Equity markets in Asia are poised to gap lower after U.S. stocks suffered the biggest drop in six months.
Futures for indexes in Japan, Hong Kong and Australia all pointed to declines, extending weekly losses. The S&P 500 fell 1.6% on Thursday, the most since March, and all major U.S. equity benchmarks broke below their key 100-day moving averages.
Meanwhile, Brent Crude prices were trading above $93 a barrel, and WTI Crude was below $90-mark. The yield on the 10-year U.S. bond was trading at 4.49% and Bitcoin was below 27,000-level.
At 5:02 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 61 points or 0.31% at 19,711.5.
India's benchmark stock indices declined for the third consecutive day on Thursday after the U.S. FOMC kept the interest rate unchanged but signalled the possibility of another rate hike in 2023.
The sectoral indices for auto, banks, and non-banking financial companies fell the most.
Overseas investors remained net sellers of Indian equities on Thursday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,007.4 crore, according to provisional data from the NSE. Domestic institutional investors turned net buyers and bought equities worth Rs 1,158.1 crore.
The Indian rupee closed flat at 83.09 against the U.S. dollar on Thursday.
Stocks To Watch
Infosys: Nigeria's Guaranty Trust Bank has selected the IT major's Finacle Digital Banking Suite for its multi-country digital transformation programme.
ICICI Bank: The private lender will buy a 9.99% stake in Quantum CorpHealth Private for Rs 4.99 crore by the end of October 2023, via cash consideration.
Wipro: Jatin Pravinchandra Dalal to resign as CFO with effect from Nov. 30. The board has approved the appointment of Aparna Iyer as CFO with effect from Sept. 22.
LIC: The state-run insurance giant has decreased its shareholding in OIL India from 11.73% to 9.69%. It has increased its shareholding in Gujarat Gas from 4.98% to 5.01%.
JSW Steel: The company's U.S. unit, Periama Holding LLC, will sell Caretta Minerals for $24 million. The property, plant, and equipment will be sold to West Virginia Properties.
Vedanta: The board has approved raising up to Rs 2,500 crore via NCDs in one or more tranches, on a private placement basis. It will issue up to 2.5 lakh NCDs with a face value of Rs 1 lakh each.
UltraTech Cement, India Cements: UltraTech Cement will buy 73.75 acres of land in Andhra Pradesh from India Cement for Rs 70 crore.
Yes Bank: Pankaj Sharma is appointed as Chief Strategy and Transformation Officer. He will lead the implementation of major organisational changes, including direct oversight of digital transformation initiatives.
Glenmark Pharma: The drugmaker will sell a 75% stake in Glenmark Life Sciences for Rs 5,652 crore to Nirma at Rs 615 per share. After the stake sale, the company will own 7.84% of Glenmark Life Sciences.
SJVN: The government will exercise its greenshoe option of 2.46% stake or 9.66 crore shares for the offer-for-sale on Sept. 22, given the oversubscription in the issue. This is in addition to the base issue size of 9.66 crore shares, or 2.46% stake. Accordingly, the total offer size will be up to 19.33 crore equity shares, representing 4.92% of the total paid-up equity.
ICICI Lombard General Insurance: MD and CEO Bhargav Dasgupta has resigned and will officiate his responsibilities till his last working date. The company is in the process of filling the resultant vacancy.
ICICI Securities: SEBI has issued an administrative warning with relation to merchant banking operations and initiated quasi-judicial proceedings against the company.
Can Fin Homes: The company plans to consider raising up to Rs 4,000 crore via NCDs on a private placement basis on Sept. 27.
IRB Infrastructure Developers: SPV Samakhiyali Tollway has achieved financial closure for the Rs 2,092-crore Samakhiyali Santalpur BOT Highway project. The consortium of lenders has extended debt support of Rs 1,446 crore for the project.
CanFin Homes: Board of Directors are scheduled to meet on Wednesday, Sept. 27, 2023 to discuss the issuance of non-convertible redeemable debentures worth Rs 4000 crore, on private placement basis.
Pheonix Mills: The board has approved the acquisition of balance 5,000 equity shares, or 50% stake in Bartraya Mall Development Co. for an aggregate consideration of Rs 50,000 from Fabsin Trading and Agency, an existing shareholder of Bartraya.
Tech Mahindra: Company approved merging Tech Mahindra Credit Solutions Inc with its parent Tech Mahindra (Americas) Inc., a wholly owned material subsidiary of the company.
Rail Vikas Nigam: The company has formed a joint venture with Tracks & Towers Infratech for construction of six-lane, greenfield Varanasi-Ranchi-Kolkata Highway for Rs 1,271 crore.
ideaForge: Company has received order worth about Rs 58 crore to supply 400 Surveillance Copter with accessories to M/s. Strategic Marketing.
HDFC Bank: The lender sells an aggregate stake of 2.22% of the share capital in Hindustan Oil Exploration Corp Ltd. for an all cash consideration of Rs 49.85 crore.
Sunteck Realty: IFC and Sunteck Realty create joint platform, investing up to Rs 750 crore or $90 million to Expand Green Urban Housing in Maharashtra. IFC's proposed investment is for up to Rs 330 crore or $40 million, with the remainder to be brought in by Sunteck Realty.
InterGlobe Aviation: Indigo and British Airways announce new codeshare partnership.
IPO Offerings
Signatureglobal India: The IPO has been subscribed 1.61 times on its second day. The bids were led by non-institutional investors, subscribed 3.06 times, retail investors, subscribed 2.53 times and institutional investors, subscribed 0.62 times or 62%.
Sai Silks (Kalamandir): The IPO has been subscribed 0.33 times, or 33% on its second day. The bids were led by institutional investors, subscribed 0.51 times or 51%, non-institutional investors, subscribed 27% and retail investors, subscribed 26%.
Manoj Vaibhav Gems: The company will launch its initial public offering on Friday. The South Indian regional jewellery brand plans to raise up to Rs 270.20 crore via a fresh issue and offer for sale. The fresh issue will be worth a total of Rs 210 crore, while the offer for sale will be worth Rs 60.20 crore. The price band is fixed in the range of Rs 204–215 per share. It has raised Rs 81 crore from anchor investors.
New Listings
Zaggle Prepaid Ocean Services: The shares will be listed on the stock exchanges on Friday. The issue price is Rs 164 apiece. The Rs 392 crore-IPO was subscribed 12.57 times on its final day of offer. Bids were led by institutional investors (16.73 times), non-institutional investors (8.85 times) and retail investors (5.94 times).
Samhi Hotels: The shares will be listed on the stock exchanges on Friday. The issue price is Rs 126 apiece. The Rs 1,370 crore-IPO was subscribed 5.33 times on its final day of offer. Bids were led by institutional investors (8.82 times), non-institutional investors (1.22 times) and retail investors (1.11 times).
Block Deals
JM Financial: Aruna N Kampani sold 15 lakh shares (0.15%), while J M Financial and Investment Consultancy Services bought 15 lakh shares (0.15%) at Rs 85 apiece.
Bulk Deals
Electronics Mart India: Pavan Kumar Bajaj sold 96.18 lakh shares (2.49%) at Rs 143.03 apiece, while Motilal Oswal Mutual Fund bought 60.40 lakh shares (1.56%) at Rs 143 apiece.
EMS: Aalidhra Textool Engineers bought 3 lakh shares (0.54%) at Rs 282.64 apiece, Sanatan Financial Advisory Services bought 3.10 lakh shares (0.55%) at Rs 278.89 apiece, and BOFA Securities Europe SA bought 2.88 lakh shares (0.51%) at Rs 283.79 apiece.
Praveg: Asha Vishnubhai Patel sold 2.22 lakh shares (0.98%) at Rs 530.05 apiece.
Also Read: ICICI Lombard CEO Bhargav Dasgupta Resigns
Insider Trades
Bajaj Healthcare: Promoter Sajankumar Rameshwarlal Baja bought 56,000 shares on Sept. 21.
Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on Sept. 20.
GATI: Promoter TCI Finance sold 11,000 shares on Sept. 18.
ADF Foods: Promoter Krish Bhavesh Thakkar sold 12,003 shares between Sept. 18 and 20.
Pledge Share Details
IndusInd Bank: Promoter IndusInd revoked a pledge of 21.4 lakh shares on Sept. 20 and promoter IndusInd International Holdings created a pledge of 21.4 lakh shares on Sept. 20.
Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 46.5 lakh shares on Sept. 15.
AGMs Today
Affle (India), Alok Industries, Aptech, Banco Products (India), Dynamatic Technologies, Everest Kanto Cylinder, Eureka Forbes, Garden Reach Shipbuilders & Engineers, Gujarat State Fertilizers & Chemicals, Hariom Pipe Industries, HMA Agro Industries, Indian Railway Finance Corporation, Jindal Stainless, Jyoti Resins & Adhesives, KIOCL, Man Industries (India), Mankind Pharma, Monarch Networth Capital, NACL Industries, The New India Assurance Company, Optiemus Infracom, The Phoenix Mills, Praveg, PTC Industries, Route Mobile, Keystone Realtors, Sangam (India), S.P. Apparels, Sun TV Network, Tatva Chintan Pharma Chem, Uttam Sugar Mills, Venky’s (India), Welspun Corp, Welspun Enterprises, Welspun India.
Who's Meeting Whom
TVS Motor Co: To meet analyst and investors on Sept. 26.
Indiamart Intermesh: To meet analyst and investors on Sept. 27.
DLF: To meet analyst and investors on Sept. 26.
Alkem Laboratories: To meet analyst and investors on Sept. 26.
Reliance Industries: To meet analyst and investors on Sept. 26.
Vedanta: To meet analyst and investors on Sept. 26.
Sanofi India: To meet analyst and investors on Sept. 27.
Cantabil Retail India: To meet analyst and investors on Sept. 26.
The Phoenix Mills: To meet analyst and investors on Sept. 28.
Trading Tweaks
Ex-date Dividend: NRB Bearing, Ahluwalia Contracts (India), SMS Pharmaceuticals, National Fertilizers, Savita Oil Technologies, KNR Constructions, Jindal Poly Films, Fertilizers and Chemicals Travancore, DCW, Rico Auto Industries, Datamatics Global Services, Finolex Cables, HFCL, Aurionpro Solutions, Hindustan Copper, Gujarat Mineral Development Corporation, Bombay Burmah Trading Corporation, Kitex Garments, Gulshan Polyols, Goodluck India, GTPL Hathway, Vidhi Specialty Food Ingredients, Dixon Technologies (India), KDDL, PNC Infratech, Apollo Micro Systems, Hi-Tech Pipes, Premier Explosives, HPL Electric & Power, Lux Industries, Zota Health Care, Mishra Dhatu Nigam, Servotech Power Systems, D. P. Abhushan, Satia Industries, Titagarh Rail Systems, Confidence Petroleum India, Shivalik Rasayan, Gujarat Fluorochemicals, BCL Industries, Bajaj Healthcare, Mrs. Bectors Food Specialities.
Ex-Special Dividend: Datamatics Global Services
Ex-date AGM: NRB Bearing, Ahluwalia Contracts (India), PG Electroplast, Technocraft Industries (India), SMS Pharmaceuticals, Gallantt Ispat, D B Realty, Savita Oil Technologies, KNR Constructions, Jindal Poly Films, Fertilizers and Chemicals Travancore, DCW, Rico Auto Industries, Datamatics Global Services, Jaiprakash Power Ventures, Mahanagar Telephone Nigam, HMT, Ashapura Minechem, HFCL, Aurionpro Solutions, Hindustan Copper, Gujarat Mineral Development Corporation, Bombay Burmah Trading Corporation, B. L. Kashyap and Sons, Kitex Garments, Visagar Polytex, Atul Auto, Gulshan Polyols, RattanIndia Power, Goodluck India, Arman Financial Services, Vidhi Specialty Food Ingredients, Dixon Technologies (India), India Tourism Development Corporation, JITF Infralogistics, KDDL, PNC Infratech, Apollo Micro Systems, Premier Explosives, HPL Electric & Power, Bombay Super Hybrid Seeds, Lux Industries, Steel Exchange India, Zota Health Care, Servotech Power Systems, M K Proteins, Shaily Engineering Plastics, Ganesh Benzoplast, Satia Industries, Titagarh Rail Systems, Confidence Petroleum India, Transindia Real Estate, Shivalik Rasayan, Abans Holdings, BCL Industries, Subex, Anupam Rasayan India, Bajaj Healthcare, Mrs. Bectors Food Specialities, Paras Defence and Space Technologies, RattanIndia Enterprises, Glenmark Life Sciences, Hardwyn India, Ethos, Stylam Industries.
Record-date Dividend: SMS Pharmaceuticals, National Fertilizers, KNR Constructions, Jindal Poly Films, Fertilizers and Chemicals Travancore, Finolex Cables, GTPL Hathway, Apollo Micro Systems, Hi-Tech Pipes, Mishra Dhatu Nigam, DP Abhushan, Gujarat Fluorochemicals, Mrs. Bectors Food Specialities.
Record date AGM: Jindal Poly Films.
Moved into Short-Term ASM Framework: AGI Greenpac.
F&O Cues
Nifty September futures ended at 19,769.05, a discount of 203.00 points.
Nifty September futures fell 0.67%, with 1,286 shares in open interest.
Nifty Bank September futures ended at 44,671.50, a discount of 885.95 points.
Nifty Bank September futures rose 26.01% with 23,118 shares in open interest.
Securities in the ban period: Balrampur Chini Mills, Bharat Heavy Electricals, Chambal Fertilizers & Chemicals, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Manappuram Finance, Punjab National Bank, Zee Entertainment Enterprises.
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