ECONOMY

Share Market Live: SGX Nifty Falls 1.2%; Energy Stocks In Focus Amid Crude Spike

Follow Live Updates From The Russia-Ukraine Crisis

In Focus: Dairy Stocks After Amul Raises Milk Prices

India’s dairy stocks will be in focus after Amul, one of the biggest in the industry by market share, raised retail prices of milk by nearly 4%.

Source: Bloomberg

Apple Pauses All Product Sales In Russia, Reports AFP.

  • Last week, we stopped all exports into our sales channel in the country, said an Apple statement.

  • It also imposed limitations for Apple Pay.

Source: AFP

U.S. President Joe Biden Delivers The State Of The Union Address

  • Putin is the most isolated he has ever been from the world.

  • Rendering Putin’s $630 billion war fund worthless through sanctions.

  • U.S. airspace is being closed to Russian aircrafts.

  • U.S. forces will not engage in the conflict with Russian forces in Ukraine.

  • U.S. will release 30 million oil barrels from strategic reserves.

Source: AFP, Bloomberg

Asia Energy-Linked Stocks In Focus As Oil Soars On Russia Sanctions

Shares of Asia’s energy, commodities and related companies are in focus as oil spiked after moves by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall as sanctions mount on Russia.

  • In Focus: Reliance Industries, HPCL, BPCL, Indian Oil, ONGC, Oil India

Stocks In News

  • Eicher Motors: Sales up 7.3% YoY to 5,856 units in February.

  • Escorts: Tractor sales down 45.6% YoY to 6,114 units in February.

  • Mahindra Logistics: To buy up to 60% of Whizzard for Rs 71.73 crore.

  • Maruti Suzuki: February sales at 164,056 units vs 164,469 a year ago.

  • Tata Motors: Passenger vehicle sales rises 47% YoY to 39,981 units, commercial vehicle sales up 11% YoY to 37,552 units in February.

  • Future Enterprises: Says no immediate impact on deal with Generali after court order on Future Generali stake sale restraint.

  • Brightcom: SEBI had appointed a forensic auditor in September 2021 over impairment of assets in FY2019-20. The company said the impairment decision was taken due to the Global Data Protection Regulation in Europe and its affects worldwide. The company reported the exchanges on Feb. 28.

  • Siemens: Sunsole Renewables allotted 26% of its paid-up equity share capital to the company for a consideration of Rs 27 lakh.

  • Page Industries: Managing Director Sunder Genomal has tendered his resignation.

  • Eveready Industries: A group of five companies have announced an open offer for acquiring 18,898,688 equity shares (26% stake) at Rs 320 per share. The five companies are Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates.

  • Sterlite Technologies: The company has announced a collaboration with Analog Devices to develop 5G Open RAN radio units.

  • IndiaMart Intermesh: The company — via its wholly owned subsidiary Tradezeal Online — has entered into an agreement to invest Rs 13.75 crore in Adansa Solutions for 26.01% stake.

  • EaseMyTrip: To consider allotment of bonus shares on March 3.

  • Tanla Platforms: Announced an exclusive partnership with Truecaller. Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform.

  • Aban Offshore: Extends date of sale of rig to March 31.

  • Ashok Leyland: Feb. vehicle sales 13,281 units vs 12,776 year ago.

  • Coal India: Feb. offtake 57.4 million tonnes vs 51.3 million tonnes a year ago; Feb. production 64.3 million tonnes vs 61.9 million tonnes YoY.

  • Future Market Networks: The NCLT allowed to hold shareholders’ meeting.

  • Tata Steel: The company’s subsidiary Tata Steel Advanced Materials will acquire 90% stake in Ceramat Pvt. for consideration of Rs 90,000.

SGX Nifty Hints At 1.2% Loss; Energy Stocks In Focus Amid Spike In Crude Prices

Asian stocks fell on Wednesday as the war in Ukraine and sanctions on Russia spiked crude oil prices to nearly $106 a barrel, hurting the outlook for economic growth, aiding demand for sovereign bonds, and threatening flows of energy, crops and metals.

Japan led the losses, Australia and South Korea were steadier. U.S. futures gained after both the S&P 500 and Nasdaq 100 declined on Tuesday. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 1.2% to 16,508 as of 8:05 a.m.

Demand for havens saw Australian and New Zealand debt join a global fixed-income rally. Treasuries held most of that push higher with the 10-year yield at about 1.75%. Gold and the dollar retained their advances.

Russia said it would press forward with its invasion of Ukraine as the war entered a more brutal stage. At the same time, the moves to isolate and pressure Russia’s financial system and economy in retribution are picking up steam.

. Read more on Markets by BloombergQuint.

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