SGX Nifty indicates a flat opening for Indian markets, TATA Steel, Infosys in news today and more

Opening Bell:

SGX Nifty is up by 3.5 points in the early morning trade, indicating a flat opening for Indian stock market.

Asia-Pacific markets were higher on Tuesday as investors digested key economic data across the region. The Japanese Nikkei is up by 0.53 percent. Hong Kong’s Hang Seng is up by 0.72 percent and South Korea’s Kospi is up by 1.17 percent in early morning deals.

US stocks eked out a slight gain on Monday as investors engaged in some bargain hunting after last week’s losses, the biggest percentage declines of 2023 for Wall Street’s main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation. The S&P 500 gained 0.31 percent and Nasdaq Composite added by 0.63 percent respectively.

Stocks News:

?TATA Motors has received approval from Committee of Directors for allotment of 2.15 lakh non-convertible debentures, with 8.03% fixed coupon rate, having face value Rs 1 lakh, amounting to Rs 2,150 crore, for a tenor of 5 years, to identified investors on private placement basis.

?Infosys announced the roll-out of private 5G-as-a-Service to accelerate business value for its enterprise clients worldwide. The private 5G-as-a-service delivers a simple and flexible pay-as-you-go solution for clients. Infosys’ wireless 5G expertise and its private network management solution ensure high bandwidth, low latency, and reliable wireless connectivity for enterprises.

?Vodafone Idea’s board has allotted a total of 12,000 number of unsecured, unrated and unlisted optionally convertible debentures of the face value of Rs 10,00,000 each (OCDs) to ATC Telecom Infrastructure.

?Bharti Airtel has crossed the 10 million unique 5G user mark on its network. The company said iis well poised to cover every town and key rural areas with Airtel 5G services by end of March 2024.

?Foreign institutional investors (FII) sold shares worth Rs 2,022.52 crore, whereas domestic institutional investors (DII) bought shares worth Rs 2,231.66 crore on February 27, the National Stock Exchange’s provisional data showed.

Domestic and International Events

• Oil prices slid about 1 percent on Monday as strong US economic data had investors bracing for more interest rate hikes from the US Federal Reserve to fight inflation, which could slow economic growth and oil demand.
• Banks’ credit growth eased to 16.8 percent in the December quarter from 17.2 percent in the preceding quarter, data from the Reserve Bank of India (RBI)’s “Quarterly Statistics on Deposits and Credit of SCBs: December 2022” showed. In the year-ago period, bank credit grew at 8.4 percent.
• India Inc’s operating profit margin narrowed by a sharp 2.37 percent in the December quarter to 16.3 percent on an annual basis due to inflation and rising energy costs, a domestic ratings agency said on Monday.
• Japan’s factory output shrank at the fastest pace in eight months in January as declining overseas demand took a heavy toll on key industries such as automakers and the semiconductor equipment sector.

Key Equity Indices