All You Need To Know Going Into Trade On August 30

Asian stocks rose Monday and Treasuries held an advance on Jerome Powell’s signal of a cautious and gradual withdrawal of pandemic-era Federal Reserve policy support.

Shares gained in Japan, Australia and South Korea. The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, climbed 0.57% to 16,819.50 as of 7:15 a.m.

U.S. futures edged up after a record Wall Street close in the wake of Chair Powell’s Jackson Hole speech. Powell said the Fed may start paring bond purchases this year but is in no hurry to raise interest rates and will be guided by data on Covid-19 risks.

Powell didn’t give a specific timeline for scaling back stimulus. Traders are awaiting U.S. jobs data this week to assess whether the recovery merits an earlier tapering. Strong figures could extend the first weekly steepening of the Treasury yield curve since July. The dollar held a drop.

Commodity markets are focused on Hurricane Ida, which imperils U.S. oil, natural gas and fuel supplies. Crude and U.S. gasoline futures pushed higher.

Elsewhere, gold held gains and Bitcoin was trading around $49,000.

Stocks To Watch

• Bharti Airtel: Plans to raise up to Rs 21,000 crore through a rights share issue as it looks to bolster its balancesheet before rolling out its 5G network.

• Cipla: UCB, University of Iceland sue Cipla to block Nayzilam copies

• Mahindra & Mahindra: The Ministry of Defence has awarded a contract worth Rs 1,349.95 crore to Mahindra Defence Systems. The company will manufacture Integrated Anti-Submarine Warfare Defence Suite for modern warships of Indian Navy. It will supply 14 IADS systems for the Indian Navy warships.

• Nazara Technologies: Acquired 100% stake in Hyderabad-based skill gaming company OpenPlay Technologies for a total consideration of Rs 186.4 crore. The company acquired 10,000 equity shares of Rs 10 each from existing shareholders of OpenPlay, Sreeram Reddy Vanga and Unnati Management Consultants LLP. The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform under the proven leadership of Sreeram and his team, the company said.

• Burger King India: To buy up to 85% in Burger King Indonesia. The Indian company’s offer to acquire up to 85% in PT Sari Burger, through secondary purchase and a further investment of up to $40 million, was accepted by the Indonesian company’s promoter F&B Asia Venture Singapore Pte. The offer values the operator of Burger King brand in Indonesia at a pre-money enterprise value of $183 million on a cash free and debt free basis. Burger King India will also consider and negotiate various options available for funding the proposed transaction, which may include raising capital by issuing fresh equity shares.

• Max Healthcare Institute: Acquired exclusive rights to aid development and provide medical services to a 500-bed hospital to be built on a 3.5 acres of a prime land parcel in Saket (South Delhi) through its wholly owned subsidiary, Alps Hospital. Alps has acquired 100% stake in ET Planners in an all-cash deal of Rs 60.11 crore. ET Planners has an exclusive and long-term rights to provide medical services in key specialties and aid development of a Children’s Hospital on this 3.5 acres of land, the company said. The first phase of the Hospital is expected to be commissioned in the year 2024.

• Tech Mahindra: The company’s wholly owned subsidiary, Tech Mahindra (Americas) Inc., approved the proposal to acquire 13.8% equity shares in AustinGiS Inc. for $1.25 million. The acquisition is expected to be completed by September 15. AustinGiS is a IoT/5G services provider that specializes in providing a wholistic IaaS solution offering.

• IDBI Bank: Board of Directors approved the plan for sale of the bank's 19.18% stake in Asset Reconstruction Company (India). The bank will sell it’s entire holding of 6.23 crore fully paid-up equity shares of ARCIL.

• Nava Bharat Ventures: Closed buyback of equity shares on August 27. The company has bought back 1.83 crore equity shares--at an average price of Rs 70.38 per equity share--for approximately Rs 129.29 crore.

• BEML: Allotted 4,000 Commercial Papers of face value of Rs 5 lakh each aggregating to Rs 200 crore on August 27. Further the President of India has appointed Amit Banerjee as Chairman and Managing Director of the company with effect from August 27.

• Ramkrishna Forgings: Board has approved raising up to Rs 500 crore via issuance of equity shares or bonds or any other securities.

• Aurobindo Pharma: Shareholders approved reappointment of N Govindarajan as Managing Director.

• Bank of Maharashtra: The Central government has extended the term of office of AS Rajeev as Managing Director and Chief Executive Officer of the bank for a period of two years. Rajeev’s current term will come to an end on December 1, 2021, and the extended term will begin after that.

• Punjab National Bank: The government has extended Managing Director and Chief Executive Officer, Mallikarjuna Rao, term till January 31, 2022.

• Hexaware Technologies: Baring Asia will “most likely” accept Carlyle Group Inc.’s $3 billion offer for the software firm, PTI reported Sunday, citing an unidentified investment banker negotiating the deal. The deal, which will be closed “very soon,” would see Carlyle beat out rival bids of around $2.5 billion, the unidentified person said. Other bidders include Bain Capital and France’s Teleperformance.

• Manappuram Finance: Says considering various options for debt fund raising in September

• RBL Bank: Says glitch resolved that downed the online banking system.

• Zomato: Rated New Equal-Weight at Morgan Stanley; price target Rs 140. Also, rated new Buy at Goldman with a price target of Rs 180.

• Vedanta: To consider first mid-year dividend for FY22 on Sept. 1

AGMs: Divi’s Laboratories (10 a.m.); Marico (11 a.m.); Dhampur Sugar Mills (2 p.m.); Thejo Engineering (10:15 a.m.), Vakrangee (11 a.m.)

Offerings

• Government has shortlisted 10 banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and ICICI Securities Ltd., to manage the planned initial public offering of Life Insurance Corporation of India, according to a Bloomberg report. Kotak Mahindra Capital Co., JM Financial Ltd. and Citigroup Inc. and Nomura Holdings Inc. are also on the shortlist, based on their technical and financial bids, after 16 investment banks presented their pitches to the government on Thursday.

• Go Airlines India Ltd. has got the green light from SEBI to raise Rs 3,600 crore ($485 million) through an initial public offering, according to a Bloomberg report. The airline is expected to file a preliminary prospectus in about three weeks.

• Software startup Freshworks files for IPO with losses shrinking

• Ami Organics sets price range for up to $77 million IPO; offer open Sept. 1-3.

Pledge Share Details

• Motherson Sumi Systems: Promoter Samvardhana Motherson International created a pledge of 1 crore shares on August 25.

• Steel Strips Wheels: Promoter Dheeraj Garg revoked pledge of 3.79 lakh shares on August 26.

• Wockhardt: Promoter Themisto Trustee Company created a pledge of 22.27 lakh shares between August 24-25.

  As reported on August 27.

Bulk Deals

• Gayatri Projects: Munish Financial bought 14 lakh shares (0.75%) at Rs 47.88 per share.

Insider Trades

• Adani Green Energy: Promoter Infinite Trade and Investments bought 10 lakh shares on August 26.

• Alkyl Amines Chemicals: Promoter Yogesh Kothari sold 79,310 shares between August 25-26.

• Eveready Industries India: Promoters (Isha Khaitan, Yashodhara Khaitan and Vivaya Enterprises) bought 1.91 lakh shares between August 24-25. Promoter Ichamati Investments sold 1.71 lakh shares between August 24-25.

• Gujarat Fluorochemicals: Promoters (Inox Chemicals LLP, Pavan Jain, Siddharth Jain and Nayantara Jain) sold 57,224 shares between August 25-26.

• Karda Constructions: Promoter Komal Karda sold 4 lakh shares on August 26.

• Lincoln Pharmaceuticals: Promoters (Munjal Patel and Ashish Patel) bought 65,000 on August 25.

• LG Balakrishnan & Bros.: Promoter V Rajvirdhan sold 73,800 shares between August 25-26.

• Lupin: Promoter Nilesh Gupta bought 5,300 shares on August 20.

• Mangalam Cement: Promoter Vidula Consultancy Services bought 1.31 lakh shares on August 26.

• Olectra Greentech: Promoter MEIL Holdings bought 10.45 lakh shares on August 23. Promoter Trinity Infraventures sold 10.80 lakh shares on August 23.

• SBI Cards and Payment Services: Promoter SBI Life Insurance Company bought 1.50 lakh shares on August 26.

• Tube Investments of India: Promoter Lalitha Vellyan sold 3.07 lakh shares on August 26.

Who’s Meeting Whom

• IRCTC: To meet Motilal Oswal Mutual Fund on August 31.

• Blue Star: To meet BOB Capital Markets on August 30.

• Crompton Greaves Consumer Electricals: To meet First Sentier Investors on September 1 and HDFC Life Insurance on September 6.

Trading Tweaks

• Ex-Date AGM: Britannia Industries, Capacite Infraprojects, Majesco, India Motor Parts and Accessories, Kitex Garments

• Ex-Date Dividend: HLE Glascoat, India Motor Parts & Accessories, Bengal & Assam Company

• Ex-Date Interim Dividend: Kama Holdings

• Ex-Date Final Dividend: Kitex Garments

• Ex-Date Buyback: Gandhi Special Tubes

• Ex-Date Reduction of Capital: 3i Infotech

• Record Date Final Dividend: CEAT, Sutlej Textiles & Industries

• Record Date Interim Dividend: Computer Age Management Services, Aurobindo Pharma

• Record Date Dividend: Amines & Plasticizers

• Move Out Of ASM Framework: Tata Motors, Century Plyboards (India), Inox Wind, Birla Corporation, Orient Cement, Pearl Global Industries, Dishman Carbogen Amcis

Money Market Update

The rupee ended at 73.68 against the U.S. Dollar on Friday as compared to Thursday's closing of 74.22.

F&O Cues

• Nifty September futures ended at 16,714.30, a premium of 9.1 points.

• Nifty September futures added 133.03%, and 1,55,562 shares in Open Interest.

• Nifty Bank September futures ended at 35,720, a premium of 92.2 points.

• Nifty Bank September futures added 85.35%, and 28,209 shares in Open Interest