PVR and HDFC AMC Acquisitions by Mutual Funds, Lupin’s USFDA Approval, and CEAT’s CEO Departure

Opening Bell:

SGX Nifty is down by 49.5 points in the early morning trade, indicating a positive opening for Indian stock market.

On Tuesday, Asian stocks experienced a slight upturn, after a period of decline. The rescue of Credit Suisse helped to stem selling in bank shares, providing some relief to traders. However, the mood in the markets remained fragile, with many traders concerned about the ongoing stress in the markets. The Japanese Nikkei is closed on account of public holiday. Hong Kong’s Hang Seng is down by 0.98 percent and South Korea’s Kospi is down by 0.42 percent in early morning deals.

U.S. stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week. The S&P 500 gained 0.89 percent and Nasdaq Composite added 0.39 percent respectively.

Stocks News:

?ICICI Prudential Mutual Fund, SBI Mutual Fund, and Societe Generale – ODI have collectively acquired a total of 24.38 lakh shares of PVR, a leading Indian cinema chain. The acquisition, which amounts to Rs. 380.37 crore, was made through a block deal in which foreign investor Berry Creek Investment sold its entire 2.49% stake in the company

?SBI Mutual Fund has acquired 47.33 lakh shares in HDFC AMC. The acquisition, which was made through open market transactions, amounted to a total of Rs. 757.4 crore, with an average share price of Rs. 1,600. On the other hand, GQG Partners Emerging Markets Equity Fund offloaded 24.78 lakh shares in HDFC AMC at an average price of Rs. 1,600.85 per share, amounting to Rs. 396.83 crore.

?Lupin announced that its alliance partner Caplin Steriles has received final approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application Rocuronium Bromide Injection.

?Anant Goenka has announced his decision to step down as the Managing Director and CEO of CEAT, one of India’s leading tyre manufacturers. Goenka had been leading the company for several years and had played a key role in its growth and development.

?Foreign institutional investors (FII) sold shares worth Rs 2,545.87 crore, whereas domestic institutional investors (DII) bought shares worth Rs 2,876.64 crore on March 20, the National Stock Exchange’s provisional data showed.

Domestic and International Events

• Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand.
• Bad loans of state-run banks declined from a peak of 14.6 percent in March 2018 to 5.53 percent in December 2022, the government said on March 20 citing official data. “Government implemented a comprehensive 4R’s strategy of Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem,” said Minister of state Finance, Bhagwat Karad in Parliament.
• Indian economy is expected to grow at 7 percent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday.
• Gold prices retreated from their highest level in a year in volatile trading on Monday, as share markets and Treasury yields bounced back on central banks’ efforts to shore up confidence in the financial sector.

Key Equity Indices