Vodafone Idea to launch Rs 18000-20000 crore FPO next week: Daily Market Update - 12 April 2024 | Globe Capital Market LTD.
Vodafone Idea to launch Rs 18000-20000 crore FPO next week: Daily Market Update – 12 April 2024

Vodafone Idea (Vi) is gearing up to launch a follow-on public offer (FPO) to raise Rs 18,000-20,000 crore by the middle of the next week. The debt-laden telecommunications company has enlisted Jefferies, SBI Caps and Axis Capital as lead managers for the FPO, the largest offerings of its kind in India. However, none of the banks are underwriting the issue, sources said.

Overview and Outlook

Global Stock Market Today

  • Barring DOW, other US equity markets settled higher.
  • European equity markets settled in red, down 0.47% to 0.80%.
  • majority of Asian equity markets are trading in red.
  • GIFT Nifty is trading up by 130 points, Nifty futures is likely to open around 22680 levels (as on 8:30AM).


News highlights from across the globe

  • Most share indices in Asia-Pacific region were trading lower as back-to-back strong economic data from the US compelled market participants to pull back their bets on rate cuts by the Federal Reserve.
  • Benchmark indices on Wall Street rebounded on the back of technology stocks rallying. The Nasdaq 100 index ended 1.65% higher as of Thursday. The S&P 500 rose 0.74% higher, and the Dow Jones Industrial Average settled flat.
  • Brent crude was trading 0.40% higher at $90.14 a barrel.


Important news updates from the domestic front

  • Dr. Reddy’s Laboratories launched drug-free migraine management device Nerivio in Germany through its step-down subsidiary Betapharm.
  • The Phoenix Mills reported a total consumption jump of 27% year-on-year at Rs 2,818 crore in the fourth quarter, gross retail collections went up 37% at Rs 791 crore while total consumption was up 22% YoY at Rs 11,327 crore for the end of the financial year 2024, gross retail collections up 27% at Rs 2,743 crore.
  • Metropolis Healthcare’s core business revenue grew by 15% year-on-year for the end of the fourth quarter. The company’s B2C revenues grew by 18%. The company repaid debt, resulting in a debt-free status as of March 31.
  • Trident commissioned a capacity of 1.1 MWp solar power project in Madhya Pradesh. The total installed capacity of the Madhya Pradesh plant is now at 29.5 MWp.
  • Computer Age Management Services: The Reserve Bank of India has granted authorisation to the company to operate as an online payment aggregator. CAMSPAY, the payment business unit of the company achieved a record-setting registration of more than 1.2 million mandates for UPI Autopay in the month of March.
  • Varun Beverages approved the investment In two special-purpose vehicles, Huoban Energy 11 and Aspirative Creative Ventures.
  • DCX Systems appointed Diwakaraiah N J as CFO effective April 11.
  • CESC subsidiary Purvah Green Power acquired 100% shareholding of Bhadla Three SKP Green Ventures for 3.83 crore.
  • Cupid secured a commercial deal to provide 5.9 million female condoms in Brazil, valued at Rs 23.07 crore.


Nifty Overview & Outlook

Benchmark Nifty index recorded new all time high, ended higher at 22753 levels after adding over 100 points to its previous closing values.

Broader markets outperformed the benchmark as Mid and Small cap index were up, 1.12% and 0.73% respectively against 0.5% advance of frontline index.

All sectoral indices, barring Nifty Auto and Pharma index, settled in green. Amongst them, Nifty Media index was at the top of the tally, rose nearly 2% followed by FMCG, Metal, PSU Bank and Oil & Gas index that settled higher in range 1% to 1.5%.

Technically, Nifty Index is well placed on multiple chart frames. However, possibility of some profit taking can not be ruled out at this juncture. Going ahead, we reiterate our bullish view on Nifty index till it is trading above 22300 levels on closing basis and expect it to test 22850 and higher levels in near term. Hence, we suggest traders to maintain buy on dips trading strategy till it is trading above the said levels.


Derivatives Overview & Outlook

Last Wednesday, long buildup was seen in Nifty, Banknifty and Finnifty futures with increase in open interest by 1.1%, 8.7% and 3.2% respectively.

On the sectoral front, long buildup was seen among FMCG, Media and Textile stocks whereas short buildup was seen among Realty stocks. Short covering was seen in among Oil& Gas, Technology and Metals stocks.

On options front, Nifty will start the new weekly contracts with maximum positions at 23200 CE and 21800 PE followed by 22700 PE.


Institutional Trading Activity

Last Wednesday, FIIs bought stocks worth Rs 2778 Cr in the cash segment, bought stocks futures and index futures worth Rs 3587 Cr and Rs 4006 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 163 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22850-22950; Supports 22700-22640

Banknifty – Resistances 49250-49450; Supports 48700-48400

Finnifty – Resistances 21800-21880; Supports 21680-21600



Important Results Today – TCS


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