Indices at previous closing
Nifty50: 14,910 ▼ 19 (-0.1%)
Sensex: 50,363 ▼ 31 (-0.0%)
Nifty Bank: 34,804 ▼ 377 (-1.0%)
In the news
Retail sales approach pre-Covid levels
- Retail sales in February have reportedly reached 93% of pre-Covid sales. Sales in the north and south India have recovered better than in western India. Nevertheless, retailers expect a full recovery by mid-2021.
- Shares of retail companies show a similar pattern, as Avenue Supermarts (11,1%), Trent (23.5%) and V-Mart (+7.2%), which have posted Strong gains in 2021 so far.
BEML bags orders in Cameroon and B’desh
- The heavy-equipment maker has received an order for supplying construction equipment to Cameroon for the country’s Cassava Farm project. Further, it has also received an order from Bangladesh for construction equipment for its road and infrastructure projects.
- The equipment will be manufactured in BEML’s KGF and Mysuru plants in Karnataka and are cumulatively worth $23 million (about ₹167 crore).
Kesoram Industries issues NCDs
- Troubled cement maker Kesoram Industries has raised ₹1,604 crore via the issue of non-convertible debentures (NCD). The NCD, which matures in February 2026, will give a yield of around 21% to the investors.
- The Kolkata-based company, which had earlier defaulted on its debt obligations, is expected to use the fresh funds for debt servicing and for working capital requirements. Shares of Kesoram have gained over 25% so far this year.
IPOs receive positive response
- Of the 3 IPOs currently open in the market, Laxmi Organic was subscribed 605% and Craftsman Automation was subscribed 113% on Day 2. Meanwhile, the Kalyan Jewellers IPO was subscribed 60% on Day 1.
- The IPOs of Nazara Technologies and Suryodaya Small Finance Bank open today. You can apply for these IPOs on Upstox here.
Events of the week
- Wednesday: Fed interest rate decision, crude oil inventories (US)
- Thursday: Initial jobless claims (US)
Sectoral indices (16 March)
| Top gainers | Top losers |
| Nifty IT ▲ 1.2% | Nifty PSU Bank ▼ 1.3% |
| Nifty FMCG ▲ 0.8% | Nifty Bank ▼ 1.0% |
Global markets (at 9:00 am today)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 0.0% |
| Hang Seng (Hong Kong) | ▲ 0.1% |
| SSE Composite (China) | ▼ 0.2% |
| Dow Jones (US) (16 March) | ▼ 0.3% |
Fact of the day
Richard Branson and his friend Nik Powell named their music record business ‘Virgin’ because they were new, or virgins, at running a business.
Source: Virgin
Yay ? or ? Nay?
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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.