Suzuki Motors acquire shares of Maruti Suzuki from open market

Indian Markets:

• Nifty 50 Movement:  After hitting a high of 17,211.35 in early trade, the Nifty 50 index pared gains as the session progressed.
• The investor sentiment took a hit due to the gloomy indications from the European stock market and the weakened Dow Jones index futures. As a result, the stock market saw a negative impact on the day’s trading, with some sectors bearing the brunt of the slump more than others.
• PSU banks and media stocks were among the hardest hit, experiencing significant losses throughout the day. On the other hand, the metals and pharmaceutical sectors managed to buck the trend, performing relatively better despite the overall gloomy market conditions.

Global Markets:

• The Dow Jones futures were down 529 points, indicating a weak opening in the US stock market today.
• European markets tumbled while most Asian stocks advanced on Wednesday.
• The U.K. is gearing up for Chancellor Jeremy Hunts Spring Budget today in which hes expected to announce key pension and child-care reforms as the country continues to battle a cost of living crisis.
• US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserves policy meeting next week.
• Moodys Investors Service on Tuesday revised its outlook on the US banking system to negative from stable, citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moodys also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.

Stocks in Spotlight:

?Voltas, a leading air conditioning and engineering solutions provider, has announced that it will not be reducing its prices this year, despite a dip in raw material costs. Instead, the company’s management has indicated that it is planning to implement price hikes in April. This move has garnered positive attention from industry analysts, with Nomura expressing a bullish outlook on the company’s stock. 

?KEC International, a global infrastructure engineering, procurement and construction (EPC) major, has announced that it has secured multiple orders totaling INR 1,028 crore across its various businesses. The company’s transmission and distribution (T&D) business has been awarded contracts for T&D projects across East Asia Pacific, the Middle East and the Americas.

?Suzuki Motor Corporation has announced the purchase of 345,000 shares of Maruti Suzuki from the open market on Tuesday (14 March 2023). This acquisition has increased Suzuki’s stake in the Indian subsidiary to 56.48% from 56.37%.

News from the IPO world?

• Global surfaces IPO final days sees investors booking 12.21 times
• Quality Foils IPO oversubscribed
• Dev Labtech IPO opens on March 17th

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter