Manufacturing PMI falls to 7-month low
- The India Manufacturing PMI, considered the barometer of industrial activity in the country, came in at 55.4 for March 2021. This is the lowest reading in 7 months and lower than the February figure of 57.5.
- According to IHS Markit, the escalation of the Covid-19 pandemic constrained demand growth, while the rise in input buying was curtailed by cost pressures. The survey also noted that with the increased restrictions and lockdown measures, Indian manufacturers may experience a challenging month in April.
Time Technoplast gets nod for CNG cylinders
- Time Technoplast has received approval from the Petroleum and Explosives Safety Organization (PESO) for its carbon-fibre composite CNG cylinders. The company is the only local manufacturer of this product, which has an estimated annual market size of ₹800 crore.
- The company has received orders worth over ₹50 crore and expects other tenders to finalise in the coming months. Its stock rose 5.8% today and has risen 32.5% in 2021 so far.
Adani Ports to fully acquire Krishnapatnam Port
- It has announced the acquisition of the remaining 25% stake (currently owns 75%) in the Krishnapatnam Port, which is an all-weather port with multi-cargo facility located in Andhra Pradesh. The company will pay ₹2,800 crore for the 25% stake.
- Shares of Adani Ports rose over 1% today in an otherwise weak market. The stock has gained over 53% in 2021. The company is rapidly expanding its port network, which can handle 24% of the country’s total port capacity.
Maharashtra restrictions hurt multiplex and travel stocks
- Following the announcement of stricter restrictions in Maharashtra, selling pressure was seen in shares of multiplex chains such as PVR (-5.2%) and Inox (-3.8%) and mall operators like Phoenix Mills (-7.2%) and Shoppers Stop (-5.5%).
- The new restrictions also weaken revival prospects for the travel industry. As a result, shares of airlines like Indigo (-4.0%) and Spicejet (-4.9%) tumbled, along with hotel stocks such as Indian Hotels (-4.0%) and Lemon Tree (-5.0%).
- In contrast, with testing gaining pace, stocks of diagnostic chains like Dr Lal PathLabs (+6.1%), Thyrocare (+7.6%) and Metropolis (+2.7%) saw buying interest.