KEY HIGHLIGHTS
FPIs Stay Net Sellers
Overseas investors remained net sellers of Indian equities on Thursday for the 17th consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,862.57 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers on Wednesday for the 15th straight session and mopped up equities worth Rs 1,532.08 crore, the NSE data showed.
In the last 16 sessions, FPIs have sold equities worth Rs 29,811.6 crore while DIIs bought stocks worth Rs 21,705.58 crore, according to NSE data.
Foreign institutions have been net buyers of Rs 1.12 lakh crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.30% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 6 paise to close at 83.25 against the U.S dollar on Thursday.
It closed at 83.19 on Wednesday.
Source: Bloomberg
Sensex, Nifty Snap Two Days Of Gains As Infosys, TCS, Bajaj Finance Drag: Market Wrap
India's benchmark stock indices swung between gains and losses through Thursday. It ended on the lower side with a little change, snapping two days of gains. Media, metals and energy led advance, whereas I.T. sector was under pressure amid slew of September quarter earnings expected after market hours.
Nifty was around the 19,800 level, whereas Sensex closed above 66,400 mark. "Improving the bias amid the tensions in the middle east and with the result season commencing now, we anticipate volatility to be witnessed in the market," said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.
"The index would have the near-term support zone of 19,600 while on the upside 20,000 zone would be the near-term target expected as of now. The support for the day is seen at 19,700 levels while the resistance is seen at 19,950 levels," she added.
Additionally, the government will release September's consumer price inflation and August's industrial production data, later in the day.
The S&P BSE Sensex closed down 65 points, or 0.10%, at 66,408.39, while the NSE Nifty 50 was 17 points or 0.09% lower at 19,794.00.
Shares advanced before a report that’s expected to show a slowing in U.S. inflation, which will help shape the outlook for the Federal Reserve’s next steps. U.S. CPI is forecast to have slowed to an annual rate of 3.6% in September from 3.7% the previous month, according to a Bloomberg survey.
Europe’s Stoxx 600 Index advanced to a three-week high. Energy shares led gains as oil rebounded after OPEC+ leaders Saudi Arabia and Russia reaffirmed their close cooperation to support the crude market. U.S. equity futures climbed after the S&P 500 rose for a fourth day Wednesday.
MSCI’s Asian equity index headed for a sixth day of gains as it rose 1.1%. Meanwhile, the Hang Seng Index jumped nearly 2%. Stock benchmarks climbed over 1% in Japan and South Korea. Australian shares were little changed.
HDFC Bank Ltd., Maruti Suzuki India Ltd., ITC Ltd., Nestle India Ltd., and NTPC Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Tata Consultancy Services Ltd., Bajaj Finance Ltd., HCL Technologies Ltd., and Tech Mahindra Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.30%, whereas S&P BSE SmallCap Index was also 0.60% higher.
Sixteen out of the 20 sectors compiled by BSE advanced, while four declined. S&P BSE Oil & Gas, and S&P BSE Energy rose the most.
The market breadth was skewed in the favour of the buyers. About 2,166 stocks rose, 1,499 declined, while 127 remained unchanged on the BSE.
Fortis Healthcare Has 11 Lakh Shares Change Hands
About 11 lakh shares changed hands in a large trade.
0.15% equity changed hands at Rs 335 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Stocks Hitting 52-Week High Intraday
Delhi HC Stays Cheating Case Against Hero MotoCorp's Pawan Munjal
Delhi HC stays cheating case proceedings against Hero MotoCorp's Pawan Munjal, officials.
To next hear Hero MotoCorp forgery case on Dec. 6, 2023.
Source: Cogencis
HDFC AMC Shares Down Despite Profit Beating Estimates
PAT at Rs 437.56 crore vs Rs 364.13 crore, up 20% YoY (Bloomberg estimate: Rs 403.33 crore).
Revenue at Rs 643.08 cr vs Rs 544.72 cr, up 18.1% YoY (Bloomberg estimate: Rs 607.9 crore).
Most Information Technology Shares Decline
European Markets Open Higher
Mphasis To Provide Digital Services For ICC's Website And App
To provide digital services for ICC Men's 2023 Cricket World Cup.
To provide services like virtual reality and web3 for ICC's website and app.
Source: Exchange filing
Envision Energy bags 653.4 MW wind energy project from JSW Energy
Bags 653.4 MW wind energy project from JSW Energy.
To provide 198 wind turbine generators for developing wind energy park in Karnataka and Maharashtra.
Project to produce 2,200 GWh units of energy for JSW Energy.
Source: Company release
ITC Has 10 Lakh Shares Change Hands
10 lakh shares changed hands in a large trade.
0.01% equity changed hands at Rs 451.70 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
KP Energy Bags 23 MW Project From Aditya Birla Renewable Energy
Bags 23.1 MW hybrid power plant project from Aditya Birla Renewable Energy.
Wind-solar hybrid project have 23.1 MW wind and 11 MW solar capacity.
Source: Exchange filing
F&O Show: Strategy For Nifty Expire Today
Stocks In Focus With Puravankara
Talking Point: Unpacking Sector Turmoil, Commodity Prices & More
Sterlite Technologies Collaborates With Hygenco For Supply Of Green Hydrogen
In pact with Hygenco for green hydrogen solutions.
Hygenco to build-own-operate green hydrogen facility for 20 years.
Facility based on renewable energy, commissioned in next 15-18 months.
Source: Exchange Filing
Delta Corp Shares Jump Over 4% After Q2 Profit Rise
Shares of Delta Corp Ltd. surged over 4% after company's net profit for the second quarter rose marginally as the expenses rose as compared with the same period last year.
The company’s net profit rose 1.7% year-on-year to Rs 69.4 crore in the quarter-ended September, according to an exchange filing on Wednesday.
Delta Corp Q2 FY24 Highlights (YoY):
Revenue is up 0.23% to Rs 270.6 crore.
Ebitda is down 0.26% at Rs 100.1 crore.
Margin at 36.98% versus 37.16%
Net profit is up 1.74% to Rs 69.4 crore.
The company appointed Anil Malani as president and chief financial officer and Manoj Jain as chief operating officer on Wednesday.
Malani was Delta Corp.'s president of operations for the past 14 years and has been in charge of the group's casino and hospitality businesses. Jain has held various significant roles within the organisation since July 2008.
The scrip rose as much as 4.23% to Rs 149 apiece, the most in a single day since July. 26. The stock is trading at 0.45 % higher at Rs 143.60 apiece as of 11:17 a.m. This compares to a 0.05% advance in the NSE Nifty 50.
It has fallen 32.57% on a year-to-date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 30.72 as of 11:16 a.m.
The one analyst tracking the company maintain a 'buy' rating, according to Bloomberg data.
Grasim Industries Shares Hit All-Time High As Board To Consider Raising Funds On Oct. 16
Shares of Grasim Industries Ltd. hit a record high after the cement maker announced its plans to raise funds in the board meeting to be held on Oct. 16, 2023, in its exchange filing.
The board will consider the proposal of raising funds by way of equity shares or other securities through rights issue, qualified institutions placement or preferential issue, according to the filing.
The scrip rose as much as 2.12% to a life-high of Rs 2,022 apiece, before paring gains to trade 1.12% lower at Rs 2,002.30 apiece as of 11:07 a.m. This compares to a 0.06% advance in the NSE Nifty 50.
It has risen 16.13% on a year-to-date basis. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 66.3.
Out of the 10 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a upside of 1.4%.
Crompton Greaves Launches Industrial Lighting Product In India
Company launches Industrial Lighting product named Cavelo in India.
Source: Exchange Filing
HDFC Mutual Fund Sold 2.04% Stake Of Persistent Systems On Oct. 10
HDFC Mutual Fund sold 2.04% stake of Persistent Systems on Oct.10.
HDFC Mutual Fund stake in Persistent Systems falls to 3.06% from 5.1%.
Source: Exchange Filing
Mining Stocks Advance After Cabinet Approves Royalty Rates For Mining Rare Minerals
Shares of mining stocks advance on Thursday after the Cabinet of Ministers on Wednesday approved the royalty rates for mining of three strategic minerals—lithium, niobium and rare earth elements (REEs).
The move is expected to encourage indigenous mining, reduce imports and set up related industries and infrastructure projects, along with creating employment opportunities in the mining sector, according to a press release on the matter.
NMDC Has 15.8 Lakh Shares Change Hands
15.8 lakh shares changed hands in a large trade.
0.05% equity changed hands at Rs 159.15 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Zaggle Prepaid Shares Fall Nearly 6% After Q2 Profit Declines Sequentially
Shares of Zaggle Prepaid Ocean Services Ltd. fell after its topline and profit declined in the second quarter of the 2024 fiscal on a quarterly basis.
The company's consolidated net profit was down by 72.8% quarter-on-quarter to Rs 2.05 crore, according to an exchange filing on Wednesday. This compares to a net profit of Rs 7.56 crore in the April-June quarter.
It guided for a 40-50% growth in its revenue over FY24 to approximately, as per the company's media release. Zaggle also expects the adjusted Ebidta margin, before ESOP expense of Rs 20 crore, to be between 11% to 13%.
Zaggle Prepaid Ocean Services Q1 FY24 (Consolidated, QoQ)
Revenue down 36.71% at Rs 118.47 crore vs Rs 187.2 crore
Ebitda down 55.96% at Rs 7.94 crore vs Rs 18.03 crore
Margins at 6.7% vs 9.63%
Net profit down 72.88% at Rs 2.05 crore vs Rs 7.56 crore
The company guides revenue growth for FY24 in the range of 40-50%
ESOP expense to be around Rs 20 crore in FY24, adjusted Ebitda margin before ESOP expense between 11-13%.
The scrip fell as much as 5.98% to Rs 201.35 apiece, the most since Oct. 4, before paring losses to trade 2.22% lower at Rs 209.40 apiece as of 10:31 a.m. This compares to a 0.11% decline in the NSE Nifty 50.
It has risen 32.3% since its listing on Sept. 21, 2023. Total traded volume so far in the day stood at one times its 30-day average. The relative strength index was at 73.16, implying that the stock maybe overbought. Bloomberg covers no analyst tracking the company.
Power Grid Corporation Has 72.9 Lakh Shares Change Hands
About 72.9 lakh shares changed hands in a large trade.
0.1% equity changed hands at Rs 198.90 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Aster DM Healthcare Shares Rise Over 9% Intraday
Shares of Aster DM Healthcare Ltd. rose over 9% after a report suggested that few private equity firms are eyeing to acquire the company's assets including its India business. Some publications, including Bloomberg Law quoted people familiar with the matter about the acquisition.
The scrip rose as much as 9.55% intraday to Rs 354 apiece, the highest level since Oct. 3, 2022, before paring gains to trade 5.06% higher at Rs 339.50 apiece, as of 10:03 a.m. This compares to a 0.14% decline in the NSE Nifty 50.
It has risen 46.8% on a year-to-date basis. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 58.5.
Out of the nine analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 1.4%.
Aurionpro Solutions To Acquire Omnifin Loan Management System From AS Software
To acquire Omnifin Loan Management System from a S Software.
Value of target business is up to Rs 82 crore.
2.15 lakh shares proposed to be issued at Rs 1,250 apiece.
Source: Exchange Filing
Plaza Wires Lists At Rs 76.00 Per Share On NSE
Plaza Wires lists at Rs 84.00 apiece on BSE vs issue price of Rs 54.00 at a premium of 55.56%.
Plaza Wires lists at Rs 76.00 apiece on NSE vs issue price of Rs 54.00 at a premium of 40.74%.
Source: Exchanges
TCS Shares Fall Over 1% After Q2 Revenue Misses Analyst Estimates
Shares of Tata Consultancy Services Ltd. declined after the growth was subdued in what is seasonally a strong quarter for India’s $250-billion IT services sector.
Revenue of India’s largest IT services firm rose 0.52% over the previous three months to Rs 59,692 crore in the quarter ended Sept. 30, according to an exchange filing on Wednesday. That compares with the Rs 60,641 crore consensus estimate of analysts tracked by Bloomberg.
TCS Q2 Results: Key Highlights (QoQ)
Revenues up 0.52% at Rs 59,692 crore. (Bloomberg estimate: Rs 60,641 crore)
EBIT up 5.02% at Rs 14,483 crore. (Bloomberg estimate: Rs 14,420 crore)
EBIT margin at 24.26% vs 23.2% (Bloomberg estimate: 23.78%)
Net profit up 2.42% at Rs 11,342 crore. (Bloomberg estimate: Rs 11,372 crore)
In constant currency terms, TCS’ revenue rose 2.8% year-on-year to $7.21 billion in July-September.
The company has declared a share buyback worth Rs 17,000 crore at Rs 4,150 apiece. That’s a 14.95% premium to Wednesday’s close. An interim dividend of Rs 9 per share has also been declared.
The company’s order book stood at $11.2 billion with a book-to-bill ratio of 1.6. The attrition rate was 14.9% on a trailing 12-month basis in July–September, as against 17% in the April–June quarter.
The scrip fell as much as 1.57% intraday to Rs 3,553.05 apiece, the lowest level since Oct. 5, 2022, before paring losses to trade 1.47% lower at Rs 3,556.70 apiece, as of 9:50 a.m. This compares to a 0.12% decline in the NSE Nifty 50.
It has risen 11.4% on a year-to-date basis. Total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 51.5.
Out of the 46 analysts tracking the company, 22 maintain a 'buy' rating, 15 recommend a 'hold,' and nine suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.2%.
Broader Markets Outperform
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.45%, whereas S&P BSE SmallCap Index was also 0.49% higher.
Sixteen out of the 20 sectors compiled by BSE advanced, while four declined. S&P BSE Power rose the most.
The market breadth was skewed in the favour of the buyers. About 1,803 stocks rose, 644 declined, while 93 remained unchanged on the BSE.
Nifty Realty, Nifty IT Decline In Early Trade
Top Contributors To The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened marginally higher on Thursday after advancing for the second sesssion on Wednesday.
At pre-open, the S&P BSE Sensex was up 92 points, or 0.14%, at 66,564.57, while the NSE Nifty 50 was 11 points or 0.06% higher at 19,822.70.
Equity markets in Asia opened higher after U.S. shares gained for a fourth day as traders shrugged off a hotter-than-estimated wholesale inflation reading.
Stock benchmarks climbed at least 0.8% in Japan and South Korea, putting MSCI’s Asian equity index on course for a sixth day of gains. The Hang Seng Index jumped as much as 2.1% after China’s state-owned Central Huijin Investment Ltd. increased its stake in the nation’s biggest banks for the first time since 2015. Oil fell for a third day, erasing all of the surge on Monday that followed Hamas’ attack on Israel.
Contracts for U.S. stocks also advanced after the S&P 500 capped the longest winning streak since August on Wednesday as investors focused on less hawkish comments from Federal Reserve speakers.
Sensex, Nifty Rise In Pre-Market Trade
At pre-open, the S&P BSE Sensex was up 92 points, or 0.14%, at 66,564.57, while the NSE Nifty 50 was 11 points or 0.06% higher at 19,822.70.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.31% on Thursday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened about 3 paise to open at 83.16 against the U.S dollar on Thursday.
It closed at 83.19 on Wednesday.
Source: Bloomberg
Trade Talk: Lackluster Q2 For TCS, What Next For The IT Giant?
FOMC Minutes Show All Members Agreed The Fed Can 'Proceed Carefully'
FOMC Sept. 19-20 Meet Minutes
Officials saw risks to goals as more two-sided.
'All' members agreed that rates should stay restrictive for some time.
Many saw downside risks to growth, despite resilience.
Officials agreed tighter credit likely to dampen activity.
Most continued to see upside inflation risks.
Source: U.S. Federal Reserve
Asian Markets Trade Higher
Nifty Gains Being Led By Non-Banking Stocks Is Positive: Trade Setup
Adani Ports & SEZ Announces Tender Offer Results
Announces tender offer results as of the early tender date with respect to the tender offer for 3.375% senior notes due 2024.
$212,972,000 of notes had been validly tendered and not validly withdrawn pursuant to the tender offer as of the early tender date.
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 105.7
U.S. 10-year bond yield at 4.57%
Brent crude down 0.44% at $85.44 per barrel
Nymex crude down 0.55% at $83.03 per barrel
GIFT Nifty was up 22 points or 0.11% at 19,852 as of 8:10 a.m.
Bitcoin was up 0.26% at $26,785.53
Trading Tweaks
Move Into Short-Term ASM Framework: Infibeam Avenues, Sasken Technologies
Move Out Of Short-Term ASM Framework: Zaggle Prepaid Ocean Services
Also Read: How Slice Scored A Bank License From RBI
Block Deals
Infibeam Avenues: Mayur Desai HUF sold while Abhishek Mayur Desai bought 80 lakh shares (0.29% stake) at Rs 22.35 apiece.
Earnings Post Market Hours
TCS Q2 FY24 (Consolidated, QoQ)
Revenue up 0.52% at Rs 59,692 crore. (Bloomberg estimate: Rs 60,641 crore).
EBIT up 5.29% at Rs 14,483 crore . (Bloomberg estimate: Rs 14,420 crore).
EBIT margin at 24.26% vs. 23.2% (Bloomberg estimate: 23.78%)
Net profit up 2.42% at Rs 11,342 crore. (Bloomberg estimate: Rs 11,372 crore).
National (Standard) India Q2 FY24 (YoY)
Revenue down 52.33% at Rs 0.51 crore.
Ebitda loss of Rs 0.30 crore vs. Rs 1.12 crore
Net profit up 263.63% at Rs 2.8 crore.
Note: Other income is up 71% at Rs 4.14 crore.
Delta Corp Q2FY24 (Consolidated, YoY)
Revenue up 0.23% at Rs 270.59 crore.
Ebitda down 0.26% at Rs 100.08 crore.
Margins at 36.98% vs. 37.16%
Net profit up 1.74% at Rs 69.44 crore.
Signatureglobal (India) Q1 FY24 (Consolidated, YoY)
Revenue down 69.4% at Rs 165.8 crore.
Ebitda loss of Rs 16.66 crore vs. Ebitda profit of Rs 25.11 crore
Net loss of Rs 7.18 crore vs. net profit of Rs 3.27 crore
Samhi Hotels Q1 FY24 (Consolidated, YoY)
Revenue up 12.96% at Rs 190.44 crore.
Ebitda down 13.9% at Rs 45.34 crore.
Margins at 23.80% vs. 31.23%
Net loss of Rs 83.49 crore vs. net loss of Rs 100.88 crore
Zaggle Prepaid Ocean Services Q1 FY24 (Consolidated, QoQ)
Revenue down 36.71% at Rs 118.47 crore.
Ebitda down 55.96% at Rs 7.94 crore.
Margins at 6.7% vs 9.63%
Net profit down 72.88% at Rs 2.05 crore.
The company guides revenue growth for FY23 in the range of 40-50%, ESPO expense to be around Rs 20 crore, adjusted ebitda margin before ESOP expense between 11-13%
Earnings In Focus
Anand Rathi Wealth, Angel One, HCL Technologies, HDFC AMC, Infosys, JTL Industries, Kesoram Industries, and Kintech Renewables
New Listing
Plaza Wires: The shares will be listed on the stock exchanges on Thursday. The issue price is Rs 54 apiece. The Rs 71.28 crore IPO was subscribed to 160.97 times on its final day. Bids were led by non-institutional investors (388.09 times), retail investors (374.81 times), and institutional investors (42.84 times).
Stocks To Watch: TCS, L&T, Maruti Suzuki, Adani, JSW Steel, IndusInd Bank, Vedanta In Focus
TCS: The IT major's board approves a buyback of 4.09 crore shares (1.12%) at Rs 4,150 apiece, aggregating to Rs 17,000 crore. An interim dividend of Rs 9 per share was also approved by the board, with Oct. 19 as the record date.
Larsen & Toubro: The company received a Rs 64.98 lakh penalty order from the GST authority for disallowance of the transitional credit claimed.
Maruti Suzuki: The auto manufacturer started exporting the Indian-manufactured off-roader Jimny 5-Door to Latin America, the Middle East, and Africa, among other destinations.
Adani Enterprises: The company raised Rs 700 crore through an allotment of 70,000 NCDs on a private placement basis.
JSW Steel: The company was declared the preferred bidder for the Jaisinghpura Iron Ore North Block in Karnataka with 17.66 million tonne of reserves.
IndusInd Bank: SBI Mutual Fund gets RBI nod for acquiring up to a 9.99% stake in the company by Oct. 10, 2024.
LTIMindtree: The company initiated the Comprehensive Community Development Programme in Subir Block of Dang District in Gujarat to improve the socioeconomic condition of the region.
Cipla: The pharma major's manufacturing unit, InvaGen Pharmaceuticals, gets an EIR from the U.S. FDA post-inspection of the Long Island facility as voluntary action indicated.
Vedanta: India Ratings downgraded the long-term bank and debt instruments of the company to 'IND AA-' from 'IND AA' while placing them on 'Rating Watch with Negative Implications'.
Timken India: Jamshedpur Plant's operations will be trimmed down from Oct. 19–24 due to physical verification of inventory and the Durga Pooja festival.
Aurobindo Pharma: Company unit CuraTeQ Biologics signs a letter of intent with Singapore's Merck Sharp & Dohme for contract manufacturing operations for biologicals.
RVNL: RVNL emerges as the lowest bidder for the supply, installation, testing and commissioning of tunnel communication systems in Assam. The order is worth Rs 28.73 crore for a period of one year.
Shree Renuka Sugars: Anamika Sugar Mills allots 2.32 crore shares for Rs 109.5 crore via rights issue.
Route Mobile: Company's Bangladesh subsidiary has partnered with Robi Axiata in Bangladesh as a technical enabler and sales partner for Rich Communication Service Business Messaging.
Religare Enterprises: An open offer to acquire a 26% stake in the company from the public is made by M.B. Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company.
PCBL: The company has been granted a patent each for a carbon black modification process and a carbon black composition used to improve fuel efficiency and tyre life.
Signatureglobal (India): The company posted its best ever H1 FY24 pre-sales of Rs 1,851.39 crore, up 37.57% year-on-year. Collections grew 64.9% to Rs 1,327.45 crore in H1.
Delta Corp: The board approved the appointment of Anil Malani as CFO and Manoj Jain as COO w.e.f. Oct. 11.
Pricol: The company entered into a cooperation agreement with Heilongjiang Tianyouwei Electronics to provide advanced technologies in driver information system solutions for Indian vehicle makers across various vehicle segments.
India Tourism Development Corporation: The government appoints Mebanshailang Rynjah Synrem, Joint Secretary in the Tourism Ministry, as MD for one year.
Bhagiradha Chemicals & Industries: The Board approved the Rs 340.18 crore issue of convertible warrants to promoters and certain identified non-promoters. The government granted a patent for "Novel Process for Preparation of Ethiprole" for 20 years, starting Jan. 12, 2021.
Praveg: The company received a work order from the tourism department of Daman & Diu for the development and operation of the Damanganga Garden Kachigam project in Daman for a period of 7 years, extendable by 3 years.
EMS: The company has been awarded a contract worth Rs. 270.82 crore from Jaipur Heritage's Municipality for providing, laying, jointing, testing and commissioning of sewerage systems and all ancillary work for a period of 10 years.
RPG Group: RPG Group appointed Anant Goenka as the group's vice chairman. He will continue to serve as Vice Chairman of CEAT and Zensar Technologies.
GIFT Nifty Signals Higher Opening For Benchmarks
Equity markets in Asia opened higher after U.S. shares gained for a fourth day as traders shrugged off a hotter-than-estimated wholesale inflation reading.
Benchmark indexes climbed around 0.7% at the open in Japan and South Korea, while Australian stocks held on to small gains.
Contracts for U.S. stocks also advanced after the S&P 500 capped the longest winning streak since August on Wednesday as investors focused on less hawkish comments from Federal Reserve speakers.
The yield on the 10-year U.S. bond was trading at 4.57%, and Bitcoin was below the $27,000 level. Brent crude was trading beyond $85 a barrel, whereas WTI crude was above $83 mark.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 22 points or 0.11% at 19,852.
India's benchmark stock indices held on to gains through Wednesday to advance for the second consecutive day. The real estate, media and auto sectors advanced, while information technology and public sector banks were trading marginally lower.
Overseas investors remained net sellers of Indian equities on Wednesday for the 16th consecutive session. Foreign portfolio investors offloaded stocks worth Rs 421.8 crore, while domestic institutional investors mopped up equities worth Rs 1,032 crore, according to provisional data from the NSE.
The Indian rupee closed stronger against the U.S. dollar amid the softening of the dollar index and U.S. Treasury yields.
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