KEY HIGHLIGHTS
Closing Bell: A Volatile Session
Indian equity markets ended lower for the fifth straight day, after a volatile trading session that saw swings between gains and losses.
The S&P BSE Sensex ended 0.17% lower at 37,668 while the NSE Nifty 50 index declined 0.18% at 11,134. Both Sensex and Nifty are going through their longest losing streak in over six months.
The recovery on the Nifty 50 was led by heavyweights like HDFC Bank, Hindustan Unilever and Infosys. On the other hand, the Bharti twins - Airtel & Infratel were the top laggards on the index, ending 8% lower.
For the September series, as of closing today, both Sensex and Nifty are down over 3.5% each.
Sectoral indices too recovered from their respective day's lows in the final hour of trade. The Media index was the top laggard, ending 2.4% lower while the Pharma and PSU Bank indices declined over 1.5% each.
The Realty index outperformed in today's session, ending with gains of 0.8%.
Broader markets too saw a volatile session. The Nifty Midcap index ended lower by 0.3% while the smallcap index ended unchanged.
India Volatility Index fell 2.45% to 20.88 at the close of trade.
Market breadth attempted a recovery but remained in favour of the laggards. 986 stocks on the NSE ended with losses while 854 posted gains.
How Did The Sectoral Indices Fare
Buzzing Stock: L&T Infotech
- Third worst performer on the Nifty Midcap index
- Declines as much as 6.7% to Rs 2,408
- Biggest drop in a single-day in six months
- Trades at the lowest level in two weeks
- Down for the fourth straight day
- Longest losing streak in a month
- Has declined 12% in the last four trading sessions
- Today's volumes are more than double its 20-day average
- Breaks below its 50-Day Moving Average support of 2,456
- Down 13% from its 52-week high of Rs 2,794 on September 18, 2020
- 22 out of the 34 analysts tracking the stock have a buy recommendation; 6 sell calls
- The stock trades 3.1% higher than its 12-month consensus price target of Rs 2,435, implying a negative return potential
The Developments Around GMM Pfaudler
Also Read: The Curious Case Of GMM Pfaudler
Buzzing Stock: Welspun India
- Bucking the trend in today's session
- Among top gainers on the Nifty Smallcap index
- Gains as much as 5% to Rs 59.15
- Biggest single-day gain in three weeks
- Snaps two-day losing streak
- Today's volumes are 30% below its 20-day average
- Consensus two-year estimated EPS CAGR is 388.9% as compared to a decline of 25.4% on an average over the last four years.
- Trading near its 52-week high of Rs 63.5 on September 16, 2020
- Has tripled from its 52-week low of Rs 18.45 on March 24, 2020
- Five out of the six analysts tracking the stock have a buy recommendation
- The stock trades 10.8% higher than its 12-month consensus price target of Rs 51.88, implying a negative return potential
Reliance Industries' Active Stock Options
- 2,300 Call: Premium down 43.27% to Rs 2.95. The contract has shed 1.75 lakh shares in Open Interest.
- 2,200 Put: Premium down 72.36% to Rs 4.45. The contract has shed 77,265 shares in Open Interest
- 2,260 Call: Premium down 41.54% to Rs 5.7. The contract has added 40,400 shares in Open Interest.
Likhita Infrastructure IPO Opens September 29
Hyderabad-based oil & gas pipeline infrastructure service provider Likhita Infrastructure will launch its Initial Public Offer on September 29.
The price band for the issue has been set between Rs 117-120 per share.
Minimum bid lot for the issue will be 125 equity shares and in multiples of 125 shares thereafter.
Shares will be listed on the BSE & NSE, it said in a statement.
Unistone Capital is the book running lead manager to the issue.
All Constituents Of PSU Bank Index Decline
Buzzing Stock: Varun Beverages
- Down for the seventh straight day
- Longest losing streak since September 2018
- Trading at the lowest level in over two months
- Declines as much as 1.1% to Rs 679
- Breaks below its 100-Day Moving Average of 690.1
- Today's volumes are 22% below its 20-day average
- Trades at 34.4 times estimated forward Earnings Per Share as compared to its two-year historical average of 39 times
- Has declined 22% from its 52-week high of Rs 870 on January 27, 2020
- 10 out of the 13 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 21.8%
Markets At 2:10 P.M.
- Benchmark indices extend losses; set to decline for the fifth straight day
- Nifty down 1% at 11,036
- Sensex down 1% at 37,354
- Nifty Bank down 1.5% at 20,832
- Nifty Midcap index down 1.1%
- Nifty Smallcap index down 0.6%
- India Volatility Index up 3% to 22.04
- All sectoral indices trade with losses
- Nifty Media remains the top sectoral laggard; down 4%
- Nifty PSU Bank is the other major sectoral laggard; down 2.6%
- Nifty Metal, Nifty Pharma fall over 1.5% each
- Infosys is the top Nifty gainer; up 0.9%
- Bharti Airtel is the top Nifty laggard; down 8.3% - biggest drop in six months
- 39 out of the 50 Nifty constituents trade with losses
- 1,201 stocks on the NSE trade with losses while 607 are bucking the trend
Money Market Update
The rupee has ended flat today after trading in a narrow range throughout the session.
The currency ended at 73.57 against the U.S. Dollar as compared to Tuesday's close of 73.59.
The rupee made an intraday low of 73.63 and an intraday high of 73.49 in today's session, indicating a 14 paise range.
“Unless 73.25 doesn't break on the downside, the spot will continue to trade towards 73.75 and above,” Rahul Gupta of Emkay Global Financial Services said in a quote.
The rupee was the second best performing currency in today's session, behind the South Korean Won. The won and the rupee are the only two currencies that gained against the greenback in today's session.
Yield on the 10-year government bond ended at 5.99% as compared to Tuesday's closing of 6.012%.
Brokerage Reaction: Muthoot Finance
The gold financing company is trading with gains in today's session after Motilal Oswal upgraded the stock to buy from neutral and a price target of Rs 1,300.
Motilal Oswal's Rationale:
- Gold loan financiers have created a strong proposition Vs Banks
- Gold Financiers are currently in a sweet spot
- Have gained market share of over 300 basis points in the last five years despite higher interest rates
- Expect Muthoot to generate RoA and RoE of 6.8% and 25% respectively, over the medium-term
- Price target based on consistent profitability and sectoral tailwinds.
Shares of Muthoot Finance gained as much as 3.5% to Rs 1,050, snapping a four-day losing streak.
Motilal Oswal has also initiated coverage on Manappuram Finance with a buy rating and a price target of Rs 185.
Stock Reaction: Majesco
Shares of the company are gaining in today's trade after Unifi Wealth Management acquired stake in it on Tuesday.
Unifi Wealth Management acquired 2.06 lakh shares of the company, amounting to a stake of 0.72% on Tuesday at Rs 779.05 per share.
Shares gained as much as 5% to Rs 816.65 and is trading at an all-time high. The stock is up for the third straight day and has gained 7% during the period.
Buzzing Stock: Jubilant Lifesciences
- Among worst performing stocks on the Nifty Midcap index
- Falls as much as 7.2% to Rs 725
- Biggest single-day fall in six months
- Falls to the lowest level in two weeks
- Has declined in four out of the last six trading sessions
- Breaks below its 50-Day Moving Average of 787.5
- Today's volumes are 18% higher than its 20-day average
- Relative Strength Index (RSI) nearing oversold territory; currently at 41. A reading below 30 indicates the stock is oversold
- Down 20% from its 52-week high of Rs 909 on August 4, 2020
- 10 out of the 12 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 19%
Media Index Down 11% In Three Sessions
European Markets Open Higher
Benchmark indices in Europe opened higher for the second straight day, attempting to erase Monday's rout which saw markets fall between 3-4% across the continent.
The Stoxx 600 has opened 0.7% higher with Technology and Media stocks outperforming. Energy shares are laggards as oil prices drop.
Asian markets have had a muted end to mid-week trade, while futures on the Dow Jones are trading higher by 90 points.
Brent crude is trading 0.7% lower at $41.4 per barrel while Gold trades at $1,881.5/Oz, down 1%.
Let's take a look at how benchmark indices in Europe are trading:
- Euro Stoxx 50 up 1.1% at 3,198
- DAX up 1.1% at 12,733
- CAC up 1% at 4,819
- FTSE 100 up 0.85% at 5,878
- IBEX 35 up 0.8% at 6,700
How Are The Sectoral Indices Faring
Stock Reaction: Tech Mahindra
The company has informed the exchanges that its 100% subsidiary - Tech Mahindra (Americas) Inc. has divested its holding of close to 1.81 crore C1 preferred shares in Altiostar Networks Inc.
The shares have been sold to Rakuten USA, Inc., for a total consideration of $45 million, the company said in an exchange filing. The buyer does not belong to any promoter group or entities, the statement said.
Tech Mahindra and Rakuten have also collaborated to bring Rakuten Communications Platform (RCP) to global customers.
Under the partnership, Tech Mahindra will provide managed I.T., security and network services to Rakuten.
Shares gave up gains to fall as much as 1.3% to Rs 790.2.
Buzzing Stock: Bharti Airtel
- Top laggard on the Nifty 50 index
- Falls as much as 8% to Rs 433.4
- Biggest single-day drop in six months
- Trades at the lowest level in over five months
- Has declined in nine out of the last 13 trading sessions
- Down 17% in the last 13 trading sessions
- Today's volumes are triple its 20-day average
- Stock now trades below all key Daily Moving Averages
- Stock enters oversold territory with Relative Strength Index (RSI) at 29
- Has declined 29% from its 52-week high of Rs 612 on May 20, 2020
- 29 out of the 30 analysts tracking the stock have buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 59.8%
UTI AMC To Sell 3.9 Crore Shares In IPO
Shareholders of UTI Asset Management Company, India's second largest AMC in terms of total AUMs, will sell up to 3.9 crore shares in its IPO, according to terms of the deal obtained by Bloomberg.
State Bank of India, Life Insurance Corporation of India and Bank of Baroda will sell 1.05 crore shares each, as per the terms.
On the other hand, Punjab National Bank and T. Rowe Price will sell up to 38 lakh shares each.
The anchor offer period opens and closes on September 28 while the public offer for all investors opens on September 29 and closes on October 1.
BofA Securities, Kotak, Axis, Citi, ICICI Securities, JM Financial and SBI Caps are book running lead managers.
Markets At Noon
- Benchmark indices off day's high; consolidate in a range
- Nifty up 0.36% at 11,193
- Sensex up 0.42% at 37,893
- Nifty Bank up 0.34% at 21,211
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.9%
- India Volatility Index down 3.8% to 20.58
- Nifty Realty remains the top sectoral gainer; up 1.6%
- Nifty I.T. is the other sectoral gainer; up 1%
- Nifty Media is the top sectoral laggard; down 1.5%
- Nifty Metal, Nifty Pharma and Nifty PSU Bank decline between 0.5% to 1%
- HCL Technologies is the top Nifty gainer; up 2.7%
- Top three gainers on the Nifty 50 are I.T. stocks, followed by Reliance Industries
- Bharti Airtel is the top Nifty laggard; down 7.3%
- 1,083 stocks on the NSE trade with gains while 677 decline
Buzzing Stock: Page Industries
- Top gainer on the Nifty Next 50 index
- Gains as much as 4.6% to Rs 19,220
- Biggest single-day gain in a month
- Trades at the highest level in three weeks
- Up for the second straight day
- Breaks above 100-Day Moving Average at 19,087 and tests 50-Day Moving Average resistance at 19,202
- Today's volumes are 22% higher than its 20-day average
- Brokerage firm Asian Market Securities initiated coverage on the stock with a buy rating and a price target of Rs 22,096, implying a 16% upside from Tuesday's closing.
- Has declined 28% from its 52-week high of Rs 26,882 on January 24, 2020
- Six out of the 20 analysts tracking the stock have a buy recommendation; 9 sell calls
- The stock crossed its 12-month consensus price target of Rs 18,970 in today's session
Stock Reaction: Laurus Labs
Shares of the company are gaining in today's session after its promoter released a pledge on 9.75 lakh equity shares on Tuesday.
This is the second instance in the last ten days of promoter pledge being released. The promoters had earlier released a pledge on 6.5 lakh shares of the company on September 15 as well.
Shares gained as much as 5.2% to an all-time high of Rs 1,495, snapping a two-day losing streak.
The stock declined on Monday and Tuesday after gaining for 10 straight trading sessions. The stock is up 24% in the last 13 trading sessions.
Six out of the eight analysts tracking the stock have a buy recommendation while two have a sell rating.
The stock is trading 20.6% higher than its 12-month consensus price target of Rs 1,169.3, implying a negative return potential.
Brokerage Reaction: Gujarat Pipavav Ports
Shares of the company are gaining in today's session after brokerage firm Nomura maintained its buy rating on the stock with bullish commentary.
Nomura’s Rationale:
- Strong volume outlook from FY22F
- ~6.5% price hike to drive growth in profitability
- Western Dedicated Freight Corridor (WDFC) linkage and ramp-up in LPG volumes to drive volume growth
- Longer term concession renewal beyond September 2028 is a key catalyst
- Raise FY22/23F EPS estimates by 17% and 19% respectively
- Key Risks: Delay in WDFC Linkage, slower-than-expected recovery in volumes & market share loss
Shares gained as much as 4.65% to Rs 90, snapping a two-day losing streak. Nomura has raised its price target on the stock to Rs 105 from the earlier Rs 100.
Buzzing Stock: Adani Green Energy
- Among worst performing stocks on the BSE Midcap index
- Locked in a lower circuit of 5% at Rs 588.25
- Down for the fifth straight day
- Longest losing streak in over two months
- Has declined 13% in the last five trading sessions
- Today's volumes are 59% below its 20-day average
- Relative Strength Index (RSI) of the stock down to 58
- Stock price volatility over the past year at 59.7% as compared to peers average of 49.5%
- Has declined 16% from its 52-week high of Rs 699 made last week on September 16
Stock Reaction: Central Bank of India
The state-run lender launched a QIP issue on Tuesday. It has set a floor price of Rs 16.18 per share, which is a 6% discount to Tuesday's closing price.
The Capital Raising Committee of the bank's board of directors will meet on Friday to consider and determine the issue price for the QIP and shares to be allotted to qualified institutional buyers, pursuant to the issue, the bank said in its exchange filing.
Shares fell as much as 11.5% to Rs 15.25 - the most since September 2018. The stock has recovered from the day's low but remains 6% lower.
Stock Reaction: Repco Home Finance
Shares of the housing finance company are gaining in today's trade after Fidelity Group acquired stake.
Fidelity Group acquired 4.2 lakh shares of the company, amounting to 0.67% stake at Rs 150.33 per share, based on data available on the exchanges on Tuesday.
Shares gained as much as 5.6% to Rs 165.1, and has snapped a four-day losing streak. Volumes on the stock however are 43% below its 20-day average.
The stock is sustaining above its 50-Day Moving Average after witnessing a breakout from the level of 153.8, in Tuesday's session.
The stock has 17 out of the 19 analysts having a buy recommendation with no sell calls. The return potential of the stock as per Bloomberg data is 53%.
Buzzing Stock: Zensar Technologies
- Among top gainers on the Nifty 500 index
- Gains as much as 5.7% to Rs 195.4
- Biggest single-day gain in over a month
- Trades at the highest level in eight months
- Snaps a three-day losing streak
- Today's volumes are 28% below its 20-day average
- Rebounds from 50-Day Moving Average Support of 169.9
- Trades at 14.7 times estimated forward earnings per share as compared to 23.1 times for comparable companies
- Trading 12% below its 52-week high of Rs 223 on October 18, 2019
- 10 out of the 14 analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 7.3% higher than its 12-month consensus price target of Rs 179, implying a negative return potential
Stock Reaction: Sequent Scientific
The company announced on Tuesday that it has entered into a definitive agreement with Dr Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17 million.
Provet is among the top thre and the largest local company in veterinary medicines market in Turkey, the company said in an exchange filing.
Sequent Scientific already owns 60% stake in Provet through its Irish subsidiary, which was acquired in the year 2014.
The transaction is likely to be completed on or before October 31, 2020. Post the acquisition, Sequent Scientific will own 100% stake in Provet, which will then become a wholly-owned subsidiary of the company.
Shares gained as much as 5.9% to Rs 151.9, up for the second straight day. The stock has gained in six out of the last eight trading sessions.
Stock Reaction: Hindustan Construction Company
The company has closed the sale of Farakka Raiganj Highways to Cube Highways at an enterprise of Rs 1,508 crore. The sale was carried out by HCC Concessions Ltd., the infrastructure development arm of the company.
The Enterprise Value comprises of debt of Rs 905 crore and an equity valuation of Rs 603 crore.
The total expected pay-out of Rs 603 crore to the HCC group includes cash pay-out of Rs 270 crore, Rs 233 crore of hold backs to be released on the completion of dispute resolution with the NHAI and up to Rs 100 crore of earnout is payable in 2023, contingent on traffic projections.
The HCC Group will also be entitled to a revenue share from FRHL over the entire concession period, the exchange filing said.
Shares gained as much as 9.7% to Rs 5.65, post the announcement. The stock has snapped a five-day losing streak.
Stock Reaction: GMM Pfaudler
The company on Tuesday evening said that it intends to exercise the oversubscription option worth 4.3 lakh shares or 2.93% of the total equity shares in addition to the base shares.
The final shares will be 30 lakh or 20.52% of the paid-up equity share capital of the company.
The company's Offer for Sale for retail investors is open today.
The company's promoters on Monday had planned to sell 28% stake in the company through an Offer for Sale. The floor price of Rs 3,500 was a 33% discount to Friday's closing price.
The stock is down another 10% in today's trading session, its second successive lower circuit.
The stock has declined for six straight sessions, the most in three weeks, down nearly 30% during this period.
Markets At 10:10 A.M.
- Benchmark indices off opening highs; trade with modest gains
- Nifty up 0.4% at 11,197
- Sensex up 0.45% at 37,902
- Nifty Bank up 0.3% at 21,194
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.8%
- India Volatility Index down 3.1% at 20.75
- Most sectoral indices give up opening gains
- Nifty REalty is the top sectoral gainer; up 1%
- Nifty FMCG & Nifty I.T. are the other sectoral gainers; up 0.9% and 0.6% respectively
- Nifty Media, Nifty Metal and Nifty PSU Bank index decline over 0.5% each
- Infosys is the top gainer on the Nifty; up 1.9%
- Bharti Airtel is the top Nifty laggard; down 4.1%
- 1,149 stocks on the NSE trade with gains while 523 decline
Money Market Update
The currency has opened little changed in today's session after ending with losses on Tuesday.
The rupee opened at 73.58 against the U.S. Dollar as compared to Tuesday's close of 73.59. The greenback continued its rebound after it crossed a key technical resistance on Tuesday.
Yield on the 10-year government bond opened at 5.993% as compared to Tuesday's close of 6.012%.
Bond market traders will be awaiting the first RBI OMO in six months tomorrow and the government bond auction on Friday.
Barclays expects the five-year yield to fall to 5% and the 10-year yields to be between 5.75%-6%.
Stock Reaction: Hexaware Technologies
The company has placed advertisements in various newspapers today, saying that the promoter HT Global Holdings has accepted the discovered price of Rs 475 per share, as the final price for the delisting offer.
The promoter will acquire 8.72 crore shares, validly tendered at or below the exit price, in the reverse book building process. Post the acquisition, promoter shareholding in the company will be 91.16% of the fully paid-up equity share capital.
Shares gained as much as 1.8% to Rs 468.9, and are up for the second straight day. The stock trades at the highest level since August 2018.
Stock Reaction: SP Group Companies
Shares of the Shapoorji Pallonji Group companies - Sterling & Wilson Solar along with Forbes & Company are surging in today's session, after the group announced its separation from the Tata Group on Tuesday evening.
The SP Group in a statement said that separation from the Tata Group 'is necessary' and that the separation of interests would 'best serve all stake holders.'
Tata Sons had informed the Supreme Court on Tuesday that it is open to buying out the 18% stake owned by the Mistry family, if they needed to raise money for repaying maturing debt.
The group instead wanted to borrow funds using shares as a collateral.
The court barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts to hear final arguments in the case.
Shares of Sterling & Wilson Solar gained as much as 20% - the most on record to Rs 235.9, while Forbes & Co. is locked in an upper circuit of 5% at Rs 1,484.15. Both the stocks have snapped a four-day losing streak.
Coronavirus India Update
- Another day of recoveries being higher than the number of new cases
- India reports 83,347 new cases over the last 24 hours
- Total confirmed cases now at 56,46,010
- Active cases now at 9,68,377
- Patients cured / discharged / migrated at 45,87,613
- Death toll rises to 90,020
- 1,085 deaths reported in the last 24 hours
- 89,746 patients recovered in the last 24 hours
Stock Reaction: Reliance Industries
The company informed the exchanges this morning that KKR will be investing a sum of Rs 5,550 crore in Reliance Retail Ventures.
This will be KKR's second investment, after investing Rs 11,367 crore in Jio Platforms earlier.
The investment s Reliance Retail at a pre-money equity of Rs 4.21 lakh crore, the company said in an exchange filing.
KKR's investment will translate into a 1.28% stake for them in Reliance Retail.
Shares gained as much as 3% to Rs 2,276.7, and have snapped a two-day losing streak. It is also the top contributor in terms of points to gains on the Nifty 50 index.
Opening Bell: A Strong Start
Indian equity markets opened higher in mid-week trade, after four successive days of losses.
The S&P BSE Sensex opened 1% higher at 38,124 while the NSE Nifty 50 index opened above the 11,250 mark, up 0.94% at 11,258. Both Sensex and Nifty are rebounding from their lowest level in seven weeks.
All sectoral indices have opened with gains. The Nifty Pharma index has opened 1.3% higher and has gained in six out of the last seven trading sessions.
The Nifty Bank, Nifty Media and Nifty PSU Bank index too have opened with gains of 1% each.
The Nifty Metal, Nifty I.T. and Nifty Realty indices have gained 0.8% each at the start of trade.
Broader markets have opened higher as well. The Nifty Midcap index has gained 0.74% while the Nifty Smallcap index has risen 1% in the early minutes of trade.
1,142 stocks on the National Stock Exchange have opened with gains while 321 are declining.
Trading Ideas For The Day
- Nifty: Sell 11,250 Call of the September 24 expiry in the range of Rs 36-38. Target of Rs 22-12 and stop loss of Rs 52.
- Nifty Bank: Sell in the range of 21,300-21,400 for target of 21,000-20,800 and stop loss of 21,550
- Buy Tech Mahindra September futures at Rs 812 for target of Rs 820 & Rs 831.3 and stop loss of Rs 805
- Sell Adani Ports September futures for target of Rs 323.6 & Rs 318.2 with stop loss of Rs 330.8
- Both Tech Mahindra & Adani Ports are intraday recommendations
Source: ICICI Securities
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Reliance Industries: KKR to invest Rs 5,550 crore in Reliance Retail Ventures. The investment s Reliance Retail at a pre-money equity of Rs 4.21 lakh crore. KKR's investment will translate into a 1.28% equity stake on a fully diluted basis. KKR had earlier invested Rs 11,367 crore in Jio Platforms.
- Tata Group Stocks: Tata Group Stocks: Shapoorji Pallonji Group in a statement said that a separation from the Tata Group is necessary due to the potential impact of the continuing litigations on the livelihoods and the economy. The statement comes after the Supreme Court barred the Mistry group from pledging or selling any Tata shares until October 28. Also in focus will be the two SP Group companies - Sterling & Wilson Solar and Forbes & Company.
- Vedanta: Vedanta Resources avails loan facility of $1.75 billion from lenders like JPMorgan Chase, Barclays, Credit Suisse, Deutsche Bank and Standard Chartered Bank. Four promoter entities have created a combined share pledge of 186.3 crore shares or 50.13% of total equity as per the agreement on September 18. The funds raised, pursuant to the issue of bonds, via Vedanta Holdings Mauritius, will be utilised towards funding the proposed de-listing of the company's shares from the bourses, as per SEBI regulations. Promoters held 50.14% stake in the company as per the recent shareholding pattern.
- Central Bank of India: Launches QIP issue on Tuesday. Floor price of Rs 16.18 per share is a 5.9% discount to Tuesday's closing price. The lender may offer a discount of not more than 5% on the floor price, as per SEBI guidelines. The panel is scheduled to meet on September 25 to consider the date of closing the QIP and determining its issue price.
- Sequent Scientific: Entered into a definitive agreement with Dr Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17.1 million. Provet is among the top three and the largest local company in veterinary medicine market in Turkey. The company already holds a 60% stake in Provet through its Irish arm. The ownership of Sequent Scientific in Provet will rise to 100% post this acquisition. Deal likely to be completed on or before October 31.
- Max Healthcare Institute: Promoter Max Ventures Investment Holdings to undertake open market sale of 1.67 crore shares (1.85%) with face of Rs 10 per share, in order to achieve minimum public shareholding as per SEBI guidelines. Promoters had 82.24% stake in the company as per the most recent public shareholding pattern.
To know more about the key stocks in focus, brokerage updates & other trading cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Penultimate Day Of September Series
Good Morning!
Indian equity benchmarks ended at their lowest level in seven weeks on Tuesday. So far in the September series, the Sensex and Nifty 50 have fallen 3.5% each.
Futures are indicating a flat trade yet again on Wednesday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,159 as of 7:55 a.m.
Asian markets continue to retreat after investors mull remarks from Federal Reserve officials, pointing to a slower economic recovery.
Japanese markets declined on resuming trade after a two-day holiday, so did the indices in South Korea. Markets in Australia are bucking the trend, trading with gains.
Futures on the Dow Jones are currently trading higher by 90 points. The index ended 0.5% higher on Tuesday.
West Texas Intermediate crude fell 0.5% to $39.59 per barrel, while gold was little changed at $1,900.2/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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