Morning Update for 23 March 2021

Indices at previous closing

Nifty50: 14,736 ▼ 7 (-0.0%)
Sensex: 49,771 ▼ 86 (-0.1%)
Nifty Bank: 33,603 ▼ 558 (-1.6%)

In the news

Maruti Suzuki to hike prices from April

• The country’s largest carmaker will raise prices of its cars on 1 April. Although the company hasn’t announced the quantum of the price hike, it stated increasing input costs as the prime reason for the decision.
• Reports suggest that other automakers are likely to increase prices by 1-3% to offset input cost pressures, particularly in steel. The Nifty Auto index has risen about 10% so far this year.

Loan moratorium verdict today

• The Supreme Court will announce its decision on the loan moratorium case today. Due to the Covid crisis, banks had deferred installments on loans. 
• Certain sectors and trade associations had sought an extension of the moratorium and other relief measures in view of the pandemic. The Supreme Court's verdict could trigger movement in shares of the banking sector.

KEC International secures large orders

• The Mumbai-based electricity transmission and distribution company has bagged orders totalling ₹1,429 crore. With this, its total order inflow this year have exceeded ₹11,000 crore.   
• These include orders from Power Grid Corporation, Indian Railways, civil works and cables segments. The stock has risen about 4% so far this month. 

Man Industries wins overseas contract

• The maker of large-diameter pipes recently bagged orders worth ₹500 crore. These orders include domestic and international orders in the oil and water sectors. 
• With the new deals, Man Industries reportedly has an order book worth ₹1,250. Its stock has risen 11% so far in March.  

Events of the week

• Tuesday: New home sales (US)
• Wednesday: Crude oil inventories (US)
• Thursday: GDP Q4, Initial jobless claims (US)

Sectoral indices (22 March)

Global markets (at 8:30 am)

Fact of the day

RBI demonetized notes in the denominations of five thousand rupees (₹5,000) and ten thousand rupees (₹10,000) in 1946. They were reintroduced in 1954 and again demonetized in 1978.

Source: RBI

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