Markets have maintained a strong upside last week with Sensex once again earmarking more than 58,000-mark and Nifty 50 nearing to 17,350-level. The positive tone of markets was after the US Fed rate hike and softening in crude oil prices and a slight pullback in commodity prices added comfort. Also, progress in Russia- Ukraine talks further boosted confidence.
On Friday, Sensex settled at 57,863.93 up by 1047.28 points or 1.84%. The 30-scrip benchmark has gained over 58,095 on the day. Nifty 50 ended at 17,287.05 higher by 311.70 points or 1.84%, however, after touching a high of 17,344.60.
In the week ahead, markets will continue to gauge the development in the Russia-Ukraine conflict along with the movement in oil prices. On Monday, investors will keenly watch for US Fed Chair Jerome Powell’s comment on the economic outlook at the annual conference of the National Association for Business Economics.
On Monday, here’s a list of stocks that will be in focus on BSE and NSE.
Jindal Steel & Power (JSPL): The company’s wholly-owned Jindal Steel & Power (Mauritius) has prepaid a $357mn loan to its lenders. This prepayment will help clear the entire debt on JSPML. This loan had corporate guarantees from JSP India, which will also get released. Over the past three years, JSP has been able to reduce its overseas debt from $1.8bn to $130mn post this payment.
Ruchi Soya: The company has fixed a floor price of Rs615 to Rs650 per equity share on its Rs4,300 crore follow-on public offering. Under the issue, the company’s board approved for the minimum bid lot size to be 21 and in multiples of 21 Equity Shares thereafter.
Wockhardt: The company has collaborated with Serum Life Sciences UK Ltd, a subsidiary of the Serum Institute of India, one of the world’s largest vaccine manufacturers to deliver a global vaccine programme. The tie-up will help create considerable number of employment opportunities along with creation of new sterile fill and finish facility in Wrexham, North Wales (‘New Facility’). A profit sharing arrangement has been made between the two parties for this New Facility that will deliver an additional 150 million vaccine doses of multiple vaccines.
IntraSoft Technologies: The company announced to raise up to Rs50 crore via Rights Issue and the Net Proceeds of the Rights Issue shall be, inter alia, used for investment in our E-Commerce subsidiary, for funding their E-Commerce business & growth initiatives. The Company has appointed mid-market investment banker, Pantomath Capital Advisors Pvt Ltd, to lead manage the Rights Issue.
Maruti Suzuki: Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat, India to invest approximately 150 billion yen (approximately 104.4 billion rupees) for local manufacturing of electric vehicles (BEV) and BEV batteries.
Tata Elxsi: The company has launched TEngage, the first-ever truly digital health platform designed for omnichannel care at the HIMSS Global Health Conference & Exhibition being held in Orlando, Florida from 14–18 March 2022. Tata Elxsi’s TEngage allows hospitals and healthcare providers to offer a unified patient experience across all channels and delivers healthcare anytime, anywhere.
Granules India: The company has received a license from Medicines Patent Pool (MPP) to manufacture and market generic versions of Pfizer’s oral treatment nirmatrelvir which will be copackaged with ritonavir for treatment of COVID-19. The licenses are applicable for both active pharmaceutical ingredients (API) and finished products, in tablet form, of nirmatrelvir; ritonavir.
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Read More: Top stocks in focus on Monday; From Maruti, Wockhardt to JSPL. Details here