The recent rebound is in line with the global counterparts and it would be too early to call it a reversal. Besides the geopolitical updates, domestic factor i.e. states’ election results will also be in focus. Volatility is likely to remain high on Thursday.
Benchmark indices Sensex and Nifty 50 are likely to open gap-up on Thursday as trends on SGX Nifty indicated a positive start with a gain of 258 points or 1.58 percent. The Nifty futures were trading around 16,603 level on the Singaporean Exchange. Indian equity markets on Wednesday extended rebound and gained over 2%, tracking recovery in global indices. After the flat start, the benchmark inched gradually higher as the day progressed and settled closer to the day’s high. “The recent rebound is in line with the global counterparts and it would be too early to call it a reversal. Besides the geopolitical updates, domestic factor i.e. states’ election results will also be in focus. We expect volatility to remain high so participants should prefer hedged trades,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on March 10, Thursday
Reliance Industries (RIL): Reliance Industries Ltd.’s Jamnagar facility is reportedly lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel. RIL is already sending shipments of the fuel to Europe, and this will increase in the coming months, according to media reports. This comes after the global energy crunch spurred by Russia’s invasion of Ukraine is giving the world’s biggest refining complex a much-needed boost.
Hindustan Unilever (HUL): The FMCG major appointed Madhusudhan Rao as the executive director, beauty and wellbeing and personal care segment, and Deepak Subramanian as the executive director for the home care segment. Rao takes over from Priya Nair, who will move into a global role as chief marketing officer for beauty and wellbeing and Subramanian will take over from Prabha Narasimhan, who has decided to leave the company to pursue an external opportunity, the company said in a release.
Bharti Airtel: The telecom major has entered into an agreement to acquire 9 per cent equity stake in Avaada CleanTN Project Private Ltd, a special purpose vehicle. This SPV is formed for owning and operating the captive power plant.
PNB Housing Finance: The housing finance company has approved fund raising of up to Rs 2,500 crore through a rights issue. The lender said that the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.
Dr.Reddy’s, Zydus: Pharmaceutical major Dr. Reddy’s Laboratories said it was focused on business continuity in and around Russia, as Indian drug exporters brace for temporary disruptions to sales due to the Ukraine crisis. Executives at Torrent Pharmaceuticals and Zydus Lifesciences said they saw little or no impact on sales due to the Ukraine conflict.
Biocon: CRISIL has placed its ‘AA+’ rating on the long-term bank facilities of the company on ‘Watch with Developing Implications’, after the acquisition of biosimilar assets of US-based Viatris Inc by its subsidiary Biocon Biologics for $3.33 billion. The rating on the short term bank facilities has been reaffirmed at ‘A1+’.
Future Retail: The company has received certain termination notices in respect of sub-leased properties of Reliance Industries. So far notices have been received for 342 large format stores and 493 small format stores, Future retail said in a filing. Historically, these stores accounted for 55-65% of retail revenue operations of the company.
NTPC: The state-owned power generation company said unit-3 of 660 MW capacity of its subsidiary Nabinagar Power Generating Company has completed trial run. Consequently, the same has been included in the installed capacity of NTPC Group. With this, the total installed capacity of Nabinagar Power Generating Company and NTPC group has become 1,980 MW and 68,567.18 MW respectively.
