Asian equities were poised for a cautious open while the dollar traded in narrow ranges versus its major peers early Monday, according to Bloomberg report.
S&P 500 futures were up 0.2% in early Asian trading after the index fell Friday to cap its worst week since March. Nasdaq 100 futures advanced 0.2% after the underlying gauge ended little changed Friday, supported by gains in Apple Inc. as its latest iPhones and watches went on sale.
Brent crude rose to $93.69 a barrel, and West Texas Intermediate was trading around the $90 mark. The yield on the 10-year U.S. bond was trading at 4.43%, whereas Bitcoin was above the $26,000 level.
At 4:52 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.26% or 51 points trading at 19,651.
India's benchmark stock indices closed lower for the fourth consecutive day after swinging between gains and losses through Friday. Auto and public-sector banking rose in trade, while the pharma and healthcare sectors declined.
On a weekly basis, the headline indices snapped three weeks in advance. The Sensex fell 2.57%, and the Nifty was lower by 2.70% this week. This was the steepest fall in a five-day period in nearly seven months since the week ending Feb. 24.
The S&P BSE Sensex closed 221 points, or 0.33%, lower at 66,009.15, while the NSE Nifty 50 declined 68 points, or 0.34%, to end at 19,674.25.
Overseas investors remained net sellers of Indian equities on Friday for the fourth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,326.74 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers and mopped up equities worth Rs 801.27 crore.
The Indian rupee strengthened 15 paise to close at 82.94 against the U.S. dollar on Friday.
Stocks To Watch
SBI: The state-run lender has raised Rs 10,000 crore through long-term infrastructure bonds at a 7.49% coupon rate. The proceeds from bonds will be utilised to enhance long-term resources for funding infrastructure and the affordable housing segment. SBI has outstanding long-term bonds worth Rs 39,718 crore with this issue.
Reliance Industries: Unit Reliance Retail Ventures received the subscription amount of Rs 2,069.50 crore from KKR. It allotted 1.72 crore of equity shares to KKR.
LIC: The company received an order demanding GST along with interest and a penalty worth Rs 290.5 crore from Bihar's Additional Commissioner of State Tax. The company said it will file an appeal before the GST Appellate Tribunal against the order.
JSW Steel: The company executed the Termination Agreement with New Zealand's National Steel Holdings for the termination of the JV agreement for establishing scrap shredding facilities in India. It will purchase NSHL's 50% stake in NSL Green Recycling.
Bajaj Finance: The board will convene on Oct. 5 to consider raising funds via QIP.
Power Finance Corp: The company has allotted 66 crore fully paid-up bonus equity shares of the face value of Rs 10 each in the ratio 1:4.
Mahindra & Mahindra Financial Services: The company has completed the acquisition of Mahindra Insurance Brokers for Rs 206 crore, at a price of Rs 1,001 per share. MIBL is now a wholly owned subsidiary of the company.
Blue Star: The board approved the allocation of 1.29 crore equity shares at an issue price of Rs 770 apiece to 41 qualified institutional buyers. Norges Bank and SBI Large & Midcap Fund each secured over 12% of the issue.
Ircon International: The company has a contract worth $14.89 million, or Rs 122 crore, with Sri Lanka Railways for the design, installation, and commissioning of signalling and telecommunication systems.
Vaibhav Global: U.K. unit Shop TJC to acquire teleshopping brand Ideal World’s IP and broadcasting rights, studio equipment
Zen Technologies: The company has bagged a Rs 227.65 crore order from the Defence Ministry.
Karnataka Bank: The board approved raising Rs 1,500 crore through the issue of equity shares. Of this, Rs 800 crore will be raised via a preferential issue of shares at Rs 239.52 apiece.
Edelweiss Financial Services: The equity shares of Nuvama Wealth Management are to be listed and admitted for dealing on BSE and NSE as of Sept. 26. Nuvama Wealth Management was formerly known as Edelweiss Securites. Edelweiss Securities had previously demerged from Edelweiss Financial Services.
Delta Corp: The company received a Rs 11,139-crore GST demand order from Hyderabad's Directorate General of GST Intelligence. The company said the tax liability amount claimed is based on the gross bet value of all games played at casinos rather than gross gaming revenue. It will pursue remedies to challenge the tax demand.
Kirloskar Oil Engines: Anurag Bhagania to resign as CFO with effect from Nov. 22.
Swan Energy: The board approved raising up to Rs 1,435 crore via preferential issue of shares. It will issue up to 2.9 crore shares at Rs 495 apiece.
Borosil: The company reported delays in receiving delivery of imported equipment and machinery from Europe required for setting up the furnace for the 25-tonne borosilicate glass factory in Jaipur, Rajasthan. The project is likely to be commissioned on or before Jan. 31, 2024.
Inox Green Energy: The company has entered into a share subscription agreement to acquire a 51% stake in Resowi Energy.
IPO Offerings
Manoj Vaibhav Gems N Jewellers: The IPO has been subscribed 13%, or 0.13 times, on its first day. The bids were led by retail investors, who subscribed 0.25 times, and non-institutional investors, who subscribed 0.05 times. The issue received zero bids from institutional investors.
Updater Services: The IPO will open for public subscription on Monday. The integrated facilities management company plans to raise up to Rs 640 crore via a fresh issue and an offer for sale. The price band is fixed in the range of Rs 280–300 apiece.
JSW Infrastructure: The company will launch its IPO on Monday. The port-related infrastructure company plans to raise up to Rs 2,800 crore via a fresh issue. The issue will comprise a fresh issue of 23.53 crore equity shares, and the price band is fixed in the range of Rs 113–119 apiece. The company has raised Rs 1,260 crore from anchor investors.
Block deals
Shyam Metalics and Energy: Shyam Metalics Employees Welfare Trust bought and Narantak Dealcomm sold 1.93 lakh shares (0.42%) at Rs 430 apiece.
Bulk Deals
Cholamandalam Financial Holdings: Ambadi Enterprises sold 10.58 lakh shares (0.56%) for Rs 1,151.02 apiece, and Nomura India Investment Fund bought 14.51 lakh shares (0.77%) for Rs 1,145.30 apiece.
Hinduja Global Solutions: Aviator Global Investment Fund bought 2.8 lakh shares, and Legends (Cayman) sold 2.8 lakh shares (0.6%) for Rs 1,005 apiece.
Samhi Hotels: Morgan Stanley, through its funds, sold 64.67 lakh shares (2.9%). BofA Securities Europe bought 47.74 lakh shares (2.18%) for Rs 139.37 apiece.
Zaggle Prepaid Ocean Services: ACM Global Fund bought 8 lakh shares (0.65%) at Rs 164.83 apiece. Valuequest Investment Advisors bought 33.03 lakh shares (2.7%) for Rs 165.96 crore. Goldman Sachs Investments Mauritius sold 6.1 lakh shares (0.5%) at Rs 165.39 apiece.
Insider Trades
DB Realty: Promoter Shanita Deepak Jain sold 30,000 shares on Sept. 18.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 33,870 shares between Sept. 20 and 21.
Usha Martin: Promoter Peterhouse sold 1.5 lakh shares between Sept. 20 and 21.
Star Cement: Promoter Kamakhya Chamaria sold 35,152 shares on Sept. 20.
Som Distilleries and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on Sept. 22.
Pledge Share Details
Jubilant FoodWorks: Promoter Jubilant Consumer created a pledge of 22 lakh shares on Sept. 21.
AGMs Today
Ami Organics, Avalon Technologies, Barbeque-Nation Hospitality, Bigbloc Construction, DCX Systems, Ddev Plastiks Industries, Deep Industries, Dish TV, Eris Lifesciences, Fino Payments Bank, Gokul Agro Resources, Indiabulls Housing Finance, Imagicaaworld Entertainment, KFin Technologies, Krsnaa Diagnostics, LG Balakrishna & Bros, OnMobile Global, Unichem Labs, Texmaco Rail & Engineering
Who's Meeting Whom
SBFC Finance: To meet investors and analysts on Sept. 27.
BEML: To meet investors on Sept. 27.
Nuvoco Vistas Corp: To meet investors and analysts on Sept. 28 and 29.
Senco Gold: To meet investors and analysts on Sept. 28 and 29.
Kirloskar Oil Engines: To meet investors and analysts on Sept. 27 and 28.
Exide Industries: To meet investors on Sept. 26.
Trading Tweaks
Ex-date AGM: BF Investment, Indiabulls Real Estate, Natco Pharma
Ex-date EGM: Techindia Nirman
Ex/Record date Spin-off: National Peroxide.
F&O Cues
Nifty September futures ended at 19,705, a discount of 73.70 points.
Nifty September futures fell 0.37%, with 7,717 shares in open interest.
Nifty Bank September futures ended at 44,717.90, a discount of 41.35 points.
Nifty Bank September futures fell 0.09%, with 111 shares in open interest.
Securities in the ban period: Canara Bank, Delta Corp., Granules India, Hindustan Copper, Indiabulls Housing Finance, and Manappuram Finance
Money Market Update
The Indian rupee strengthened 15 paise to close at 82.94 against the U.S. dollar on Friday.
Research Reports
Balkrishna Industries - Export Base To Turn Favorable From Coming Months: ICICI Securities
Glenmark Pharma - Divestment Of Life Sciences Arm To Address Short-Term Concerns: ICICI Securities
Blue Dart - Margins To Improve With Better Capacity Utilisation: Motilal Oswal
PNC Infratech - Asset Monetisation, A Key Trigger Ahead: ICICI Direct
Jyothy Labs - Expansion Plan In Personal Care Category: Motilal Oswal
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