KEY HIGHLIGHTS
Closing Bell: Fourth Day Of Gains
Indian equity markets continued to extend their gains, ending higher for the fourth straight day. Improving global sentiment and lowest Covid-19 cases reported in India over the last 42 days spurred investors in today's session.
The S&P BSE Sensex ended 1.5% higher at 39,574 while the NSE Nifty 50 index ended with gains of 1.4% at 11,662. Both benchmark indices ended at their highest level in February this year. Both Sensex and Nifty have now gained in six out of the last seven trading sessions. The indices have gained 8% each in the last seven trading sessions.
Financials and Autos led the outperformance in today's session. The Nifty Bank ended with gains of 2% courtesy gains in IndusInd Bank, HDFC Bank and ICICI Bank.
The Nifty Auto index ended 1.2% higher owing to gains in Tata Motors (up 7.7%) and Mahindra & Mahindra (up 3.5%). Tata Motors ended as the top gainer on the Nifty 50 index.
Nifty Realty (up 2.6%) and Nifty Media (up 1.8%) were the other sectoral outperformers in today's session.
The Nifty Metal index was the top laggard today, ending 0.7% lower while the Nifty FMCG and Nifty Pharma indices ended little changed but with a negative bias.
Broader markets undeperformed in today's trade. The midcap index ended 0.6% higher while the smallcap index ended with gains of 0.5%.
India Volatility Index ended little changed at 19.63.
Market breadth was in favour of the gainers. 1,083 stocks on the NSE ended with gains while 763 stocks declined.
How Did The Sectoral Indices Fare
Talking Point With PVR CEO
Stock Reaction: IndusInd Bank
The Mumbai-based private lender reported its July-September quarter updates on Monday. The lender's net advances growth of 2% year-on-year while deposits grew 10% compared to last year.
CASA ratio for the lender stood at 40.4% from 41.4% as compared to the previous year.
Retail deposits and deposits from Small Business Customers rose 12% compared to the previous quarter to Rs 75,610 crore.
Shares rose as much as 4.5% to Rs 628.3, up for the third straight day.
Buzzing Stock: GTPL Hathway
- Top gainer on the BSE Smallcap index
- Gains as much as 18.3% to Rs 108.9
- Biggest single-day gain since July 2019
- Trades at the highest level since June 2018
- Up for the third straight day
- Has gained 25% in the last three trading sessions
- Today's volumes are eight times higher than its 20-day average
- Breaks out above its 50-Day Moving Average at 94.6
- Stock enters overbought territory with Relative Strength Index (RSI) at 70
- Has tripled from its 52-week low of Rs 32.3 on March 25, 2020
- All three analysts tracking the stock have a buy recommendation
- The stock crossed its 12-month consensus price target of Rs 95 in today's session
Stock Reaction: Ramco Systems
The company has informed the exchanges that Toll Logistics - one of Asia Pacific's leading integrated logistics services provider with operations in road, rail, sea, air and warehousing, has signed a deal with Ramco Logistics.
Ramco Logistics ERP will transform the company's supply chain operations of its chemicals business division in Australia and New Zealand.
In addition, Ramco Logistics will also be rolled out as a unified out-of-the-box ERP across its new businesses in Asia.
Shares gained as much as 5% to Rs 493, post the announcement. The stock is trading at the highest level since April 2018 and is up for the seventh straight day.
Nifty Bank Index Extends Gains
Active Stock Options
- HDFC's 1,900 Call: Premium up 318.5% to Rs 62. The contract has added 1.2 lakh shares in Open Interest.
- Tata Motors' 150 Call: Premium up 103% to Rs 6.7. The contract has added 8 lakh shares in Open Interest.
- TCS' 2,700 Call: Premium up 9.7% to Rs 123.1. The contract has added 2.7 lakh shares in Open Interest.
Buzzing Stock: AU Small Finance Bank
- Top gainer on the Nifty Midcap index
- Gains as much as 6.8% to Rs 716
- Biggest single-day gain in over eight months
- Up for the third straight day
- Has gained 10% in the last three trading sessions
- Today's volumes are on-par with the stock's 20-day average
- Breaks above 50-Day Moving Average at 699.2 and 200-Day Moving Average at 711.7
- Relative Strength Index (RSI) of the stock at 58.5
- Trading 41% below its 52-week high of Rs 1,218 on March 2, 2020
- 11 out of the 24 analysts tracking the stock have a buy recommendation; 7 sell calls
- Return potential of the stock as per Bloomberg data is 3.7%
Markets At 2:10 P.M.
- Benchmark indices set to gain for fourth straight day
- Nifty up 0.86% at 11,602
- Sensex up 1% at 39,360
- Nifty Bank up 1.3% at 22,652
- Nifty Midcap index up 0.4%
- Nifty Smallcap index up 0.3%
- India Volatility Index down 0.5% to 19.61
- Nifty Realty remains the top sectoral gainer; up 2.2%
- Nifty Auto is the other major sectoral gainer; up 1.4%
- Nifty Metal is the top sectoral laggard; down 1.2%
- Nifty I.T., Nifty FMCG and Nifty PSU Bank down between 0.2% and 0.4%
- Tata Motors extends gains as the top Nifty gainer; up 8.7%
- Tata Steel and Wipro are the top Nifty laggards; down 2.1% each
- 1,058 stocks on the NSE are trading with gains while 732 are declining
Money Market Update
The rupee ended lower for the second straight day, despite the gains seen in the equity markets.
The currency ended at 73.46 against the U.S. Dollar as compared to Monday's close of 73.28. It made an intraday high of 73.14 while 73.51 was the lowest point of the day.
Today's losses made rupee the worst performing currency in Asia. Only two other currencies other than the rupee weakened against the U.S. Dollar in today's session.
Yield on the 10-year government bond ended at 6.024% as compared to Monday's close of 6.004%.
Stock Reaction: Indo Rama Synthetics
The company's promoter Urmila Lohia will be selling up to 1.76 crore shares of the company, amounting to a 6.72% stake through an Offer for Sale.
The floor price of Rs 24 per share is a 3.6% discount to Monday's closing price. The promoter will fetch a sum of Rs 42.1 crore post the stake sale.
Promoter stake post the OFS will come down to 75% from 81.72% earlier.
The OFS for non-retail investors is open today and will open tomorrow for the retail investors.
Shares are locked in an upper circuit of 5% at Rs 25.6. The stock is up for the third straight day, trading at the highest level in nearly nine months.
Quarterly Update: Godrej Consumer Products
- Demand trends remained stable and improved sequentially across key geographies.
- Expect close to low double-digit year-on-year sales growth this quarter for the India business, led by hygiene and household insecticides categories.
- Continue to see sequential recovery in hair colour and air freshener categories.
- Expect low single-digit year-on-year constant currency sales growth for the Indonesia business.
- Business performance in Indonesia impacted due to worsening Covid-19 situation and stringent social distancing norms, implemented from mid-September.
- Recorded strong sequential recovery across most market operations in Africa, U.S. and the Middle East.
- Expect close to low double-digit year-on-year constant currency sales growth this quarter.
- Expect sales performance in Latin America business to remain steady.
- Expect close to low double-digit year-on-year sales growth on a consolidated basis.
Shares fell as much as 1.4% to Rs 742.3, post the announcement.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 13.4% and 12.65 lakh shares in Open Interest.
- Nifty Bank October futures add 16.2% and 2.3 lakh shares in Open Interest.
Nifty: October 8 Expiry
- 11,600 Call: Premium up 36.1% to Rs 53.5. The contract has added 15.3 lakh shares in Open Interest.
- 11,700 Call: Premium up 23.2% to Rs 18.3. The contract has added 7.5 lakh shares in Open Interest.
- 11,500 Put: Premium down 49.5% to Rs 39.1. The contract has added 23.7 lakh shares in Open Interest.
Nifty Bank: October 8 Expiry
- 22,500 Put: Premium down 49.3% to Rs 183.15. The contract has added 5.34 lakh shares in Open Interest.
- 23,000 Call: Premium up 5.7% to Rs 103.2. The contract has added 4 lakh shares in Open Interest.
- 22,800 Call: Premium up 19.9% to Rs 176.8. The contract has added 4 lakh shares in Open Interest.
Quarterly Update: Thyrocare Technologies
- Have conducted more than 4 lakh Covid-19 RT-PCR tests and more than 3.2 lakh Covid-19 antibody tests as on September 30.
- Have enhanced capacity to do RT-PCR tests up to 400 per hour.
- Secured approval for new facility in Gurgaon which has also been built with an ability to do 400 tests per hour.
- Creating facilities with Covid-19 testing facility in Bengaluru and Kolkata to meet the demand.
- Revenue for the quarter up 37% as compared to last year and up 171% as compared to the previous quarter.
- As per direction of the Bombay High Court, all orders passed discretionally by these administrators are now withdrawn.
- Now allowed to operate in all parts of the country.
Shares gained as much as 5.6% to Rs 818.4, post the announcement. The stock is up for the second straight day, trading at the highest level in nearly two months.
European Markets Open Higher
Benchmark indices in Europe opened flat, trading with a positive bias for the fourth straight day as fears over U.S. President Donald Trump's health subsided with his return to the White House.
The Stoxx 600 is up 0.1% with utilities and energy stocks gaining. Media and personal care stocks were declining.
Most Asian markets have ended with gains while futures on the Dow Jones are trading higher by 40 points.
Brent crude is trading 0.9% higher at $41.66 per barrel while Gold is trading at $1,911/Oz.
Let's take a look at how European markets are trading:
- Euro Stoxx 50 up 0.2% at 3,225
- DAX up 0.2% at 12,853
- CAC up 0.2% at 4,880
- FTSE 100 unchanged at 5,940
- IBEX 35 up 0.1% at 6,844
How Are The Sectoral Indices Faring
Buzzing Stock: Dabur
- Trades at a record high
- Gains as much as 2.9% to Rs 535
- Biggest single-day gain in two months
- Up for the fourth straight day
- Longest winning streak in two months
- Today's volumes are more than quadruple its 20-day average
- One-month implied volatility is 28%
- Saw breakout above its 50-Day Moving Average of 498.2 on September 28
- Relative Strength Index (RSI) of the stock at 67
- Has gained 40% from its 52-week low of Rs 385 on March 23, 2020
- 28 out of the 40 analysts tracking the stock have a buy recommendation; 4 sell calls
- The stock crossed its 12-month consensus price target of Rs 515.9 in today's session
Stock Reaction: Gujarat State Fertilisers & Chemicals (GSFC)
The company informed the exchanges on Monday that it will commence manufacturing of Calcium Nitrate - a water soluble and entirely imported fertiliser as on date.
The move will make GSFC the first company in India to manufacture Calcium Nitrate within the country, the company said in an exchange filing.
The company plans to commence production with an initial capacity of approximately 10,000 MTPA, expandable up to 15,000 MTPA. The capacity may also reach 30,000 MT in the next 12 months.
The company expects an addition of Rs 20 crore to its topline and 7-8% growth in its bottomline from the move.
India's annual requirement of the product is about 1.2 lakh MT which is entirely imported.
Shares gained as much as 4.3% to Rs 66.9 - the highest level in a month. The stock has gained in six out of the last seven trading sessions.
All But One Stock Gain On The Realty Index
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.8% at 11,592
- Sensex up 0.9% at 39,309
- Nifty Bank up 1.3% at 22,664
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.6%
- India Volatility Index up 0.2% to 19.75
- Nifty Realty remains the top sectoral gainer; up 2%
- Nifty Auto is the other major sectoral gainer; up 1.4%
- Nifty I.T. remains the top sectoral laggard; down 1.1%
- Nifty Metal is the only other sectoral laggard; down 0.5%
- Tata Motors extends gains as the top Nifty gainer; up 7.9%
- Wipro extends losses as the top Nifty laggard; down 2.7%
- 1,125 stocks on the NSE trade with gains while 620 are declining
Brokerage Reaction: InterGlobe Aviation
The aviation carrier is gaining in today's session after brokerage firm Morgan Stanley maintained its overweight rating on the stock and raised its price target.
Morgan Stanley's Rationale:
- Aviation industry faces unprecedented challenge and recovery will be gradual
- Set to emerge strong from Covid-19 challenge on both cost and competitive front
- Passengers travelling by rail may shift to air as low fuel prices keep rates competitive
- Well placed to maintain the fleet as compared to peers due to cash on the books
- Cost per seat likely to come down and make franchise more lean.
Morgan Stanley has raised its price target on the stock to Rs 1,852 from the earlier Rs 1,640. Shares gained as much as 3.7% to Rs 1,344.9 and are up for the fourth straight day.
Buzzing Stock: Himatsingka Seide
- Among top performers on the BSE Smallcap index
- Gains as much as 10% to Rs 142.35
- Trading at the highest level since January this year
- Up for the seventh straight day
- Longest winning streak since January this year
- Has gained 80% in the last seven trading sessions
- Price band was revised to 10% from 20% in today's session
- Today's volumes are 10 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 83
- Saw breakout above 200-Day Moving Average at 81.4 on September 28
- Has tripled from its 52-week low of Rs 43 on March 25, 2020
- Trading near its 52-week high of Rs 166 on October 24, 2019
- Two out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 41% higher than its 12-month consensus price target of Rs 82, implying a negative return potential
Stock Reaction: Majesco
The company informed the exchanges on Monday that the board of directors will meet on October 8, to consider the proposal of a buyback of the company's fully paid-up equity shares.
Shares are locked in an upper circuit of 5% to trade at an all-time high of Rs 860.45. The stock has snapped a two-day losing streak.
The stock has gained over five times from its 52-week low of Rs 167.95 which it made on March 24, 2020.
The volumes on the stock today are six times higher than its 20-day average. It is trading in overbought territory with Relative Strength Index (RSI) at 74.
Stock Reaction: Adani Ports & SEZ
The company reported a growth of 7% year-on-year for its cargo volumes during the second quarter of FY21.
Adani Ports handled cargo volume of 56.25 MMT as compared to 52.7 MMT during the same period last year, the company said in an exchange filing.
Brokerages have turned bullish on the stock post its acquisition of the Krishnapatnam port, the completion of which was announced yesterday.
Brokerages On Adani Ports:
- CLSA: Upgrade to buy from outperform; price target raised to Rs 425 from Rs 386
- Nomura: Buy rating maintained with a price target of Rs 420; deal is accretive
- Citi: Buy rating maintained with a price target of Rs 402
- Jefferies: Buy rating maintained; price target raised to Rs 450 from Rs 415
Shares gained as much as 3.9% to Rs 364 - to its highest level in a month.
Stock Reaction: Mahanagar Gas
The company has cut prices of the fuel used in transport and for cooking after the government cut prices of natural gas to the lowest in a decade.
The price of CNG or Compressed Natural Gas is cut by Rs 1.05 per kg and that of Piped Natural Gas or PNG is cut by Rs 0.7 per cubic meter, according to a statement on the company's website.
The revised delivered prices of CNG will be Rs 47.9 per kg and for PNG will be Rs 29.8 per standard cubic meter for slab 1 and Rs 34.5 per standard cubic meter for slab 2.
The new rates are effective starting today, according to the city-gas distributor.
After the price revision, MGL's CNG offers savings of about 62% and 38% as compared to petrol and diesel respectively at the current price levels in Mumbai, according to the company.
Shares fell as much as 1.1% to Rs 845 and are down for the second straight day.
Buzzing Stock: Century Plyboards
- Among top gainers on the Nifty Smallcap index
- Gains as much as 6.3% to Rs 185
- Up for the third straight day
- Has gained 14% in the last three trading sessions
- Today's volumes are more than double its 20-day average
- Stock nearing overbought territory with Relative Strength Index (RSI) at 68
- Trading near its 52-week high of Rs 192 on September 15, 2020
- 16 out of the 19 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 10.3% higher than its 12-month price target of Rs 163.2, implying a negative return potential
Brokerage Reaction: Asian Paints
Shares of the paint company are rising in today's session after brokerage firm Morgan Stanley upgraded the stock to overweight from equalweight.
Morgan Stanley's Rationale:
- Likely to move into the second leg of the consumption recovery cycle
- Expect faster demand recovery in decorative painting as economy opens up
- Further demand for industrial paints will benefit from stronger demand for the automotive industry
- Benign input cost environment, stable currency and cost control measures will help margins in the near-term
- Though underperforming the index since March, it is likely to outperform going forward
- Key Risks: Spike in Covid-19 cases resulting in lockdown, particularly in urban areas
Morgan Stanley also raised its price target on the stock to Rs 2,300 from the previous Rs 1,810.
Shares gained as much as 3% to an all-time high of Rs 2,090. The stock has gained in six out of the last seven trading sessions.
September Services PMI Data
India's Services Purchasing Managers' Index for the month of September stood at 49.8 from 41.8 in August and 48.7 during the same period last year, according to IHS Markit.
The reading in September was the highest since February this year. However, the reading remained in contraction territory for the seventh straight month.
A reading below 50 indicates contraction while that above 50 indicates expansion.
Employment index fell to 46.8 from 48.2 in August, marking the seventh straight month of contraction.
New businesses rose as compared to August to their highest since March this year, as per IHS Markit.
The composite Purchasing Managers Index for the month of September was 54.6 as compared to 46 in August and 49.8 during the same period last year.
Stock Reaction: Infibeam Avenues
The company informed the exchanges on Monday that it has entered into a definitive agreement with Jio Platforms and its affiliates.
The agreement will allow Jio Platforms to license, customise, maintain and access their enterprise e-commerce software and payments platform for their business use, according to their exchange filing.
Shares are locked in an upper circuit of 5% at Rs 82.75 and are gaining for the fourth straight day. This is the second straight day of upper circuit for the stock.
Stock Reaction: Mahindra & Mahindra
The company has informed the exchanges that booking for its latest SUV, 'Thar' has crossed 9,000, since its launch on October 2.
The booking milestone has been achieved despite only 18 cities being part of the phase one markets, the company said in an exchange filing.
"Thar has resonated well with lifestyle seekers, families & women buyers, thereby opening-up an entirely new set of customers for this 4X4 SUV," Veejay Nakra - CEO of M&M's Automotive Division was quoted as saying.
The company has also said that test drives for the rest of the country will be available from October 15.
Since its launch on October 2, the Thar has received over 36,000 enquiries and more than 3.3 lakh website visitors, according to the press release.
Shares gained as much as 4% to Rs 631.5 and are among the top gainers on the Nifty 50 index.
Markets At 10:10 A.M.
- Benchmark indices trade with gains in the first hour
- Nifty up 0.85% at 11,601
- Sensex up 0.9% at 39,327
- Nifty Bank up 1% at 22,599
- Nifty Midcap index up 0.65%
- Nifty Smallcap index up 0.7%
- India Volatility Index down 0.2% to 19.66
- Nifty Realty is the top sectoral gainer; up 2.6%
- Nifty Auto is the other major sectoral gainer; up 1.6%
- Nifty I.T. is the top sectoral laggard; down 0.75%
- Tata Motors is the top Nifty gainer; up 7.1%
- 36 out of the 50 Nifty constituents trade with gains
- Wipro is the top Nifty laggard; down 1.8%
- 1,170 stocks on the NSE trade with gains while 496 decline
Money Market Update
The rupee has opened with gains in today's session after ending with losses on Monday.
The currency opened at 73.16 against the U.S. Dollar as compared to Monday's close of 73.29. It was the second worst performer in Asia on Monday.
The rupee has outperformed its high-yielding counterpart - the Indonesian Rupiah in the July-September period with gains of over 2%.
Yield on the 10-year government bond opened at 6.01% as compared to Monday's close of 5.996%.
Indian states are planning to sell bonds worth Rs 21,150 crore in today's session.
ANZ in a note said that it prefers holding 5-year tenor bonds, which should benefit from further rate cuts and broader currency support. It sees scope for yields to ease to 4.8% on the back of another 50 basis points of rate cuts during the fiscal year.
Stock Reaction: Tata Motors
The company's U.K. subsidiary Jaguar Land Rover said that retail sales in the July-September period saw significant improvement as compared to the previous quarter.
JLR said that sales in China were particularly encouraging and that its vehicle manufacturing plants in U.K. and Slovakia have increased to a two-shift pattern to meet rising demand.
JLR's Retail sales for the quarter were at 1,13,569 vehicles - up 50% from the pervious quarter. China's sales were up 14.6% sequentially and 3.7% year-on-year.
While the company highlighted improving retail sales in all other markets, it said that they have not yet recovered to pre-Covid levels.
Shares gained as much as 8.4% to Rs 145.2 and are the top gainers on the Nifty 50 index. The stock is up for the fourth straight day.
Coronavirus India Updates
- Lowest new cases reported in the last 42 days
- 61,267 new cases reported in the last 24 hours
- Total confirmed cases at 66,85,082
- Active cases at 9,19,023
- Patients cured / discharged / migrated at 56,62,490
- Death toll rises to 1,03,569
- 884 deaths reported over the last 24 hours
- 75,787 patients reported recoveries over the last 24 hours
Stock Reaction: Sobha
The Bengaluru-based real estate player in its second quarter business updated reported a total sales volume at 8.91 lakh square feet, d at Rs 690 crore.
The company said that the total average realisation of Rs 7,737 per square feet, achieved during the July-September period was the highest in the last five quarters.
Sales volume, total sales and Sobha share of sales rose 37%, 41% and 35% respectively as compared to the previous quarter.
Dependency on Bengaluru sales has come down to 60% during the current quarter as compared to 74% in Q1FY21.
Brokerage firm Jefferies has maintained its buy rating on the stock with a price target of Rs 315.
Shares gained as much as 8.6% - the most in six months to Rs 260. The stock is up for the third straight day and is trading at the highest level in a month.
Stock Reaction: HDFC Twins
Both HDFC and HDFC Bank announced their second quarter business updates on Monday evening. The housing finance lender HDFC said that the month of September has seen the strongest recovery since the outbreak of the pandemic.
The individual loan approvals in terms rose 31% as compared to the previous year while number of loan applications during the period was up 12%.
The company's gross income from dividend was down to Rs 323 crore from Rs 1,074 crore last year while profit from sale of investment was nil as compared to Rs 1,627 crore last year.
On the other hand, HDFC Bank reported a 16% year-on-year growth in overall advances while deposits were up 20% to over Rs 12.2 lakh crore.
The lender also purchased loans worth Rs 3,026 crore through the direct assignment route under the home loan agreement with HDFC.
Shares of HDFC Bank rose as much as 2.4% to Rs 1,141 - the highest in seven months. The stock is up for the seventh straight day - its longest winning streak since June this year.
Shares of HDFC rose as much as 4.5% to Rs 1,866. This is the biggest single-day gain for the stock in three months.
Opening Bell: A Strong Start
Indian equity markets opened higher for the fourth straight day, rising to their highest level in three weeks.
The S&P BSE Sensex opened 0.9% higher at 39,336 while the NSE Nifty 50 index opened above the mark of 11,600 at 11,603 - up 0.9%.
All sectoral indices opened with gains. The Nifty Bank opened 1.3% higher while Nifty Media, Nifty Realty and Nifty Metal opened with gains of 1% each.
The slow starters in today's session were Nifty FMCG and Nifty Pharma which opened 0.4% and 0.5% higher respectively.
Broader markets have seen a positive start as well. The Nifty Midcap index is up 0.7% while the smallcap index has gained 0.75% at the start of trade.
1,050 stocks on the NSE opened with gains while 281 stocks declined.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 11,350 Put of the October 8 expiry in the range of Rs 30-32. Target of Rs 16-10 with stop loss of Rs 44.
- Nifty Bank: Buy in the range of 22,300-22,350 for target of 22,650-22,800 and stop loss of 22,150.
- Buy Sun Pharma October futures for target of Rs 535 and Rs 546.3 with a stop loss of Rs 520
- Sell Escorts October futures for target of Rs 1,242.8 and Rs 1,230.5 with stop loss of Rs 1,259.2
- Escorts and Sun Pharma are intra-day recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- CreditAccess Grameen: Launches QIP issue on Monday. Floor price of Rs 707.69 per share is a 5.3% discount to Monday's closing price. As per SEBI guidelines, the company may offer a discount of not more than 5% on the floor price. The panel will meet on October 8 to consider the date of closing the QIP and the issue price.
- Indo Rama Synthetics: Promoter Urmila Lohia to sell up to 1.76 crore shares or 6.72% stake in the company through an Offer for Sale. The floor price of Rs 24 per share is a 3.6% discount to Monday's closing price. The stake sale will fetch the promoter Rs 41.1 crore. The OFS opens for non-retail investors today and for retail investors tomorrow. Promoter stake to come down to 75% from the current 81.72% post the sale.
- Britannia: Issues one unsecured, non-convertible, redeemable fully paid-up debenture of face of Rs 29 each by way of bonus to members of the company, for every one share held. It has also paid dividend of Rs 12.5 per share by utilising its accumulated profits.
- Majesco: To consider share buyback on October 8.
- Infibeam Avenues: Enters into definitive agreement with Jio platforms to license, customise, maintain and access the company's enterprise e-commerce software and payments platform for their business use.
- Gujarat State Fertilisers and Chemicals: To take up manufacturing of Calcium Nitrate, becoming the first company in India to do so. It intends to commence production with an initial capacity of approximately 10,000 MTPA which will be expandable up to 15,000 MTPA. It is also likely to reach 30,000 MT in the next 12 months. The company expects this move to add Rs 20 crore to its topline and 7-8% growth in net profit.
To know more about companies reporting their quarterly business updates, what's on the brokerage radar and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Another Day Of Gains?
Good Morning!
Indian equity markets gained for the third straight day on Monday, despite ending off the highest point of the day.
Futures are indicating a steady start to today's trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 11,566 as of 7:45 a.m. on Tuesday.
A slew of companies, including HDFC Twins, IndusInd Bank and Sobha, among others, have released their quarterly updates. Besides, Asian Paints and Adani Ports will be in focus on account of brokerage upgrades.
Most Asian markets are following their U.S. peers higher after President Donald Trump left hospital on Monday. Benchmark indices in Japan, South Korea and Hong Kong are trading higher, while those in Australia are declining ahead of the budget announcement.
Futures on the Dow Jones are trading higher by 60 points. The index ended 1.7% higher on Monday.
West Texas Intermediate crude was little changed at $39.27 per barrel, as was gold, which traded at $1,911/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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