Actionable: Buy Titan, Oil India, Tata Motors.
Insight Online News
From Advisory Desk : Vikash Sahay
28th February 2024
Market Outlook: US stocks were mostly firmer on Tuesday as investors digested the latest round of corporate earnings releases, despite lower-than-expected economic data. Futures are trading flat ahead of the release of Q4 GDP data (second reading) tonight. Asian markets have started on a mixed note, while the GIFT Nifty is indicating a slightly positive opening. Yesterday, Nifty traded within a narrow range and closed higher, led by some heavyweights. Markets are trading in a range for now, however, sector and stock-specific actions are expected to continue.
Actionable: Buy Titan, Oil India, Tata Motors.
INITIATING COVERAGE|DREAMFOLKS : Landing gear retracted; charting a steep trajectory (DREAMFOL IN, Mkt Cap USD0.3b, CMP INR486, TP INR650, 34% Upside, Buy)
IPO (Subscribe): Exicom Tele-Systems Limited (Price Band: Rs.135 – Rs.142). Issue Dates – 27th Feb to 29th Feb.
IPO Listing: Juniper Hotels shares to start trading on exchanges today after subscribed by 2 times.
Global market:
DOW: -96
GIFT NIFTY : +45 (prev.close 22193)
NIFTY 50 : 22198
SENSEX : 73095
Institution:
FII: – 1509 Cr
DII: + 2861 Cr
BSE:
Advances: 1493 / Declines: 2353
Currency:
Dollar: $ 82.89
Dollar Index: 103.85
Commodity:
Gold: $ 2033 per ounce
Crude: $ 83 34 per barrel
Bonds:
10 year US bond rate: 4.29
10 year Indian Bond rate: 7.07
Derivative:
PCR: 0.89
VIX: 15.73
Updates:
Shriram Finance/ UPL: The NSE Index Maintenance Sub-Committee (Equity) is scheduled to meet today after market hours for its periodic review of stocks in Nifty. As per reports, Shriram Finance seems poised to join the Nifty 50, while UPL is anticipated to exit.
Vodafone Idea: The board of directors has approved a fund raise of up to Rs.20,000 crore via equity. Through a combination of equity and debt, the company plans to raise around Rs.45,000 crore. This will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout, and capacity expansion.
Torrent Power: The power company has emerged as the successful bidder and has received a letter of intent from PFC Consulting for the establishment of an inter-state transmission scheme “transmission system for the evacuation of power from renewable power projects in Solapur (1,500 MW) SEZ in Maharashtra.
SJVN: Subsidiary SJVN Green Energy (SGEL) has commissioned a 100 MW Raghanesda solar power project in Banaskantha, Gujarat. SGEL has bagged this 100 MW solar power project at a tariff of Rs.2.64 per unit through competitive tariff bidding conducted by Gujarat Urja Vikas Nigam (GUVNL)for 25 years.
GE T&D : GE T&D India secures orders totalling Rs.370 crore from Power Grid to deliver 765 kV shunt reactors for various transmission system projects across India.
Hinduja Group: The National Company Law Tribunal has approved Hinduja Group firm IndusInd International Holdings’ Rs.9,650-crore resolution plan for Reliance Capital. They said that the approval underscored the effectiveness of the insolvency resolution framework in addressing complex debt restructuring scenarios.
Salasar Techno Engineering: The engineering and infrastructure solutions provider has entered into an agreement with ZETWERK Businesses for the supply of 25,000 MT of solar structures worth Rs 200 crore. The contract is expected to be completed within 12 months.
Securities in ban: ABFRL, CANBK, INDUSTOWER, SAIL, ZEEL.
Derivative View: On option front, Maximum Call OI is at 22500 then 22700 strike while Maximum Put OI is at 22000 then 22100 strike. Option data suggests an immediate trading range in between 22050 to 22300 zones.
