India Week Ahead: Macroeconomic data hearing to guide the markets
Indian market slipped to close in the red for the week ending Friday. Key indices – Sensex, Nifty each closed down by 2.3%. Bank Nifty lost 2.4%. Among the top losers for the week were Tata Steel -10.4%, Adani Ports -7%, Tata Motors 8%.
A look at some events which will guide the markets for the week:
February Retail inflation (CPI) data will be released at 05:30pm on Monday and is expected to be around 5-5.1% vs 5.07% in the month of January.
January IIP data will also be released at the same time, expected to inch up at 7.4% vs 7.1% announced for the month of December.
Wholesale inflation, WPI for the month of February is expected to be at 2.63% vs 2.84% for the month of January.
Fugitive Economic Offenders Bill, 2018 in Lok Sabha on Monday
Government plans to introduce the Fugitive Economic Offenders Bill in the Lok Sabha on Monday. The passage of the bill will empower the government to seize with court orders assets of fugitives like Vijay Mallya, Former IPL Chairman Lalit Modi and Diamand traders Nirav Modi and Mehul Choksi and pay lenders by selling off these assets. Last week the Union Cabinet approved The Fugitive Economic Offenders Bill and National Financial Reporting Authority (NFRA) to audit the auditors.
IPOs this week
A slew of IPOs will hit the street this week. Micro-finance turned full fledged Bank - the Kolkata-based Bandhan Bank will launch its IPO on March 15-19. The bank plans to raise Rs 4,473 cr via the IPO. The price band of the IPO is set at Rs 370-375.
State owned Hindustan Aeronautics' IPO will open Mar 16-20, the company plans to raise Rs 4,200 cr via IPO, price band set at Rs 1,215-Rs 1,240.
Bharat Dynamics' IPO will open March 13-15, government owned defence equipment manufacturer plans to raise Rs 960 cr via IPO, price band of IPO fixed at Rs 413-428.
Karda Constructions' IPO opens on March 21, company expected to raise Rs 77 cr, IPO price band fixed at Rs 175-180.
Action in NCLT
BTVI learns from sources that Bankers will put up official consent to NCLT for Binani Cement by early this week. Also, NCLT will hear Renaissance plea over Electrosteel bid on Mar 15. NCLT will hear Renaissance Steel India Pvt Ltd's petition challenging the eligibility of Vedanta and Tata Steel to bid for debt-laden Electrosteel Steels. Vedanta and Tata Steel will file their responses by that time.
Bharti Airtel board to meet on Mar 12 to discuss fund raising
Telecom operator Bharti Airtel's board of directors will meet on March 12 to consider fund raising opportunity for the company.
VideocondD2h-Dish TV merger to take place this week
The announced merger between Videocon D2H and listed entity of Zee Group's Dish TV may be announced this week. The merger is expected to bring cost synergy of Rs 1,270 crore in FY19-20. In November 2016, Dish TV and Videocon d2h decided to merge to create a distribution behemoth. The merged entity Dish TV Videocon would have a whopping 29 million subscribers in India as per
its combined share on September 30.