KEY HIGHLIGHTS
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SpiceJet To Raise Rs 2,500 Crore In Share Sale To Bolster Finances
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Paras Defence & Space Technologies IPO Day 1: Subscription Updates
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HCL Tech Hits Record High After Sealing 5-Year Digital Transformation Deal With MKS Instruments
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Larsen & Toubro’s Subsidiary Wins Significant Orders
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SBI Cards Declines After 3.44% Equity Changes Hands In Bunch Trade
Closing Bell
India's stock benchmarks closed higher after fluctuating between gains and losses in a volatile session and snapped a two-day losing streak. Gains in realty, metal, information technology, oil & gas and fmcg stocks aided the advance. Attention shifts to the two-day U.S. Federal Reserve meeting that begins later today, in which policy makers are likely to lay the groundwork for tapering stimulus.
The Sensex rose 0.88%, the most single-day gain since September 2, to 59,005.27. The Nifty 50 advanced 0.95%, the most single-day gain since August 31, to 17,562. Infosys Ltd. contributed the most to the index gain, increasing 1.8%. JSW Steel Ltd. had the largest increase, rising 5.7%. Today, 40 of 50 shares rose, while 10 fell.
The S&P BSE MidCap almost mirrored its larger peers, rising 0.8% while the S&P BSE SmallCap underperformed, closing with gains of 0.1%. Fifteen of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty index adding 3.5% and S&P BSE Metal index rising 2.6%.
The market breadth was neither skewed in favour of bulls nor the bears. About 1,619 stocks advanced, 1,609 declined and 173 remained unchanged.
The recovery in equities shows that markets have discounted possible fallout from likely default of Chinese real estate giant Evergrande, while Thursday would be crucial as US$83mn interest payment is due for Evergrande on the day”, Binod Modi wrote in a note. The Head – Strategy at Reliance Securities added “considering increasing possibility of earnings downgrade in the USA markets following sharp rise in Coronavirus daily caseload and continued reform measures undertaken by the government in India appear to have revived FIIs’ interest in domestic market. An inflow of over Rs 6,500 crore in the last week from FIIs vindicates this.”
Oil India Advances The Most In 17 Months
Shares of Oil India Ltd. rose 7.56%, the most in 17 months, to Rs 209.9 apiece.
Trading volume was 99% above the 20-day average for this time of the day.
The company is scheduled to hold its annual meeting on September 25.
Oil India trades at 5.1 times its estimated earnings per share for the coming year.
Analysts have 17 'buy', three 'hold' and two 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.5%.
Brokerage firm Morgan Stanley raised the recommendation on Oil India to 'equal-weight' from 'underweight' on Sunday; the price target was revised upwards to Rs 234 from Rs 135 (earlier), with an implied return of 17.12%
Bajaj Finance Gains The Most In Three Weeks; RSI Above 70
Shares of Bajaj Finance Ltd. rose 4.67%, the most intraday gains since August 31, to Rs 7,790 apiece.
Trading on the company's call options was double the average. Trading volume was 39% above the 20-day average for this time of the day.
Analysts have 14 'buy', nine 'hold' and seven 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied a downside of 21.8%
The relative strength index on the stock was above 70, indicating it may be overbought.
Bajaj Finance trades at 65 times its estimated earnings per share for the coming year.
Sobha On Track For The Longest Losing Streak In Over A Year
Shares of Sobha Ltd. fell for the sixth straight day, on track for the longest losing streak since the period ended Sept. 11, 2020.
Sobha lost a total of 12% during the streak while the S&P BSE SENSEX Index rose 1.3%.
Trading volume was 1.5 times the 30-day average volume at-time, for this time of the day.
Stock price volatility over the past year has been 52% compared the company average of 34.3%.
Of the 19 analysts tracking the company, 17 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.4%.
Indian I.T. Consulting Firm Photon Plans $350 Million U.S. IPO: IFR Report
Indian Information Technology consulting firm Photon plans $350 million IPO in the U.S., IFR reported, citing unidentified people with knowledge of the deal.
Photon's customers include Walgreens, L'Oreal, Intel, Johnson & Johnson and Campbell's Soup.
Citigroup, Credit Suisse and UBS are close to the transaction, according to the IFR report.
Hindustan Aeronautics Defers The Proposal Of Sub-Division Of Equity Shares
Shares of Hindustan Aeronautics Ltd. shed 2.70% to Rs 1,340 apiece after the company deferred the proposal of sub-division of shares in the board of directors meeting held on Tuesday.
In an earlier exchange filing on September 2, the company had informed that the board of directors will consider the sub-division of equity shares of the company on September 21.
All the five analysts tracking the company maintained ‘buy’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 20.7%.
HCL Tech Enters Multi-Year Application Services Transformation Deal With Germany’s Lendico
HCL Technologies Ltd. has entered a multi-year application services transformation partnership with Lendico, a brand of ING Germany. The deal pertains to the delivery of application and engineering services to help create a state-of-the-art digital platform for SMEs.
In an exchange filing, HCL Tech said it will establish a tech lab in Berlin to enable transformational technology architectures like API gateways and microservices. Shares of HCL Technologies hit record high Rs 1,315 apiece in intraday trade. As of 1:54 pm, HCL Tech shares advanced 1.56% to Rs 1,296 apiece.
Chalet Group Becomes India's First Hospitality Company To Join Climate Group's Key Green Initiatives; Shares Rise
Shares of Chalet Hotels Ltd. rose 3.81% to Rs 190.5 apiece after the company became the first hospitality company to globally join Climate Group’s RE100, EP100 and EV100 initiatives. The initiatives pertain to renewable energy, energy efficiency and electric mobility, respectively
The announcement comes amid the Climate Week NYC 2021 summit, one of the biggest climate summits globally. Under the initiatives, Chalet Hotels has commits to:
1. Renewable Electricity (RE 100)
All properties under the company’s portfolio to move to 100% renewable electricity by 2031.
2. Energy Productivity (EP100)
Revenue per unit of electricity consumed to be doubled by 2029, considering the baseline year of 2016.
3. Electric Vehicles (EV100)
100% of vehicle fleet deployed across the properties of the group, that is used for guest transport, will transition to Electric Vehicles by 2025.
All the properties will be equipped with EV charging points accessible to both employees and visitors.
All the five analysts tracking the company maintained 'buy' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 59%. Trading volume on the stock was 1.8 times the 30-day average for this time in the day.
Adani Group Chairman Gautam Adani On Investment Plan
Adani Group to invest $20 billion in renewable power generation, component manufacturing as well as power transmission and distribution, over 10 years, Chairman Gautam Adani at an investor summit.
More than three-quarters of the group's planned capital expenditure until 2025 will be in green technologies.
The group aims to be the world's largest renewable power generator by the end of this decade.
Metal Stocks Gain; S&P BSE Metal Index Up 1.6%
ONGC Shares Rise Over 5%; RSI Above 70
Shares of Oil & Natural Gas Corp Ltd. rose 5.53%, the most in nearly seven months, to Rs 135.6 apiece, higher than any close since November 15, 2019.
Trading in the company’s call options was quadruple the average.
Trading volume was triple the 20-day average for this time of the day.
The relative strength index on the stock was above 70, indicating it may be overbought.
ONGC trades at 6.3 times its estimated earnings per share for the coming year.
Analysts have 24 ‘buy’, three ‘hold’ and three ‘sell’ recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 15.6%
SpiceJet To Raise Rs 2,500 Crore In Share Sale To Bolster Finances
SpiceJet Ltd. has won shareholder approval to raise as much as Rs 2,500 crore ($340 million) by selling shares to institutional investors as India’s second-largest carrier moves to repair its finances from the damage wrought by the pandemic.
The carrier has also received a green light to transfer its cargo and logistics business to its SpiceXpress & Logistics Pvt. arm for Rs 2,560 crore, it said in a statement Tuesday. The move will reduce SpiceJet’s negative net worth to Rs 750 crore from Rs 3,300 crore as of June 30.
“The shareholder approval paves the way for our long term plans to take concrete shape,” Chairman Ajay Singh said in the statement. He also added that "the transfer of the logistics business to SpiceXpress will strengthen the carrier’s balance sheet and the new company will be able to raise capital independently of SpiceJet to fund its growth"
Uday Kotak Likens Evergrande Group Debt Crisis To China's Lehman Moment
Evergrande seems like China's Lehman moment. Reminds us of the IL&FS.
Indian government acted swiftly, provided calm to financial markets. The government appointed board estimates 61% recovery at IL&FS.
Evergrande bonds in China trading ~ 25 cents to a $
Mid-Day Market Update: Sensex, Nifty Volatile; HDFC Bank, ICICI Bank Shares Decline
India's stock benchmarks fluctuated between gains and losses to remain little changed in a volatile session so far, as gains in metal, information technology, telecom and realty stocks were offset by losses in banking, auto and utilities stocks, amid weak global cues due to the risk of contagion from debt crisis at China's Evergrande Group. Investors shift attention to the U.S. Federal Reserve meeting on Wednesday in which policy makers are likely to lay the groundwork for tapering stimulus.
The S&P BSE Sensex fell 0.21% to 58,366.27. The NSE Nifty 50 declined 0.13% at 17,374. HDFC Bank Ltd. contributed the most to the index decline, decreasing 1.5%. Maruti Suzuki India Ltd. had the largest drop, falling 2.5%. In midday trading, 22 of 50 shares fell, while 28 rose.
The broader indices underperformed its larger peers with the S&P BSE MidCap slipping 0.4% and S&P BSE SmallCap shedding over 1%. Ten out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty index adding over 2%. On the flipside, S&P Utilities, S&P BSE Auto, S&P BSE Bankex and S&P BSE Finance shed 1%.
The market breadth was skewed in favour of bears. About 1,020 stocks advanced, 2,079 declined and 150 remained unchanged
Tata Motors To Hike Prices Of Its Commercial Vehicles From October 1
Tata Motors Ltd. will increase the price of its commercial vehicle (CV) range in effect from October 1, 2021.
The effective price hike will be in the range of 2% and will be implemented based on the model and variant of the vehicle, the company said in an exchange filing.
Rising cost of commodities like steel and precious metals has necessitated the need to pass on the part of the cost through a price hike. The company strives to minimise the increase in price by absorbing certain portion of the cost at various levels of manufacturing, Tata Motors added.
Lincoln Pharma To Launch Cephalosporin Products, Acquires Facility In Mehsana, Gujarat; Shares Rise
Shares of Lincoln Pharmaceuticals Ltd. rose 2.69% to Rs 394.8 apiece after the company announced plans to launch Cephalosporin products soon. The company has already acquired a facility in Mehsana, Gujarat and has invested Rs 30 crore in Cephalosporin plant for capacity expansion and modernization.
In an exchange filing, the company said that the acquisition and further capex will be funded by internal accruals. Lincoln Pharma expects to begin commercial operations at the Mehsana plant by March 2022. The plant is expected to contribute sales of around Rs 150 crore in the next three years.
Cephalosporin is a bactericidal, broad-spectrum antibiotic used to treat pneumonia, skin and ear infections, strep throat, staph infections, tonsillitis and bronchitis.
Lincoln Pharma plans to manufacture 20 plus Cephalosporin products and also look for export opportunities in Africa, Latin America and Southeast Asia markets.
Shorter Rupee Bonds Slip As RBI GSAP Includes Sale
Shorter Indian government bonds fell after the central bank announced a plan to buy longer-term bonds and sell shorter-maturity debt as part of its government securities acquisition program (GSAP).
10-year yields were steady at 6.14%; the yield on the 5.63% 2026 bond rose 3bps to 5.59% on Tuesday.
The Reserve Bank of India plans to buy Rs 15,000 crore of 7.17% 2028 bond, 6.1% 2031 bond and 6.64% 2035 bond as part of GSAP on Sept. 23
It said it plans to sell an equivalent amount of 8.15% 2022 bond, 8.08% 2022 bond, and 8.13% 2022 bond citing current liquidity conditions.
Asian Granito Fixes October 12 As Record Date For Dividend
Asian Granito India Ltd. has fixed October 12 as the record date for taking record of the members entitled for the purpose of payment of final dividend on the equity shares for the financial year 2020-21.
HUL Shares Hit Record High; Nifty FMCG Index Advances
Information Technology Stocks Buck The Trend; HCL Tech Hits Record High
Sterling and Wilson Solar Commissions 66 MWp Solar Power Plant In Jordan
Shares of Sterling and Wilson Solar Ltd. rose 2.41% in intraday trade to Rs 365.1 apiece before paring gains. The company announced that it has commissioned the 66 MWp (Megawatts-Peak, a unit of rated output of solar power systems under ideal conditions) Al Husianiyah solar power plant in Jordan, in an exchange filing today.
The project was executed with more than 8,50,000 safe man hours during the pandemic and will save around 50,000 tonnes of carbon emissions annually.
TVS Motor Slips The Most In 16 Weeks
Shares of TVS Motor Company shed 4.66%, the most in 16 weeks, to Rs 520 apiece.
Trading volume was 7% above the 20-day average volume for this time of the day.
TVS Motor trades at 25 times its estimated earnings per share for the coming year.
Analysts have 24 'buy', six 'hold' and 12 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 18.6%.
Steel Strips Wheels Gains After Credit Rating Upgrade By India Ratings & Research
Shares of Steel Strips Wheels Ltd. rose nearly 5%, in intraday trade, the most in over three weeks, to Rs 1,780 apiece after India Ratings and Research affirmed Steel Strip Wheels’ Long Term Issuer Rating ‘IND A-‘ from ‘IND BBB+’. Ind-Ra, a 100% owned subsidiary of the Fitch group also maintained the outlook on Steel Strips Wheels ‘positive’.
In an exchange filing, Steel Strips Wheels said that the ratings upgrade followed healthy operating performance and improvement in credit metrics of the company in H2FY21 and Q1FY22.
Paras Defence & Space Technologies IPO Day 1: Subscription Updates
Paras Defence & Space Technologies Ltd. launched its Rs 170.80-crore initial public offering, aiming to expand capacity, augment working capital requirement and repay certain borrowings.
Subscription Details: Day 1
The IPO was subscribed 12.56 times as of 3 p.m. on Sept. 21.
Institutional investors: 0.00 times
Non-institutional investors: 2.24 times
Retail investors: 24.04 times
India Short End Cheaper
Shorter-term India sovereign securities declined in Tuesday morning trading.
The 4-year yield rose 3.5bps to 5.226%
The 10-year yield was little changed at 6.136%
The 18-year yield fell 2.5bps to 6.712%
The 4-year-10-year yield spread was 91bps, vs previous close 94.7bps
Glenmark Pharma Advances After U.S. FDA Nod For Acne Treatment Drug
Shares of Glenmark Pharmaceuticals Ltd. rose nearly 2.5% to Rs 506.75 apiece after the company received final approval by the United States Food & Drug Administration for Cindamycin Phosphate Foam, 1%, the generic version of Evocllin Foam, 1% of Mylan Pharmaceuticals Inc.
According to IQVIA, Evoclin Foam, 1%, which is used to treat acne, had an annual sales of approximately $12 million for the 12-month period ending July 2021.
Glenmark Pharma has 173 products authorized for distribution in U.S. market and 47 ANDAs pending U.S. FDA approval.
Of the 25 analysts tracking the company, 14 maintained 'buy', nine maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 29.9%.
Shares of Glenmark Pharma rose 1.68% in 2021 so far compared to 20.03% gains for S&P BSE Healthcare index
Mandhana Retail Ventures Advances The Most In Nearly Six Weeks
Shares of The Mandhana Retail Ventures Ltd. rose over 9%, the most in nearly six weeks, to Rs 16.1 apiece.
Trading volume was 16.6 times the 30-day average volume at-time, for this time of the day.
Billionaire investor Rakesh Jhunjhunwala sold additional 98,094 equity shares in the company between September 17 and 20, reducing his shareholding to 10.32% to 10.77% earlier.
KEC International Rises 10% In Two Sessions After Announcing Acquisition Of Spur Infrastructure
Shares of KEC International Ltd. advanced 6.74%, the most in seven months, to Rs 468 apiece, higher than any close since March 4, 2021.
Trading volume was 18 times the 20-day average for this time of the day.
The company announced the acquisition of Gujarat-based Spur Infrastructure at an enterprise of Rs 62 crore on Saturday. Spur Infrastructure works on cross country oil and gas pipelines and city gas distribution networks. Spur Infrastructure has an order book of Rs 600 crore, which will be acquired by KEC International. Shares of KEC International added nearly 10% over the last two sessions.
Of the 31 analysts tracking the company, 24 maintained 'buy', six maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 3.3%.
Auto Stocks Decline; S&P BSE Auto Down Nearly 1.5%
HDFC Cuts Home Loan Rates For Festive Period
Customers can avail home loans starting from 6.7% between Sep 20 to Oct 31
Offer available to all new home loan applications, irrespective of loan amount or employment category
The discounted rate is linked to customer's credit score
Source: HDFC Statement
Kitex Garments To Invest Rs 2,406 Crore In Two Textile & Industrial Parks In Telangana
Shares of Kitex Garments Ltd. rose over 5% to Rs 178.56 apiece after the company signed MoU with Telangana state government to invest Rs 2,406 crore in the state. According to an exchange filing by Kitex Garments, the investment is planned at Kakatiya Mega Textile Park, Warangal (Rs 1,113 crore) and Industrial Park, Sitarampur, Rangareddy district (Rs 1,293 crore)
The company said that the investment is driven to utilize the ease of doing business in the state. Telangana is the third largest producer of cotton in India and the state’s textile apparel policy offers attractive incentives. Better logistics, infrastructure facilities and reduced cost of labour are some of the other reasons for the investment, Kitex Garments added.
Banking Stocks Decline
Easy Trip Planners Declines 5% Despite Favourable Order From Delhi High Court On False Stock Information Plea
Shares of Easy Trip Planners Ltd. shed over 5% to Rs 566.55 apiece. Easy Trip Planners informed the exchanges that the Delhi High Court passed an order Monday in favour of the company regarding an issue related to unsolicited messages.
The court order the government to revisit policies to prevent the spread of misinformation and also directed social media platforms to block all offending material. The case pertains to unidentified people sending unverified buy and sell messages in social media platforms like Telegram and WhatsApp groups. The company has filed a police complaint against the perpetrators and maintained that the event was clearly out of its control.
Delhi High court further directed the BSE to issue a clarification on its website to make it clear to investors that EasyMyTrip is not liable for any action. It also sought government’s response on the petition by Easy Trip Planners that sought a ‘comprehensive policy’ to stem misinformation on stocks on social media platforms.
In an exchange filing, Easy Trip Planners advised all investors not to rely on such unsolicited messages.
HCL Tech Hits Record High After Sealing 5-Year Digital Transformation Deal With MKS Instruments
Shares of HCL Technologies Ltd. rose 3.04% to a record Rs 1,315 apiece after the company announced a five-year, digital transformation deal with MKS Instruments Inc., to improve performance, productivity and speed to market.
MKS Instruments is a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes.
According to an exchange filing by HCL Technologies, the company will drive digital and cloud-enabled transformation for MKS instruments through Artificial Intelligence/Machine Learning-led automation, enhanced user experience, digital workplace and infra services and tech transformation.
Of the 48 analysts tracking the company, 41 maintained 'buy', 4 maintained 'hold' and 3 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 5.8%.
Larsen & Toubro’s Subsidiary Wins Significant Orders
Shares of Larsen & Toubro Ltd. rose nearly 1% to Rs 1,719.50 apiece after the company announced that its wholly owned subsidiary L&T Hydrocarbon Engineering Ltd, secured two significant orders(order in the range Rs 1,000 crore-Rs 2,500 crore) in the construction segment – one each from GAIL India and Air Products Middle East Industrial Gases LLC.
The first order pertains to GAIL India’s Mumbai-Nagpur Pipeline. L&T will lay steel gas pipeline in Section 1 of part A and construction of terminals. The pipeline project has a schedule of 14 months.
The second order pertains to Air Products Middle East Industrial Gases LLC. for its Industrial Gas Hub Network Project in Kingdom of Saudi Arabia. L&T will construct steam methane reformer to produce hydrogen, an air separation unit to produce oxygen and nitrogen and hydrogen pressure swing adsorption units. The overall duration of the project is 22 months.
Source: Exchange Filing by L&T
Of the 44 analysts tracking the company, 42 maintained ‘buy’, 1 maintained ‘hold’ and 1 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9.5%
Realty Stocks Advance; S&P BSE Realty Index Up Nearly 3%
SBI Cards Declines After 3.44% Equity Changes Hands In Bunch Trade
Shares of SBI Cards & Payment Services Ltd. shed 5.62%, the steepest intraday decline in over three months, to Rs 1,012 apiece after 32.4 million shares changed hands in a bunched trade.
Bloomberg had reported that CA Rover Holdings is selling 32 million shares of SBI Cards through a block trade.
Trading volume was 397 times the average for this time of the day.
Buyers, sellers not immediately known
SBI Cards trades at 54 times its estimated earnings per share for the coming year.
Analysts have 17 'buy', one 'hold' and no 'sell' recommendations on the stock.
Opening Bell: Sensex, Nifty Open Higher; Tech Stocks Advance
India's stock benchmarks opened higher, aided by gains in information technology and metal stocks. Sentiment remained subdued globally due to risk of contagion from debt crisis at China's Evergrande Group while investors shift attention to the U.S. Federal Reserve meeting on Wednesday in which policy makers are likely to lay the groundwork for tapering stimulus.
The S&P BSE Sensex rose 0.35% to 58,694.56. The NSE Nifty 50 also advanced by similar magnitude to a record 17,457.55. Infosys Ltd. contributed the most to the index gain, increasing 0.9%. Oil & Natural Gas Corp. had the largest increase, rising 3.9%. In early trading, 34 of 50 shares rose, while 16 fell.
The broader indices underperformed their larger peers with the S&P BSE MidCap largely and S&P BSE SmallCap largely unchanged. Sixteen out of the19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty adding over 2.5%.
The market breadth was skewed in favour of bears. About 929 stocks advanced, 1,281 declined and 93 remained unchanged.
Paras Defence & Space Technologies IPO To Be Launched Today
Paras Defence & Space Technologies Ltd. will launch its Rs 170.8 crore initial public offering on Tuesday.
The company aims to expand capacity, repay certain borrowings and augment working capital needs.
The price band is set at Rs 165-175 apiece. The company seeks a market of Rs 683 crore in the upper end of the price band.
According to red herring prospectus, the IPO comprises a fresh issue of 80.34 lakh shares and an offer-for-sale of 17.24 lakh shares by promoter shareholders and other investors.
Nomura India Business Resumption Index Plateaus In September
Nomura India Business Resmption Index eased to 100.6 for the week ending September 19, compared to 101.4 for the week before.
Mobility indicators continue to improve, but other real economy indicators weak.
Power demand contracts by 2.6% week-on-week, while labour participation rate also fell to 39.8% from 40.9% in the week before.
Supply-side bottlenecks may weigh on near-term manufacturing growth.
Rupee Bond Curve Seen Flattening on RBI Operations
India’s sovereign bond curve is expected to bull-flatten after the central bank announced a plan to buy longer term bonds and sell shorter-term debt as part of its government securities acquisition program (GSAP).
The Reserve Bank of India plans to buy Rs 15,000 crore of 7.17% 2028 bond, 6.1% 2031 bond and 6.64% 2035 bond as part of GSAP on Sept. 23.
It said it plans to sell an equivalent amount of 8.15% 2022 bond, 8.08% 2022 bond, and 8.13% 2022 bond citing current liquidity conditions.
10-year yields fell 3bps to 6.14% on Monday.
The RBI is scheduled to conduct Rs 1.5 lakh crore of variable rate reverse repo auctions on Tuesday and sell Rs 31,000 crore of bonds on Friday
USD/INR rose 0.4% to 73.7425 on Monday
Global Funds buy net Rs 92.54 crore of India stocks Monday: NSE
They bought Rs 173 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 40 crore of corporate debt
State-run banks sold Rs 4,520 crore of sovereign bonds on Sept. 20: CCIL data. Foreign banks sold Rs 505 crore of bonds
Glenmark Pharma Receives U.S. FDA Approval For Clindamycin Phosphate Foam, 1%
Glenmark Pharmaceuticals Ltd. received final approval by the United States Food & Drug Administration for Cindamycin Phosphate Foam, 1%, the generic version of Evocllin Foam, 1% of Mylan Pharmaceuticals Inc.
According to IQVIA, Evoclin Foam, 1% had an annual sales of approximately $12 million for the 12-month period ending July 2021.
Glenmark Pharma has 173 products authorized for distribution in U.S. market and 47 ANDAs pending U.S. FDA approval.
SGX Nifty Hints At Gains; Adani Ports, SBI Cards, HCL Tech In Focus
A selloff in stocks continued in Asia on Tuesday amid concerns about China’s crackdown on the real estate sector and the debt crisis at developer China Evergrande Group. Treasuries and the dollar held gains.
Japan slid after reopening following a holiday. Australia, too, retreated, while the U.S. futures rose. The S&P 500 posted the biggest drop since May, though it pared some losses in the last hour of trading as dip-buyers surfaced. The Nasdaq 100 declined and a gauge of Chinese stocks listed in the U.S. tumbled.
India’s SGX Nifty 50 Index futures for September delivery rose 0.3% to 17,430.00, while MSCI Asia Pacific Index fell 0.7%. The NSE Nifty 50 Index fell 1.1% on Monday to 17,396.90.
Treasuries retained an advance and the dollar was firm as investors sought havens. Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, Wednesday’s Federal Reserve meeting also looms. Policymakers are expected to start laying the groundwork for paring stimulus.
The property-sector upheaval is part of President Xi Jinping’s broader clampdown on private industries under his “common prosperity” initiative to reduce economic inequality. Investors are awaiting clarity on how the debt mess at Evergrande will be resolved.
Elsewhere, Bitcoin slid and was trading below $42,000. Oil pared a slump and gold held onto gains.
SBI Cards Holder to sell 3.2 crore shares in company.; Power Finance, RBL Bank are among companies holding their annual shareholders’ meeting. Foreign investors bought net Rs 1,800 crore of stocks on Sept. 17, according to NSDL website.
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