Minda Corporation has acquired 15.7% stake in Pricol

Opening Bell:

SGX Nifty is up by 35.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian indices got off to a subdued start on Monday as a US holiday made for slow trading ahead of minutes of the last Federal Reserve meeting and a reading on core inflation that could add to the risk of interest rates heading higher for longer. The Japanese Nikkei is down by 0.01 percent. Hong Kong’s Hang Seng is up by 0.03 percent and South Korea’s Kospi is up by 0.11 percent in early morning deals.

The S&P 500 ended lower on Friday, weighed down by Microsoft and Nvidia as investors worried that inflation and a strong US economy could put the Federal Reserve on pace for more interest rate hikes. The S&P 500 declined 0.28 percent and the Nasdaq Composite lost 0.58 percent respectively.

Stocks News:

?Minda Corporation has acquired 15.7% stake or 1.91 crore equity shares in Pricol, the automotive technology and precision engineered solutions company, via open market transactions.

?HUL signed an agreement for sale of its atta and salt business carried out under the brands Annapurna and Captain Cook, for Rs 60.4 crore, to Uma Global Foods Pte Ltd and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator Pte Ltd. (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness

?RITES has secured a new EPC work of Rs 76 crore for provision of EI based Automatic Signaling with continuous track circuiting and other associated works.

?Cipla has received 8 inspectional observations from US FDA after the regulator conducted Good Manufacturing Practices (cGMP) inspection at Pithampur manufacturing facility.

?Foreign institutional investors (FII) sold shares worth Rs 624.61 crore after consistent buying in previous five sessions, while domestic institutional investors (DII) offloaded shares worth Rs 85.29 crore on February 17, NSE’s provisional data showed.

Domestic and International Events

• Two Federal Reserve officials on Friday added to a chorus of US central bankers this week in signaling that interest rates will need to go higher in order to successfully quash inflation, although one guarded against inferring too much from recent unexpectedly-strong economic data.
• The dollar was on the front foot on Monday, supported by a strong run of economic data out of the US that traders bet will keep the Federal Reserve on its monetary policy tightening path for longer than initially expected.
• Foreign investors seem to have shifted their focus back on the Indian equity markets as they turned net buyers last week with an investment of over Rs 7,600 crore. This came following a net outflow of Rs 3,920 crore by foreign portfolio investors (FPIs) from equities in the preceding week (February 7-12), data with the depositories showed.
• India’s exports are expected to grow by 3-5 percent to $435-445 billion in this fiscal, exporters’ body FIEO said on Friday. In 2021-22, the country’s exports touched an all-time high of $422 billion. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that the coming months are going to be little challenging unless both global economic growth and geopolitical situation improve drastically.

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