Stock Market Today: All You Need To Know Going Into Trade On Sept. 21
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
U.S. stocks faced pressure as treasury yields reached multi-year highs amid apprehensions of Federal Reserve hiking rates once again. Treasuries advanced 10 basis points to reach 3.6%.
The S&P 500 dropped 1%, while the tech-heavy Nasdaq dipped 0.6%. Meanwhile oil fell over expectations of further monetary tightening by policymakers around the world. Gold dropped 0.3%, whereas Bitcoin remained below $19,000 with cryptocurrencies feeling the pressure from risk-off sentiment.
India's benchmark indices continued to rise for a second day to post their biggest gains in a week, helped by gains across sectoral indices, even as global equities remained subdued ahead of U.S. Federal Reserve's two-week FOMC meeting.
Rupee changed little as it erased intraday gains against the greenback.
At 7:55 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- traded 0.4% lower at 17,722 points.
Stocks to Watch
Yes Bank: Yes Bank will sell its Rs 48,000 crore bad loan portfolio to JC Flowers ARC. The bank’s board has also approved the purchase of 19.99% stake in JC Flowers Asset Reconstruction Company, subject to regulatory approvals.
Moreover, RBI has approved the appointment of Rama Subramaniam Gandhi as the non-executive (part-time) chairman of the bank for a period of three years, effective from Sept. 20.
Central Bank of India: The RBI has taken Central Bank of India out of the prompt corrective action framework. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments, RBI said in a statement.
NDTV: Founder-promoters Prannoy Roy and Radhika Roy and RRPR Holding have each filed a civil appeal in the Supreme Court against the SAT order, dated July 20, 2022, asking them to pay Rs 5 crore as penalty for the alleged non-disclosure of loan agreements entered by them.
Kirloskar Industries/Mahindra & Mahindra: Kirloskar Industries, a promoter of Swaraj Engines, has proposed to sell its entire stake to co-promoter Mahindra & Mahindra. The former will offload of 21.14 lakh equity shares, or 17.41% of the entire shareholding, at a price of Rs 1,400 per share. The stake of Mahindra & Mahindra in SEL will increase from 34.72% to 52.13% after the acquisition.
Tamilnad Mercantile Bank: The RBI has declined the request for appointment of B. Vijayadurai as part time non-executive chairman of the bank and asked it to submit a fresh proposal of another independent director for the post.
Piramal Enterprises: The company’s board has approved the motion to raise Rs 215 crore through NCDs on a private placement basis. The board will again meet on Sept. 23 to discuss the proposal to raise Rs 750 crore via non-convertible debentures.
NBCC (India): The company has secured the total business of Rs 274.77 crore during August 2022.
Zydus Lifesciences: BridgeBio Pharma and Zydus-owned Sentynl Therapeutics received marketing authorisation in the EU for Nulibry (fosdenopterin). The drug is used for the treatment of ultra-rare and progressive disease MoCD Type A.
Wipro: Wipro has partnered with Finastra to offer digital transformation services to corporate banks in India. This partnership combines Wipro’s expertise across consulting, digital, infrastructure and operations, with Finastra’s cutting-edge solutions to deliver modern API enabled platforms for banks to innovate, streamline and digitize core trade finance processes, while reducing cost overheads.
Fino Payments Bank: Fino Payments Bank will buy 12.19% stake in fintech player PaySprint for Rs 4 crore.
Aditya Birla Fashion: The company board has approved allotment of 1.02 crore shares worth Rs 295 crore at Rs 288.75 apiece, and 6.58 crore warrants at Rs 288.75 per warrant amounting to Rs 1,900 crore to Caladium Investment.
Hero MotoCorp/Hindustan Petroleum Corporation: Hero MotoCorp and Hindustan Petroleum Corporation have entered into a collaboration to establish charging infrastructure for two-wheeler EVs in the country.
Best Agrolife: Quant Mutual Fund bought 3.22 lakh shares (1.36%) at Rs 1,239.04 apiece and bought 1.78 lakh shares (0.75%) at Rs 1,222.60 apiece. Raj Kumar sold 5.25 lakh shares (2.22%) at Rs 1,240.9 apiece and 2.75 lakh shares (1.16%) at Rs 1,210.68 apiece.
Mangalam Cement: Umang Commercial Company sold 3.41 lakh shares (2.15%) at Rs 384.11 apiece.
Pledge Share Details
Ambuja Cements: Promoter group Endeavour Trade And Investment pledged 7.02 lakh shares on Sept. 15.
Patel Engineering: Promoter Raahitya Constructions revoked pledge of 1 crore shares on Sept. 12.
Jindal Steel & Power: Promoter Group Opelina Sustainable Services revoked 10.99 lakh shares on Sept. 14.
Inox Wind: Promoter Inox Wind Energy revoked pledge of 7.62 lakh shares between Sept. 15 and 16.
Ultramarine & Pigments: Promoter Group Deepa Ajay sold 4,500 shares and promoter Daya Sridhar sold 4,577 shares on Sept. 19.
Cosmo First: Promoter & Director Ashok Jaipuria bought 11,000 shares between Sept. 19 and 20.
Vinyl Chemicals (India): Promoter Groups Harish Himatlal Parekh and Kamalini Rashmikant Parekh sold 10,000 shares and 5,055 shares on Sept. 16.
Vaibhav Global: Promoter Group Brett Enterprises bought 4,000 shares on Sept. 19.
India Pesticides: Promoter & Director Anand Swarup Agarwal bought 2.05 lakh shares between Sept. 15 and 16.
Who’s Meeting Whom
Life Insurance Corporation of India: To meet investors and analysts on Sept. 21.
Ultratech Cement: To meet investors and analysts on Sept. 21.
Zen Technologies: To meet investors and analysts on Sept. 21.
Raymond: To meet investors and analysts on Sept. 21.
Havells India: To meet investors and analysts on Sept. 21.
BLS International Services
Century Plyboards (I)
CMS Info Systems
Ex-Date Final Dividend: Ambika Cotton Mills, Caplin Point Laboratories, Cochin Shipyard, Gujarat Fluorochemicals, Goodluck India, KNR Constructions, Mishra Dhatu Nigam, NLC India, PNC Infratech, Radico Khaitan, Responsive Industries, Shivalik Rasayan, SJVN, Sree Rayalaseema Hi Strength Hypo,
Ex-Date Bonus: Eclerx Services
Ex-Date Dividend: Gujarat Alkalies & Chemicals, Jindal Poly Films, La Opala RG, Vadilal Industries, Zen Technologies
Record-Date Bonus: IFL Enterprises
Record-Date Final Dividend: Zuari Industries, Vijaya Diagnostic Centre, Valiant Organics, Sandur Manganese & Iron Ores, Privi Speciality Chemicals, Best Agrolife
Record-Date Dividend: Reliance Industrial Infrastructure, Jindal Steel & Power
Move Out Of Short-Term ASM Framework: Igarashi Motors India
Money Market Update
The rupee ended at Rs 79.76 against the U.S. dollar on Tuesday as compared to Monday's closing of Rs 79.77.
Nifty September futures ended at 17,803.7, a premium of 175.7 points.
Nifty September futures shed 5.6% and 12,313 shares in Open Interest.
Nifty Bank September futures ended at 41,470, a premium of 538.8 points.
Nifty Bank September futures shed 1.35%, 1,057 shares in Open Interest.
Securities in the ban list: Escorts, Delta Corp, India Cements, PVR, RBL Bank.