Gift Nifty Down 35 Points | Adani Capital Raises Fund | Muthoot Microfin Foray's in Telangana | Top Buzzing Stocks Today

Mon, 18 Mar Pre-Open

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On Friday, Indian share markets extended the downtrend as the session progressed and ended the day lower.

Bears were on the prowl on Friday as uncertainty over the timing in Fed rate cut resurfaced following hotter-than-expected wholesale inflation data in the US.

At the closing bell on Friday, the BSE Sensex closed down by 453 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 150 points (down 0.7%).

Bharti Airtel, UPL and Bajaj Finance were among the top gainers.

BPCL, M&M and Coal India on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day mixed. The BSE Mid Cap ended 0.5% lower and the BSE Small Cap index ended 0.3% higher.

Barring telecom sector and FMCG sector all other sectoral indices are trading negative, with stocks in auto sector, oil & gas sector and energy sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 65,888 grams at the time of Indian market closing hours on Friday.

At 7:30 AM today, the Gift Nifty was trading 35 points lower at 22,062 levels.

Indian share markets are headed for a muted start today following the trend on Gift Nifty.

Speaking of stock markets, does back of the envelope calculation work in a field like investing as well? Or is it a field where one is required to apply scientific rigor and precision?

Well, if you look at all the great investors like Ben Graham, Warren Buffett, and Peter Lynch, I don't think any of them applied complex mathematical formulae to evaluate their investments.

Co-head of Research at Equitymaster, Rahul Shah show how you can use a simple back-of-the-envelope calculation to decide whether a stock can be considered for investment or whether it should be rejected, in his latest video.

Tune in to the below video:

Top buzzing stocks today

Olectra Greentech share price will be in focus today.

EV busmaker Olectra Greentech's shares fell 5% on 15 March after it Election Commission documents revealed that its holding company, Megha Engineering & Infrastructures (MEIL), was the second highest purchaser of electoral bonds.

Aurobindo Pharma will also be a top buzzing stock.

The US Food and Drug Administration has raised procedural and cleanliness issues in Aurobindo Pharma subsidiary Eugia Pharma SEZ unit in Telangana.

Aurobindo Pharma subsidiary's Telangana plant was slapped with seven observations in its Form 483 after inspection of the unit during 19 to 29 February.

Bitcoin Cracks 8% in a Day. Here's Why

Bitcoin retreated from its record high of more than US$ 73,000 as the market witnessed a selloff, and higher-than-predicted US inflation data signalled that interest rates may stay high.

In the last 24 hours, Bitcoin fell 8.1% from its peak of US$ 73,177 on Friday to US$ 67,689 at 2 pm on Friday. Ethereum, the second largest cryptocurrency, fell nearly 7% to US$ 3,708.

In one month, Bitcoin jumped over 40% before cooling down and prompting a sell-off in the market.

According to data from Coinglass, US$ 526 million worth of crypto wagers were liquidated in the past 24 hours: the highest in about two weeks.

Moreover, the US Producer price index for final demand climbed 0.6% in February. In January, it was 0.3%.

Before the selloff, Bitcoin's total gains in 2024 so far were over 70%. After the selloff, it has still given investors 60% returns in 2024 alone. As compared to 15 March 2023, Bitcoin has gained 170%.

Digital asset analytics firm Swissblock said, recently that Bitcoin may fall to US$ 58,000-59,000.

Muthoot Microfin Foray's in Telangana

Muthoot Microfin on Friday announced its foray in Telangana and will inaugurate four branches in the state during March in the first phase of expansion.

These branches will serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing accessibility to financial services.

Subsequently, Muthoot Microfin plans to further establish branches in Andhra Pradesh by June 2024, reinforcing its commitment to advancing financial inclusion in the two states.

Muthoot Microfin is a part of Muthoot Pappachan Group (also known as Muthoot Blue). It provides financial assistance through microloans such as income-generating loans to women engaged in small businesses.

The company has 3.28 million active customers served through 1,424 branches spread across 18 states and 346 districts.

Adani Capital Raises Fund

Adani Capital, a non-banking financial company of the Adani Group, on Friday raised Rs 3 bn in three-year senior secured bonds offering a 9.75% coupon.

Bondholders can accelerate payments if the Adani Group's proposed stake sale in Adani Capital to Bain Capital is called off if the capital adequacy ratio falls below 18%, or the net non-performing asset breaches 3%.

On 23 July last year, Bain Capital, a global private investment firm, entered into a definitive agreement to acquire 90% of Adani Capital and Adani Housing, another NBFC of the Adani Group.

The terms of the bonds said that the bondholders could accelerate payments if the sale transaction is not consummated by 31 March 2024. It further stated that the debenture trustee will have the discretion to provide an extension of 15 calendar days for the consummation of the sale transaction.

Anchor investor, ICICI Prudential Corporate Bond Fund invested Rs 450 m in the bonds.

The finance company has raised Rs 3 bn bonds in series A and series B of Rs 1.5 bn each. While both offer a 9.8% coupon, series A will mature on 18 March 2027, while series B will mature on 18 February 2027.

The bonds have a put and a call option, giving the borrower and the bondholders the right to redeem or exit, respectively. For series A and B put and call option is at the end of 18 months and 17 months, respectively, the document showed.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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