Key updates! 1. In a landmark share swap deal, UBS has acquir | Stock Market Line📈📉

Key updates!

1. In a landmark share swap deal, UBS has acquired troubled Bank Credit Suisse at ~$2BN, valuing equity 60% lower from Friday's closing. The deal also entails complete write-down of risky AT1 bonds of CS worth $17 Bn. A crisis averted, but might have liquidity impact for the Banking sector.

2. The Govt has inked 27 MoUs on Friday to set the Specialty Steel PLI rolling. The PLI offers incentive of Rs 6322 cr for creating 25 Mn tonnes of new capacity and is expected get investment of Rs 30K cr over next 5 years. Positive for Steel stocks.

3. Delhivery: Vanguard bought 96 lakh shares (1.3%) worth Rs 310 cr at Rs 323/-, while Tiger Global sold 0.75% stake for Rs 177 cr. Entry of Vanguard is positive for the stock.

4. Biocon: Long term investor Arohi Fund (AHAN-I) sold 1.5% stake (1.89 cr shares) on Friday for Rs 380 cr at an average price of Rs 200.7. The stock closed down 7%.

5. India's power consumption rises 10% in Apr-Feb, surpassing planned supplies. Govt calls NHPC for reviving defunct hydro projects to meet summer demand. Stock in focus: NTPC

6. Jindal Steel & Power gets approval to manufacture India's first fire-resistant steel structures in Raigarh, CH which can withstand 600°C for 3 hours. Positive.

7. Hindenburg fallout: Adani Enterprises suspends planned work on Rs 35000 Cr petchem project in Mundra (Guj) as it focuses on resources to consolidate operations.

8. GoI aims to cap sales of Fertilizer subsidy for farmers based on digital records or land holding in 7 key districts states. Caution on Fertilizer stocks.

9. Oil Ministry accepts all major Kirit Parikh panel recommendations on gas pricing, to be presented to Cabinet soon. Stocks to watch: IGL, GSPL and MGL (positive).

10. Mega textile parks to be set up in seven states. PM Mitra parks to boost India's $100 bn textile export goal, says industry.