M&M, Jindal Steel & Power, Adani Group, HDFC, HDFC Bank, Tata Steel, Patanjali Foods stocks in focus

SGX Nifty hinted that the domestic equity indices could see a start in the red, snapping the gaining streak of the domestic indices. On the Singapore Exchange, Nifty futures were trading lower by 69 points, at the 17,093 level. On Friday, markets extended their winning streak for a second day as Nifty reclaimed the 17,100 level while Sensex closed 355 points up, at 57,989.

“Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps, indicating its preparedness to provide liquidity to banks upon necessity,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks in focus on 20 March, Monday

Jindal Steel and Power

JSPL said it will manufacture India’s first fire-resistant steel structures. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings, Jindal Steel and Power said in a statement.

Adani Enterprises, Adani Ports & SEZ

The Adani Group suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat. Adani Enterprises’ subsidiary, Mundra Petrochem, was to set up a greenfield coal-to-PVC plant on Adani Ports land. However, the embattled Group also canceled its fundraising plans for the project, as it was in talks to raise Rs 14,000 crore from a consortium of seven to eight banks, led by SBI.