Closing Bell
India's stock benchmarks reverted to decline mode after snapping the joint longest losing streak on Friday, dragged by broad based losses across sectors led by Commodities, FMCG, Utilities, Auto, Banking, Power stocks while Healthcare stocks bucked the trend, amid slid in global equities as markets are spooked by global central banks' commitment to hike rate to bring down inflation ahead of OPEC+ meeting due this week in which the oil producers' bloc is expected to rein in supply in its bid to arrest the slide in oil prices.
The Sensex fell 1.11% (638 points) to 56,788.81. The 30-stock gauge lost nearly 750 points to an intraday low of 56,683.40. The Nifty 50 also declined by similar magnitude to 16,878.10.
Today 41 of Nifty 50 stocks fell while nine rose. Adani Enterprises, Eicher Motors, Adani Ports & SEZ, Maruti Suzuki and Tata Consumer Products declined the most among Nifty 50 stocks.
ONGC, Dr. Reddy's, Cipla, BPCL, Coal India, Divi's Laboratories, NTPC, Bharti Airtel and Wipro were the sole gainers in the 50-stock gauge.
The MidCap index almost mirrored its larger peers while SmallCap measure outperformed, losing 0.5%. Barring Healthcare and Telecommunication, all the other 17 sectoral gauges compiled by BSE declined, with Power and Utilities measures losing over 3%.
The market breadth is skewed in the favour of bears. About 1,452 stocks rose, 2,097 fell and 155 remained unchanged.
Foreign Investors Net Buyers
Overseas investors turned net buyers after eight days of continuous net selling on Monday.
As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth 590.58 crore.
On the contrary, Domestic institutional investors net sold equities worth Rs 423.16 crore after nine persistent days of net buying.
Institutions net sold Rs 4,343.53 crore worth of equities in the month of September and Rs 37,659.19 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 7bps to 7.47% during the session.
Source: Bloomberg
Rupee Falls Against U.S. Dollar
Indian currency depreciated 58 paise to 81.93, just two paise off record low 81.95, during the session.
The Rupee closed at 81.88 on Monday.
Source: Bloomberg
Large Trade: Motherson Sumi Wiring
Motherson Sumi Wiring has 1 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Large Trade: Finolex Industries
Finolex Industries has 2.12 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
CSB Bank Gains Most In Ten Weeks On Strong Q2 Business Update
Shares of CSB Bank rose over 7.3%, most in 10 weeks since June 21. Trading volume is more than twice the 30-day average.
The rise comes after the lender's total deposits rose 10.13% YoY for the quarter-ended September. CASA rose 15.86% YoY while term deposits jumped 7.37% YoY to Rs 13,793.80 crore. Advances against gold and gold jewellery rose 47.53% YoY to Rs 8,027.72 crore while gross advance gained 23.61% YoY.
All eight analysts tracking the company maintain 'buy'. The return potential of the stock is 22.2%.
Source: Exchange filing, Bloomberg
Sterlite Technologies Announces Gram Galaxy; Shares Advance
Shares of Sterlite Technologies rose over 3.2%, most since Wednesday after company announced Gram Galaxy at IMC 2022 to accelerate last-mile rural connectivity and village digitalisation. The stock erased all the days in a weak market.
We are very proud to have developed a solution which will take India on the path of becoming a digital economy. Gram Galaxy will enable faster, and highly scalable rural network buildouts. We look forward to engaging with the government and telcos to implement this solution on the ground.Ankit Agarwal, Managing Director, Sterlite Technologies
All five analysts tracking the company maintain 'buy'. The return potential of the stock is 25.9%.
Source: Bloomberg, Exchange Filing
Eicher Motors Drops Most in Two Years; Trading Volume Triples
Shares of Eicher Motor fell over 5%, after company announced sales volume of the Company for the month of September.
The falls come despite 17% MoM and 145% YoY rise in Eicher Motors Ltd.'s total motorcycle sales in September to 82,097 units. The additional sales from newly launched model Hunter 350 aided the growth in volumes.
Trading volume is 2.5 times the 30-day average.
Of the 48 analysts tracking the company, 35 maintain 'buy', nine suggest 'hold' and four recommend 'sell'. The return potential of the stock is 2.2%.
Source: Bloomberg, Exchange Filing
Credit Suisse Group AG Tumbles Most In Over A Week
Adani Total Gas Falls The Most In Over Three Months
Shares of Adani Total Gas declined 8.7%, the most in over three months. Total traded volume stood at 0.7 times the 30 day average.
The stock underperformed the broader gauge S&P BSE Sensex, which lost 1%. Meanwhile, The S&P BSE Oil and Gas index fell 1.18%.
Source: Bloomberg, BSE
Aster DM Healthcare Declines After Acquisition
Shares of Aster DM Healthcare Ltd falls over 3%, after acquisition of 60% stake in Skin III Ltd.
Medcare, the premium healthcare provider under the Aster DM Healthcare group, announced its expansion into the premium wellness and beauty care segment with the acquisition of 60% share in Skin 111 Clinics.
This acquisition will accelerate Medcare’s plans to emerge as an international hub for health, beauty, and wellness adding to its existing network of 4 hospitals and over 20 medical centres in the UAE. With this agreement, Skin111 Clinic’s unique offerings will be incorporated into Medcare service portfolio giving it an edge in the aesthetics and wellness segments, a key driver of the UAE’s growing medical tourism sector, the company said in an exchange filing.
Of the 10 analysts tracking the company, 9 maintain 'buy', one suggests 'hold' and zero recommend 'sell'. The return potential of the stock is 2.7%.
Kajaria Ceramics Shares Decline Even As Board Approves Rs 125 Crore Investment In Manufacturing JV In Nepal
Shares of Kajaria Ceramics lost over 2% in trade. The slide comes after the company approved investments up to Rs 125 crore (50% of project cost of Rs 250 crore) in a company to be incorporated in Nepal, by way of equity and/or loan, to establish manufacturing facility in Nepal on JV basis with individuals affiliated with Ramesh Corp, Nepal.
The indicative time period to complete the acquisition is four months. The company intends to establish manufacturing presence in Nepal by way of investing into a company in Nepal on JV basis to utilise the growing tile markets in the country.
Of the 30 analysts tracking the company, 25 maintain 'buy', four suggest 'hold' and one recommends 'sell'. The return potential of the stock is 10.7%.
Source: Bloomberg, Exchange filing
European Markets Decline
European markets decline as financial services stocks slide. Credit Suisse tumbles nearly 10%.
Source: Bloomberg
Triveni Turbine Rises Most In Four Weeks To Record As Anand Rathi Initiates Coverage With 'Buy'
Shares of Triveni Turbine Ltd. rose nearly 12%, most in four weeks since September 5, to a record Rs 262.45 apiece. Trading volume is more than quadruple the 30-day average.
The relative strength index of the stock is at 76, suggesting it may be overbought.
The rise comes after Anand Rathi initiated coverage of the stock with a 'buy' recommendation on September 30. The company has set a target of Rs 285 compared to closing price of Rs 235 as on Friday.
Anand Rathi noted that the company's strong carry forward order book proposition, robust enquiry, increase in addressable market, industry leading market share and capacity increase would aid the company in entering the next leg of growth.
All five analysts tracking the company maintain 'buy'. The return potential of the stock is -0.5%.
Source: Anand Rathi note, Bloomberg
Prateek Agrawal Joins Motilal Oswal Asset Management As Executive Director
Motilal Oswal Asset Management appoints Prateek Agrawal as its Executive Director. Prateek Agrawal will lead business & investment strategy at Motilal Oswal Asset Management.
Prateek Agrawal has experience of 28 years in fund management and equity research.
Prateek Agrawal previously served as Business Head and Chief Investment Officer at ASK Investment Managers.
Prior to the stint with ASK Investment, Prateek Agrawal worked with BoI AXA Mutual Fund and BNP Paribas Mutual Fund as Head of Equity and Head of Research at SBI Capital Markets.
Source: Motilal Oswal Asset Management Press Release
Eicher Motors, TVS Motor, Maruti Fall Most Among Nifty Auto Constituents
British Pound Gains As UK Scraps Plans To Abolish 45% Top Rate Of Income Tax
Midday Market Update: Sensex, Nifty Decline; Adani Enterprises, Eicher Motors, Maruti Suzuki Fall
India's stock benchmarks declined, dragged by a fall in FMCG, banking, auto stocks while healthcare, energy, telecommunication and oil & gas stocks rose, amid slide in global equities owing to fears that central banks will keep hiking rates until inflation is brought under control.
The Sensex declined 0.63% (360 points) to 57,065.13. The 30-stock gauge fell over 550 points to an intraday low of 56,875.05. The Nifty 50 fell 0.67% to 16,980.30. Today 17 of Nifty 50 stocks rose while 33 fell. ONGC Ltd, NTPC Ltd , Coal India Ltd, Divi's Laboratories Ltd and Cipla Ltd are the top Nifty 50 gainers. Adani Enterprises, Eicher Motors Ltd, Maruti Suzuki Ltd, Kotak Mahindra Bank Ltd and Hindalco Industries Ltd declined the most among the index constituents.
The broader indices outperformed their larger peers with MidCap gauge losing 0.1% and SmallCap index gaining over 0.2%. Fifteen of the 19 sectoral measures compiled by BSE declined.
The market breadth is skewed in the favor of bulls. About 1,724 stocks rose, 1,642 fell and 191 remained unchanged.
UK Chancellor Of Exchequer Kwasi Kwarteng Confirms Scrapping Plans To Abolish 45% Top Rate Of Income Tax
Chancellor Kwasi Kwarteng said the plan to scrap the tax had become a "distraction”.
The U.K. has taken a U-turn from its decision 10 days ago to scrap the 45% tax rate for the UK’s highest earners
Kwarteng said the tax “will benefit the whole economy and the whole country."
Source: Bloomberg
SmallCap Index Outperforms Its Larger Peers
Large Trade: ICICI Bank
About 1.3 million shares of ICICI Bank change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Federal Bank Gains After Strong Quarterly Update Amid Slide In Banking Stocks
Shares of Federal Bank jumped 2.3% in intraday trade amid slide in banking stocks.
The rise comes after Motilal Oswal reiterated 'buy' and maintained target of Rs 130.
Sequential loan growth of Federal Bank remained robust in Q2 while deposits traction stayed healthy QoQ, according to Motilal Oswal.
The lender posted strong growth in advances (gross advances rose 19.4% YoY/6.2% YoY) in Q2, aided by growth at system level. Federal Bank's traction in deposits was a major positive as it comes amid stiff competition among lenders to gain incremental deposits. The brokerage firm also believed that CASA trends were stable coupled with improving loan growth and CD ratio likely to aid margins.
IDBI Capital also reiterated 'buy' and kept target unchanged at Rs 120 (implied return of 1.05%) and Morgan Stanley maintained 'Overweight/Attractive' and retained target at Rs 155 (implied upside of 30.09%).
Of the 36 analysts tracking the company, 33 maintain 'buy' and three suggest 'hold'. The return potential of the stock is 9.2%.
Source: Motilal Oswal Note, Exchange filing
PayU’s Acquisition Of BillDesk Terminated
BREAKING
Prosus, the owner of PayU, said closing of the transaction between it and India’s BillDesk was subject to the fulfilment of various conditions.
Certain conditions precedent were not fulfilled by the Sept. 30 long stop date and hence the agreement has terminated automatically.
Prosus said it remains committed to the Indian market and growing its existing businesses within the region.
The $4.7-billion deal was officially announced in August 2021 and also received CCI approval on Oct. 5.
Source: Company Statement
10-Year Bond Yield Rises
Yield on the 10-year bond rose 4bps to 7.44% during the session.
Source: Bloomberg
Rupee Depreciates Against U.S. Dollar
Indian currency fell 48 paise to 81.83.
Source: Bloomberg
Large Trade: NHPC
NHPC has 1.07 million shares change hands in a large trade. Details of buyers, sellers are not known immediately.
Source: Bloomberg
Chalet Hotels Surges For Fifth Day To 52-Week High
Shares of Chalet Hotels jumped nearly 6.7%, most in nearly three weeks to a 52-week high Rs 377. Trading volume is 7.3 times the 30-day average.
The stock is on course to gain for the fifth day in a row. Over the last five days, the scrip has gained 15%.
On September 28, the company announced that it received intimation from ICRA reaffirming the company's credit rating and outlook on the long-term rating was revised from Negative to Stable.
The company also said that India Ratings & Research Pvt. Ltd. affirmed the company's credit rating and outlook on the long-term issuer rating was revised from Negative to Positive.
All seven analysts tracking the company maintain 'buy'. The return potential of the stock is 12.4%.
Source: Exchange filing, Bloomberg
Lupin Surges Most In A Month As Ankleshwar Unit Gets EIR From U.S. FDA
Shares of Lupin rose nearly 5.5%, most in nearly a month since August 4. Trading volume is more than six times the 30-day average.
The uptick in share price comes after Lupin announcing on Saturday that it received Establishment Inspection Report (EIR) from U.S. FDA for its Ankleshwar Manufacturing Facility in Gujarat.
The inspection was conducted from August 16-19, 2022.
The company also received approval from U.S. FDA for its ANDA, Mirabegron Extended-Release tablets, 25 mg and 50 mg on September 29. The product will be manufactured at the company's Nagpur facility. The drug had an estimated annual sales of $2403 million in the U.S. in the twelve-months ended June 2022.
Of the 43 analysts tracking the company, 12 maintain 'buy', 17 suggest 'hold' and 14 recommend 'sell'. The return potential of the stock is -6%.
Source: Exchange filing, Bloomberg
Nykaa Surges After Approving Free Share Issue
Shares of Nykaa jumped over 11%, most since November 10 and second most since listing.
Trading volume is 11 times the 30-day average.
Share price crossed above the 50-day simple moving average, indicating potential upward price momentum.
The rise comes after Nykaa approved bonus share issue of 5 new shares each for one held. The company, on Sept. 29, had said it planned to consider issuing free shares on Oct. 3.
Of the 17 analysts tracking the company, 11 maintain 'buy', four suggest 'hold' and two recommend 'sell'. The return potential of the stock is 16.1%.
Source: Exchange filing, Bloomberg
Nineteen Of 20 Nifty Pharma Constituents Advance
Banking Stocks Decline; Nifty Bank Sheds Over 1%
Manufacturing PMI Slips In September But Remains In Expansion Zone
Manufacturing PMI eases to 55.1 in September from 56.2 in August.
Source: S&P Global
63 Moons Technologies Jumps After Agreement Fresh Arrangement With MCX For Software Support Services
Shares of 63 Moons Technologies jumped 6.5%, most in three sessions. Trading volume is nearly twice the 30-day average.
This rise comes after the company agreed to a fresh arrangement with Multi Commodity Exchange of India (MCX), for software support services for a period of three months commencing October 1.
All existing support and service levels will be offered to benefit trading members. The software support and maintenance agreement between 63 Moons and MCX which was last amended on September 7, 2014 ended on September 30. With the new arrangement, members can now continue to utilise software support services.
Source: Bloomberg, Exchange filing
Zydus Lifesciences On Course To Gain For Fifth Day
Shares of Zydus Lifesciences jumped nearly 4%, most since Thursday. The stock is on course to gain for the fifth day in a row.
Trading volume is more than seven times the 30-day average.
Zydus Lifesciences receives final approval from U.S. FDA and 180-day shared exclusivity for Mirabegron Extended Release tablets, USP 25 mg and 50 mg.
Zydus Lifesciences was one of the first ANDA applicants to submit a substantially complete ANDA, and is therefore eligible for 180 days of shared generic drug exclusivity for Mirabegron Extended Release Tablets.
The drug is indicated for treatment of overactive bladder with symptoms of urge urinary incontinence, urgency and urinary frequents. The drug will be made at the company's Ahmedabad facility.
The drug had an annual sales of $2.42 billion (Rs 19,792.09 crore) in the U.S. in the 12-months ended August, according to IQVIA.
Of the 34 analysts tracking the company, 20 maintain 'buy', 10 suggest 'hold' and four recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 4.6%.
Source: Bloomberg, Exchange filing
HFCL Gains Most In A Month
Shares of HFCL rose nearly 5.3%, most in a month. Trading volume is nearly twice the 30-day average. The rise comes after the company launched 5G Lab-as-a-Service to accelerate rollout of 5G solutions and services. The 5G LaaS provides an automated test environment for private sector, academia and government to work together on product innovations.
The 5G Lab will enable technology providers such as telecom operators, network equipment providers, system integrators, IoT device makers to analyse, integrate and validate products and solutions in real 5G network environment.
The company also launched world's first open source WiFi 7 access points products in addition to the existing 5 access points and 4 access points range of products. HFCL had collaborated with Qualcomm Technology to develop the 7 access points products. The new range of products aims to serve telecom operators, internet service providers, system integrators, network administrator among others.
Source: Exchange filings, Bloomberg
Ikio Lighting Files For IPO
Noida-based lighting company Ikio Lighting has filed its draft red herring prospectus with the SEBI for an IPO.
The company will issues fresh shares worth Rs 350 crore and sell up to 75 lakh shares in the IPO.
Source: Draft red herring prospectus
Gokaldas Exports Rises Most In Four Weeks
Shares of Gokaldas Exports rose nearly 8%, most in four weeks to Rs 375.76 apiece. Trading volume is more than seven times the 30-day average.
Share price crossed above 50-day simple moving average, suggesting potential upward price momentum. The stock tested the 100-day moving average resistance at Rs 371.22.
The rise comes after the promoter group - Clear Wealth Consultancy Services LLP sold 1.5 million shares of Gokaldas Exports to ADIA (Abu Dhabi Investment Authority - a sovereign state-owned wealth fund) at Rs 349.75 per share.
Of the five analysts tracking the company, three maintained 'buy' and two suggested 'hold'. The return potential of the stock is 42.3%.
Source: Bloomberg
Steel Strips Wheels Gains After Approving 1:5 Stock Split
Shares of Steel Strips Wheels rose over 2.5%, and are on course to gain for the third day in a row. Trading volume is twice the 30-day average.
The rise comes after the company announced post market hours Friday that it approved subdivision of shares from one equity share of face of Rs 5 to five equity shares of face of Re 1 each. The record date will be announced soon, the company said.
The company also approved alteration of capital clause of Memorandum of Association of the company to effect the subdivision of shares.
The company said that the move will provide enhanced liquidity into the shares in the stock market and encourage participation of small investors by making the shares affordable.
Source: Exchange filing, Bloomberg
Energy Stocks Surge Amid Expectations Of Output Cuts By OPEC+ In Its Meeting This Week
Shares of Energy stocks like ONGC, RIL, BPCL, HPCL, Indian Oil and Oil India jumped with ONGC gaining over 6% during the session and leading the gains in Nifty 50 stocks.
The rise comes after spike in oil prices after several delegates said that OPEC+ was mulling a cut in output by over 1 million barrels per day in its meeting scheduled this week. The move is aimed at curbing a slide in oil prices.
Source: Bloomberg
Suzlon Energy Falls Most In At Least A Year
Shares of Suzlon Energy lost nearly 14%, worst day in at least a year. Trading volume is thrice the 30-day average.
The decline comes after the company's Chairman and founder Tulsi Tanti died at 64 after a cardiac arrest on Saturday.
The company's promoters and promoter group reconfirmed their participation in proposed rights issue. The promoter group said that it intended to subscribe to the full extent of their rights entitlement. The company also added it will follow the schedule for proposed rights issue announced earlier on September 28.
Suzlon Energy had earlier fixed October 4 as the record date for the purpose of determining the shareholders eligible to receive rights entitlements in the issue.
Source: Exchange filing, Bloomberg
Opening Bell: Sensex, Nifty Open Lower; Banking Stocks Fall
India's stock benchmarks opened lower, dragged by fall in banking, healthcare stocks while auto, energy stocks jumped, amid slide in global equities amid fears that central banks will keep hiking rates until inflation is brought under control.
The S&P BSE Sensex lost over 200 points (0.36%) to 57,220.73. The NSE Nifty 50 also declined 0.32% to 17,040.35. Today 18 of the Nifty 50 stocks rose while 32 fell. ONGC jumped 5.3% and gained the most among the index constituents. Hindalco, M&M, Kotak Mahindra Bank, IndusInd Bank, Asian Paints were the top Nifty 50 losers.
The broader indices outperformed their larger peers with both the S&P BSE MidCap and SmallCap little changed. Eleven of the 19 sectoral indices compiled by BSE Ltd. declined Bankex and Consumer Durables losing 0.6%. On the flipslide, Energy and Oil & Gas indices gained over 1%.
The market breadth is skewed in the favour of bulls. About 1,524 stocks rose, 980 fell and 153 remained unchanged.
Global Cues
U.S. Dollar Index at 112.21
U.S. 10-year bond yield at 3.79% on Friday
Brent crude up 2.7% to $87.45 per barrel
Nymex crude at $81.59 per barrel
SGX Nifty down 0.75% to 16,960.5 as of 6:20 a.m.
Bitcoin down 0.7% to $19,097.5
10-Year Bond Yield Little Changed
Yield on the 10-year bond rose 2bps to 7.42% at the open
Source: Bloomberg
Rupee Falls Against U.S. Dollar
Indian currency depreciated 25 paise to 81.60 at the open.
Source: Bloomberg
Welspun Corp Enters Into MoU With Laxmi Organic For Sale Of Land, Civil Structure At Dahej Unit For Rs 130 Crore
Welspun Corp entered into a MoU with Laxmi Organic Industries on September 30 for sale of land, civil structures, excluding plant and machinery, situated at Dahej unit of the company in Gujarat.
The unit comprises of insignificant portion of the operations of the company.
The company said that the transaction would not have any material and adverse effect on operations.
The company will receive Rs 130 crore from the sale.
The turnover of Dahej unit is Rs 136 crore, accounting for 2.09% of consolidated revenue as of March 31, 2022.
The net worth of the unit is Rs 113 crore, comprising 0.25% of the consolidated net worth of Welspun Corp as of March 31, 2022.
Source: Exchange filing
Zydus Lifesciences Gets Final U.S. Nod, 180-Day Shared Exclusivity For Mirabegron Extended Release Tablets
Zydus Lifesciences receives final approval from U.S. FDA and 180-day shared exclusivity for Mirabegron Extended Release tablets, USP 25 mg and 50 mg.
Zydus Lifesciences was one of the first ANDA applicants to submit a substantially complete ANDA, and is therefore eligible for 180 days of shared generic drug exclusivity for Mirabegron Extended Release Tablets.
The drug is indicated for treatment of overactive bladder with symptoms of urge urinary incontinence, urgency and urinary frequents. The drug will be made at the company's Ahmedabad facility.
The drug had an annual sales of $2.42 billion in the U.S. in the 12-months ended August, according to IQVIA.
Source: Exchange filing
Motilal Oswal On Federal Bank
Sequential loan growth of Federal Bank remained robust in Q2 while deposits traction stayed healthy QoQ, according to Motilal Oswal.
The lender posted strong growth in advances (gross advances rose 19.4% YoY/6.2% YoY) in Q2, aided by growth at system level. Federal Bank's traction in deposits was a major positive as it comes amid stiff competition among lenders to gain incremental deposits. The brokerage firm also believed that CASA trends were stable coupled with improving loan growth and CD ratio likely to aid margins.
Source: Motilal Oswal Note, Exchange filing
Trade Setup For Monday
In Focus: Energy Stocks As Oil Rises On Possible OPEC+ Cut
Shares of energy-related companies may be active as oil rose after several delegates said that OPEC+ was considering cutting output by over 1 million barrels per day in its meeting scheduled this week. The move is aimed at curbing a slide in oil prices.
In focus: Reliance Industries, HPCL, BPCL, Indian Oil, ONGC, Oil India
Source: Bloomberg
Stocks To Watch
Suzlon Energy: Chairman and founder Tulsi Tanti dies at 64 after a cardiac arrest.
ONGC/OIL/Reliance Industries: Natural gas prices hiked by 40% to record levels, with PPAC increasing gas prices for old fields of ONGC and OIL to $8.57/MMBtu from $6.1, and that for challenging fields of Reliance-bp to $12.46 from $9.92.
HDFC: The mortgage lender increased its benchmark home loan rate by 50 basis point, hours after a similar hike in the policy rate by the Reserve Bank of India.
Adani Ports and Special Economic Zones: The company has incorporated a wholly owned subsidiary, Adani Aviation Fuels, to commence business in the aviation fuel industry.
Barbeque-Nation Hospitality: The company will now complete the acquisition of shares of its step-down subsidiary Barbeque Nation Restaurant LLC by December 31, 2022, due to some unanticipated delay in processing the transaction.
Muthoot Capital Services: The company has completed the securitisation transaction of Rs 121.56 crore, its fourth during this fiscal. The entire pool is from the non - priority sector.
Steel Strips Wheels: Shareholders of the company approved 5-for-1 stock split at the AGM on Sept. 30.
CCL Products (India): The company’s manufacturing facility for agglomerated instant coffee in Kuvvakolli village in Tirupati district of Andhra Pradesh, with a capacity of 5,500 metric tonnes and packaging capacity of 10,000 metric tonnes has commenced commercial operations.
Brigade Enterprises: Mysore Projects, a wholly owned subsidiary of the company, has ceased to be designated partner of Prestige OMR Ventures LLP. Mysore Projects’ profit sharing ratio in the LLP prior to cessation was at 30%.
Punjab National Bank: The lender hiked Repo Linked Lending Rate 50 basis points to 8.40% from 7.90% after a similar increase by RBI. Base rate and MCLR across tenors have been hiked by 5 basis points.
Great Eastern Shipping: The company has delivered its 2006 built Aframax Crude Carrier “Jag Lyall” to the buyers. The vessel was contracted for sale in July 2022.
Life Insurance Corporation of India: The insurer has diluted its shareholding in Tamil Nadu Newsprint & Papers from 41.24 lakh shares to 27.06 lakh shares, decreasing it from 5.958% to 3.910%.
Coal India: September production climbs 12.3% YoY to 45.7 million tonnes. September sales rise 1.1% YoY to 48.9 million tonnes.
Delta Corp: Delta Corp, Coffee Holding Merger sees EV of $655 million
Gokaldas Exports: Clear Wealth Consultancy Services LLP sold 1.5 million shares of Gokaldas Exports to ADIA at Rs 349.75 per share.
Graphite India: To stop German electrode production, as energy cost is unviable.
Hero MotoCorp: September vehicle sales at 5,19,980 Vs. 5,30,946 a year ago
Maruti Suzuki: September sales 1,76,306 units Vs. 86,380 YoY.
NMDC: September sales grow 6.6% YoY to 2.91 million tonnes, production 1.5% YoY to 2.73 tonnes
NTPC: April-September FY2023 generation increase 15.1% YoY to 203.5 BU.
Srei Infrastructure: Says AM Mining added in final resolution applicants list.
Tata Motors: September local sales rise 44% YoY to 80,633 units.
TVS Motor: September vehicle sales rise 9% YoY to 3,79,011 units.
Veranda Learning: To consider fund raising plan on October 5.
Zydus Lifesciences: Gets U.S. FDA nod to market Sildenafil for oral suspension
CSB Bank: Total deposits rose 10.13% YoY for the quarter-ended September. CASA rose 15.86% YoY while term deposits jumped 7.37% YoY to Rs 13,793.80 crore. Advances against gold and gold jewellery rose 47.53% YoY to Rs 8,027.72 crore while gross advance gained 23.61% YoY.
Federal Bank: CASA deposits aggregated to Rs 68,873 crore, up 10.7% YoY. CASA ratio reached 36.41% in Q2 compareed to 36.16% in Q2. Gross advanced grew 19.4% YoY while customer deposits jumped 8.5% to Rs 1,83,106 crore.
Karur Vysya Bank: Total deposits jumped to Rs 73,614 crore in Q2 compared to Rs 65,410 crore YoY. Advanced jumped to Rs 62,416 crore Vs. Rs 53,850 crore while CASA rose to Rs 25,913 crore Vs. Rs 23,159 crore YoY.
Suzlon Energy Promoters, Promoter Group Reconfirm Participation In Proposed Rights Issue
Promoters and Promoter group intend to subscribe to the full extent of their rights entitlement.
Company will follow the schedule for proposed rights issue announced earlier of Sept. 28.
Company had earlier fixed October 4 as the record date for the purpose of determining the shareholders eligible to receive rights entitlements in the issue.
Source: Exchange filing
Sensex, Nifty Set To Fall; Bharti Airtel, Maruti Suzuki, Tata Motors, Nykaa, Adani Green In Focus
Stocks in Asia struggled to make headway and U.S. equity futures fell as negative sentiment persisted in markets amid fear that global central banks will keep hiking rates until inflation is under control.
Equities dropped in Japan and Australia. Trading in Asia may be muted by a holiday in Sydney and South Korea on Monday and the week-long closure of Chinese markets for Golden Week.
In the U.S., risk assets have tumbled after the Federal Reserve delivered a third jumbo hike last month and officials repeatedly warned of more pain to come.
India's stock benchmarks advanced on Friday post RBI's expected 50 bps hike. The indices gained the most in a month, despite extending losses over the week. At 6:30 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.82% to 16,947.5.
Geopolitical tensions also continued to simmer as Vladimir Putin vowed his annexation of four occupied regions in Ukraine is irreversible and President Joe Biden declared that a massive leak from the Nord Stream gas pipeline system in the Baltic Sea was an intentional act.
Investors are now awaiting jobs data next week for further clues about the Fed’s rate-hike trajectory. Upcoming inflation and GDP readings will also provide details on whether price pressures are easing meaningfully.
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