Morning Update for 1 April 2021

Indices at previous closing

Nifty50: 14,690 ▼ -154 (-1.0%)
Sensex: 49,509 ▼ -627 (-1.2%)
Nifty Bank: 33,303 ▼ -571 (-1.6%)

In the news

BPCL acquires OQ's stake in Bina refinery

• The PSU oil marketer said that it has acquired its partner OQ's 36.6% stake in the Bina refinery project in Madhya Pradesh for ₹2,400 crore. 
• With this purchase, BPCL will have full control over the refinery, which has an annual capacity of 7.8 million tonnes. Shares of BPCL fell nearly 0.7% in a weak market.

Stamp duty cut not extended in Maharashtra

• The Maharashtra government has decided against extending the stamp duty cut on residential housing, which came into effect from September 2020 and ended on 31 March 2020. 
• The duty cut helped improve the demand for housing units during the pandemic. Reports suggest that Mumbai saw a 4.3x YoY jump in property registrations in March 2021. The Nifty Realty index reflected the bullishness as it rose 48% in Q3 and over 6% in Q4 of FY21.

HCC Group wins case against NHAI

• As part of a conciliatory exercise, HCC, formerly Hindustan Construction Company, will receive ₹1,259 crore from the National Highway Authority of India. The two entities were locked in a legal dispute over two stretches of a highway in West Bengal, the ruling for which went in favour of HCC.
• Shares of the Mumbai-based infrastructure company closed at their 4.55% upper circuit on Wednesday.  

Likhitha Infra bags orders from oil distributors

• The oil and gas pipeline infrastructure company has reportedly received orders worth ₹200 crore between January and March 2021. Of these, about ₹170 crore-worth of orders were for cross-country pipeline projects, while the rest were city gas distribution contracts.
• The company’s shares listed in October 2020 at an issue price of ₹120. They closed at ₹318 on Wednesday, and have risen about 93% so far in 2021. 

Events of the week

Thursday: Initial jobless claims, Manufacturing PMI (US)

Friday: Unemployment rate (US), Holiday (India)  

FII/DII data (31 March)

Global markets (at 8:30 am)

Fact of the day

Dr. Verghese Kurien is often confused as the founder of Amul, the Gujarat-based dairy brand. It was founded by Tribhuvandas Patel. 

Source: Amul

Tweet this

Yay ? or  ? Nay?
We'd love your thoughts on this morning update.

If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.

Disclosures and Disclaimer

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.