Domestic market indices are likely to snap their five day losing streak to open in the green, hinted SGX Nifty. JSW Energy, Shriram Finance, Mindspace REIT stocks in focus
Indian benchmark indices are likely to snap their five day losing streak to open in the green, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading higher, up by more than 30 points, at the 17,011 level. On Wednesday, markets extended losses for a fifth session, pulled down by negative global cues and the Credit Suisse fall. At close, Nifty was down 71 points, below the 17,000 level while Sensex slid 0.59% to settle at 57,555.
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“This is the fifth consecutive day of selling in Indian markets, which has been exacerbated by Credit Suisse’s massive drop, indicating the start of a bear market. Global cues have also been unfavourable to the market, adding to the downward pressure on Indian equities. The market is likely to remain under pressure in the coming days, with 16,800 being the next significant support level for the Nifty index,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.
Stocks in focus on 16 March, Thursday
JSW Energy
JSW Energy board on Wednesday approved allotment of 25,000 non-convertible debentures (NCD) on a private placement basis to raise Rs 250 crore. On October 28, 2022, the board also approved the NCD issue for the raising of funds up to Rs 2,500 crore by way of the private placement.
Shriram Finance
Shriram Finance is looking to sell a 15% stake in its housing finance subsidiary Shriram Housing Finance for a valuation of Rs 1,000 crore, news agency Reuters reported on Wednesday, quoting sources.
Ramakrishna Forgings
Ramkrishna Forgings, along with Titagarh Wagons, has been declared the Lowest Bidder (L1) by the Ministry of Railways for manufacturing and supplying of forged wheels under the ‘Atmanirbhar Bharat’ initiative. The two companies will set up a state-of-the-art manufacturing facility in India for forged wheel production and will supply approximately 1.6-million-wheel discs of different rolling stocks of Indian Railways over a period of 20 years at about 80,000 wheels per annum.
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Mindspace REIT
Mindspace Business Parks REIT completed the first REIT level Green Bond issuance in India, raising Rs 5.5 billion with a tenor of three years and thirty days at a fixed quarterly coupon of 8.02% per annum payable quarterly. The issuance is rated AAA/Stable by CRISIL Ratings and ICRA respectively.
Patanjali Foods
The firm had to increase its public shareholding from 19.18 % to 25% but failed to do so, following which NSE and BSE have frozen the shareholding of promoters and promoter group. This will remain in action until the minimum public shareholding requirements are met.
