After a strong eight-day winning streak, Nifty and Sensex’s rally might be cut short on Thursday, as the SGX Nifty is trading in the red in the morning session. Nifty futures on the Singaporean exchange are at the 17,828.5 level, down by 51 points, indicating a negative start for the domestic equity indices, BSE Sensex and NSE Nifty. On Wednesday, the markets extended their gaining streak for the eighth day, as Nifty rose 0.5% to settle above 17,800 at 17,812 while Sensex ended 230 points higher, closing with gains of 60,393 points.
“The domestic market exhibited cautiousness in anticipation of the release of various economic data and the upcoming Q4 earnings season. The IT sector drove the optimism in the market as investors await the earnings releases of sector majors. Despite expectations of a cooling down of CPI inflation to below the RBI’s upper tolerance level, the persistence of sticky core inflation remains a concern,” said Vinod Nair, Head of Research, Geojit Financial Services.
HDFC Bank
HDFC Bank announced that it signed a “Master Inter Bank Credit Agreement” with Export Import Bank of Korea for a $300 million line of credit. This agreement will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses.
Infosys
Infosys to post fourth quarter earnings on Thursday, as analysts and experts are predicting a muted quarter for the IT major.
Suzlon Energy
Suzlon Group bagged a project for developing a 50.4 MW wind power project for Sembcorp’s renewables subsidiary Green Infra Wind Energy Ltd. As part of the order, Suzlon will install 24 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, Suzlon Group said in a statement.
Rail Vikas Nigam
Rail Vikas Nigam has received a Letter of Award (LOA) from the North Western Railway for the provision of automatic block signaling on the Madar-Sakhun section of Jaipur Division. The order is worth Rs 63 crore.
NTPC
NTPC to issue unsecured non-convertible debentures of Rs 3,000 crore on 17 April, through private placement at a coupon of 7.35% p.a. for a tenor of 3 years, maturing on 17 April 2026. The proceeds will be utilized for funding of capital expenditure, refinancing of existing loans and other general corporate purposes.
BHEL
Nuclear Power Corporation of India and Bharat Heavy Electricals entered into an MoU to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology. Under the MoU, BHEL and NPCIL will jointly explore opportunities for development of Nuclear Power Projects with a view to reduce project gestation time.