L&T Secures ‘large’ orders

Indian Markets:

• Nifty 50 Movement: The index opened higher at 16,984.30 and hit the days high of 17,091 in mid-afternoon trade. However, selling in the final hour of the session dragged the index below 17,000 mark.
• On Monday, the domestic equity barometers experienced a slight increase, putting an end to a two-day losing streak. However, the indices were somewhat pulled back in the final hour selling. 
• The healthcare, pharmaceutical, and fast-moving consumer goods (FMCG) sectors saw increased demand, while real estate, media, and automotive sectors were under pressure.
• The market’s overall tone remained weak, as there were no significant domestic market triggers during the week. 

Global Markets:

• The Does Jones index futures were up 211 points, indicating a positive opening in the US market.
• European shares advanced while most Asian stocks declined on Monday as investors continued to assess the impact of the banking troubles in the U.S and Europe on the global economy.
• In the U.S. early on Monday, First Citizens Bank agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said. However, investors remained on high alert for signs of stresses in the banking system, while fears of contagion remain.
• The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain in receivership for disposition by the FDIC.
• Last Friday, Deutsche Bank shares saw a sell-off after the German lenders credit default swaps jumped. The stock was up 3.2% in mid-morning trade on Monday.
• Over the weekend, International Monetary Fund chief Kristalina Georgieva said in a speech that risks to financial stability have increased, though actions by advanced economies have calmed market stress.
• US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.

Stocks in Spotlight:

?Sun Pharma announced its plan to acquire a 60% shareholding in Vivaldis Health & Foods for Rs 143.30 crore from its existing shareholders. According to a regulatory filing by Sun Pharmaceuticals Industries, the remaining 40% shareholding will be acquired in the future, subject to certain terms and conditions.

?The share price of Grasim Industries surged as the flagship company of the Aditya Birla Group announced the acquisition of leasehold rights for approximately 220 acres from Century Textiles and Industries for Rs 254.70 crore. This strategic move will enable Grasim Industries to establish new manufacturing facilities.

?L&T announced-on Monday, that its power transmission & distribution business has secured substantial orders in both India and overseas markets. These projects are classified as “large” by L&T, with a value ranging from Rs 2,500 crore to Rs 5,000 crore.

News from the IPO world?

• OYO to reduce planned IPO by two-thirds amid tech headwinds
• Sotac Pharma IPO schedules for subscription this week
• Jaipur base Motisons Jewellers files DRHP with SEBI for IPO

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