Get ready to embrace the big fall!
Good Morning everyone, Get ready to embrace the fall as the crude oil prices are at their all-time high crossing above 130$ per barrel. It's time to get into a SIP mode of investment into good stocks as of now for long-term benefit.
US equity futures fell on Sunday evening as oil prices jumped to their highest level since 2008 amid the ongoing war between Russia and Ukraine. Dow futures lost 400 points, or 1.19 percent, while S&P 500 futures and Nasdaq 100 futures slid 1.5 percent and 1.91 percent, respectively.
Hong Kong's stock market is down 4 percent, Japan's Nikkei 225 is down 3.6 percent while MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.6 percent. Chinese blue chips shed 0.8 percent amid a sea of red across Asian markets.
Oil prices surged more than 10 percent today as the risk of the US and European ban on Russian products and delay in Iranian talks triggered a major stagflationary shock for world markets. Brent crude traded $12.73 higher at $130.84, while US crude surged $9.92 to $125.60.
Gold rose to more than $2,000 in Asian trade on Monday morning as investors fled to the safe-haven commodity over fears about the impact of the Ukraine war on the global economy. The precious metal hit a peak of $2,000.86 an ounce, its highest level since September 2020.
The International Monetary Fund on Saturday said it expected to bring Ukraine's request for $1.4 billion in emergency financing to its board for approval as early as next week. The global lender said the war in Ukraine was already driving energy and grain prices higher and had sent a wave of more than 1 million refugees to neighboring countries while triggering unprecedented sanctions on Russia.
Trends on SGX Nifty indicate a gap-down start for the broader index in India, with a loss of 398.50 points or 2.45 percent.
GlobalData, a London-based data analytics and consulting company, on Friday, said it has lowered India’s economic growth forecast to 7.8 percent for 2022 due to the nation’s exports being impacted by the Russia-Ukraine war and spiking oil prices causing ripple effects.
In a statement, it said the rupee is likely to further depreciate against the US dollar while soaring commodity prices will push inflation up. However, the Indian banking sector will likely remain resilient. "The ongoing Russia-Ukraine war will have a negative impact on India’s exports and a spike in oil prices will cause ripple effects on input prices and consumer goods leading to inflationary pressures."
FII and DII data
The selling by foreign institutional investors (FIIs) seems unstoppable as they have net sold shares worth Rs 7,631.02 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 4,738.99 crore on March 4
Stock Specific News:
3i Infotech | The company has bagged a work order from Rajasthan State Pollution Control Board. The work includes design, development, implementation, and maintenance of integrated e-Governance Solution 2.0 for Rajasthan State Pollution Control Board. The total contract value is Rs 12.85 crore.
Housing Development Finance Corporation | HDFC is in talks with LIC of India to raise up to Rs 10,000 crore through a local bond sale this week, according to a report. The fundraising points to a likely revival in credit demand for new homes, the report added.
Nestle India | The company's board of directors has revised the date of the 63rd Annual General Meeting to April 12, 2022. Consequently, the record date for the purpose of determining the entitlement of the members to the final dividend for the year 2021 is April 22, 2022. If approved by the members at the Annual General Meeting, this shall be paid on and from May 6, 2022.
JK Cement | The company's board of directors has approved entering into the paint business through a wholly-owned subsidiary, formation of new a wholly-owned subsidiary, and investment in the said wholly-owned subsidiary. The board of directors has approved an investment of up to Rs 600 crore spread over the first 5 years.
Balkrishna Industries | The firm said it has successfully commenced commercial production of the brownfield expansion and debottlenecking project at the Bhuj plant ahead of schedule. This will result in increased production of tires up to 50,000 MTPA.
PNB Housing Finance | The company will hold a board meeting on March 9 to consider fund-raising.
Nazara Technologies | The company's board approved the issuance of equity shares worth Rs 25 crore to existing shareholders of Datawrkz Business Solutions. These shares will be issued on a preferential basis, at a price of Rs 2,260 per share. Post completion of this acquisition, the company will hold a 33 percent equity stake in Datawrkz Business Solutions Private Limited. Further, the company will be making an investment of up to Rs 30 crore in its subsidiary Next Wave by way of subscription to further equity shares.
V-Mart Retail | SBI Funds Management through various schemes acquired a 4.5 percent stake in the retail company through open market transactions on March 3. With this, its shareholding in the company stands at 8.76 percent, against 4.2 percent earlier.
Tube Investments of India | Subsidiary TI Clean Mobility acquired a 70 percent stake in Celestial E-Mobility. The Murugappa Group company in January 2022 had entered into a share subscription and purchase agreement with Celestial E-Mobility, for the said transaction.
Poonawalla Fincorp | Vijay Deshwal, Chief Executive Officer of the company has decided to take up the strategic role within the Cyrus Poonawalla Group where he will spearhead emerging investment opportunities. Consequently, he has stepped down as the CEO of the company and ceased to be a Key Managerial Personnel of the company.