Stock Market LIVE With a massive inflow of 12,770.81 crore last week, FII emerged as net buyers, most likely as a result of the massive purchases made by foreign investors in four Adani companies. In a series of secondary block deals involving Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Transmission, US-based GQG Partners purchased equity shares for a staggering 15,446 crore.
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Hero MotoCorp to collaborate with US-based Zero Motorcycles on premium electric bikes
Hero MotoCorp, a major manufacturer of two-wheelers, announced on Monday that it had signed a deal with Zero Motorcycles, based in the United States, to work together on high-end electric motorcycles.
Hero MotoCorp, the nation’s largest two-wheeler manufacturer, said in a statement that the partnership brings together Zero’s expertise in the development of power trains and electric motorcycles with Hero MotoCorp’s scale in manufacturing, sourcing, and marketing.
The board of Hero MotoCorp approved an equity investment of up to USD 60 million in Zero Motorcycles, a leading manufacturer of electric motorcycles and powertrains based in California, in September 2022.
“Our collaboration with Zero Motorcycles marks a significant turning point on our path to heralding a new era of clean, sustainable mobility technology. “We look forward to accelerating the transition to electric mobility in India and across our global markets with Zero as our partner,” Pawan Munjal, Chairman and CEO of Hero MotoCorp, stated
Adani’s Mundra Power Plant under scanner with $1 billion debt
.With the VIDA V1 scooter, the company has entered the electric scooter market. In addition, Hero MotoCorp has begun operating its public charging infrastructure in Delhi, Jaipur, and Bengaluru. It has already set up nearly 300 public charging stations in the three cities. According to a Bloomberg report, Adani’s Mundra power plant has $1.8 billion in losses and more liabilities than assets. The conglomerate has also used more than $1 billion of creative debt-financing to cover the deficit and reassure investors and lenders that profits will soon come.
However, neither the auditor of Adani Power Ltd. nor any of the accounting experts who spoke with Bloomberg News are able to fully comprehend the math supporting this claim. “This balancing act, where a single asset writedown could have cascading ramifications,” stated the Bloomberg report. “The Mundra Thermal Power Plant — and its debt, which experts say appears designed to shield Adani Power from extraordinary writeoffs, regardless of the unit’s losses — exemplifies this balancing act.”
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Adani row: Why Sebi didn’t get to bottom of issues raised by Hindenburg, asks Raghuram Rajan
Raghuram Rajan, a former governor of the Reserve Bank of India (RBI), questioned why markets regulator SEBI did not investigate the concerns raised by US-based short-seller Hindenburg research during the Adani controversy. Additionally, he questioned why SEBI did not contact the agency if it required assistance from probing agencies.
“Why has SEBI not yet established who owns the Mauritius funds that have been trading Adani stock and holding Adani stock? Does it require the assistance of the investigating agencies?” Rajan was quoted as asking by news agency PTI.
Adani Group acquires NDTV promoters’ additional 27.26% stake for ₹602 cr
Billionaire Gautam Adani now owns a majority stake in the news broadcasting company New Delhi Television Ltd., which is run by Prannoy and Radhika Roy. On Friday, Adani Enterprises, through its indirect subsidiary RRPR Holdings, purchased an additional 1.76 million shares of NDTV from the Roys for approximately 602 crore, or 342.65 per share. This gives Adani Enterprises a stake of 27.26% in the company.
Under the Securities and Exchange Board of India Regulations of 2011, an inter-se transfer of shares was carried out. This procedure permits the transfer of shares at a premium to the current market price if the company is already part of a promoter group.
Samvardhana Motherson Automotive fully acquires SMR Jersey. Share jumps
SMR Jersy has been fully acquired by a subsidiary of Samvardhana Motherson International Limited, whose stake in the company has increased to 100% following the most recent 1.555% stake buy. According to the most recent exchange filing made by Samvardhan Motherson International Ltd., its subsidiary Samvardhana Motherson Automotive Systems paid 18.4 million Euro to acquire an additional 1.55 percent stake in SMR Jersy. SMR Jersy is now a subsidiary of Samvardhana Motherson International as a result of this stake purchase.
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Geojit Financial Services views on today’s market: The rally in banking stocks may gather momentum taking cues from the GQG investment in four Adani stocks
“Samvardhana Motherson Automotive Systems Group B.V., Netherland (‘SMRP B.V.’), a material subsidiary of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) (‘the Company’), has acquired additional 1.55% shares of Samvardhana Motherson Reflectec Group Holdings Limited (‘SMR Jersey’) from an independent third party at Euro 18.4 million,” Samvardhan Motherson International informed Indian bourses about Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services: “SMR Jersey has become a 100% subsidiary of SMRP B.V. after the acquisition of the aforementioned 1.55% stake.” There are still some legs to the banking and metals-led Nifty trend reversal. Short-covering can cause a strong rebound when the market becomes oversold, as it has recently done. This week’s non-farm payroll data and Fed Chair Powell’s thoughts on the US economy’s outlook could be important triggers. Investors must be on the lookout for these data due to the significance of US trends for global equity markets. The GQG investment in four Adani stocks may help the banking stock rally gain momentum. The oversold IT stocks may also experience a modest rally. The oil and gas and capital goods sectors appear to be robust.
Rupee poised to extend rally on soft dollar index, positive risk mood
The Indian rupee is expected to open higher against the U.S. currency on Monday, building on the rally that occurred last week. The pullback in the dollar index, yields in the United States, and positive risk sentiment are all contributing factors.
The rupee will open at around 81.85 to the dollar, down from 81.9650 the previous session, according to the non-deliverable forwards. The local currency experienced its best weekly performance in eight weeks last week, with equity inflows contributing to the increase.
The decline that began on Friday was extended by a slight drop in the dollar index in Asia. Demand for the dollar was undermined by Friday’s recovery in U.S. equities and the pause in the selloff of Treasuries. Asian shares rose in tandem with their American peers.
A trader at a Mumbai-based bank stated that the overall momentum, rather than the dollar index or U.S. yields, may propel the rupee higher at open.
Stoxbox’s views on today’s market: Intraday traders can look for long opportunities only above the resistance level of 17,660
He added that importers and public sector banks could “very well run into a barrage of dollar bids” in response to the USD/INR drop at the open. Reuters) On Friday, Nifty traded above 17,500 after making a day low of 17,427 and remained up throughout the day after a gap-up opening. It closed above the 200-day moving average without retesting the 200-day moving average, providing support. Intraday traders can only look for long opportunities above the resistance level of 17,660, and the price must remain above 17,660 for 15 minutes in order for long to be confirmed. If the nifty breaks the 17,400 level and stays below it for 15 minutes, traders can look for fresh shorts.
Multibagger stock that has surged 2300% in 5 years to foray into e-scooter space
One of the multibagger stocks that the Indian stock market has produced in the past six months is Goyal Aluminiums Ltd. shares. As the multibagger stock has increased by more than 22% on the BSE during this time, this small-cap stock with a market cap of approximately 400 crore has almost tripled the money invested by shareholders. However, over the course of the past five years, this stock has risen from approximately 11.50 yen to 280 yen per share, providing shareholders with a return of more than 2300 percent.
The multibagger stock is in news these days for foraying into the electric vehicle section through the recently consolidated adventure specifically Wroley E India. Goyal Aluminiums will produce low-speed and electric scooters for the Indian market, according to an exchange filing. In light of the rising levels of pollution, the company stated in a statement that the decision is in line with the government’s “Clean India and Green India” initiative. Wroley E India has obtained approval for financing from Shri Ram Finance in order to provide customers with monthly installment financing options for the purchase of its electric scooter.
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Stocks to Watch: Adani Ports, Maruti Suzuki, HDFC, Power Grid Corporation, Kansai Nerolac, MGL, Bajaj Electricals, IndiGo, Dish TV, and CAMS
Due to a massive block deal in Adani stocks, FIIs purchased more than 6,010 crore rupees in the past week. On the other hand, DIIs invested nearly 12,559 crore in stocks, more than twice as much as FIIs did.
INDIA BONDS-India bond yields seen lower tracking U.S. peers
In line with a significant reversal in U.S. yields, Indian government bond yields are anticipated to trend lower in the early session on Monday.
A trader working for a private bank stated that the benchmark 10-year bond yield of 7.26 percent in 2032 is expected to remain within the range of 7.38 percent-7.43 percent after falling to 7.4161 percent on Friday.
The trader stated, “The sudden drop in U.S. yields will be positive for local bonds today as we have been closely tracking global factors.”
After reaching new highs last week, Treasury yields fell on Friday as they encountered resistance in response to statements from Federal Reserve officials that temporarily allayed concerns regarding the direction of inflation and interest rates.
Divgi TorqTransfer Systems IPO: GMP, share allotment, listing date details here
According to traders, the 10-year U.S. yield reached 4.09 percent on Thursday, its highest level in four months, but it eased after short covering. Bets on the Fed raising interest rates for a longer period of time have been yielding higher. Divgi TorqTransfer Systems, a manufacturer of automotive components, had an initial public offering (IPO) that opened on March 1, 2023, and closed on March 3, 2023. On the last day of the offer, which ended on March 3, 2023, 5.44 people had signed up for it. According to NSE data, there were bids for 2,08,87,225 shares in the 412 crore offer, compared to 38,41,800 shares in the offer.
Qualified Institutional Buyers (QIBs) received 7.83 subscriptions, Retail Individual Investors (RIIs) received 4.31 subscriptions, and non-institutional investors received 1.40 subscriptions.
Divgi TorqTransfer Systems shares are currently trading at a premium (GMP) of 72, according to market observers. On Tuesday, March 14, 2023, the company’s equity shares are expected to be listed on the major stock exchanges BSE and NSE.
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Bajaj Electricals bags ₹565 cr contract from South Bihar Power Distribution Co
Saturday, Bajaj Electricals announced that its EPC division had secured a contract with South Bihar Power Distribution Company Ltd. (SBPDCL) for a total of 564.87 crore rupees.
According to the company’s regulatory filing, the contract is for the supply of goods and services by SBPDCL, a domestic entity, under the Revamped Distribution Sector Scheme (RDSS).
It added that the work includes providing plant and installation services for the expansion of the distribution infrastructure of the electric supply circle of Sasaram and Munger in Bihar.
It added that the projects, which total 564.87 crore rupees, “shall be completed within 30 months from the date of issue of contracts.” PTI) On Friday, the National Company Law Tribunal (NCLT) approved the merger of HDFC Capital Advisors, the parent company of HDFC Bank, between HDFC Property Ventures and HDFC Venture Capital.
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NCLT okays merger of two HDFC arms with HDFC Capital Advisors
As part of the USD 40 billion reverse merger, the tribunal has yet to approve the merger of its two insurance arms, the asset management company, and the patent into the bank.
According to HDFC’s exchange filing, the NCLT approved a composite plan to combine HDFC Property Ventures and HDFC Venture Capital into HDFC Capital Advisors in its final order.
According to the order, the merger will simplify, optimize, and streamline the group structure, resulting in effective administration.
After the parties requested an additional 180 days for the process, the tribunal reserved the order for its approval of the HDFC and HDFC Bank merger early this week.
Sovereign gold bond scheme subscription opens today. Should you subscribe?
The Securities and Exchange Board, shareholders of HDFC and HDFC Bank, the Pension Fund Regulatory and Development Authority, and the Competition Commission of India have all granted HDFC the necessary approvals. PTI) On today, March 5, the Sovereign Gold Bond Scheme 2022–23 – Series IV will open for subscription. Beginning on Monday, the gold bond scheme will remain open for subscription for five days. The price of the issue has been set at 5,611 yen per gram of gold. According to the Reserve Bank of India (RBI), the nominal value of the bond works out to 5,611 rupees for each gram of gold.
The Sovereign Gold Bond (SGB) is issued by the RBI on behalf of the Indian government.
Havas Group taps Skoda’s Jha as CEO
Tarun Jha has been hired as the new chief executive of Havas Creative India by the India unit of the French multinational advertising company Havas Group. He previously held the position of head of marketing for Skoda Auto India.
The move is in line with the overall restructuring of Havas Group’s Indian business into three verticals: Havas Health Group, Havas Media Group, and Havas Creative India. Rana Barua, group CEO of Havas Group India, will be Jha’s boss.
“Within Havas Group, we have grown from 200 people and three businesses to over 1,500 people and 16 businesses over the past four years. A vertical restructuring was necessary as we prepare for the next growth phase. “We were looking for someone to head the creative group,” Barua stated. “So, we have Mohit (Joshi, CEO, Havas Media Group) and Sangeeta (Barde, MD, Havas Health) managing two businesses.”
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Kansai Nerolac Paints acquires 40% stake of Nerofix from Polygel for ₹37 crore
The acquisition of Nerofix shares from Polygel for a cash consideration of 37 crore has been approved by the Board of Kansai Nerolac Paints (KNPL), which represents 40% of the company’s total shareholding.
KNPL had purchased a 60% stake in Nerofix in January 2020. The company will now own all of the shares after making the decision to buy the remaining 40%.
According to the exchange filing, “Nerofix Private Limited will become a wholly owned (100 per cent) subsidiary of Kansai Nerolac Paints Limited” as a result of the aforementioned acquisition of shares. It is anticipated that the acquisition will be completed by March 31 of this year.
Buy or sell: Vaishali Parekh recommends 3 stocks to buy today
Vaishali Parekh has recommended three intraday stocks for today; the following is a comprehensive list of those three shares:
1] McDowell or United Spirits: Buy with a target of 756 and a stop loss of 744;
2] PEL, or Piramal Enterprises Ltd.: Buy at 782 with an 800 target and a 770 stop loss; Thirdly, L&T Finance: Buy with a target of 96 and a stop loss of 89.50 at 91.30.
Embattled Adani Group’s $2 bn worth foreign currency bonds due for repayment in 2024
The troubled Adani Group holds bonds worth approximately $2 billion that have a repayment date of 2024. Although the issuance of bonds by three Adani companies is scheduled for the following year, there are no bond maturities in 2023. Following the Hindenburg report, the ports-to-energy empire of Gautam Adani is currently the subject of numerous allegations in the market.
A PTI report that cited the presentation that the conglomerate gave to investors said that there are no maturities in 2023. However, three issuances—$650 million for Adani Ports and $750 million and $500 million for Adani Green Energy Ltd—are due for payment in 2024.
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Wall Street stocks power higher on Friday as Treasury yields and dollar ease
Despite expectations for rate hikes keeping bond yields close to multi-year highs, data pointing to U.S. economic growth boosted risk appetite, leading Wall Street stocks to post strong gains on Friday while Treasury yields and the dollar pulled back.
In February, employment and new orders rose to more than one-year highs, indicating that the economy continued to expand in the first quarter. The U.S. services sector experienced steady growth in February.
The Dow Jones Industrial Average went up 1.17 percent, the S&P 500 went up 1.61 percent, and the Nasdaq Composite went up nearly 2 percent.
Bill Sterling, a global strategist at GW&K Investment Management in Boston, stated that “the S&P 500 got a bit of a reprieve today” following weeks of relentless upward pressure on interest rates.
He went on to say that the slight difference between shorter-term bonds indicated a lower risk of a recession: Market participants appear to believe that the economy and corporate profits can withstand a path of higher interest rates for a longer period of time.”
Investors’ optimism regarding a Chinese economic recovery prompted a jump in Asian stock prices already. The European session saw a continuation of the positive market sentiment, with the STOXX 600 up 0.92 percent. Reuters)