Domestic equities ended with gains in previous session amid falling crude oil prices, in line with its global peers. Fall in crude oil prices and another round of peace talks between Russia-Ukraine provided the market with much needed optimism. Buying interest is visible at lower levels for second consecutive day, with Nifty trying to breakout from its range on higher side. “Fall in volatility to 21 levels is also supporting the markets. Beaten down sectors like cement and realty are witnessing fresh buying on account of attractive valuation and hope of price hike to pass on higher input cost. Also buying interest is seen in Pharma, Consumer durables and Financial Services. However, traders need to remain cautious ahead of F&O monthly expiry,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks to watch on 30 March, Wednesday
Reliance Industries: In what could potentially affect RIL’s retail arm Reliance Retail Ventures Ltd’s (RRVL’s) plans to acquire assets of Future Retail Ltd (FRL), lenders have reportedly decided to take the Kishore Biyani-led company to the insolvency court National Company Law Tribunal (NCLT) for recovery of dues. Led by the Bank of India, bankers have initiated the process of taking FRL to NCLT, starting with inviting bids from insolvency professionals. Grant Thornton, PwC, Alvarez & Marsal, KPMG, BDO India, EY and Deloitte are likely to bid for the mandate.
ONGC: The government will sell 1.5 per cent stake in the oil producer through an offer for sale (OFS) on Wednesday, a move that’s expected to shore up the centre’s divestment receipts by over Rs 3,000 crore. OFS for non-institutional investors opens on Wednesday, whereas the offer to sell an additional 94.3 million or 0.75 per cent would open for retail investors on Thursday. The floor price for the sale has been set at Rs 159, at about 7 per cent discount to the stock’s closing price of Rs 171 on Tuesday.
Tata Consumer Products: The company on Tuesday announced reorganization of its India and overseas businesses. The company also proposed to purchase of a 10.15 per cent minority interest in its UK subsidiary, TCP UK, from Tata Enterprise (Overseas), Switzerland, (TEO).
Adani Group: The Gautam-Adani led Group has concluded financing for the first phase of Navi Mumbai international airport project by raising Rs 12,770-crore loan from the State Bank of India. It plans to commission the airport in 2024.
IndiGo: The low-cost airline has named Gaurav Negi as its chief financial officer and is giving additional responsibilities to chief strategy and revenue officer Sanjay Kumar following two senior level exits. Negi takes over from Jiten Chopra who is leaving the airline to pursue other interests, he is the third CFO at the airline in as many years. READ MORE
SBI Life: Canda Pension Plan Investment Board (CPPIB) on Tuesday sold 0.56 per cent stake in SBI Life Insurance for Rs 597 crore. It sold 5.58 million shares at Rs 1,068.35 apiece. Among the buyers were Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore’s GIC and Goldman Sachs. Shares of SBI Life closed at Rs 1,101, up 2 per cent.
IDBI Bank: The private sector lender will offload its balance 25 per cent stake in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV. The board of directors has approved to sell IDBI Bank’s entire stake of 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option by Ageas. In another news, IDBI Bank plans to raise capital up to Rs 3,000 crore through additional tier I (AT-1) bonds in 2022-23 (FY23) to meet regulatory norms and business growth. It will also raise up to Rs 1,000 crore via infrastructure bonds to fund projects and affordable housing.
Punjab National Bank: PNB’s board has approved a proposal to raise Rs 12,000 crore through issuance of bonds to fund business growth. The board approved raising of capital through issue of Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in one or more tranches, PNB said in an exchange filing.
