Asian stocks point to a mixed start after Wall Street largely looked through a U.S. inflation report, reinforcing bets the Federal Reserve may pause its rate hikes but signal it’s not over yet.
Equity futures contracts for Hong Kong and Australia pointed to slight losses while those for Japan showed a gain. Japanese and Australian bond futures suggest yields will follow U.S. Treasuries slightly lower.
The core consumer price index in U.S., which excludes food and energy costs, advanced 0.3% from July, the first acceleration in six months. From a year ago, it increased 4.3% — in line with estimates and marking the smallest advance in nearly two years. It’s still above the Fed’s 2% goal.
On Wednesday, the S&P 500 was little changed while the Dow Jones Industrial Average underperformed. American Airlines Group Inc. led US stock losses after cutting its earnings outlook amid a jump in jet fuel prices.
Meanwhile, Brent Crude prices were trading below $92 a barel, whereas, WTI Crude was above $88-mark. The yield on the 10-year U.S. bond was trading at 4.25% and Bitcoin was below 27,000-level.
At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 23 points or 0.11% at 20,160.5.
India's benchmark stock indices recovered to rise through Wednesday after a volatile start. The Nifty was trading above the 20,000 level, whereas the Sensex was above the 67,500 mark. PSU banks, energy, and media sectors rose while I.T. and non-banking financial companies shares were under pressure.
Overseas investors remained net sellers of Indian equities on Wednesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,631.63 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors remained net buyers and mopped up equities worth Rs 849.86 crore, the NSE data showed.
The local currency weakened about 7 paise to close at Rs 82.99 against the U.S. dollar on Wednesday.
Stocks To Watch: Adani, Wipro, Bombay Dyeing, IRCTC, Bank Of India, NBCC In Focus
Adani Enterprises: Adani Wind's 5.2 MW wind turbine generator, which is India's largest turbine, has received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets.
Wipro: The IT major has launched a cyber defense center in Dusseldorf, Germany, that will use Microsoft’s portfolio of cybersecurity products for IOT solutions.
Bank of India: The state-run lender has come out with an issue of Basel III-compliant Tier II bonds amounting to Rs 2,000 crore. The base size is Rs 1,000 crore, and the green shoe option is Rs 1,000 crore. It received a total bid of Rs 3,770 crore in response from investors, and the issue was oversubscribed by 3.77 times against the base issue size.
Bombay Dyeing: The Wadia Group-owned company has agreed to sell 22 acres in Mumbai's Worli to Goisu Realty for Rs 5,200 crore in a bid to repay debt and fund future projects. Upon shareholders' approval, the transaction will happen in two phases. Goisu Realty is a subsidiary of Japan-based developer Sumitomo Realty & Development Co.
IRCTC: The company signed an MoU with Maharashtra State Road Transport Corp. to enable MSRTC's online bus booking services via its bus booking portal.
Aditya Birla Fashion and Retail: Premium fashion brand Louis Philippe announced its foray in the Middle East with the opening of the brand’s newest outlet in the UAE. The company plans to increase its retail footprint by launching several additional outlets for its brands throughout the Middle East in the near future.
Suven Pharmaceuticals: The government has approved up to Rs 9,589 crore in foreign investment in the drugmaker. The approval is for the acquisition of up to 76.1% of the company by Cyprus-based Berhyanda. The aggregate foreign investment in the company will increase by 90.1%.
NBCC: The company secured an order worth Rs 180 crore for project management services at SAIL's Bokaro plant. Further, the builder signed a quadripartite MoU with the Ministry of Steel, Rashtriya Ispat Nigam, and National Land Monetization Corp. for monetisation of RINL's non-core assets at Vishakhapatnam.
Lloyds Steels Industries: The company signed a deal with Bhabha Atomic Research Centre for the transfer of technology for Multi Effect Distillation with Thermo Vapour Compression (MEDTVC) desalination. The licence will aid the company in executing orders related to desalination and will be valid for five years.
KPI Green Energy: The company has commissioned the 7.80 MW wind-solar hybrid power project, comprising 4.20 MW of wind and 3.60 MWdc solar capacity, through its wholly owned subsidiary KPIG Energia for Mono Steel India.
Bajaj Healthcare: The company has received the Establishment Inspection Report from the USFDA for pre-approval inspection at its Vadodara plant with zero 483 observations.
IPO Offerings
RR Kabel: The IPO has been subscribed 0.25 times, or 25%, on its first day. The bids were led by the portion reserved for employees, which was subscribed 0.58 times, or 58%; retail investors, which subscribed 0.36 times, or 36%; and non-institutional investors, which subscribed 0.29 times, or 29%. The IPO saw no bids from institutional investors.
Samhi Hotels: The company's IPO opens for subscription on Thursday. The hotelier and asset management platform is looking to raise a total of Rs 1,370 crore, out of which Rs 1,200 crore will be raised through a fresh issue. The price band is fixed in the range of Rs 119–126 per share. It has raised Rs 616.5 crore from anchor investors ahead of the IPO.
Zaggle Prepaid Ocean Services: The company's IPO opens for subscription on Thursday. The fintech product and solution provider plans to raise Rs 392 crore via a fresh issue. The price band is fixed in the range of Rs 156–164 per share. Ahead of its IPO, the company has raised Rs 253.5 crore from anchor investors.
Bulk Deals
Jaiprakash Power Ventures: Jainam Broking bought 5.87 crore shares (0.85%) at Rs 9.7 apiece.
JTL Industries: SBI General Insurance bought six lakh shares (0.35%) at Rs 201 apiece.
NIIT: Mansi Share and Stock Advisors sold five lakh shares (0.37%) at Rs 140.75 apiece.
RattanIndia Power: Abarc-Ast-002-Trust sold three crore shares (0.55%) at Rs 6.5 apiece.
Insider Trades
ADF Foods: Promoter Krish Bhavesh Thakkar sold 26,470 shares between Sept. 8 and 11.
Safari Industries (India): Promoter Safari Commercial sold 10,000 shares on Sept. 11.
Star Cement: Promoter Vinay and Company sold 9,500 shares between Sept. 7 and 8.
Ultramarine & Pigments: Promoter Deepa Ajay sold 8,337 shares on Sept. 12.
Pledge Share Details
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy revoked a pledge of 1,55 lakh shares on Sept. 11.
Stove Kraft: Promoter Rajendra Gandhi revoked a pledge of five lakh shares on Sept. 12.
AGMs Today
Aarti Pharmalabs, Bharat Bijlee, Eclerx Services, Excel Industries, Gujarat State Petronet, IKIO Lighting, Johnson Controls-Hitachi Air Conditioning India, Just Dial, Kopran, Suryoday Small Finance Bank, Sanghi Industries, Schneider Electric Infrastructure, and Repco Home Finance
Trading Tweaks
Price Band Revised From 20% To 10%: ITI, NIIT
Price Band Revised From 20% To 5%: Bajaj Electricals
Ex-date Dividend: Refex Industries, J. Kumar Infraprojects, Amrutanjan Health Care, Prestige Estates Projects, TV Today Network, Vadilal Industries, Radico Khaitan, Caplin Point Laboratories, Ganesha Ecosphere, Paisalo Digital, BLS International Services, RHI Magnesita India, GOCL Corp., Sandhar Technologies
Ex-date AGM: Refex Industries, India Cements, J. Kumar Infraprojects, Amrutanjan Health Care, Radico Khaitan, Vadilal Industries, Jai Balaji Industries, Man Industries (India), Caplin Point Laboratories, Ganesha Ecosphere, Paisalo Digital, BLS International Services, Shyam Metalics and Energy, RHI Magnesita India, Prince Pipes and Fittings, GOCL Corp., Sandhar Technologies, Capacite Infraprojects.
Record-date Dividend: J. Kumar Infraprojects, Amrutanjan Health Care, Prestige Estates Projects, TV Today Network, Vadilal Industries, and Sandhar Technologies
Ex/Record Date Demerger: Bajaj Electricals
Ex/Record Date Buyback: BSE.
Move Out Of Short-Term ASM Framework: MPS, Pearl Global Industries, and Shakti Pumps (India)
Who's Meeting Whom
Vedant Fashions: To meet investor on Sept. 18.
F&O Cues
Nifty September futures ended at 20,128.95, a premium of 82.65 points.
Nifty September futures rose 0.79%, with 1,582 shares in open interest.
Nifty Bank September futures ended at 45,965.00, a premium of 337.05 points.
Nifty Bank September futures fell 7.07% with 8,957 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance, India Energy Exchange, Delta Corp., Hindustan Copper, India Cements, Manappuram Finance, Steel Authority of India,National Aluminium Company, REC.
Money Market Update
The Indian rupee closed 0.08% higher at 82.99 against the U.S. dollar on Wednesday.
Research Reports
Samhi Hotels IPO - Key Investment Rationale, Issue Details, Strategies, Financials, Risks: IDBI Capital
RR Kabel IPO - Investment Rationale, Issue Details, Financials, Risks, Peer Comparison: Motilal Oswal
Tarsons Products - Building Capacities To Diversify Offerings: ICICI Securities Re-Initiates Coverage
Maruti Suzuki - Estimates 6% CAGR In Domestic Passenger Vehicle Industry Till FY31: Motilal Oswal
L&T - Strong Order Prospects Aiding Revenue Visibility: Prabhudas Lilladher
NMDC - Volume-Led Upgrades Likely: ICICI Securities
Kolte Patil - Strong Launch Pipeline Will Lead To Surpass FY24 Target: Yes Securities
Fusion Micro Finance - Focus On Becoming Trusted Financial Service Provider To Rural India: ICICI Securities
Zaggle Prepaid Ocean Services IPO - Investment Rationale, Issue Details, Financials, Risks: HDFC Securities
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), 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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