L&T to raise Rs 7500 crore through term loans, NCD : Daily Market Update - 27 March 2024 | Globe Capital Market LTD.
L&T to raise Rs 7500 crore through term loans, NCD : Daily Market Update – 27 March 2024

Engineering major Larsen & Toubro (L&T) on Tuesday said the company’s board has approved a proposal to raise funds worth Rs 7,500 crore. In a regulatory filing, L&T said these funds would be raised in the form of external commercial borrowings, term loans, non-convertible debentures, or any other instrument as may be appropriate.

Overview and Outlook

Global Stock Market Today

  • Barring Down Jones, other US equity markets settled lower.
  • European equity markets settled higher in range of 0.17% to 0.67%.
  • Asian equity markets are trading mix.
  • GIFT Nifty is down by 43 points, Nifty futures is likely to open around 22050 levels (as on 8:30AM).


News highlights from across the globe

  • Markets in Asia-Pacific region are trading mix on Wednesday with the China’s industrial profit data in focus.
  • U.S. stocks gave up gains in last hour of the trade sending S&P 500 and Dow Jones Industrial Average to its third straight decline, as investors await for the Personal Consumption Expenditure data, due to be released on Friday.
  • The yield on the 10-year U.S. bond was trading at 4.23% and Bitcoin was at 70370 level. Brent crude was trading  at $84.80 a barrel.


Important news updates from the domestic front

  • CDSL: Standard Chartered plans to sell the entire stake of 7.18% via block deal. The floor price is set at Rs 1,672 per equity share.
  • Wipro has transferred its entire shareholding by Wipro Holdings (UK) in Wipro Gulf LLC to Wipro IT Services UK Societas.
  • Sanofi India, Cipla: The two companies announced an exclusive distribution partnership to expand the reach of the CNS (Central Nervous System) portfolio in India. Cipla will distribute Sanofi India’s six CNS products.
  • Avenue Supermarts opened three new stores at Karimnagar (Telangana), Narsingi, Hyderabad (Telangana) and Sachin, Surat (Gujarat). The total number of stores as of today stands at 357.
  • Piramal Enterprises has invested Rs 2,000 crore in unit Piramal Capital & Housing Finance by way of subscription to rights issue.
  • Power Grid Corp successfully commissioned a capacity expansion project in the southern region.
  • Indian Hotels infused $6.5 million as equity in its Netherlands-based wholly-owned arm, IHOCO BV.
  • Pratap Snacks: Commercial production at its newly set-up unit situated at Khewat commenced.
  • Wockhardt raised Rs 480 crore via QIP at an issue price of Rs 517 apiece.


Nifty Overview & Outlook

Benchmark Nifty index opened with a big gap on the down side but managed to settled above 22000 levels in a lackluster trading session.

Broader markets outperformed the benchmark as Mid and Small cap index were up 1.05% and 0.41% respectively.

Performance on the sectoral front was mix. Realty index was at the top of the tally, gained 1.57% followed by Oil & Gas index that rose 0.73%. On the other hand, Media index was the worst performed, fell 1.66% followed by IT and Banking pack that were down just above 0.5% each.

Going ahead, we expect Nifty index to trade with sideways to positive bias till it is trading above 21900 levels on closing basis and expect it to test 22300 levels in near term.


Derivatives Overview & Outlook

Yesterday, long unwinding was seen in Nifty and Finnifty futures with decrease in open interest by 2% and 53.9% respectively, short buildup was seen in Banknifty futures with increase in open interest by 1.3%.

Nifty and Banknifty futures rolled 48% & 75% of open interest respectively into next contract so far.

On options front, call writing along with put writing was seen at multiple strikes and maximum positions are at 22000 PE and 22500 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 10 Cr in the cash segment, bought stocks futures and worth Rs 941 Cr and sold index futures worth Rs 881 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 5024 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22220-22300; Supports 21900-21800

Banknifty – Resistances 47000-47300; Supports 46500-46210

Finnifty – Resistances 20820-20890; Supports 20640-20570


F&O Securities in Ban Today  – SAIL.


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