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Research Periodic Report Indian markets expected to open on a negative note, Navine Flourine announces capex, SKF India to acquire 26% stake in Clean Max Taiyo

Indian markets expected to open on a negative note, Navine Flourine announces capex, SKF India to acquire 26% stake in Clean Max Taiyo

Written by - Fisdom Research

March 20, 2023 3 minutes

Opening Bell:

SGX Nifty is down by 77.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian stocks steadied and US futures rose on Monday in relief at a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood, though trade was tense and volatile as contagion fears stalked financial shares. The Japanese Nikkei is down by 0.68 percent. Hong Kong’s Hang Seng is down by 1.78 percent and South Korea’s Kospi is down by 0.19 percent in early morning deals.

Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession. The S&P 500 gained 1.10 percent and Nasdaq Composite added 0.74 percent respectively on Friday.

Stocks News:

?Navin Fluorine International subsidiary NFASL’s board approves capex of Rs 450 crore for setting up a 40,000 tonne per annum hydrofluoric acid capacity at Dahej. The company has an AHF manufacturing plant with a capacity of approximately 20,000 tonnes per annum at Surat. The new capacity is expected to come on stream in two years.

?Havells India commences commercial production of air-conditioners at Sri City plant. The electric equipment maker began commercial production of air-conditioners at its Sri City plant on March 17

?SKF India to acquire 26% stake in Clean Max Taiyo. The automotive and industrial engineered solutions company has agreed to make an investment in renewable energy company Cleanmax Taiyo by acquiring its 2,600 fully paid-up equity shares, equivalent to 26% shareholding.

?Tata Consumer not to acquire Bisleri, ceases talks. The Tata group company has ceased negotiations with Bisleri for a potential transaction and confirmed that the company has not entered into a definitive agreement or a binding commitment on the matter.

?Foreign institutional investors (FII) sold shares worth Rs 1,766.53 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,817.14 crore on March 17, the National Stock Exchange’s provisional data showed. 

Domestic and International Events

  • UBS Group AG, Switzerland’s largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion historic, government-brokered deal, news agency Bloomberg has reported.
  • Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets.
  • The country’s forex reserves fell by $2.39 billion to a three-month low of $560.003 billion for the week to March 10, the Reserve Bank said in its latest weekly data release. In the week to March 3, the reserves rose by $1.46 billion and stood at $562.40 billion.
  • First Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global, which said the lender’s recent $30 billion deposit infusion from 11 big banks may not solve its liquidity problems.

Key Equity Indices

Hang Seng (Hong Kong)19,5191.6 %
Shanghai Composite (China)3,2510.7 %
Dow Jones (US)31,862(1.2) %
DAX (Germany)14,768(1.3) %
FTSE 100 (UK)7,335(1.0) %
Nikkei (Japan)27,3341.2 %
Straits Times (Singapore)3,1830.9 %

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