TATA Technologies files draft papers for IPO

Indian Markets:

• Nifty 50 Movement: Indices closed below 17,450 mark 
• Banks stocks were major drag today. On the other hand, consumer durables and FMCG shares bucked the trend.
• Investors turned cautious ahead of the release of jobs report in the US later today. The report could further bolster expectations for the Federal Reserve to step up the size of rate hikes.

Global Markets:

• The US Dow Jones index futures were down 104 points, indicating a positive opening in the US stocks today.
• Shares in Europe and Asia tumbled on Friday, as investors await the closely watched February non-farm payrolls report from the U.S. that could further determine the direction on the Federal Reserves rate hikes ahead.
• The Hang Seng index in Hong Kong slumped 3.04%, leading losses in the region.
• The US stocks tumbled Thursday, as investors braced for a key payroll report Friday that could shape the direction of interest rates. The S&P 500 slid 1.85% to end at 3,918.32, while the Dow Jones Industrial Average dove 543.54 points, or 1.66%, to settle at 32,254.86. The Nasdaq Composite shed 2.05% to finish at 11,338.35.
• Thursdays losses brought the Dow to close below its 200-day moving average for the first time since 9 November 2022.
• The number of Americans filing new claims for unemployment benefits increased more than expected last week. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended 4 March, the Labor Department said on Thursday.

Stocks in Spotlight:

?Rating agency Moody’s Investor Service downgraded the corporate family rating (CFR) of Vedanta Resources to Caa1 from B3 earlier over increasing refinancing risks in debt maturities. Moody’s has also maintained its negative outlook.

?Mahanagar Gas has announced the acquisition of city gas distribution company Unison Enviro for Rs 531 crore. Even as the buyout has enhanced the long-term growth outlook of Mahanagar Gas, some analysts are wary of the acquisition impacting earnings in the near term. Citi which has a ‘buy’ call on Mahanagar Gas shares, believes that the acquisition has the potential to improve the long-term growth outlook.

?Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers. Tata Technologies, a subsidiary of Tata Motors, on March 10 filed a draft red herring prospectus with the SEBI to initiate an IPO and raise funds.

News from the IPO world?

• BYJU’s seeking $250 mn in pre IPO funding for Aakash
• IPO bound Zaggle raises Rs. 50 crore from Vivriti Asset Management
• SEBI raises bar, sends back IPO documents

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter