Markets for the month of March settled higher by almost 2% on back of U.S Fed promising aggressive rate cuts in the near future which has also led to sharp surge in Gold and BTC prices. For the past three years, there was severe underperformance from Nifty Bank due to surging US bond yields, however from here on we can expect major relief rally from Nifty Bank after a recent breakout above 47,000. The upside of Nifty Bank is seen at 54,000 and is most likely to outperform Nifty with wide margin. For Nifty, the ADX line has seen strong bottom and hence 22,000 from now on should be seen as a new base with immediate target towards 23,500.
Nifty Futures Chart
Stocks to watch
Positive Read Through
- Infosys – To receive Rs. 63.29 bn tax refund from I-T department.
- GRSE – Posts YoY growth of 33 pct in the annual turnover at Rs. 34 bn for FY24.
- Prataap Snacks – Commenced operations at new unit with a total capacity of about 11,000 MTPA.
- Astra Microwave – Company gets order worth Rs 3.86 bn from BEL to supply MPR sub-systems.
- HAL – Signs contract worth Rs. 1.73 bn with Cochin Shipyard.
- Lemon Tree – Launches 4th property in Himachal Pradesh with Lemon Tree Hotel, Kasauli.
- JSW Steel – Arm commissions hot strip mill at Vijayanagar plant.
- Torrent Power – Get LoA to set up 150 MW wind solar project worth of Rs. 18.25 bn.
- RVNL – Lowest bidder for projects worth of Rs. 3.40 bn, JV lowest bidder for USD 7.15 mn project.
- IOC – Signs binding term sheet with Panasonic Energy for Lithium-ion cells manufacturing in India.
- Lupin – Gets US FDA nod Eslicarbazepine Acetate tablets, estimated sales at USD 354 mn.
- ICICI Lombard – Transformation in tech resulted in better engagement and cost saving.
- PNB Housing – CARE, ICRA upgrade ratings to AA+, outlook revised to stable.
- EIH – To invest Rs. 4.21 bn on construction of Oberoi luxury resort in Goa.
- Canara Bank – To dilute 13 pct stake in Canara Robeco AMC via IPO.
- GE Shipping – To buy a medium range product tanker of about 51,486 dwt.
Negative Read Through
- Yes Bank – Gets tax demand order worth Rs.1.12 bn from Income Tax Department.
- Bank of India – Gets Rs 5.64 bn tax demand order from Income Tax department for AY18-19.
- JM Financial – Joint Managing Director Atul Mehra resigned.
- Indian Hume Pipes – Gets demand of Rs 934 mn for AY22-23 from Income Tax department.
- Suzlon – Receives order for 2 penalties from IT department worth of Rs 2.60 bn.
- SBI Life – Receives tax demand of Rs. 53.17 bn for AY22-23.
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