Morning Update for 8 March 2021

Indices at 9:30 am

Nifty50: 15,024 ▲ 86 (+0.5%)

Sensex: 50,742 ▲ 337 (+0.6%)

Nifty Bank: 35,527 ▲298 (+0.8%) 

In the news

PVR aims to add more screens next fiscal

• The multiplex operator reportedly plans to invest around ₹150 crore in FY22 to add up to 40 screens across India. The company management believes that with many releases lined up and an aggressive vaccination drive audiences will return to cinemas.
• In Q3, PVR had reported a net loss of ₹49.1 crore against a net profit of ₹36.3 crore in the same period last year. The stock closed 1.0% lower on Friday.

Warburg Pincus buys stake in Adani Ports

• The New York-based PE firm will invest ₹800 crore in Adani Ports for a 0.49% stake in the company. The investment, at ₹800 per equity share, is at a 6.7% premium over Adani Ports’ closing price on Friday. 
• Adani Ports recently bought out Warburg Pincus’ 31.5% stake in Gangavaram Port for ₹1,954 crore. Adani Ports closed nearly flat on Friday.

MTAR IPO sees strong demand

• The precision engineering company’s public issue got oversubscribed by over 200 times on the final day. Interestingly, the QIB and HNI quota of the ₹597 crore IPO were oversubscribed an impressive 165 and 650 times.
• Easy Trip Planners opens its IPO today. The ₹510 crore issue is entirely an offer for sale and has a price band of ₹186-187 per equity share and a lot size of 80 shares. You can apply to the IPO with Upstox here.

Crude surges after attack on oil facility

• The rally in crude oil boiled further after one of Saudi Arabia’s crude oil facilities was under a drone attack by Houthi rebels. The facility at Ras Tanura is the world's largest oil terminal catering to about 7% of all oil demand. 
• Crude oil prices are sensitive to geo-political tensions and the US crude prices flared up by nearly 2.5% today and taking this month’s surge to 10%. 

Events of the week

• Tuesday: EIA energy outlook (US)
• Wednesday: CPI and Crude oil inventories (US)
• Thursday: Initial jobless claims (US), Holiday (India)
• Friday: Consumer Inflation and IIP (India)

Sectoral indices (5 March)

Global markets (at 8:30 am today)

Fact of the day

Facebook turned down WhatsApp co-founder Brian Acton for a job in 2009. Later, in 2014, Facebook bought WhatsApp for $19 billion.
Source: The Guardian

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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.