Asian equities may struggle to find traction on Monday in a cautious open to trading around the region. In currency markets the yen was on the front foot following potentially hawkish remarks for the Bank of Japan governor.
Futures for Australia were fractionally higher, a gauge of U.S.-listed Chinese stocks fell and contracts for Japan showed a small gain in trading that ended before an interview by BOJ’s Kazuo Ueda reached the market. Hong Kong reopens after a closure Friday due to a heavy rainstorm.
U.S. stock futures were little changed early Monday after shares saw small moves at the end of the week, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout.
Meanwhile, Brent Crude prices were steady above $90 a barrel, WTI Crude was above $86-mark. The yield on the 10-year U.S. bond was trading at 4.26% and Bitcoin was below 26,000-level.
At 5:30 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 48 points or 0.24% at 19,927.5.
India's benchmark stock indices logged their best week in two months after rising for six consecutive sessions on Friday. Intraday, the Nifty 50 crossed the 19,800 level, and the Sensex rose beyond the 66,700 level for the first time in over six weeks since July 27.
Indices advanced for the second time this week, led by the real estate, media, and metal sectors. This was the best week that the indices have seen since the week ending June 30.
The local currency strengthened about 27 paise to close at Rs 82.95 against the U.S. dollar on Friday.
Stocks To Watch: Adani, RIL, TCS, Tata Communications, REC, NTPC, Coffee Day, Vakrangee In Focus
Adani Enterprises: Adani Global Pte., Singapore, has signed a 50-50 joint venture agreement with Singapore-based Kowa Holdings Asia Pte.
Reliance Industries: The company will partner with U.S.-based chipmaker Nvidia to develop India’s own large language model, trained on regional languages, for tailored generative AI apps. Nvidia will provide Reliance Jio Infocomm access to its most advanced supercomputing service on the cloud to build AI applications for its 450 million telecom subscribers as well as stakeholders in India’s technology space.
Tata Communications: The company will collaborate with Nvidia to develop an AI cloud in India aimed at providing critical infrastructure that enables computing’s next lifecycle. That will result in high-speed data transfers for enterprises.
TCS: The IT major will utilise the AI infrastructure to build and process generative AI applications as well as collaborate with clients with an AI-first approach. Additionally, TCS will upskill its 6,00,000-strong workforce by leveraging the partnership.
ICICI Bank: The lender has received the RBI's nod to make I-Process Services a wholly-owned subsidiary. The bank currently holds a 19% stake in the manpower and training support provider.
REC: The state-owned company has received shareholders' approval to increase the overall borrowing limit of the company from Rs 4.5 lakh crore to Rs 6 lakh crore in its 54th AGM. Besides, the shareholders also approved a special resolution for raising funds through private placement of unsecured or secured non-convertible bonds or debentures up to Rs 1 lakh crore in one or more tranches till Sept. 5, 2024.
NTPC: Subsidiary NTPC Green Energy and V O Chidambaranar Port Authority will jointly develop a green hydrogen hub at Tuticorin in Tamil Nadu. Green hydrogen and its derivatives, such as green ammonia and green methanol, will be produced at the hub to be built on the land provided by VOCPA.
SJVN: Subsidiary SJVN Green Energy signed a power purchase agreement for 25 years with Bhakra Beas Management Board for an 18 MW solar power project in the states of Himachal Pradesh and Punjab.
Coffee Day Enterprises: IDBI Trusteeship Services has filed a bankruptcy and insolvency plea with the NCLT against the company on an alleged Rs 228.45 crore default.
Gateway Distriparks: Sandeep Kumar Shaw will resign as CFO effective Nov. 28, citing personal reasons.
Vakrangee: The company will acquire a 48.5% stake in Vortex Engineering from Aaviskaar Capital.
Shyam Metalics and Energy: The company has announced an offer for sale of up to 1.3 crore shares, or 5.11% stake, for Rs 414 apiece. Promoters Narantak Dealcomm and Subham Buildwell will sell stakes. The OFS will open and close on Sept. 11 for non-retail investors and on Sept. 12 for retail investors.
IPO Listings
Ratnaveer Precision Engineering: The IPO was subscribed 93.96 times on the final day. The portion for non-institutional investors was subscribed to 135.20 times, and that of institutional buyers received 133.05 times subscription. The quota for retail investors got subscribed 53.95 times. The issue price is Rs 98 apiece.
Rishabh Instruments: The IPO was subscribed 31.65 times on its third and final day. The bids were led by non-institutional investors, who subscribed 4.65 times, followed by retail investors (2.79 times), and institutional investors (0.22 times or 22%). The energy-efficiency solutions provider plans to raise Rs 490.8 crore via a fresh issue and an offer for sale. The issue price is Rs 441 apiece.
IPO Offerings
EMS: The IPO got subscribed 3.77 times on the first day. The category for non-institutional investors was subscribed to 6.00 times, while the retail individual investors part received 4.82 times subscription. The portion for qualified institutional buyers got subscribed 9%.
Bulk Deals
Birla Cable: Multiplier Share & Stock Advisors bought 2.14 lakh shares (0.7%) at Rs 402.51 apiece.
Hi-Tech Pipes: Dream Achiever Consultancy Services bought 10 lakh shares (0.76%) at Rs 75.9 apiece.
Infibeam Avenues: Citadel Securities India Markets bought 1.38 crore shares (0.5%) at Rs 15.82 apiece.
Mangalam Cement: Jatayu Textiles & Industries sold 1.68 lakh (0.6%) at Rs 366.01 apiece, while Rambara Trading bought two lakh shares (0.7%) at Rs 366.56 apiece.
RattanIndia Power: Abarc-Ast-002-Trust sold four crore shares (0.74%) at Rs 7.31 apiece.
VRL Logistics: Anand Vijay Sankeshwar sold 35 lakh shares (4%) at Rs 681.08 apiece, while SBI Mutual Fund bought 19.29 lakh (2.2%) at Rs 681.
Insider Trades
Greenpanel Industries: Promoter Prime Holdings bought 41,500 shares between Sept. 6 and 7.
Kirloskar Oil Engines: Promoters Navsai Investments and Alpak Investments each bought 13,200 shares on Sept. 7.
Genus Power Infrastructures: Promoter Simple Agarwal sold 3.18 lakh shares on Sept. 5.
Info Edge (India): Promoter Endeavour Holding Trust sold 9,000 shares on Sept. 8.
Advanced Enzyme Technologies: Promoters of Advanced Vital Enzymes sold 1.5 lakh shares between Sept. 5 and 7.
Paisalo Digital: Promoters Equilibrated Venture Cflow, PRI CAF, and PRO FITCCH each bought 45,000 shares on Sept. 8.
Pledge Share Details
Inox Wind: Promoter Inox Wind Energy released a pledge of 9 lakh shares on Sept. 6.
Emami: Promoters Diwakar Finvest released a pledge of 10 lakh shares between Sept. 4 and 5, and Suraj Finvest released a pledge of 2 lakh shares on Sept. 6.
AGMs Today
Birla Cable, Electrosteel Castings, Ganesh Housing Corp, Gravita India, Jai Corp, Radiant Cash Management Services, Vindhya Telelinks, Universal Cables, and TCNS Clothing Co.
Who's Meeting Whom
One 97 Communications: To meet investors on Sept. 25 and Sept. 26.
Trading Tweaks
Price Band Revised From 10% To 5%: Jayaswal Neco Industries
Price Band Revised From 10% To 20%: Texmaco Rail & Engineering
Price Band Revised From 20% To 10%: Ashapura Minechem, GTL Infrastructure
Ex-date Dividend: Dilip Buildcon, Gujarat Gas, Sterling Tools, Asahi India Glass, Landmark Cars, Nitin Spinners, Manorama Industries, Pokarna, Garware Technical Fibres
Ex-date AGM: Dilip Buildcon, Sterling Tools, Asahi India Glass, Nitin Spinners, Manorama Industries, IndoStar Capital Finance, Pokarna, Garware Technical Fibres
Record-date Dividend: Gujarat Gas
Ex/Record Date Stock Split: Adf Foods
Move Out Of Short-Term ASM Framework: Indiabulls Housing Finance, India Pesticides
F&O Cues
Nifty September futures ended at 19,874.00, a premium of 105.30 points.
Nifty September futures fell 0.89%, with 1,805 shares in open interest.
Nifty Bank September futures ended at 45,326.10, a premium of 280.95 points.
Nifty Bank September futures fell 1.90% with 2,558 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance, Balrampur Chini Mills, Chambal Fertilisers & Chemicals, Delta Corp., Hindustan Copper, India Cements, Manappuram Finance, Steel Authority of India, Punjab National Bank
Money Market Update
The Indian rupee closed 0.32% lower at 82.95 against the U.S. dollar on Friday.
Disclaimer: AMG Media Networks Ltd. currently owns a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL
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