Adani stocks rally post GQG Partners investment

Indian Markets:

• Nifty 50 Movement: Indices advanced 272.45 points or 1.57% to 17,594.35.
• Market ended on a positive note tracking positive global cues. The broader indices lagged the benchmarks.
• All the sectoral indices on the NSE ended in green with banks and metal shares leading. Adani group stocks were in demand after US-based GQG Partners invested Rs 15,446 crore in group companies.

Global Markets:

• Markets in Europe and Asia advanced across the board on Friday, following Wall Streets gains overnight after Atlanta Fed president Raphael Bostic said hes firmly” in favor of sticking with quarter-point hikes.
• For the Euro zone, the Services PMI increased to 52.7 in February from 50.8 in January. The Composite PMI hit an eight-month high in February at 52.0 from 50.3 in the previous month.
• Chinas services sector saw a jump in activity, according to the Caixin/S&P Global services purchasing managers index, with a reading of 55 in February from 52.9 in January.
• The headline S&P Global Singapore purchasing managers index fell to 49.6 in February.
• Japans services purchasing managers index came in at 54, higher than the 52.3 in January. A reading above 50 signals expansion, while a reading below 50 indicates contraction for the sector.
• US stocks were initially under pressure as the trading day started, but rallied in the afternoon after Bostics remarks. The Dow Jones Industrial Average led gains among the major U.S. indexes, rising 1.05%, while the S&P 500 and Nasdaq Composite closed 0.76% and 0.73% higher.

Stocks in Spotlight:

• All Adani group companies saw a sharp spike in share prices after an investment of Rs 15,446 crore by GQG Partners lifted sentiments. Adani Enterprises was the top index gainer, surging over 16 percent. Apart from GQG Partners’ investment, Adani Green Energy shares were also in focus as the company’s operating renewable portfolio reached 8,024 MW. This is the largest in India. The stock was locked in a 5 percent upper circuit.
• Morgan Stanley gave an Outperform rating to GAIL India with a target price of Rs 124. Morgan Stanley’s optimistic stance stems from the Petroleum and Natural Gas Regulatory Board’s proposal to increase tariffs for the unified pipeline by 41 percent. If approved, the price hike is expected to result in a 25 percent increase in transmission revenue.
• TATA Motors gained around 2 percent on March 3, as a senior official shared the company’s electric mobility ambitions, including a tie-up with ride-hailing firm Uber. EVs have been included in fleets largely by companies to transport their employees and Chandra said Tata Motors already has a presence there, selling around 5,000 vehicles for such fleets

News from the IPO world?

• Divgi TorqTransfer Systems IPO fully subscribed on Day 3
• Two months long IPO dry spell ends in March
• Global Surfaces IPO subscription to open on March 13th

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter