Positive developements for Lupin, Foreign investors buy Campus Activewear, Bharti Airtel schieves new milestone

Opening Bell:

SGX Nifty is up by 120 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian shares followed US stock futures higher on Monday on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels. The Japanese Nikkei is up by 0.20 percent. Hong Kong’s Hang Seng is down by 1.46 percent and South Korea’s Kospi is down by 0.42 percent in early morning deals.

U.S. stocks closed higher on Friday, marking the end of a tumultuous week as U.S. Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector. The S&P 500 gained 0.56 percent and Nasdaq Composite added by 0.31 percent respectively.

Stocks News:

?Lupin, has recently shared some positive news about its Pithampur facilities in India. The UK Medicines and Healthcare products Regulatory Agency has completed an inspection of these facilities, which has been deemed a success. Additionally, the US Food and Drug Administration (FDA) has carried out a Post-marketing Adverse Drug Experience (PADE) inspection of Lupin’s operations, which has also concluded with no observations.

?Bharti Airtel, one of India’s leading telecommunications companies, has recently announced that its cutting-edge Ultra-fast 5G Plus network is now accessible in 500 cities across the country.

?Leading foreign investors, Fidelity Investments and Societe Generale, have recently acquired a 2.98% stake in Campus Activewear, a well-known footwear manufacturing company in India. The acquisition was made through open market transactions, indicating the growing interest of foreign investors in the Indian market.

?Sun Pharmaceuticals, one of India’s largest pharmaceutical companies, has recently entered into an agreement to acquire a 60% shareholding in Vivaldis Health and Foods. The deal will see Sun Pharmaceuticals acquire the stake from the existing shareholders of Vivaldis Health and Foods for Rs 143.3 crore. The remaining 40% shareholding will be acquired at a later date, subject to certain terms and conditions.

?FIIs have net sold Rs 6,654 crore worth of shares during the week, turning the flow negative for the current month, whereas DIIs poured in Rs 9,430 crore.

Domestic and International Events

• Every update on the global banking system, especially with respect to the US and Europe, will be watched in the coming week.
• The market participants will be following the final US growth numbers for the final quarter of the previous calendar year scheduled to be released on March 30.
• In the second advance estimates announced in February, the US economic growth at 2.7 percent was weaker than the 2.9 percent recorded in the initial advance estimates, as the 1.4 percent increase in consumer spending (the lowest since Q1CY22) was lower compared to 2.1 percent increase in initial estimates announced in January. Fall in spending on goods and lower spend on services also impacted second advance estimates for growth.
• Oil prices remained in favour of net importers like India and acted as strong support for not only equity markets but also the economy because any rise in fuel prices increases the pressure on fiscal deficit. Hence if the price falls further or remains steady, it will continue to support the market.

Key Equity Indices