TATA Steel to raise Rs. 2150 crore through NCDs

Indian Markets:

• Nifty 50 Movement: Indices shed 17.90 points or 0.10% to 17,826.70. The Nifty fell 1.16% in three consecutive session TCS (down 1.05%), Infosys (down 0.88%) and ITC (down 0.44) were major drags.
• Negative global cues cast a shadow over investor sentiments. Investors are keenly eyeing the US fed meeting minutes, scheduled to release tomorrow, for hints on further monetary policy tightening.
• FMCG and consumer durables stocks were in demand while PSU banks, realty and IT shares were under pressure.
• Meanwhile, a high probability of the El Nino climate pattern this year also worried investors. El Niño is the abnormal heating up of surface ocean waters that lead to changes in wind patterns and impacts weather across the world. 
• El Nino adversely impacts the Indian monsoons and hence, agriculture in India.

Global Markets:

• The Dow Jones futures were down 236 points, indicating a negative opening in the US stock market today.
• European stock markets declined while Asian stocks ended mixed on Tuesday.
• The S&P Global Eurozone Composite PMI increased to 52.3 in February 2023. Februarys upturn was led by the service sector, where business activity rose for a second consecutive month, the index up from 50.8 to 53.0 to register the strongest expansion since last June.
• Within the euro area, both France and Germany returned to growth for the first times since last October and last June respectively. The composite PMI for France rose from 49.1 to 51.6, albeit with growth confined to the service sector.
• The composite PMI for Germany meanwhile edged up from 49.9 to 51.1 reflecting a second successive monthly rise in service sector activity and the first expansion of manufacturing output since last May.
• The au Jibun Bank Flash Japan Manufacturing purchasing managers index fell further into contraction territory to 47.4 in February, after recording 48.9 in January, a release showed. Meanwhile a stronger service sector growth was seen in the economy, with a reading of 53.6 in February, a rise from 52.3 seen in January.
• There also remains a degree of caution within the markets as Russian President Vladimir Putin is due to make a speech later in the session as his invasion of Ukraine enters a second year.
• U.S. President Joe Biden attempted to preempt this address on Monday with a surprise visit to Ukraine, where he offered his support for as long as it takes.
• US markets were closed on Monday due to Presidents Day holiday.

Stocks in Spotlight:

?TATA Steel board approved the issue of non-convertible debentures (NCDs) aggregating to Rs 2,150 crore on private placement basis. The fixed rate, unsecured, redeemable, rated, listed NCDs having face value of Rs 1 lakh each aggregating to Rs 2,150 crore, will be allotted on 27 February 2023 and will mature on 25 February 2028.

?Asian Paints (Polymers), wholly owned subsidiary of the company, has, entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to set up the manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) at Dahej, Gujarat.

?BEML signed a contract with Delhi Metro Rail Corporation for Bahrain Metro Rail Project. BEML signed the Memorandum of Understanding (MoU) on February 20 with a Delhi Metro Rail Corporation (DMRC)-led special purpose vehicle, which has been shortlisted for the Bahrain Metro Rail Project Phase-1, the company said in a press release.

News from the IPO world?

• Jeweller Joyalukkas withdraws Rs. 2300 crore
• Patron Exim IPO opens for subscription 
• Rishabh Instruments gets SEBI nod to float IPO

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