Stock Market LIVE: Indices expect a sluggish start; SGX Nifty trades flat

Reliance Research Stock in Focus for Today: Kalpataru Power

STOCK IN FOCUS

Kalpataru Power (CMP 540):  We have BUY rating on KPTL on the back of lower pledge by promoter, closure of BOT projects, completion of Indore real estate projects and improvement in working capital, with a Target Price of Rs645.

Intraday Picks

TATACHEM (PREVIOUS CLOSE: RS954) BUY

For today’s trade, long position can be initiated in the range of ₹950-

955 for the target of Rs974 with a strict stop loss of Rs942.

HINDALCO (PREVIOUS CLOSE: RS393) BUY

For today’s trade, long position can be initiated in the range of Rs389-

392 for the target of Rs406 with a strict stop loss of Rs385.

ICICIBANK (PREVIOUS CLOSE: RS855) BUY

For today’s trade, long position can be initiated in the range of Rs848-

853 for the target of Rs875 with a strict stop loss of Rs840.

NHPC to issue ₹5,600 crore worth corporate bonds next financial year

The govt-backed, National Hydroelectric Power Corporation, has announced to raise up to Rs.5,600 crore of debt during the next financial year through corporate bonds, the company said on Tuesday.

The company in its stock filing informed that the funds will be raised through the issuance of corporate bonds in one or more series/ tranches on a private placement basis and/ or the raising of Term loans/ External Commercial Borrowings (ECB) in suitable tranches. (Read More)

Adani Refutes Reports on Debt Repayment Concerns as Shares Slide

The Adani Group is back in fire-fighting mode after media reports called into question the Indian conglomerate’s ability to repay debt, reviving a selloff in its stock.

Adani units slumped Tuesday after India’s Economic Times said the group is seeking to renegotiate the terms of $4 billion worth of loans, citing people it didn’t identify.

The declines — which saw the flagship Adani Enterprises Ltd. sink more than 7% — were compounded by a report from The Ken flagging concerns over the group’s repayment of $2.15 billion of share-backed loans. The business news website said regulatory filings showed that banks have not yet released a large portion of founder Gautam Adani’s shares.

Adani Group refuted the reports in separate statements Tuesday, calling the Economic Times’ claims “baseless speculation.” Later in the day, the company addressed The Ken report, saying it had paid off share-backed financing amounting to $2.15 billion and that the stock pledged for those facilities had been released.

Adani spokesman Jugeshinder Singh earlier tweeted that the report was a “deliberate misrepresentation.” (Bloomberg)

Discoms seek tariff hikes up to 40% as demand, costs soar

As India braces for a scorching summer, electricity tariffs in the country may surge as much as 40% amid expectations of record-high demand.

Power distribution utilities plan to raise tariffs ranging from single digits to as high as 40% across states if approved by the state electricity tariff regulators. Discoms in states such as Uttar Pradesh, Maharashtra, Madhya Pradesh, and Himachal Pradesh have already proposed increases in tariffs.

For instance, discoms in Madhya Pradesh have recommended a hike of 3.2% due to a projected revenue gap of ₹1,527 crore in FY24. In turn, state-owned Maharashtra State Electricity Distribution Co. Ltd has proposed a tariff hike in the range of 30-40% for residential and commercial consumers. (Read More)

Vedanta announces fifth interim dividend of ₹20.50 per share, record date fixed

Mining mogul Anil Agarwal’s Vedanta Ltd on Tuesday declared its fifth interim dividend of ₹20.50 per equity share or 2050 per cent for financial year 2022-23, amounting to ₹7,621 crore. The company has fixed 7 April, 2023, as the dividend record date.

“Approved the fifth interim dividend of ₹20.50 per equity share i.e., 2050 per cent on face value of ₹1/‐ per share for the financial year 2022‐23 amounting to ₹7,621 crores,” the company said in a regulatory filing.

The interim dividend will be paid within stipulated timelines as prescribed under law, the exchange filing further noted.

This is in addition to ₹81 per share in dividends the Anil Agarwal’s company announced for FY23 so far. (Read More)

Sebi slaps penalties totalling ₹36 crore on PNB Finance and Industries, CCCL, other entities

Sebi on Tuesday imposed penalties totalling ₹35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities, including promoters Samir Jain and Meera Jain who have also been barred from the securities market.

Apart from the market ban, Samir Jain and Meera Jain have been restrained from holding any key managerial position or associating with any listed public company. These restrictions will be in place till the two companies comply with the minimum public shareholding requirement under Sebi norms, according to two separate orders. (Read More)

India asks state-run banks to conduct more robust stress tests

India has asked state-owned banks to focus on their stress testing methods after they were found to have fallen behind on developing models that are meant to ward off risks of failure.

The matter was reviewed at a March 25 meeting of the bank leaders with Finance Minister Nirmala Sitharaman, who met to discuss progress of a reform agenda for the lenders, according to officials familiar with the matter.

Sitharaman in June announced that banks would come up with stress-testing models that would help them respond to customer needs and competition.

RIL, ReNew, 9 others secure solar PLI sops

Reliance Industries Ltd, Tata Power Solar, and ReNew are among companies chosen to receive ₹14,007 crore worth of government incentives to encourage the local manufacturing of solar modules under its production-linked incentive scheme.

Overall, Solar Energy Corp. of India, the state-run company set up to implement the National Solar Mission, has allocated 38,600MW of capacity to 11 companies.

India aims to boost its renewable energy capacity to 500 gigawatts (GW) by 2030, with solar power accounting for over half of the goal. To meet this ambitious target, the government is encouraging domestic production of solar modules and trying to reduce its dependence on imports from China, with which it shares an uneasy relationship and a significant trade deficit. (Read More)

Wall Street ends down on Tuesday with tech; investors assess bank comments

U.S. stocks ended slightly lower on Tuesday as investors weighed comments from a top U.S. regulator on struggling banks and sold shares of technology-related names after their recent strong run.

Michael Barr, the Federal Reserve’s top banking regulator, told a Senate panel that Silicon Valley Bank did a “terrible” job of managing risk before its collapse.

Shares of Apple and Microsoft along with other technology-related shares ended down and were among the biggest drags on the S&P 500.

“It’s a little bit of a follow-through from yesterday’s pullback in tech stocks. You’re seeing a little bit of profit-taking,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. “Some of the enthusiasm is waning a little bit.”

The S&P 500 technology index was down 0.5% on Tuesday, extending this week’s declines, but remains up sharply for the quarter.

The KBW regional banking index was down 0.2% on the day. Shares of First Citizens BancShares Inc were up slightly, a day after the stock rose more than 50% after it said it would acquire the deposits and loans of Silicon Valley Bank.

Bank stocks have sold off sharply in the wake of problems at Silicon Valley and other banks.

The Dow Jones Industrial Average fell 37.83 points, or 0.12%, to 32,394.25, the S&P 500 lost 6.26 points, or 0.16%, to 3,971.27 and the Nasdaq Composite dropped 52.76 points, or 0.45%, to 11,716.08.

“The prospect of stricter regulations for banks with deposits above $100 billion is raising the anxiety level for those that are perceived currently to be struggling,” James said.  (Reuters)