indian government proposes to sell up to 58,51,782 equity shares or 1.75% as a base offer through OFS in HAL. The face value of equity shares is ₹10. (Read More)
Adani Power stock to be put under short term additional surveillance measure framework (ASM) again
NSE and BSE will include Adani Power under the short-term additional surveillance measure (ASM) framework from today. Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio. The NSE and BSE said Adani Power has satisfied the criteria for inclusion under short-term ASM. (Read More)
RailTel bags order worth ₹34.91 crore from Madhya Pradesh government for expansion of State Data Centre
Railtel Corporation of India Limited, a central public sector undertaking (CPSU) under the Ministry of Railways has bagged an order from the Madhya Pradesh State Electronics Development Corporation Ltd (MPSEDC) for the expansion of State Data Centre (SDC) phase -II and establishment of Disaster Recovery (DR) centre.
The work order is valued at ₹34.91 Crore (excluding GST) which after including GST amounts to Rs. 41.19 Crore (including GST).
This order has been acquired through open competitive bidding process. The said project entails upgradation, commissioning and managing a State Data Centre in MP along with setting up of a Disaster Recovery centre in Madhya Pradesh for a period of five years. (Read More)
Global Surfaces IPO listing date today. Experts predict positive debut of shares
Global Surfaces shares are going to make its debut in the secondary market today as Global Surfaces IPO listing date has been fixed on 23rd March 2023. As per the information available on BSE's official website — bseindia.com, effective from Thursday, March 23, 2023, the equity shares of Global Surfaces Limited shall be listed and admitted to dealings on the Indian bourses in the list of 'T' group of securities.
According to stock market experts, Global Surfaces shares may have a positive debut on Dalal Street and allottees can get around a 5% premium on Global Surfaces IPO listing date. As per the market observers, Global Surfaces IPO GMP (grey market premium) is ₹19, which means grey market is also expecting a positive debut of Global Surfaces share price today and expected premium would be around 13.5 per cent. (Read More)
Wall Street ends sharply lower on Wednesday as Powell warns inflation fight continues
Wall Street gyrated to end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector.
The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session.
By closing bell, all three indexes were off more than 1.6%.
"The market was encouraged when it heard that the Fed had considered pausing completely and then it was disappointed when Powell clarified that their hands weren’t tied and that they can keep raising rates if they need to," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.
In the Fed's statement, the members of the Federal Open Markets Committee (FOMC) said some additional tightening might be possible, but suggested it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.
Gains pared during Powell's remarks and Q&A session in which he vowed to use all available tools to keep the banking system sound, but reiterated the central bank's commitment to reining in inflation.
Worries persist that the Fed's aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group and Signature Bank, have exacerbated those fears. (Reuters)
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