Stock Market Today: All You Need To Know Going Into Trade On Sept. 4

Asian stocks looked set for modest gains as traders mulled U.S. jobs data that supported optimism the Federal Reserve is nearing the end of its tightening cycle.

Futures contracts for Japanese and Australian equities edged higher. China traders will look to see if equities there can build on last week’s advance. Elsewhere, key rate decisions for central banks are scheduled in Australia and Malaysia with rates expected to remain on hold.

On Friday, he S&P 500 finished with a small advance ahead of Monday’s U.S. holiday, while notching its best week since June. Tesla Inc. dropped over 5%, while energy shares rallied as oil topped $85 a barrel. The jobs report showed a labour market undergoing a controlled cooling.

Bloomberg also cited some traders highlighting the remarks from Federal Reserve Bank of Cleveland President Loretta Mester, who said inflation remains too high and the labour market is still strong.

Meanwhile, Brent crude was trading above $88 a barrel and West Texas Intermediate was above $85-mark. The yield on the 10-year U.S. bond was trading at 4.18% and Bitcoin was below 26,000-level.

At 5:18 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 9 points or 0.04% at 19,523.5.

India's benchmark stock indices opened higher and steadily advanced on Friday, after snapping three days of gains on Thursday. The indices advanced after snapping five weeks of losses.

The Sensex ended Friday above the 65,300 level, whereas the Nifty surpassed the 19,400 mark. Intraday, the Sensex jumped 0.99%, the most since July 13, and Nifty rose 1.06%, the most since June 30. Metals, energy, automotive and banking sectors rose in trade, whereas healthcare and pharmaceutical shares were under pressure.

Overseas investors turned net buyers of Indian equities on Friday, after two sessions of selling. Foreign portfolio investors bought stocks worth Rs 487.94 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 2,294.93 crore.

The local currency strengthened 7 paise to close at Rs 82.72 against the U.S. dollar on Friday.

• Bharat Electronics: The company is in pact with Israel Aerospace Industries to collaborate on short range air defense systems.

• IDBI Bank: The Department of Investment and Public Asset Management has invited bids for asset valuers for the bank. The bids are expected to be submitted by Oct. 9. The asset valuer will work closely with transaction adviser and legal adviser. The government is looking to sell 30.48%, while Life Insurance Corp. of India is looking to offload 30.24% of its stake in IDBI Bank, along with the transfer of management control.

• ONGC: The board has approved capital restructuring of ONGC Petro additions (OPAL). It includes buyback of convertible debentures of Rs 7,778 crore by ONGC and an investment of Rs 7,000 crore in equity/quasi-equity security of OPaL.

• Coal India: The state-run miner's production rose 13.2% year-on-year to 52.3 million tonnes in August 2023. Comparative production for the month surged ahead by 6.1 MTs. Total coal supplies to all consuming sectors shot up by 15.3% to 59 MTs in August 2023. Supplies were up nearly 8 MTs in a single month.

• Hero MotoCorp: The company's sales rose 5.4% year-on-year to 4.89 lakh units in August. Domestic sales rose 4.7% to 4.73 lakh units while exports rose 24.7% to 15,770 units.

• Eicher Motors: The company's total motorcycle sales rose 11% year-on-year to 77,583 units helped by new launches such as the Hunter 350. Exports was up by 13% to 8,190 units.

• Infosys: The IT major completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale.

• Hindalco Industries: The company has entered into a shareholder’s agreement and power purchase agreement with Seven Renewable Power for acquisition of 26% stake in SRPPL for Rs 32.5 lakh. It plans to develop and operate captive power plant to supply 100 MW round-the-clock renewable energy to its smelter located in Odisha.

• C.E. Info system: The company acquired 35,000 CCPS at Rs 2,571 apiece constituting 18.62% on fully diluted basis of Kogo Tech Labs aggregating to around Rs 9 crore. The total shareholding shall become 39.89% on a fully diluted basis.

• Tata Power: The company's unit Tata Power Renewable Energy signed a Power Delivery Agreement of group captive project for 6 MW AC with Chalet Hotels. The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement.

• Chalet Hotels: The company will acquire a 26% stake in TP Agastaya and set up of a group captive solar power plant in Maharashtra.

• Lemon Tree Hotels: The company has signed a License Agreement for an 80-room property in Dehradun, Uttarakhand under the brand “Lemon Tree Premier”. The hotel is expected to be operational by Q3 of FY25.

• Delta Corp: The company approved the voluntarily strike off of subsidiary Delta Offshore Developers, Mauritius. The striking off process will be undertaken as per the laws of Mauritius. It also approved the incorporation of Deltin Foundation, along with Highstreet Cruises and Entertainment.

• Lupin: The drugmaker completed the acquisition of French pharma firm Medisol, following regulatory approval.

• Mahindra & Mahindra: The company entered into an Asset Transfer Agreement and a Business Transfer Agreement with unit Mahindra Last Mile Mobility for transfer of identified assets and business pertaining to the Last Mile Mobility Business to MLMML.

• Deepak Fertilisers: The company has signed two gas purchase agreement with GAIL (India) for the next three years with a gas basket consisting of a combination of Brent, HH and domestic linked.

• Kotak Mahindra Bank: Uday Kotak resigned as MD and CEO effective Sept. 1, four months ahead of his retirement. Dipak Gupta, joint managing director of the private lender will conduct the duties of MD and CEO, until Dec 31, when a new CEO will be appointed.

• Biocon: Subsidiary Biocon Generics has acquired Eywa Pharma's oral solid dosage manufacturing facility in New Jersey, U.S. for $7.7 million (around Rs 64 crore). The facility has a potential for capacity expansion up to two billion tablets/capsules per year.

• JSW Steel: The steelmaker surrendered its Jajang iron ore block located in Keonjhar, Odisha citing uneconomic operations. The surrender is subject to the government’s approval. The company had four iron ore mining leases in Odisha acquired through auction in 2020.

• Rail Vikas Nigam: The company won a Rs 282 crore order from Madhya Gujarat Vij (MGVCL) for full Turnkey contract (design, supply and installation) for development of distribution infrastructure work for loss reduction at Dahod. The duration of the contract is 31 months.

• ICICI Bank and ICICI Lombard General Insurance: ICICI Bank received an IRDAI nod for increasing its stake in ICICI Lombard General Insurance by 4%, thus making it a subsidiary of the company. The lender will have to increase its stake in the insurance company in one or more tranches latest by Aug. 31, 2024.

• Mindspace Business Parks REIT: Company has acquired 0.24 million square feet of leasable office space at Commerzone Porur in Chennai for Rs 181.6 crore as part of its expansion plan. Mindspace REIT, through its asset special purpose vehicle, now owns 100% of the project with a total leasable area of about 1.1 million square feet.

• Mishra Dhatu Nigam: The company said that it supplied specialised metals and alloys used in Aditya-L1 launcher vehicle.

Rishabh Instruments: The IPO was subscribed 31.65 times on its third and final day. The bids were led by institutional investors, subscribed 72.54 times; non-institutional investors, subscribed 31.29 times; and retail investors, subscribed 8.43 times. The IPO was subscribed 73% on the first day and 2.46 times on its second day.

• IDFC First Bank: Cloverdell Investment sold 27.86 crore shares (4.2%) while Goldman Sachs-GQG Partners Intl Opportunities Fund bought 10.77 crore shares (1.63%) and GQG Partners Emerging Markets Equity Fund bought (0.96%) at Rs 89 apiece.

• RattanIndia Power: ABARC-AST-002-Trust sold 2.98 crore shares (0.55%) at Rs 7.04 apiece.

• Five-Star Business Finance: HDFC Mutual Fund bought 41.2 lakh shares (1.4%) at Rs 730 apiece while TPG ASIA VII SF PTE sold 90.57 lakh shares (3.1%) at Rs 730.62 apiece, Matrix Partners India Investment Holdings II sold 89 lakh shares (3%) at Rs 730.12 apiece and Norwest Venture Partners X - Mauritius sold 75.43 lakh shares (2.6%) at an average price of Rs 730.03 apiece.

Triveni Turbine: Rati Sawhney sold 14 lakh shares (0.4%) and Subhadra Trade and Finance bought 14 lakh shares (0.4%) at Rs 395 apiece.

• DB Realty: Promoter Shravan Kumar Bali sold 10,000 shares on Aug. 30.

• Pidilite Industries: Promoter Rashmikant Himatlal Parekh sold 2,000 shares on Aug. 30.

• Shoppers Stop: Promoters Cape Trading sold 53,167 shares between Aug. 31 and Sept. 1 and Anbee Constructions sold 50,000 shares on Sept. 1.

• Ultramarine & Pigments: Promoters Ultramarine & Pigments bought 3,000 shares and S Narayan sold 5,752 on Aug. 31.

Zuari Agro Chemicals: Promoter Zuari Agro Chemicals created and revoked a pledge of 2.5 lakh shares on Aug. 29.

Bannari Amman Sugars, GATI, Precision Wires India, SJS Enterprises.

• Price Band Revised From 10% To 5%: Rattanindia Power.

• Price Band Revised From 20% To 10%: India Pesticides, Railtel Corporation of India.

• Price Band Revised From 5% To 20%: Jio Financial Services.

• Ex-date Dividend: Electrosteel Castings, Universal Cables, Gravita India, TVS Srichakra, Vindhya Telelinks, Jai Corp, Radiant Cash Management Services, Nirlon,

• Ex-date AGM: Electrosteel Castings, Universal Cables, Power Finance Corporation, Gravita India, TVS Srichakra, Vindhya Telelinks, Jai Corp.

• Record-date Dividend: Gravita India, Radiant Cash Management Services.

• Move Into Short-Term ASM Framework: Sharda Motor Industries.

• Move Out Of Short-Term ASM Framework: Atul Auto, Mukand, Dredging Corporation of India, PTC India Financial Services, Lancer Container Lines, Media Matrix Worldwide.

• Restaurant Brands Asia: To meet investors from Sept. 4.

• Sterling Tools: To meet investors on Sept. 7

• One 97 Communications: To meet investors on Sept. 15.

• Nifty September futures ended at 19,519.50, a premium of 105.25 points.  

• Nifty September futures fell 4.83%, with 9,752 shares in open interest.  

• Nifty Bank September futures ended at 44,630.00 , a premium of 340.15 points.  

• Nifty Bank September futures fell 8.60% with 13,553 shares in open interest.  

• Securities in the ban period: Indiabulls Housing Finance. 

Indian rupee closed 0.08% lower at 82.72 against the U.S. dollar on Friday.

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