Equity markets in Asia are poised for a muted open after U.S. stocks posted modest losses ahead of the Federal Reserve’s policy decision, with traders betting interest rates will be higher for longer to curb inflation.
Futures for benchmarks in Australia and Hong Kong slipped while those in Japan were little changed. Contracts for U.S. stocks were also steady in early Asia trading Wednesday.
In a sign of further headwinds facing Asian markets, U.S.-listed Chinese stocks fell the most in nearly two weeks on Tuesday. Brent oil briefly topped $95 a barrel, adding to inflation concerns. Fed Chair Jerome Powell and his colleagues are widely expected to hold rates Wednesday.
Meanwhile, Brent Crude prices were trading above $94 a barrel, and WTI Crude was above $91-mark. The yield on the 10-year U.S. bond was trading at 4.36% and Bitcoin was above 27,000-level.
At 5:21 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 36 points or 0.18% at 20,101.5.
India's benchmark stock indices closed lower on Monday, led by declines in HDFC Bank Ltd. and Reliance Industries Ltd. The S&P BSE Sensex snapped 11 days of advance, which was its longest streak of gains since October 2007, while the NSE Nifty 50 snapped three days of gains.
Public sector banks and auto sector led as the Nifty Auto hit a lifetime high and the Nifty PSU Bank scaled a 12-year high during the day. The real estate, media, and metal sectors fell.
Overseas investors turned net sellers of Indian equities after two days on Monday. Foreign portfolio investors offloaded stocks worth Rs 1,236.51 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers and mopped up equities worth Rs 552.55 crore.
The local currency weakened 9 paise to close at its all-time weakest level of 83.27 against the U.S. dollar on Monday.
Stocks To Watch: Tata Motors, Union Bank, Biocon, NBCC, Blue Star, Amber, JSPL In Focus
Tata Motors: The automaker will increase the prices of commercial vehicles by up to 3% w.e.f. October 1. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.
Union Bank Of India: The government extended Nitesh Ranjan’s term as the bank’s executive director by two years. His current term expires on March 9, 2024.
Jindal Steel and Power: Naveen Jindal to retire as executive director on Sept. 30 and continue as non-executive director w.e.f. October 1.
Biocon: The drugmaker appointed Peter Bains as Biocon Group CEO with immediate effect. He will be reporting directly to Group Chairperson Kiran Mazumdar-Shaw.
Bank of Maharashtra: The lender has signed an MoU with the Indian Renewable Energy Development Agency to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the country.
NBCC: The company has won a Rs 150 crore order from the Khadi and Village Industries Commission to construct office buildings, residential campuses, and redevelop, repair, and renovate KVIC properties across India.
Blue Star: The QIP to raise up to Rs 1,000 crore opened on Sept. 18. The floor price for QIP is set at Rs 784.55 per share.
JK Lakshmi Cement: The company will acquire a 20.8% stake in Amplus Helios for Rs 21.6 crore to source 40 MWAC of solar power for its Durg unit under the captive power plant mode.
Amber Enterprises: The company's unit, Iljin Electronics India, entered into a joint venture with Nexxbase Marketing, owner of the 'Noise' brand, to design, manufacture, and sell electronic wearables, including smartwatches and earphones.
Prakash Industries: The company received environmental clearance for its Chhattisgarh commercial coal mine from the government. The development of the mine is fast in progress, and the mining lease is likely to be executed by the next quarter.
Also Read: Biocon Appoints Peter Bains As Group CEO
IPO Offerings
Yatra Online: The IPO was subscribed 0.30 times, or 30%, on its second day. The bids were led by retail investors, who subscribed 1.34 times; non-institutional investors, who subscribed 9%, or 0.09 times; and institutional investors, who subscribed 6%, or 0.06 times. The IPO was subscribed 11% on the first day.
Sai Silks (Kalamandir): The company will launch its IPO on Wednesday to raise Rs 1,201 crore via a fresh issue (Rs 600 crore) and an offer for sale (Rs 601 crore). The price band is fixed between Rs 210 and Rs 222 per share. The ethnic apparel provider has raised Rs 360.3 crore from anchor investors.
Signature Global India: The company will launch its IPO on Wednesday to raise Rs 730 crore via a fresh issue (Rs 603 crore) and an offer for sale (Rs 127 crore). The price band is fixed between Rs 366-385 per share.
IPO Listings
RR Kabel: The shares will be listed on the stock exchanges on Wednesday. The Mumbai-based wire and cable manufacturer plans to raise Rs 180 crore via a fresh issue and Rs 1,784 crore through an offer for sale. The IPO was subscribed 18.69 times on its final day. The issue price is Rs 1,035 apiece.
Bulk Deals
Jaiprakash Power Ventures: HRTI sold 5.06 crore shares (0.73%) at Rs 10.42 apiece, Citadel Securities India Markets bought 3.63 crore shares (0.53%) at Rs 10.41 apiece, and Jainam Broking bought 9.50 crore shares (1.38%) at Rs 10.6 apiece.
South Indian Bank: Citadel Securities India Markets bought 1.14 crore shares (0.54%) at Rs 25.83 apiece.
GMR Power and Urban Infra: Multiplier Share & Stock Advisors sold 31 lakh shares (0.51%) at Rs 46 apiece.
Insider Trades
Pidilite Industries: Promoter Rashmikant Himatlal Parekh sold 6,000 shares between Sept. 14 and 15.
India Pesticides: Promoter Sudha Agarwal sold 7.85 lakh shares on Sept. 14.
Dr. Lal PathLabs: Promoter Arvind Lal sold 1.9 lakh shares between Sept. 14 and 18.
ADF Foods: Promoter Krish Bhavesh Thakkar sold 11,607 shares between Sept. 14 and 15.
NRB Bearings: Promoter Harshbeena Zaveri bought 4091 shares on Sept. 15.
AGMs Today
Alicon Castalloy, Gateway Distriparks, Gokaldas Exports, Greenply Industries, HealthCare Global Enterprises, Hester Biosciences, India Nippon Electricals, Global Health, MSTC, Ramky Infrastructure, Sandur Manganese & Iron Ores, Share India Securities, Star Health and Allied Insurance Co., TVS Srichakra, UNO Minda, Vijaya Diagnostic Centre, and Welspun Specialty Solutions
Who's Meeting Whom
Deepak Fertilisers & Petrochemicals: To meet analysts and investors on Sept. 22.
Krsnaa Diagnostics: To meet analysts and investors on Sept. 21.
Arvind SmartSpaces: To meet analysts and investors on Sept. 22.
Fineotex Chemical: To meet analysts and investors on Sept. 22.
HDFC Asset Management: To meet analysts and investors on Sept. 25.
Global Health: To meet analysts and investors on Sept. 22.
Trading Tweaks
Price Band Revised From 10% To 5%: GMR Power and Urban Infra
Ex-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Century Plyboards (India), Balmer Lawrie & Company, Steel Authority of India, Filatex India, Bharat Dynamics, 63 moons technologies, Tanfac Industries, Mazagon Dock Shipbuilders, RVNL, PTC India, Sunteck Realty
Ex-date AGM: Delhivery, Dhani Services, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Shalimar Paints, Suzlon Energy, FDC, Century Plyboards (India), Steel Authority of India, Hindustan Oil Exploration Company, Cantabil Retail India, Filatex India, Som Distilleries & Breweries Parag Milk Foods, Bharat Dynamics, 63 Moons Technologies, Likhitha Infrastructure
Record-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Filatex India, Steel Authority of India, HeidelbergCement India, BEML, Sunteck Realty, PTC India, India Tourism Development Corp., Tanfac Industries, Sunteck Realty,Best Agrolife
Move Out Of Short-Term ASM Framework: Bajaj Hindusthan Sugar, Jain Irrigation Systems, Vascon Engineers
F&O Cues
Nifty September futures ended at 20,170, a discount of 79.60 points.
Nifty September futures fell 0.77%, with 1,703 shares in open interest.
Nifty Bank September futures ended at 46,026.10, a discount of 261.95 points.
Nifty Bank September futures fell 5.95%, with 6,443 shares in open interest.
Securities in the ban period: Balrampur Chini Mills, Bharat Heavy Electricals, Chambal Fertilisers & Chemicals, Delta Corp., Indiabulls Housing Finance, Indian Energy Exchange, Manappuram Finance, Punjab National Bank, REC, Zee Entertainment Enterprises.
Money Market Update
The local currency depreciated 9 paise to close at its all-time weakest level of 83.27 against the U.S. dollar on Monday. As per intraday trade, Rs 83.29 per dollar remains the weakest-ever level the rupee touched on Oct. 10, 2022.
Research Reports
Jubiliant FoodWorks - Growth Vectors In Place; Eating Out Frequency Rising: Centrum Broking
Karnataka Bank - Geographic Expansion, New Age Tech Adoption To Aid Growth: ICICI Direct
VA Tech Wabag - Turning Water Problems Into Business Opportunities: Yes Securities
Dabur India - Poised For Strong Earnings Growth Over Medium Term: Motilal Oswal
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