Morning Update :–HCL Technologies, TCS, JSW Steel, ICICI Bank, and Power Grid Corp. were among the Nifty’s worst losers, while Tata Motors, M&M, UPL, NTPC, and Bharti Airtel gained ground.
Sensex – Fall -141 Points at 73,730
Nifty 50 – Fall -36 Points at 22,369
Indian Market
FII AND DII
| FII Sold | Â Â 564.06 Cr |
| DII Bought | 3,542.87 Cr |
Indian Market News
- US markets close lower ahead of Jerome Powell and jobs report, as bitcoin climbs.
- Asian markets trade lower, with the Nikkei down 0.5% and the Hang Seng down 1.5 percent.
- Oil’s slump continues as China’s promise to change the economy fails to impress.
- Bitcoin climbs beyond $68,000, nearing a record high.
- RBI asks IIFL Finance to stop providing out new gold loans.
- Tata Motors will split its commercial and passenger vehicle businesses into independent public companies.
- Moody’s raised India’s 2024 GDP growth projection to 6.8% from 6.1%.
- Exicom Tele-Systems is poised to make a strong start on the market.
- Morgan Stanley’s View On Tata Motors
- Mukka Proteins IPO issue subscribed 137 times, with HNI part booked 250 times on the closing day.
- Ceigall India files IPO papers with Sebi for additional offering of Rs 618 crore.
- Macrotech Developers initiates QIP to fund around $400 million.
- On Day 1 of the RK Swamy IPO, the retail part was booked 7.87 times, while the issue was subscribed 2.19 times.
- Adani Green Energy issued USD 409,000,000 notes.
- Godrej Properties announces the highest bidder for land lot in Noida.
- China aims to ‘transform’ its economy and wants a stable growth rate of roughly 5%.
- Apeejay Surrendra Park Hotels’ Q3 net profit is up 46% to Rs 27.42 crore.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty, which gained 26.50 points, or 0.12 percent, suggest that the wider index in India is off to a robust start. The 22,516.50 level was the trading range for the Nifty futures.
US Markets
Monday’s closing price of Wall Street equities was down, retreating from record highs, while US Treasury yields increased slightly as investors anticipated the release of important jobs data and the congressional testimony of Federal Reserve Chair Jerome Powell later this week..
Asian Markets
Asian markets were trading mixed with Nikkei down 0.4 percent, while Kospi trading marginally higher.
Crude
The OPEC+ production group’s widely anticipated extension of voluntary output cuts through the middle of the year was offset by demand headwinds, which caused oil prices to settle marginally lower on Monday.
While US West Texas Intermediate (WTI) fell $1.24, or 1.5 percent, to $78.74 a barrel, Brent futures finished down 75 cents to $82.80 a barrel.
News Updates
SBI requests an extension from the SC until June 30 in order to release election bond data.
In its argument, SBI informed the Supreme Court that information about electoral bond purchases made by branches is kept in two separate silos rather than centrally at one location. “There was no centrally maintained database. This action was taken to guarantee the protection of donors’ confidentiality.”
The SBI stated that the “retrieval of information from each silo and the procedure of matching the information of one silo to that of the other would be a time consuming exercise” . According to the bank, donor information is stored under sealed covers that are placed in the Mumbai main branch.
Macrotech Developers introduces the QIP offering, with a share floor price of Rs. 1,129.48.
On March 4, the top real estate developer opened applications for qualified institutions placement (QIP). The floor price, which is 4.68 percent below Monday’s closing price, has been set at Rs 1,129.48 per share. Sources informed CNBC-TV18 that approximately Rs 3,300 crore might be raised through QIP.
Tata Motors will split its passenger car and commercial segments into independent publicly traded companies.
The intention to demerge its companies into two distinct listed organisations, namely the commercial vehicles (CV) and passenger vehicles (PV) businesses, was communicated to the stock exchanges by Tata Motors Ltd (TML) on March 4.
The CV, PV+EV, and JLR divisions of Tata Motors have all recently adopted unique growth strategies, and as of 2021, each of these divisions has been operating autonomously under the leadership of its individual CEO, the company continued.
RBI requests that IIFL Finance cease providing new gold loans.
On March 4, the Reserve Bank of India (RB) observed some significant supervisory issues in the company’s gold loan portfolio and requested that IIFL Finance cease authorising or disbursing gold loans immediately.
“The Reserve Bank of India has today, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd. to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans,” the RBI stated in a press release.
On March 4, State Bank of India (SBI) filed a motion with the Supreme Court requesting an extension of time till June 30, 2024, for the disclosure of information on electoral bonds that political parties have redeemed, including the date of encashment and the bond amount. As of right now, March 6 is the deadline.
Stocks in news
Tata Motors: The demerger of Tata Motors into two distinct listed companies has been approved by the board of directors, according to the Tata Group company. The first company comprises the commercial vehicles business and its related investments in one entity, while the second company is the passenger vehicles business, which includes PV, EV, and JLR, and its related investments in another entity.
IIFL Finance: The Reserve Bank of India (RBI) has ordered the business to immediately stop authorising or paying out gold loans, as well as from assigning, securitizing, or selling any of its gold-related debt.
Macrotech Developers: On March 4, the top real estate developer announced the availability of its qualified institutions placement (QIP) programme. The floor price, which represents a 4.68 percent discount to Monday’s closing price per share, has been set at Rs 1,129.48.
Brigade Enterprises: The Dioro project has been introduced at Brigade El Dorado by the Bengaluru-based real estate developer. The project has a potential revenue value of Rs 380 crore and is around 6.1 million square feet in size.
Jindal Stainless: In collaboration with Hygenco Green Energies, the stainless steel producer started using green hydrogen in its Hisar, Haryana, facility.
AU Small Finance Bank: The Plan of Amalgamation of Fincare Small Finance Bank with AU Small Finance Bank has been approved by the Reserve Bank of India (RBI).
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