Morning Update :–ONGC, Adani Enterprises, Sun Pharma, Bajaj Finance, and ITC were among the Nifty’s top gainers, while TCS, Wipro, Tata Steel, BPCL, and Coal India fell.
Sensex – Rise -377 Points at 72,370
Nifty 50 – Fall -115 Points at 21,940
Indian Market
FII AND DII
| FII Sold | 2,051.09 Cr |
| DII Bought | 2,260.88 Cr |
Indian Market News
- Asian markets are trading lower, with Hang Seng and Kospi down 1% each, and Nikkei down 0.7%.
- Oil prices fall as Russia boosts supplies, while jet fuel demand raises concerns.
- Yen maintains nerve as BOJ decision approaches; dollar surges
- Tata Sons will sell its 0.65% share in TCS for $1.1 billion.
- Tata Steel UK will shut down coke ovens at its Port Talbot plant in Wales.
- Aditya Birla Sun Life AMC: Promoters will sell up to 11.47% share in OFS.
- The Supreme Court decides Adani Power’s petition.
- Popular vehicles and services are likely to make subdued debuts on March 19.
- Sun Pharmaceuticals announces the clearance of Winlevi in Australia.
- 6.41 million shares of Star Health traded in a lot, according to Bloomberg.
- Tata Steel UK will halt operations of coke ovens at its Port Talbot plant in Wales.
- Promoters will sell 11.47% interest in Aditya Birla Sun Life AMC through an offer for sale on March 19-20.
- 2.2 crore shares (0.6% equity) trade at an average price of Rs 4,043 per share.
- On the final day of the Krystal Integrated Services IPO, it was bought 13.21 times
Global Markets updates
GIFT Nifty
With a loss of 77.50 points, or 0.35 percent, the GIFT Nifty trends suggest a poor start for the larger index in India. Around 22,059 was where the Nifty futures were trading
US Market
Wall Street’s major indexes ended the week higher as investors nervously awaited this week’s meeting of the U.S. Federal Reserve. Megacap growth stocks, like Tesla and Alphabet, helped to boost the technology-heavy Nasdaq.
The S&P 500 gained 32.33 points, or 0.63%, to 5,149.42, the Nasdaq Composite gained 130.27 points, or 0.82%, to 16,103.45, and the Dow Jones Industrial Average increased by 75.66 points, or 0.20%, to 38,790.43.
Asian Market
Ahead of the Reserve Bank of Australia and the Bank of Japan’s announcements on their respective monetary policies, Asian markets began trading down on Tuesday morning.
With speculations that the central bank may abandon its zero interest rate policy after 17 years, all eyes will be on the BOJ.
Dollar
Ahead of several central bank meetings this week, the dollar saw minimal movement on Monday. The market was awaiting the Federal Reserve’s most recent rate-cutting projections, and it was widely anticipated that the Bank of Japan will terminate its policy of negative interest rates.
Gold Prices
Following a one-week low on Monday, gold prices increased as traders looked for signs of inflation and interest rate movements ahead of this week’s central bank meetings, which include the U.S. Federal Reserve’s policy decision on Wednesday.
Crude oil
Due to decreased petroleum supplies from Saudi Arabia and Iraq as well as indications of increased demand and economic development in China and the United States, oil prices rose by roughly 1% on Monday to a four-month high.
News Updates
Tata Sons to sell $1.1 billion for a 0.65% share in TCS
In an effort to raise $1.1 billion, Tata Sons has proposed to sell 2.34 lakh shares of the IT giant Tata Consultancy Services Ltd (TCS) through block agreements at a price of Rs 4,001 per share, according to a March 18 Bloomberg article.
The floor price is less than the most recent trading price by 3.6 percent. TCS’s BSE shares closed 1.8 percent lower on March 18 at Rs 4,144.25, after reaching an intraday high of Rs 4,254.75.
As of December 31, 2023, promoters owned 72.41 percent of TCS; Tata Sons held 72.38 percent, and Tata Investment Corporation held the remaining portion. The suggested share sale is reportedly being co-booked by Citigroup and JPMorgan.
Tata Steel UK will close the coke ovens at its Wales-based Port Talbot plant.
Following a decline in operational stability, Tata Steel has announced that its UK unit has chosen to shut down the coke ovens at the Port Talbot plant in Wales. Several of Tata Steel’s high-end assets in Port Talbot are nearing the end of their useful lives.
According to the company, Tata Steel UK would boost coke imports to lessen the effects of the coke oven shutdown.
Tata Steel said earlier this year that it is now losing almost a million pounds per day from its operations in the town and that continuing to operate a blast furnace there and produce steel from scratch will result in an additional 600 million pounds in losses.
Birla Aditya Promoters of Sun Life AMC will sell up to 11.47% of their stake in OFS.
In order to achieve a minimum public shareholding of the ABSLAMC, promoters Aditya Birla Capital and Sun Life (India) AMC Investments approved on March 18 the sale of up to 2.01 crore shares of Aditya Birla Sun Life AMC through an offer for sale (OFS). This amount represents 7% of the company’s issued and paid-up equity share capital.
For investors who are not retailers, the offer will open on March 19; for retailers, it will open on March 20. Additionally, a 4.47 percent stake, or up to 1.28 crore shares, may be sold. The oversubscription option will amount to 3.3 crore shares of the firm, or 11.47 percent of the total issued and paid-up equity share capital. The offer’s floor price is fixed at Rs 450 per share.
The transaction’s brokers are BofA Securities India, IIFL Securities, Jefferies India, and Spark Institutional Equities.
Non-promoters should own a quarter of all listed companies, as per SEBI’s guidelines. An artificial mismatch between supply and demand might result from a large promoter holding because fewer shares are available for the public to buy or sell.
Stocks in news
Tata Consultancy Services: According to Bloomberg, Tata Sons has proposed to raise up to $1.1 billion by offering to sell 2.34 crore shares of the large IT company through block agreements at a price of Rs 4,001 a share.
Aditya Birla Sun Life AMC: Through an offer-for-sale (OFS) issue, the promoters, Aditya Birla Capital and Sun Life (India) AMC Investments Inc., will sell up to 2,01,66,293 equity shares of Aditya Birla Sun Life AMC, or 7% of the total paid-up equity. There is also an option to sell an additional 1,28,86,277 equity shares, or 4.47 percent of the paid-up equity, on March 19–20.
Tata Consultancy Services: In order to raise up to $, Tata Sons has offered to sell 2.34 crore shares of the large IT company through block agreements at a price of Rs 4,001 per share.
Tata Steel: Due to a decline in operational stability, Tata Steel UK has made the decision to shut down the coke ovens at the Port Talbot facility in Wales. To counteract the effects of the coke oven closures, there will be a rise in coke imports.
Popular Cars and Services: On March 19, the car dealer plans to offer its equity shares on the bourses. The price per share for the final issuance has been set at Rs 295.
HG Infra Engineering: Jodhpur Vidyut Vitran Nigam has awarded four solar projects totaling Rs 1,026 crore to the Stockwell Solar Services JV consortia in conjunction with HG Infra Engineering.
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