Sensex, Nifty higher in choppy trade; banks up, metals hit

RWE and Tata Power collaborate to explore potential for development of offshore wind projects in India: BSE filing 

RWE and Tata Power have agreed on a partnership to explore the potential for a joint development of offshore wind projects in India. A corresponding Memorandum of Understanding (MoU) has been signed between Tata Power Renewable Energy Limited, a 100 percent subsidiary of Tata Power, which is one of India’s largest integrated power companies, and RWE Renewables GmbH, one of the world’s leaders in offshore wind.

India is an unexplored and highly attractive market to develop opportunities for offshore wind as it has a large coastline of about 7,600 kilometres. The MoU between Tata Power Renewable Energy Limited and RWE becomes significant in the light of the Government of India’s announcement of achieving 30 gigawatts (GW) of offshore wind installations by 2030 to meet the country’s growing power demands.

Nifty Metal among worst hit sectoral indices 

View Full Image

Oil whipsawed with gold on prospect of Biden-Putin Ukraine meet: Bloomberg

Oil was whipsawed along with gold after France said that the U.S. and Russian presidents agreed to a summit meeting over Ukraine.

West Texas Intermediate sank as much as 0.8%, reversing an early gain, after Joe Biden and Vladimir Putin agreed to the “principle” of a summit proposed by French President Emmanuel Macron, according to statements from the White House and the Elysee. There was no immediate confirmation from the Kremlin.

Earlier, crude traded higher as the week’s trading began after the U.S. told allies any Russian invasion would potentially see it target cities beyond the capital, Kyiv. Moscow, which has repeatedly denied it plans an invasion, said over the weekend that its forces would remain in Belarus indefinitely.

Global commodity markets have been in thrall to the prolonged standoff over Ukraine, which comes at a time of already robust demand, surging prices and concern over fast-depleting inventories. Raw materials are trading close to a record, boosting inflation and complicating the task for central banks as they seek to tame the pace of price gains without derailing the recovery.

Dairy companies hike milk prices as procurement rates go up

Driven by rising prices of milk, private dairy companies as well as co-operatives have been taking moderate price hikes, according to a report by brokerage ICICI Securities.

“While the co-operatives had raised prices in Q3FY22, the dairy companies had deferred the price hikes. We note the private dairy companies have also raised selling prices by ₹2 per litre in January 2022. We believe price hikes will help to reduce the impact on margins,” analysts at the brokerage said in a report on the sector released Monday.

Milk procurement prices have been rising on the back of culmination of the flush season and a steady increase in animal feed prices.

Pakistan Prime Minister Imran Khan’s first visit to Russia from Feb 23: PTI

HFCL joins O-RAN alliance to accelerate open innovation in 5G

ICICI Securities maintains BUY on Ambuja Cements, target price at ₹424/share

Holcim group remains committed to invest in India – both in terms of adding capacities as well as improving cost efficiencies / ESG, b) ACEM is targeting to increase capacities to 50mnte in medium term from the current 31.5mnte; c) it announced 7mnte new expansion at a capex of Rs35bn, to be operational by H2CY24; d) it expects to achieve further cost savings (already achieved >Rs300/te over CY19-21) via cost efficiency programme ‘I can’ and increased synergies via MSA with ACC. 

However, factoring higher cost escalations, we reduce our CY22-23E EBITDA by 8-16% and cut our target price to Rs424/sh (earlier: Rs450/sh) based on 13xMar’24E EV/E. Maintain BUY. Key risks: Lower demand / pricing.

IndiGo prompter InterGlobe Aviation falls as co-founder quits

IndiGo’s co-founder Rakesh Gangwal resigned from the company’s board on Friday as part of a plan to gradually pare his stake in India’s largest airline, weeks after shareholders voted to lift stake-sale curbs on promoters, signalling the end of a bitter public feud with co-founder Rahul Bhatia.

In a letter to the board of InterGlobe Aviation Ltd, the operator of IndiGo, Gangwal expressed his desire to reduce his nearly 37% stake in the airline over the next five years and asked that no unpublished price-sensitive information be shared with him.

He, however, left the option of returning as a board member open. “Sometime in the future, I shall consider participating again as a board member,” he said, adding that “it’s only natural to someday think about diversifying one’s holdings”.

Gangwal’s move comes days after Bhatia took over as the managing director of IndiGo, consolidating his hold over the airline that swung to profit in the December quarter after nearly two years of pandemic-related turbulence.

3.85 lakh homes to be completed in 2022, led by Delhi-NCR

Nearly 3.85 lakh homes are scheduled to be completed across top seven cities in India in 2022, up from 2.78 lakh units finished in 2021.

India’s largest property market Delhi-National Capital Region (NCR), which took a severe hit amid the pandemic, may see maximum completions in 2022. About 29% of the 4.22 lakh units that are under various stages of construction in Delhi-NCR, is likely to be completed, according to property consultancy Anarock.

Despite the disruption caused by the second wave of the covid-19 pandemic last year, 2021 saw more homes completed compared with 2.14 lakh units in 2020. Of the total completed homes in 2021, the maximum completions were in NCR with around 86,590 units, almost 84% more than in 2020, when around 47,160 units were completed.

Nifty tests 17,300

View Full Image

Airtel joins SEA-ME-WE-6 undersea cable consortium to scale up high speed network for India’s emerging digital economy: BSE filing 

Bharti Airtel on Monday has joined SEA-ME-WE-6 undersea cable consortium to scale up its high speed global network capacity to serve India’s fast growing digital economy.

The 19,200 Rkm SEA-ME-WE-6 will connect Singapore and France, and will be among the largest undersea cable systems globally. Airtel is participating as a major investor in the SEA-ME-WE-6 and is anchoring 20% of the overall investment in the cable system, which will go LIVE in 2025. The 12 other consortium members of SEA-ME-WE-6 include Bangladesh Submarine Cable Company, Dhiraagu (Maldives), Djibouti Telecom, Mobily (Saudi Arabia), Orange (France), Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Telin (Indonesia).

Through SEA-ME-WE-6 Airtel will add a significant amount of 100 TBps capacity to its global network. Airtel has acquired one Fiber Pair on the main SEA-ME-WE-6 system and will co-build four Fiber Pairs between Singapore – Chennai – Mumbai as part of the cable system. Airtel will land the SEA-ME-WE- 6 cable system in India at new landing stations in Mumbai and Chennai. 

Market view: Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

Fortunately there was no major damage done on the weekly closing basis as we are sitting comfortably above the 17000 mark. Can we say the worst is over? The answer is NO, because till the time this war kind of scenario does not subside completely, the uncertainty is likely to loom over on the markets across the globe. So in such times, it’s advisable not to trade aggressively and should avoid carrying positions overnight. As far as levels are concerned, we…