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CORPORATE AND ECONOMY NEWS

* Tata Steel: Board approves the merger of Tata Metaliks, Tata Steel Long Products, Tinplate Company of India, TRF, The Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company with itself. Here is the share-swap ratio for all the companies in question: Tata Steel Long Products: 67 shares of Tata Steel for every 10 shares held. Tinplate Company of India: 33 shares of Tata Steel for every 10 shares held. Tata Metaliks: 79 shares of Tata Steel for every 10 shares held. TRF: 17 shares of Tata Steel for every 10 shares held. Indian Steel & Wire Products: Rs 426 for every share held.

* IT Stocks: Accenture Plc’s revenue rose in the fourth quarter but its FY23 guidance remained below estimates. Accenture expects revenue to rise between 10% to 14% for the first quarter of FY23. And grow 8% to 11% in the fiscal 2023. ? Hero MotoCorp: Hero MotoCorp on Thursday said it has increased the prices of its two-wheelers by up to Rs.1,000 to partially offset the impact of cost inflation. In a regulatory filing, the company said, it has made an upward revision in the exshowroom prices of its motorcycles and scooters, with immediate effect. "The price revision has been necessitated to partially offset the impact of cost inflation," it said, adding, the hike "will be up to Rs.1,000 and the exact quantum of increase will vary by model and market"

* Mahindra & Mahindra: The automobile company is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs), the Reuters said quoting source with direct knowledge of the matter.

* Mahindra & Mahindra Financial Services: The RBI asks the company to stop outsourcing all recovery and repossession arrangements immediately, till further orders. It may continue taking these actions through its own employees. The action came after a pregnant woman was mowed down by a recovery agent of the company.

* TVS Motor Company: The company received shareholders’ nod for the sale of entire 50.05 percent stake in Sundaram Holding Co received Rs 317.01 crore from the disposal. ? Zydus Lifesciences: The company had earlier entered into a Share Purchase, Subscription and Shareholder’s Agreement to acquire upto 11.86 percent stake on a fully diluted basis in AMP Energy Green Nine Private Ltd, for setting up captive Wind Solar Hybrid power project in Gujarat. The company will be subscribing to additional equity shares and compulsorily convertible debentures of AMP.

* Cipla: The company has received the establishment inspection report from USFDA for product specific pre-approval inspection at its Indore plant, indicating closure of the inspection.

* Bharti Airtel: The telco along with WhatsApp has launched ‘Airtel IQ Hackathon’ inviting start-ups to build new age business solutions on WhatsApp.

* Fortis Healthcare: Fortis Healthcare on Thursday said it is seeking legal advice to decide its future course of action after the Supreme Court ordered a forensic audit of its share sale to Malaysia's IHH Healthcare. Similarly, IHH Healthcare also said it is awaiting the written judgment from the apex court and seeking legal advice on the impact of the order on its acquisition of Fortis Healthcare.

* Century Textiles and Industries: Realty firm Birla Estates on Thursday said it has acquired 10 acres of land in Bengaluru and will develop a housing project with the expected sales potential of Rs.900 crore. Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries Ltd, said in a statement that it has acquired a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru.

* Exide Industries: Lead-acid battery major Exide Industries on Thursday said the first phase of its 6Gwh lithium-ion battery plant in Karnataka will be ready in 27-30 months, and it has lined up Rs.3,800-4,000 crore investment to execute the project.

GLOBAL MARKETS

Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve's latest aggressive move to rein in inflation by selling growth stocks, including technology companies. The Dow Jones Industrial Average fell 107.1 points, or 0.35%, to 30,076.68, the S&P 500 lost 31.94 points, or 0.84%, to 3,757.99 and the Nasdaq Composite dropped 153.39 points, or 1.37%, to 11,066.81.

Crude Oil

Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow's new mobilization campaign in its invasion of Ukraine would further restrict global supplies. Brent crude futures gained 16 cents, or 0.2%, to $90.62 per barrel by 0020 GMT, while US West Texas Intermediate (WTI) crude futures were up 22 cents to $83.71 per barrel.

SGX Nifty:

Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 104 points. The Nifty futures were trading around 17,535 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Thursday at 17610, made a high of 17723, made a low of 17532, and closed on a negative note at 17630 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17720 and 17800 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Thursday at 40889 made a high of 41159 made a low of 40360, and closed on a negative note at 40631 levels. For the day, support for Bank Nifty exists at 40350 and 40000 levels, whereas resistance for Bank Nifty stands at 41000 and 41500 levels.

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