RIL surges on NCLT nod, Oil prices slip amid global slowdown & more

Nifty50: 17,359 ▲ 279 (+1.6%)
Sensex: 58,991 ▲ 1,031 (+1.7%)

Dear readers,

It’s 31 March, the last day of the financial year. We know, we know, terms like 'financial year end' might not exactly spark joy, but hear us out.

This is when you get to evaluate how you've managed your finances over the past year. And if you've been on top of your investments and made the most of tax-saving opportunities, then kudos!

If not, don’t fret; there’s always next year to turn things around. Now let’s see if the markets ended the financial year with a bang or a whimper.

• After a strong opening, the markets ended in green
• Out of the Nifty50 stocks, 43 stocks closed in green
• China’s manufacturing PMI lower than expected at 51.9 in March

All the Nifty sectoral indices ended in green with IT (+2.4%) and Bank (+1.7%) being the top gainers.

What’s trending

⭐ RIL stocks skyrocket

Reliance Industries (+4.3%) shares surged intraday. This comes after NCLT’s recent approval for RIL’s acquisition of textile-maker Sintex Industries. The acquisition will help in expanding the textile business portfolio of the conglomerate.

⭐ Bharat Dynamics wins defence order

The defence PSU (+2.7%) won orders worth ₹8,422 crore from the Indian Army. The orders include the production and supply of defence equipment. The company's total orderbook crossed ₹24,000 crore with these contracts. 

⭐ Coal India exceeds FY23 target

The coal producer (+0.1%) announced that it has surpassed its annual production target of 700 million tonnes. They will end the fiscal year with an output of 703.4 million tonnes, a 13% increase from the previous fiscal year. The target for the upcoming fiscal year is to produce 780 million tonnes.

⭐ Oil prices move slow

Oil prices (+0.5%) traded in a range after China’s business activity grew at a lesser-than-expected pace. Manufacturing activity in China slowed in March (51.9 vs. 52.6) compared to the previous month. Meanwhile, markets await direction from the Organization of Petroleum Exporting Countries (OPEC) meeting next week.

In Focus

Defence stocks shine

Shares of defence companies like Bharat Dynamics, Garden Reach Shipbuilders, Bharat Electronics and Cochin Shipyard rose by 6% to 10% this week. Why are defence companies witnessing strong traction? Let’s find out.

New order wins

Throughout this week, the Ministry of Defence signed various contracts worth over ₹30,000 crore with different defence PSUs. Cochin Shipyard secured the biggest contract worth ₹9,804 crore to build six next-generation missile vessels. Meanwhile, another shipbuilding firm, Garden Reach Shipbuilders signed a vessel deal worth ₹3,500 crore.   

Around ₹16,616 crore worth of deals were bagged by Bharat Dynamics and Bharat Electronics to supply various defence equipment to armed forces. 

Government Push  

The Defence Ministry has awarded contracts worth ₹52,000 crore to private and state-owned entities in recent times. These contracts are aimed to limit India’s defence exports. Through indigenous manufacturing, the government is pushing for self-reliance in defence manufacturing. 

Furthermore, experts believe, inflow of new orders could give a strong revenue visibility to these companies in the next few years.

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Phrase of the day

Going Long

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