M&M entered into a share purchase agreement with Artelia Holding SAS

Opening Bell:

SGX Nifty is down by 28.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian shares slipped on Monday as investors hunkered down for US inflation and retail sales data that could jolt the outlook for interest rates globally, while tempering or accelerating the recent spike in bond yields. The Japanese Nikkei is down by 1.22 percent. Hong Kong’s Hang Seng is down by 1.08 percent and South Korea’s Kospi is up by 2.70 percent in early morning deals.

The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast. The S&P 500 gained 8.98 percent and the Nasdaq Composite was down 1.02 percent respectively.

Stocks News:

?BEML has received an order for supply of 118 units of track width mine plough (TWMP) for Arjun MBT MK-1A from HVF, Avadi. The contract value of the order is Rs 377.98 crore and the supply of TWMP is expected to be completed by January 2026.

?Moody’s Investors Service has affirmed the ratings on eight Adani Group companies, including Adani Green Energy. Moody’s has changed the outlook of four Adani Group companies (Adani Green Energy; Adani Green Energy Restricted Group, Adani Transmission Step-One, and Adani Electricity Mumbai) to negative from stable while maintaining the stable outlook on the four other companies (Adani Ports and Special Economic Zone, Adani International Container Terminal, Adani Green Energy Restricted Group-2, and Adani Transmission Restricted Group 1).

?M&M entered into a share purchase agreement with Artelia Holding SAS for sale of its entire stake in subsidiary Mahindra Consulting Engineers. It will sell stake to Artelia, in one or more tranches at a price of Rs 89.66 per share, for Rs 10.31 crore. After completion of stake sale, Mahindra Consulting Engineers will cease to be the subsidiary of the company.

?Kotak Mahindra Bank has entered into share purchase agreements with the current shareholders of Sonata Finance, a non-banking finance company – micro finance institution, to acquire 2.64 crore equity shares of Sonata, for Rs 537 crore. The acquisition is expected to be completed by first half of FY24.

?Foreign institutional investors (FII) net bought shares worth Rs 1,458.02 crore, while domestic institutional investors (DII) offloaded shares worth Rs 291.34 crore on February 10, NSE’s provisional data showed.

Domestic and International Events

• US consumer sentiment improved to a 13-month high in February, but households expected higher inflation to persist over the next 12 months, a survey showed on Friday.
• The sentiment index has rebounded from a low of 50 last June. The survey’s measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.
• Foreign investors continue to desert Indian stock markets as they pulled out over Rs 9,600 crore this month so far on costlier valuation of domestic equities compared to other emerging markets. The outflow comes following a net withdrawal of Rs 28,852 crore by Foreign Portfolio Investors (FPIs) in January. This was also the worst outflow in the last seven months, data with the depositories showed.
• India’s foreign exchange reserves saw a drop after nearly three weeks, falling $1.5 billion to $575.27 billion in the week ended February 3. The fall was the result of the decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s weekly statistical supplement said on February 10.

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