Good Morning Everyone, Concerns over Russia and Ukraine have been devastating the global stock markets. The visible smoke was reported at Ukrain nuclear power plant following which the global markets fell, but the latest reports say that background radiation levels remain unchanged at the Zaporizhzhia nuclear power plant in Ukraine where a fire has broken out following an attack by the Russian military, the RIA news agency cited a plant spokesman as saying. Separately, RIA quoted Ukraine's emergency service as saying that the fire was outside the station perimeter and one of the blocks at the station had been switched off.
However, with global markets down, we can expect weakness in the Indian market too. But as I say, just hold on to your good stocks now.
Yesterday, the Nifty opened with a big gap up but then went on to a volatile fall to close at 16498.
On the daily chart, the Nifty has formed a bearish candle.
US stocks initially rose, extending a rally on Wednesday after Powell eased widely held expectations of a 50 basis-point hike in interest rates when policymakers meet in two weeks. But stocks later fell after Powell told a Senate committee in the second day of testimony before Congress that Russia's war in Ukraine could hit the US economy from higher prices to dampened spending and investment.
The Dow Jones Industrial Average fell 0.29%, the S&P 500 lost 0.53% and the Nasdaq Composite dropped 1.56%.
Shares in Asia-Pacific slipped in Friday trade as investors remain on edge over Russia’s invasion of Ukraine. The Nikkei 225 in Japan slipped 2.47% while the Topix index shed 1.99%.
Oil prices initially soared on Thursday as the Ukraine war sparked a run on commodities that raised fears of "stagflation" while equity markets fell as investors gauge the impact of the US Federal Reserve's plans to tighten monetary policy.
Brent crude futures, the international benchmark for oil, climbed to within 16 cents of $120 a barrel before falling on hopes the United States and Iran will agree soon to a nuclear deal that could add output to a badly undersupplied market.
Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 231 points.
India's exports rise 22%; imports grow at 35% in February
India's exports grew by 22 percent in February. But if you compare it to January, it is lower by about USD 1-1.5 billion. Imports are up 35 percent, it is touching USD 55 billion, which is a worry.
YouTubers contributed Rs 6,800 crore to Indian GDP in 2020: Report
YouTube published a report by Oxford Economics, an independent consulting firm, which revealed that the creator ecosystem of YouTube is generating great economic value and had contributed over Rs 6,800 crore to the Indian economy in 2020 while supporting about 6.84 lakh full-time equivalent jobs.
Ahead of its mega IPO launch, Life Insurance Corporation of India (LIC) announced on March 3 that it has appointed insurance veteran Sunil Agrawal as the new chief financial officer (CFO), Bloomberg reported. He has been appointed on a contractual basis starting March 2022.
FII and DII data
Relentless selling pressure by foreign institutional investors weighed on the market as FIIs have net sold shares worth Rs 6,644.65 crore. However, domestic institutional investors (DIIs) have bought shares worth Rs 4,799.24 crore
Stock Specific News:
Vodafone Idea | The telecom operator said the board has approved fund-raising of Rs 4,500 crore on a preferential basis, through its promoters. It has decided to issue more than 338.3 crore equity shares at an issue price of Rs 13.30 per share to Euro Pacific Securities, Prime Metals, and Oriana Investments Pte Ltd. The company has also received board approval for additional fundraising of Rs 10,000 crore through private placement or qualified institutional placement.
Indiabulls Housing Finance | Capital markets regulator SEBI informed the company of non-compliance related to the availability of certain information on the website of the company and internal policy and directed the company to take corrective measures thereof and inform the stock exchanges in a month.
Wockhardt | The company will issue 3 rights shares for every 10 shares held. It will issue rights shares at Rs 225 per share. The rights issue will open on March 15 and close on March 22.
UPL | The promoters of UPL could sell the company to effect a family separation. Sources with direct knowledge said the promoters want to separate their economic interest and part ways.
Shares of UPL ended 4.47 percent higher at Rs 720.35 after the company unveiled its share buyback plan. The agrochemicals company will buy back about 1.26 crore equity shares or around 1.65 percent of the paid-up share capital of UPL for a price not exceeding Rs 875 per share through the open market route.
LT Foods | The consumer food company said its subsidiary LT Foods Americans Inc acquired 51 percent stake in Golden Star Trading Inc along with its brand Golden Star. It also has a call option to further buy the remaining 49 percent stake at the end of three years.
Mahindra & Mahindra Financial Services | The firm has disbursed approximately Rs 2,733 crore of loans in February 2022, registering a 44 percent YoY growth. The collection efficiency remained stable at 98 percent for the month of February YoY. Asset quality has seen improvement due to a positive trend in collections. The company is confident of meeting its commitment to bring the net Stage 3 below 4 percent by year-end.
Axis Bank | The lender has signed an agreement with development consulting group IPE Global to provide finance of up to $150 million to health enterprises that would otherwise not have access to affordable debt financing.
SJVN | The state-owned hydroelectric power generation company has achieved financial closure for its 210 MW Luhri-1 hydroelectric project in Himachal Pradesh and 75 MW Parasaran solar power project in Uttar Pradesh. State Bank of India will provide Rs 1,537 crore, and Punjab National Bank, Dubai will provide Rs 319.04 crore for Luhri HEP and Parasaran Projects respectively.
Gabriel India | HDFC Asset Management Company through its schemes acquired an additional 2.13 percent stake through open market transactions on March 2. With this, its shareholding in the company stands at 9.17 percent now, against 7.04 percent earlier.
Themis Medicare | The company has received approval for its immunomodulatory antiviral drug Viralex from the Drug Controller General of India. The drug will be used for the treatment of COVID-19.
Power Grid Corporation of India | Shares of Power Grid ended 2.84 percent higher at Rs 216.90 and were the top gainers on Nifty50.
UltraTech Cement | Shares of the cement manufacturer settled 6.71 percent lower at Rs 5,970. They were the biggest drag on the 50-stock index.
Piramal Enterprises | Shares of Piramal Enterprises rose as much as 3 percent intraday with CLSA upgrading its rating on shares of the company to ‘buy’ from ‘outperform’ but has trimmed its target price to Rs 2,800 from Rs 2,850. However, the stock was unable to sustain initial gains and closed 0.95 percent lower at Rs 2,061.
Asian Paints | Shares of the paint maker ended 5.19 percent lower at Rs 2,871.75 and were the second-worst hit on the Nifty50 index.