Indian equity markets witnessed some late buying on Monday as sentiments turned positive post resumption of international flights after two years and RBI governor’s status quo to support economic growth in its upcoming policy. Nifty closed with gains of 69 points at 17,222 levels. Domestic market has entered into a consolidation phase with key benchmark Nifty stuck within 17,000-17300 range. Despite several challenges like escalating inflation concerns, elevated commodity prices including crude oil, continuing Russia-Ukraine conflict and heavy FII selling, markets have remained resilient. “A move beyond this range on either direction could set the market course for the near term. While the heavyweights are mostly sideways, there has been some momentum in the broader market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Stocks in focus on 29 March, Tuesday

Bharti Airtel: Bharti Airtel’s management has affirmed ambitions of Rs 300 ARPU with further tariff hikes and continued ‘premiumisation’ during a recent analyst meet, according to multiple brokerage reports. Credit Suisse, in a note on the telecom operator said that while the 5G auctions are likely in the first quarter (Q1) of FY23, the telco “expects a more gradual roll out given limited handset readiness”.

Ruchi Soya: The Securities and Exchange Board of India (SEBI) on 28 March provided an option to the investors in Ruchi Soya’s Rs 4,300 crore follow-on public offer (FPO) to withdraw their applications. The withdrawal window will remain open till 30 March. The regulatory body’s directive came amidst the “circulation of unsolicited SMSes advertising the issue”. The messages, that were allegedly sent to Patanjali Ayurved users, recommended them to invest in the offer.

Powergrid: The company approved an investment worth Rs 821.3 crore in five projects including transmission system strengthening beyond Kolhapur for export of power from solar and wind energy zones in southern region, transmission system strengthening for Srinagar-Leh transmission system, augmentation of transformation capacity in southern region, and augmentation of transformation capacity at Kurukshetra & Patiala substations.

ICICI Bank: ICICI Bank will acquire up to 15 per cent stake in India Debt Resolution Company, which has been set up to manage stressed assets. “We wish to inform you that ICICI Bank has signed an agreement on March 28, 2022, for investment in India Debt Resolution Company Limited,” the private sector lender said in a stock exchange filing on Monday.

Tata Power: The world’s biggest asset manager, BlackRock, and UAE sovereign wealth fund Mubadala Investment Co. are in talks to invest around $500 million and $200 million, respectively, in a proposed new energy entity being floated by Tata Power Co. Ltd, according to reports. In another news, the company has collaborated with Rustomjee Group to provide end-to-end electric vehicle charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).

SBI Life: SBI Life insurance on March 28 launched a block deal wherein Canada Pension Fund will sell its 0.56 percent stake in the company at a price band of Rs 1,039 – Rs 1,077 apiece, said reports. This is the second sale by Canada Pension Fund in a week. Last week, it sold 4 crore shares in Kotak Mahindra Bank.