Stock Market Today: Sensex, Nifty Snap Three-Week Gaining Streak As HDFC, ICICI Bank Drag; FPIs Net Sellers

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 National Stock Exchange.

Domestic institutional investors remained net buyers and mopped up equities worth Rs 801.27 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,25,123 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 3 bps higher at 7.19% on Friday.

Source: Bloomberg

• The local currency strengthened 15 paise to close at 82.94 against the U.S dollar on Friday.

• It closed at 83.09 on Thursday.

Source: Bloomberg

India's benchmark stock indices declined to end lower for the fourth day after swinging between gains and losses through Friday. Auto and PSU banking sectors rose in trade, whereas the pharma and healthcare sectors declined.

The headlines indices dropped after three weeks of advances, the steepest fall since the week ending Feb. 24, 2023.

The S&P BSE Sensex closed down 221 points, or 0.33%, at 66,009.15 while the NSE Nifty 50 was 68 points or 0.34% lower at 19,674.25.

European stocks declined and U.S. equity futures pared gains as the prospect that central banks will keep interest rates high to fight inflation hurt sentiment.

The Stoxx 600 Index fell 0.4%. In individual moves, Adevinta ASA soared after the European classifieds company said it received a takeover proposal from private equity investors including Blackstone Inc. and Permira.

The yen weakened after the Bank of Japan held interest rates, its 10-year yield target and forward guidance unchanged. In Asian stock trading, a region-wide equity index retraced early declines. Chinese shares rallied.

State Bank of India, Maruti Suzuki India Ltd., IndusInd Bank Ltd., Larsen & Toubro Ltd., and Mahindra & Mahindra Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., and Infosys Ltd. were negatively contributing to the change.

On a weekly basis, the headline indices snapped three weeks of advance. The S&P BSE Sensex fell 2.57% and NSE Nifty 50 was lower by 2.70%, this week. This is the steepest fall in a five-day period in nearly seven months since the week ending Feb.24, 2023.

Last week, S&P BSE Sensex rose 1.88% and NSE Nifty 50 was higher by 1.86%, as well.

All sectors dropped this week with realty, metal and bank sectors declining the most.

The broader market indices were ended mixed; the S&P BSE MidCap Index was down 0.14%, whereas S&P BSE SmallCap Index was also 0.04% higher.

Fourteen out of 20 sectors compiled by BSE advanced, while six declined. S&P BSE Healthcare fall the most.

The market breadth was split between the buyers and the sellers. About 1,792 stocks rose, 1,842 declined, while 147 remained unchanged on the BSE.

• Income tax dept conducts survey at company premises in Kolkata.

• Company unable to assess impact of survey.

Source: Exchange Filing

• The company maintains a cautious outlook on market growth as inflation sustains. Also, a below average monsoon presents a risk to improving rural sentiments.

• Commodity prices remain high, and the cost pressures haven't receded as expected.

• Expects the FMCG volume growth to be in mid-single digits over the next 5-7 years.

• Competitive intensity is fairly intense.

Source: Analysts Call

• Anant Pande resigns as CEO w.e.f. Sept. 21 citing personal reasons.

Source: Exchange filing

• Gets order from Ayana Renewable Power Four Private for 145.20 MW wind-solar project in Gujarat.

• Project to be completed in financial year 2024-25.

Source: Exchange Filing

• Sensex, Nifty on course to snap three weeks of advance.

• Sensex, Nifty fall the most in nearly seven months this week.

• Log steepest weekly decline since the week ending Feb. 24.

Source: Bloomberg

• Incorporates three wholly owned subsidiaries.

• Incorporated subsidiaries are Lotus IFSC Private, Ambuja Concrete North Private, and Ambuja Concrete West Pvt.

Source: Exchange filing

• Forms 51-49 JV with Switzerland's Technoenergy for business expansion.

• Company to infuse Rs 27 crore into JV as initial paid up capital.

Source: Exchange filing

• Acquisition of five legacy brands at a cost Rs 101 crore.

• Acquired brands focused on therapeutic areas like gastroenterology, urology and anti-infectives

• Lupin has been marketing these brands in Indian market since July 2021.

Source: Exchange Filing

• Company's share of order received in JV with J Kumar Infra is at Rs 3,213.55 crore.

• Order to design, construction, operation twin tunnel Film City, Goregaon.

• Order for Electrical, Mechanical box tunnel at Film City, Goregaon.

• The duration of the project is five years.

• NCC to hold 51% stake in the JV.

Source: Exchange Filing

• 10 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 420.05 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Wipro Ltd. fell the most in two months after the resignation of the company’s chief financial officer Jatin Dalal. The company appointed veteran Aparna Iyer as its new CFO with immediate effect. 

“The board of directors has noted the resignation of Jatin Pravinchandra Dalal and he will be relieved from the services of the company with effect from Nov. 30,” according to an exchange filing on Thursday. “At their meeting held on Sept. 21, the board of directors has approved the appointment of Aparna Iyer as the chief financial officer of the company with effect from Sept. 22.”

Dalal has left the company to pursue professional endeavours outside of the firm where he had been for more than two decades, the statement said.

The shares of Wipro fell as much as 2.67% to Rs 417.5, the most since July 21, before paring losses to trade at 1.87% lower as of 12:35 pm. This compares to a 0.27% raise in the NSE Nifty 50.

The stock has risen 7.19% on a year-to-date basis. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 53.

Out of the 45 analysts tracking the company, 11 maintain a 'buy' rating, 17 recommend a 'hold,' and 17 suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.5%

Shares of JSW Energy Ltd. advanced after Christopher Woods in his weekly newsletter said that "the investment in Container Corp in the India long-only portfolio will be removed and replaced by an investment in JSW Energy."

Additionally, company's unit Jaigad PowerTransco Ltd.'s fund-based working capital facilities was affirmed with a ‘IND AA/Stable' rating on Sept. 15, 2023.

Earlier, JSW Energy Ltd. clarified in an exchange filing dated Sept. 11, 2023 that it is evaluating various opportunities to expand in the renewable sector and it isn't aware of a stake sale in the subsidiary JSW Neo Energy.

The scrip rose as much as 4.70% intraday to Rs 412.30 apiece, the most since Sept. 20, 2023, before paring gains to trade 3.73% higher at Rs 408.50 apiece, as of 12:48 p.m. This compares to a 0.22% advance in the NSE Nifty 50.

It has risen 41.95% on a year-to-date basis. Total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 61.6.

Out of the 11 analysts tracking the company, three maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 22.1%.

India's benchmark stock indices swung between gains and losses after a mixed opening on Friday. Banks and non banking financial companies rose in trade, whereas the pharma and healthcare sectors declined.

India’s 10-year bond yield fell 7 basis points after JPMorgan Chase & Co. said it will include the country’s sovereign debt in its benchmark emerging-markets index, a move expected to draw heightened inflows from global investors.

As of 12:06 p.m., the S&P BSE Sensex was up 141 points, or 0.21%, at 66,371.29 while the NSE Nifty 50 was 42 points or 0.21% higher at 19,784.20.

State Bank of India, Larsen & Toubro Ltd., Axis Bank Ltd., IndusInd Bank Ltd., and Maruti Suzuki India Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, ITC Ltd., HDFC Bank Ltd., Infosys Ltd., Sun Pharmaceutical Industries Ltd., and Dr. Reddy's Laboratories Ltd. were negatively contributing to the change.

The broader market indices were trading mixed; the S&P BSE MidCap Index was down 0.01%, whereas S&P BSE SmallCap Index was also 0.03% higher.

Eleven out of 20 sectors compiled by BSE declined, while nine advanced. S&P BSE Bankex rose the most and S&P BSE Healthcare fall the most.

The market breadth was split between the buyers and the sellers. About 1,723 stocks rose, 1,677 declined, while 204 remained unchanged on the BSE.

Shares of Tech Mahindra Ltd. hit a 17-month high after it approved merging Tech Mahindra Credit Solutions Inc. with its parent, Tech Mahindra (Americas) Inc. The company said that consolidation of entities will optimize operational cost and reduce the compliance risk in its exchange filing.

The scrip rose as much as 2.11% intraday to Rs 1,318.90 apiece, the highest level since April 25, 2022, before paring gains to trade 1.86% higher at Rs 1,315.65 apiece, as of 11:37 a.m. This compares to a 0.05% advance in the NSE Nifty 50.

It has risen 29.4% on a year-to-date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 68.6.

Out of the 43 analysts tracking the company, 15 maintain a 'buy' rating, 13 recommend a 'hold,' and 15 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 14.5%.

Shares of Rail Vikas Nigam Ltd. rose over 4% after the company announced forming a joint venture with Tracks & Towers Infratech for construction of six-lane, greenfield Varanasi-Ranchi-Kolkata Highway for Rs 1,271 crore

"To construct 6-lane Greenfield Varanasi Ranchi-Kolkata Highway from Sonepurbigha village to junction with NH22 (Chatra Bypass) near Chatra from km 184.700 to km 222.000 under Bharatmala Pariyojana in the State of Jharkhand on Hybrid Annuity Mode", according to the exchange filing on Thursday.

Shares of the company rose as much as 4.41 intraday, before parring gains to trade 0.06% lower at 158.70 apiece., as compared with a 0.27% decline in the NSE Nifty 50 as of 10:08 a.m.

The stock has gained 133.11% on a year-to-date basis. The relative strength index was at 56.64.

The two analysts tracking the company, maintain a 'buy' rating on the stock, according to Bloomberg data. The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 5.1% over the next 12 months.

• 15.2 lakh shares changed hands in a large trade.

• 0.06% equity changed hands at Rs 178.10 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Order to supply 14 wind turbines with capacity of 2.1 MW each.

• 29.4 MW wind capacity for BrightNight’s 100 MW Wind‐Solar Hybrid project at Osmanabad.

• Project to be commissioned in phases from April 2024.

• Electricity generated from project will be supplied to commercial and industrial customers in Maharashtra.

• Project can curb nearly 2.5 lakh tons of CO2 emissions annually.

Source: Exchange Filing

• Samhi Hotles lists at Rs 134.50 apiece on the NSE, 6.75% premium to IPO price

• Samhi Hotles lists at Rs 130.55 apiece on the BSE, 3.61% premium to IPO price

Source: Exchanges

• Zaggle Prepaid Ocean Services lists at Rs 164 apiece on the NSE

• Zaggle Prepaid Ocean Services lists at Rs 162 apiece on the BSE, 1.22% discount to IPO price

Source: Exchanges

Shares of Glenmark Pharmaceuticals Ltd. fell the most in four months after it agreed to sell 75% stake in its life sciences subsidiary to Nirma Ltd. for Rs 5,651.5 crore

The pharma company will sell shares of Glenmark Life Sciences Ltd. at Rs 615 apiece, according to an exchange filing. Glenmark Pharma will own 7.84% after the transaction. The deal, subject to customary approvals, is expected to close in FY24.

Nirma will make the mandatory open offer to all public shareholders of Glenmark Life Sciences at Rs 631.20 apiece for an additional 17.33%. That's close to the Thursday's closing price of Rs 627.10 apiece.

The deal aligns with Glenmark’s strategic intent of moving up the value chain to "become an innovative/brand-led organization, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology", Glenn Saldanha, chairman and managing director at Glenmark Pharma, said in the statement. "It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile.”

There is no plan to deploy capital and the goal is to stay net cash positive, Saldanha said in a virtual press conference after the announcement. "The company's total debt will get extinguished after the deal."

Glenmark Pharma had a gross debt of Rs 4,600 crore, Saldanha said, against net proceeds of Rs 5,000 crore from the sale.

According to Saldanha, Glenmark buys less than 15% of its APIs from the life sciences subsidiary and plans to become a major API manufacturer itself. The sale will, however, affect revenue in the short-term, but "we expect double-digit growth within four to six quarters", he said.

• Brokerage maintains a neutral rating with a price target of Rs 780 per share, implying a downside of 6% over the next 12 months.

• The current valuation adequately captures potential earnings upside and better return ratios, according to Motilal Oswal.

• The proposed divestment of its API business, Glenmark Lifescience Ltd. will be done with the aim of reducing debt and increasing its emphasis on branded and innovative products. 

• This is the third transaction by the pharmaceutical company with a cumulative cash generation of Rs 6,250 crore over the past 12-15 months, according to the brokerage.

• After the stake sale, Glenmark Pharma is set to transition from a net debt position of Rs 2,950 crore to a cash surplus Rs 2,100 crore, says Motilal in its note. 

• The net reduction in overall operating profit or Ebitda due to the sale of API business would be partially offset by a reduction in interest. 

• Expect significant deleveraging and superior execution in both the domestic formulation and European markets.

• Brokerage anticipates an improved outlook for the pharma company over the next 2-3 years, which should positively impact return ratios to some extent.

"Topline is going to be impacted by a 10% cut. The lifesciences unit had better Ebitda margin in fiscal 2023. The Ebitda cut for Glenmark Pharma will be 17-18%, although there will be some cost savings in terms of interest and depreciation cost. Thus, implications on Glenmark Pharma's profit would be less than 3-5%. Have a 'sell' rating on the stock with a price target of Rs 663 per share," said Abdulkader Puranwala, Analyst, ICICI Securities in a conversation with BQPrime.

Talking about the Nirma Group, the pharma analyst added that "Nirma as a group is quite diversified, but in terms of pharma sector they have acquired other entities in the past. The magnitude of this acquisition would be quite large as a whole. The promoter is itself a chemist which can ensure a smooth transition."

The scrip fell as much as 6.37% intraday to Rs 775 apiece, the most since May 22, before paring losses to trade 6.04% lower at Rs 777.7 apiece, as of 10:26 a.m. This compares to a 0.19% decline in the NSE Nifty 50.

It has risen 83.58% on a year-to-date basis. Total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 44.5.

Out of the 16 analysts tracking the company, five maintain a 'buy' rating, eight recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 6.8%.

• 1.65 crore shares changed hands in three large trades.

• 0.26% equity changed hands at price range of Rs 228.20 to Rs 228.65 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.43%, whereas S&P BSE SmallCap Index was also 0.53% higher.

Sixteen out of 20 sectors compiled by BSE advanced, while four declined. S&P BSE Telecommunication and S&P BSE Realty rose the most.

The market breadth was skewed in the favour of the buyers. About 1,589 stocks rose, 528 declined, while 100 remained unchanged on the BSE.

India's benchmark stock indices opened higher on Friday after logging a three-day fall on Thursday.

At pre-open, the S&P BSE Sensex was down 15 points, or 0.02%, at 66,215.05 while the NSE Nifty 50 was 3 points or 0.01% higher at 19,744.85.

Equity markets in Asia fell after U.S. stocks suffered the biggest slump in six months, while the 10-year Treasury yield touched the highest level in 16 years in a sign investors expect higher US interest rates to endure.

Stocks in Japan, Australia and South Korea fell, while shares in China also opened lower. The declines weighed on a region-wide equity gauge, which headed for its lowest closing in almost a month. U.S. futures were flat.

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.

• 19.6 lakh shares or 0.05% equity changed hands in a pre-market large trade.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 10.9 lakh shares changed hands in a large trade.

• 0.43% equity changed hands at Rs 430.00 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• At pre-open, the S&P BSE Sensex was down 15 points, or 0.02%, at 66,215.05 while the NSE Nifty 50 was 3 points or 0.01% higher at 19,744.85.

Source: Bloomberg

• The yield on the 10-year bond opened 7 bps lower at 7.09% on Friday.

• It closed at 7.16% on Thursday.

Source: Bloomberg

• The local currency strengthened 26 paise to open at 82.83 against the U.S dollar on Friday.

• It closed at 83.09 on Thursday.

Source: Bloomberg

• U.S. Dollar Index at 105.5

• U.S. 10-year bond yield at 4.50%

• Brent crude up 0.27% at $93.55 per barrel

• Nymex crude up 0.38% at $89.97 per barrel

• GIFT Nifty up 45 points or 0.23% at 19,707 as of 8:03 a.m.

• Bitcoin up 0.06% at $26,618.36

• Ex-date Dividend: NRB Bearing, Ahluwalia Contracts (India), SMS Pharmaceuticals, National Fertilisers, Savita Oil Technologies, KNR Constructions, Jindal Poly Films, Fertilisers, 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, Fertilisers, 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 Fertilisers, KNR Constructions, Jindal Poly Films, Fertilisers 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

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.

• TVS Motor Co.: To meet analysts and investors on Sept. 26

• Indiamart Intermesh: To meet analysts and investors on Sept. 27.

• DLF: To meet analysts and investors on Sept. 26.

• Alkem Laboratories: To meet analysts and investors on Sept. 26.

• Reliance Industries: To meet analysts and investors on Sept. 26

• Vedanta: To meet analysts and investors on Sept. 26.

• Sanofi India: To meet analysts and investors on Sept. 27.

• Cantabil Retail India: To meet analysts and investors on Sept. 26.

• The Phoenix Mills: To meet analysts and investors on Sept. 28

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.

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.

JM Financial: Aruna N Kampani sold 15 lakh shares (0.15%), while JM Financial and Investment Consultancy Services bought 15 lakh shares (0.15%) at Rs 85 apiece.

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.

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 is scheduled to meet on Wednesday, Sept. 27, to discuss the issuance of non-convertible redeemable debentures worth Rs 4,000 crore on private placement basis.

Pheonix Mills: The board has approved the acquisition of a balance of 5,000 equity shares, or a 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: The 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 the construction of the six-lane, greenfield Varanasi-Ranchi-Kolkata Highway for Rs 1,271 crore.

ideaForge: The company has received an 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. for an all cash consideration of Rs 49.85 crore.

Sunteck Realty: IFC and Sunteck Realty create a 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 a new codeshare partnership.

Signatureglobal India: The IPO has been subscribed to 1.61 times on its second day. The bids were led by non-institutional investors, who subscribed 3.06 times; retail investors, who subscribed 2.53 times; and institutional investors, who subscribed 0.62 times, or 62%.

Sai Silks (Kalamandir): The IPO has been subscribed to 0.33 times, or 33%, on its second day. The bids were led by institutional investors, who subscribed 0.51 times, or 51%; non-institutional investors, who subscribed 27%; and retail investors, who 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 (Rs 210 crore) and offer for sale (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.

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).

Equity markets in Asia fell after U.S. stocks suffered the biggest slump in six months, while the 10-year Treasury yield touched the highest level in 16 years, a sign investors expect higher U.S. interest rates to endure.

Stocks in Japan, Australia, and South Korea fell, while shares in China also opened lower. The declines weighed on a region-wide equity gauge, which headed for its lowest closing in almost a month. U.S. futures were flat.

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.

Brent crude prices were trading above $93 a barrel, and WTI crude was below the $90 mark. The yield on the 10-year U.S. bond was trading at 4.49%, and Bitcoin was below the $27,000 level.

At 8:03 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 45 points, or 0.23%, at 19,707.

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.