Stocks To Watch: Hindustan Aeronautics, ICICI Bank, Ujjivan Financial Services, IndusInd Bank, Lupin

Asian stocks fell, U.S. stock futures surged and the dollar retreated after American financial regulators took steps to shore up the financial sector with a new lending program in the wake of Silicon Valley Bank’s failure.

Australian and Japanese shares fell. Investors will be monitoring how Chinese markets react to news that central bank governor Governor Yi Gang was kept in his post, as have the finance and commerce ministers. The continuity may be welcomed by investors, who have grown sensitive to policy risks from Beijing. 

Crude price rose 1.4%, while gold prices increased 1.8% with the rout in equity and bond markets. Bitcoin dived 1.4% to trade below the $20,000 level.

Both Indian benchmark indices tanked—Sensex closed 1.12% lower while the Nifty dipped 1%—as PSU, banking and financial stocks dragged on account of weak global cues.

The Indian rupee closed lower against the U.S. dollar as the domestic unit tracked weak Asian peers amid fears of faster rate hikes by the U.S. Federal Reserve.

At 6:50 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.26% to 17,392.5.

• Adani Group stocks/Ambuja Cement: Adani promoters notified that they have fully repaid share backed debt worth $2.15 billion (or Rs 17,623 crore as of 12th March) ahead of month end deadline.

• Nazara Technologies: Gaming and sports media platform, Nazara Technologies informed the stock exchanges that two of its subsidiaries have cash balances worth Rs 64 crore in the recently collapsed Silicon Valley Bank.

• Hindustan Aeronautics: The Ministry of Defence will procure six Dornier-228 aircraft for the Indian Air Force from the company for Rs 667 crore.

• ICICI Bank/ ICICI Lombard General Insurance Company: The RBI granted ICICI Bank time till Sept. 9, 2024, to reduce its stake in ICICI Lombard General Insurance Company to the required 30%.

• Canara Bank: The bank raised its lending rates by 10-45 basis points across tenors with effect from March 12.

• IndusInd Bank: The RBI approved reappointment of Sumant Kathpalia as MD and CEO of the bank for two more years, effective March 24, 2023.

• Lupin: The U.S. FDA completed a pre-approval and GMP inspection of its API manufacturing inspection in Visakhapatnam, India, from March 6-10, 2023, with no observations.

• Ujjivan Financial Services: The company announced an interim dividend of Rs 5 per share of Rs 10 each. The record date for the dividend is March 20, 2023.

• Godrej Industries: The board approved issuance of 1 lakh non-convertible debentures aggregating to Rs 1,000 crore on private placement basis.

• Aster DM Healthcare: Aster Pharmacies Group, a material subsidiary of the company, has incorporated a joint venture Aster Arabia Trading Company in Riyadh establish, manage and operate pharmacy chain across the Kingdom of Saudi Arabia.

• Authum Investment & Infrastructure: The board appointed Deepak Dhingra as the chief financial officer of the company with effect from March 10, 2023, after the resignation of Amit Dangi from the post.

• JSW Steel: The company’s subsidiary JSW Steel Coated Products has completed the acquisition of 31% stake in Ayena Innovation.

• Lumax Auto Technologies: The company has completed the acquisition of 75% shareholding in IAC International Automotive India through its wholly owned subsidiary namely Lumax Integrated Ventures.

• Mahindra & Mahindra: Production, sales and exports figures for February

1. The company produced 56,997 units across categories, 14% higher year-on-year.

2. Sales figures grew 9.5% on-year to 56,551 units.

3. Exports dropped 20% to 2,250 units.

• Jindal Saw: Promoter group Abhyuday Jindal sold 35 lakh shares and Virtuous Tradecorp bought 35 lakh shares on March 06.

• Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 19,000 shares on March 10.

• Zydus Wellness: Promoter Zydus Family Trust bought 11,291 shares between March 08-09.

• Gallantt Ispat: Promoter group Maanaav Dineshkumar Agarwal bought 1,353 shares on March 09.

• Kirloskar Oil Engines: Promoter group Ambar Gautam Kulkarni sold 64.92 lakh shares, Jyotsna Gautam Kulkarni sold 1.29 crore shares and Nihal Gautam Kulkarni 66.52 lakh shares on March 08.

• Price Band Revised From 20% To 10%: Olectra Greentech

• Move Into of Short-Term ASM Framework: Mangalore Chemicals & Fertilizers

3M India: To meet investors and analysts on March 13.

• Nifty March futures ended at 17,449.50 a discount of 195.69 points.

• Nifty March futures rose 6.04% and 13,163 shares in Open Interest.

• Nifty Bank March futures ended at 40,606.05 a discount of 802.90 points.

• Nifty Bank March futures fell 0.91% and 839 shares in Open Interest.

• Securities added to the ban period: Balrampur Chini Mills, Gujarat Narmada Valley Fertilizers and Chemicals

• Securities removed from the ban period: Nil