Tatat Steel to raise Rs 2700 crore through three year NCD : Daily Market Update - 20 March 2024 | Globe Capital Market LTD.
Tatat Steel to raise Rs 2700 crore through three year NCD : Daily Market Update – 20 March 2024

Tata Steel Ltd's board on Tuesday approved raising Rs 2,700 crore through the issue of unsecured non-convertible debentures maturing in three years on a private placement basis. The board on Tuesday approved the issue of 2.70 lakh NCDs with a face value of Rs 1 lakh each, according to an exchange filing. The coupon will be paid annually, with the principal amount to be redeemed through bullet repayment by the end of three years, the filing said.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.39% to 0.83%.
  • European equity markets settled on a positive note.
  • Majority of Asian equity markets are trading higher.
  • GIFT Nifty is up by 75 points, Nifty futures is likely to open around 21936 levels (as on 8:30AM).


News highlights from across the globe

  • Stocks in the Asia-Pacific region powered ahead mirroring the gains made in the U.S. market, which gears up for the latest monetary policy decision from the Federal Reserve.
  • A rebound in the U.S. tech stocks helped the S&P 500 touch a new record high. Nvidia Corp rose on bets its new chips will fuel a rally that’s already added $1 trillion to the company’s value this year
  • The yield on the 10-year U.S. bond was trading at 4.29% and Bitcoin was above 63,000 level. Brent crude was trading flat at $87 a barrel


Important news updates from the domestic front

  • Tata Consultancy Services: The U.S.-based Central Bank selected TCS BaNCS to update core technology infra.
  • UltraTech Cement: The composite scheme of arrangement between Kesoram Industries and UltraTech Cement has been successfully completed, marking a significant milestone for both companies.
  • Aditya Birla Capital Promoter to exercise a green shoe option for shares of Aditya Birla Sun Life AMC.
  • GPT Healthcare reported revenue of Rs 96.6 crore, up 4% YoY, and net profit of Rs 11.5 crore, up 37.4% YoY for Q3 FY24.
  • Shakti Pumps board approved the QIP of up to Rs 200 crore at a floor price of Rs 1,272.09 per share.
  • Care Ratings board approved the incorporation of a wholly owned subsidiary in GIFT City, Gujarat.
  • Patanjali Foods issued clarification that the Supreme Court order relates to ads for ayurvedic products and medicines from Patanjali Ayurved and has no bearing on the company.
  • Aurobindo Pharma company received USFDA approval for Mometasone Furoate Monohydrate nasal spray.
  • Narayan Hrudayalaya approved an allotment of 30,000 NCDs worth Rs 300 crore on a private placement basis.
  • Deccan Gold Mines: Unit Deccan Gold Tanzania has discovered gold and lithium reserves in Tanzania, a significant step towards the company’s strategy to diversify into critical minerals.


Nifty Overview & Outlook

Benchmark Nifty index ended lower at 21817 levels, down nearly 250 points from its previous closing values.

The broader markets performed in line with the benchmark as Nifty Midcap & Small cap index settled lower, down over 1% each; resultant, poor market breadth.

All the sectoral indices tracked at NSE settled lower. Amongst them, Nifty FMCG, IT, Pharma and Media index tumbled over 2% each followed by Nifty Consumer Durables, Oil & Gas and PSU Bank index that were down in range 1% to 1.5%.

Nifty index is trading close to an important support of 21800 levels. Cross and sustenance below the same might take it towards 21500 levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long unwinding was seen in Nifty futures with decrease in open interest by 2.3%, short buildup was seen in BankNifty and Finnifty futures with increase in open interest by 1.2% and 5.9% respectively.

All F&O sectors settled lower. Amongst them, Technology, Telecom, Power, Automobile and FMCG shares witnessed maximum addition of short positions whereas some long unwinding was seen in Realty & Metal stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 21000 PE followed by 21400 PE and 22000 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1421 Cr in the cash segment, bought stocks futures worth Rs 1218 Cr and sold index futures worth Rs 2143 Cr. DIIs were net buyer in the cash segment to the tune of Rs 7449 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22030-22130; Supports 21800-21680

Banknifty – Resistances 46800-47100; Supports 46170-45900

Finnifty – Resistances 20710-20830; Supports 20540-20450




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