Stocks To Watch: Infosys, SBI, Cipla, InterGlobe Aviation, SJVN, Biocon, Apollo Tyres, Exide Industries, REC

Equity markets in Asia are likely to face selling pressure as worsening risk sentiment drove U.S. stocks to session lows after the Federal Reserve signaled interest rates will be higher for longer.

Futures for benchmarks in Australia and Japan declined, while a gauge for U.S.-listed Chinese stocks fell for a fourth straight session. Big tech led losses on Wall Street, with the Nasdaq 100 down 1.5% and S&P 500 dropping almost 1%. Contracts for U.S. equities were flat in early Asian trading.

Central banks will be in focus Thursday as well, with officials in the Philippines, Indonesia and the U.K. set to announce policy decisions.

The Fed held its target range at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favored another rate hike in 2023. Jerome Powell said officials are “prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objective.” A “soft landing” for the U.S. economy is a primary objective for the central bank, he said.

Meanwhile, Brent Crude prices were trading above $93 a barrel, and WTI Crude was above $90-mark. The yield on the 10-year U.S. bond was trading at 4.41% and Bitcoin was above 27,000-level.

At 5:04 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 8 points or 0.04% at 19,958.

India's benchmark stock indices closed lower for the second session in a row on Wednesday, ahead of U.S. Federal Reserve policy. Intraday, the indices slipped over 1%, the most since Aug. 2.

Most sectoral indices dropped, with non-banking financial services, banks, metals, and realty sectors falling the most.

Overseas investors remained net sellers of Indian equities on Wednesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,110.69 crore, according to provisional data from the NSE. Domestic institutional investors turned net sellers on Wednesday and sold equities worth Rs 573.02 crore.

The local currency strengthened 19 paise to close at Rs 83.08 against the U.S. dollar.

• Infosys: The IT major has tied up with NVIDIA to develop generative AI applications and solutions. The broadened alliance brings together Nvidia AI Enterprise and Infosys Topaz, an AI suite of services that was introduced earlier this year. The companies will collaborate to train 50,000 Infosys employees on NVIDIA AI.

• SBI, KFin Technologies: The state-run lender has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments. The formalities for the change of RTA relating to documentation, shifting of electronic connectivity, and transition of data are in process.

• REC: Kallam Transco has been incorporated as a wholly-owned subsidiary of REC Power Development and Consultancy. The company also announced the sale of Beawar Transmission to Sterlite Grid 27, comprising 50,000 equity shares. Sterlite was the successful bidder selected through a tariff-based competitive bidding process to establish an inter-state transmission system for REZ in Rajasthan under Phase III, Part F.

• Cipla: An inspection was conducted by the USFDA at the manufacturing facility of unit InvaGen Pharmaceuticals Inc. in New York from Sept. 11 to 13. InvaGen has received five inspectional observations in Form 483. There are no repeat or data integrity (DI) observations.

• InterGlobe Aviation: Rival Akasa Air was forced to thin out its schedule after some pilots left and joined bigger competitors, reported Bloomberg. The market share of Akasa dropped to 4.2% in August from 5.2% the month before.

• Zydus Lifesciences: The drugmaker received final approval from the USFDA for Clindamycin Phosphate Gel USP, 1%. Clindamycin Phosphate Gel USP, 1%, had annual sales of $37 million in the U.S. The group now has 381 approvals.

• SJVN: The Power Ministry will sell up to 2.46% of the stake, or 9.66 crore shares, via OFS. The floor price of OFS is set at Rs. 69 per share. OFS is to open on Sept. 21 for non-retail investors and Sept. 22 for retail investors. OFS has the oversubscription option to sell an additional 2.46% stake.

• Biocon: Unit Biocon Biologics received European Commission-granted marketing authorisation in the EU for YESAFILI, a biosimilar of Aflibercept. Aflibercept had EU brand sales of approximately $1.8 billion for the 12 months ending Dec. 31, 2022, according to IQVIA.

• Apollo Tyres: Bias and OTR tyre production at their manufacturing facility in Limda, Gujarat, has been stopped due to certain concerns amongst shop floor employees relating to the renewal of the long-term settlement agreement. The company is in discussions and negotiations with the labour union representatives to address their concerns.

• Sheela Foam: The QIP committee authorised the opening of the QIP issue on Wednesday and set the floor price at Rs 1,133.99 apiece.

• Exide Industries: The company has invested Rs 124.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions, on a rights basis.

• Kalpataru Projects International: The Board approved a proposal for raising funds by way of the issuance of non-convertible debentures on a private placement basis.

• Godawari Power and ISPAT: The credit rating has been upgraded by Crisil for its long-term and short-term bank loan facilities.

• WPIL: The company has received a contract for the supply of an onboard range of centrifugal pumps and spares for different classes of ships from the Ministry of Defence for Rs 14.3 crore, which is to be executed over a period of 24 months.

• Shree Renuka Sugars: To consider raising of funds via bonds at Sept. 23, 2023 board meeting.

• Spandana Sphoorty: To consider issue of NCDs on private placement on Sept. 25, 2023.

• Signatureglobal India: The IPO has been subscribed 0.54 times or 54% on day one. The bids were led by non-institutional investors, subscribed 1.42 times and retail investors, subscribed 0.89 times or 89%. The issue got zero bids from institutional investors.

• Sai Silks (Kalamandir): The IPO has been subscribed 0.07 times, or 7% in its first day. The bids were led by retail investors, subscribed 0.12 times or 12% and non-institutional investors, subscribed 0.03 times or 3%. The issue got zero bids from institutional investors.

• EMS: The shares will list on the stock exchanges on Thursday. The initial public offering of water and sewerage infra player was subscribed 75.28 times on the final day. The category for institutional investors was subscribed 153.02 times while the portion for non-institutional investors received 82.32 times subscription. The quota for retail investors got subscribed 29.79 times. The issue price is Rs 221 apiece.

• R R Kabel: Norges Bank on Account of the Government Pension Fund Global bought 20 lakh shares (1.77%) at Rs 1180 apiece.

• Tarsons Products: Plutus Wealth Management bought 17.40 lakh shares (3.27%) at Rs 530 apiece.

• Praveg: Sageone-Flagship Growth 2 Fund bought 2.25 lakh shares (0.99%) at Rs 480.50 apiece and Sageone Investment Managers bought 6.26 lakh shares (2.76%) at Rs 480.51 apiece, while Probi Fincap sold 1.48 lakh shares (0.65%) at Rs 480.74 apiece and Jayesh Ishwarlal Patel sold 6.44 lakh shares (2.84%) at Rs 480.49 apiece.

• Usha Martin: Promoter Neutral Publishing House bought 96,211 shares on Sept. 15.

• Pennar Industries: Promoter Pennar Holdings created a pledge of 15 lakh shares on Sept. 18.

Allcargo Logistics, Amrutanjan Health Care, BLS International Services, Capacite Infraprojects, Caplin Point Laboratories, Capital India Finance, Dr.agarwals Eye Hospital, Ganesha Ecosphere, GOCL Corporation, Housing & Urban Development Corporation, India Cements, Indraprastha Medical Corp, Jai Balaji Industries, Jubilant Industries, Mastek, Moil, National Aluminium Co., Paisalo Digital, Prestige Estates Projects, Prince Pipes and Fittings, Rolex Rings, Sandhar Technologies, SEPC, Shyam Metalics and Energy, Sunflag Iron & Steel Co, TV Today Network, Vadilal Industries.

• Tips Industries: To meet analyst and investors on Sept. 25.

• Mahindra Holidays & Resorts India: To meet analyst and investors on Sept. 25 and Sept. 27.

• Punjab National Bank: To meet analyst and investors on Sept. 21.

• Star Health and Allied Insurance: To meet analyst and investors on Sept. 26.

• Bandhan Bank: To meet analyst and investors on Sept. 25.

• Union Bank of India: To meet analyst and investors on Sept. 25.

• Solar Industries India: To meet analyst and investors on Sept. 22.

• Aditya Vision: To meet analyst and investors on Sept. 25.

• Spandana Sphoorty Financial: To meet analyst and investors on Sept. 28.

• Indigo Paints: To meet analyst and investors on Sept. 21.

• Clean Science and Technology: To meet analyst and investors on Sept. 26.

• Solar Industries India: To meet analyst and investors on Sept. 25.

• Piramal Enterprises: To meet analyst and investors on Sept. 25.

• Price Band Revised From 10% To 5%: Ashapura Minechem.

• Ex date dividend: Gufic Biosciences, La Opala RG, Shakti Pumps (India), Genus Power Infrastructures, LT Foods, Ashiana Housing, Poly Medicure, Tilaknagar Industries, SJVN, Cochin Shipyard, Krishana Phoschem, Power Mech Projects, Olectra Greentech, Carysil, Force Motors, Patanjali Foods, Harsha Engineers International, Chaman Lal Setia Exports, HLE Glascoat, Asian Star Co, Swan Energy.

• Ex date AGM: ITI Limited, Kewal Kiran Clothing, Gufic Biosciences, Paramount Communications, Morepen Laboratories, KRBL, La Opala RG, Shakti Pumps (India), Genesys International Corporation, Genus Power Infrastructures, LT Foods, Ashiana Housing, Poly Medicure, Tilaknagar Industries, SJVN, Muthoot Finance, Cochin Shipyard, Rama Steel Tubes, Krishana Phoschem, Power Mech Projects, Star Cement, Olectra Greentech, Spacenet Enterprises India, KPI Green Energy, Carysil, Roto Pumps, Force Motors, Patanjali Foods, Harsha Engineers International, Chaman Lal Setia Exports, Yatharth Hospital & Trauma Care Services.

• Record date Dividend: Genus Power Infrastructures, Tilaknagar Industries, Krishana Phoschem, Olectra Greentech, Harsha Engineers International.

• Record date AGM: Genus Power Infrastructures, Krishana Phoschem.

• Moved into Short-Term ASM Framework: Brightcom Group.

• Move Out Of Short-Term ASM Framework: Bombay Burmah Trading Corporation, Spacenet Enterprises India.

• Nifty September futures ended at 19,972.35, a discount of 206.50 points.

• Nifty September futures fell 7.59%, with 16,330 shares in open interest.

• Nifty Bank September futures ended at 45,585.00, a discount of 487.45 points.

• Nifty Bank September futures rose 4.5% with 4,490 shares in open interest.

• Securities in the ban period: Balrampur Chini Mills, Bharat Heavy Electricals, Chambal Fertilizers & Chemicals, Delta Corp, Indiabulls Housing Finance, Indian Energy Exchange, Manappuram Finance, Punjab National Bank, REC, Zee Entertainment Enterprises.

• RR Kabel - Wired For Better Future: Prabhudas Lilladher Initiates Coverage With A 'Buy'

• Sai Silks (Kalamandir) IPO - Investment Rationale, Issue Details, Financials, Risks: Reliance Securities

• Sai Silks (Kalamandir) IPO - Valuations, Issue Details, Peer Comparison, Financials, Risks: Anand Rathi

• Capri Global - Expect AUM Of Rs 30,000 Crore In Next Five Years: ICICI Securities

• BHEL - Making The Right Noises: ICICI Securities

• Cummins India - Near Term Domestic Demand Intact: Prabhudas Lilladher

• HDFC Bank - Discloses Merged Entity Networth And Other Key Metrics: Motilal Oswal