Rupee Gains As Traders Position For LIC IPO Inflows

The Indian rupee advances for a second day as traders cite inflows ahead of the mega share sale of Life Insurance Corp. of India, likely by mid-March. Bonds are lower with traders waiting to see if the government cancels the last auction of the fiscal year

• USD/INR falls 0.3% to 74.45
• 10-year yields up 1bp to 6.67%

• LIC Housing Finance Falls On Reporting Weak Q1 Earnings – GSR
• Jubilant Food Works Surges After Morgan Stanley Finds Valuation ‘Compelling’ After Recent Correction
• LIC IPO receipts part of revised divestment estimates
• Stocks To Watch: Axis Bank, Bharti Infratel, Cipla, Reliance, LIC Housing
• Rupee Advances Against Dollar, Hits 6-Week High

Growth Recovery Is Priority, Says Finance Minister

Recovery most important thing we are focusing on, says finance minister

• Sustained and strong recovery is what we want. Growth recovery is priority. Sustainability and predictable tax regime are clear messages from the budget”
• Spending on infrastructure chosen as favorable route for growth and recovery
• We are looking at a future India where technology can help in policy making

Kalpataru Power Transmission Rises The Most In A Month

Shares of Kalpataru Power Transmission rose nearly 5.4%, the most in over a month after the company and JMC Projects approved the scheme of amalgamation setting the stage for the merger of JMC with Kalpataru.

• Pursuant to the scheme, JMC’s shareholders will be allotted one share of Kalpataru Power for every four shares held by them in JMC.
• Post merger, the combined entity will be one of the largest EPC companies in India with an estimated order book visibility of over Rs 37,000 crore.
• Trading volume on the stock was over 13 times the 30-day average volume, at this time of the day.
• Of the 18 analysts tracking the company, 16 maintain ‘buy’ and two suggest ‘hold’. The overall consensus price of analysts tracked by Bloomberg implies an upside of 22%.

Equitas Small Finance Bank Gains The Most In Seven Months; Trading Volume Surges

Shares of Equitas Small Finance Bank rose over 9.9%, the biggest gain in seven months. Trading volume on the stock was over 25 times the 30-day average volume at this time of the day.

• The lender has approved the allotment of 10,26,31,087 shares of face value of Rs 10 each at an issue price of Rs 53.59 per shares, aggregating to Rs 549.99 crore.
• The issue opened on Feb. 14 and closed on Feb. 18.
• Of the 14 analysts tracking the company, 13 maintain ‘buy’ and one recommends ‘hold’. The overall consensus price of analysts tracked by Bloomberg implies an upside of 34%.

Source: Exchange Filing, Bloomberg

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