All You Need To Know Going Into Trade On October 1
Asian stocks started October on the back foot, after their U.S. peers capped their biggest monthly selloff since March 2020 with further losses.
Shares dropped in Japan and Australia, while U.S. futures fluctuated in early Asia trading. China begins a week-long holiday and Hong Kong’s market is shut Friday.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, fell 0.65% to 17,488 as of 7:05 a.m.
U.S. benchmarks fell Thursday even after confirmation that the House passed a nine-week spending bill to avert a U.S. government shutdown. The S&P 500 closed at the lowest level since July, extending its September losses to almost 5%.
Treasuries were little changed, with the 10-year yield hovering around 1.50%. The dollar added to gains for the week.
Crude oil rose after a tumultuous session during which China was said to order its top energy companies to secure energy supplies at all costs amid shortages, prompting the White House to reiterate its own concerns over rising prices.
Data To Watch
10:30am: Markit India Manufacturing PMI for Sept., prior 52.3
Stocks To Watch
Maruti Suzuki India: The company expects adverse impact on vehicle production in Haryana and at its contract manufacturing unit, Suzuki motor Gujarat Pvt Ltd, Gujarat in October due to chip shortage. Total production volume across both the locations to be around 60% of normal production.
Reliance: India raises domestic gas rates on surging overseas prices
Jubilant Foodworks: Jubilant Foodworks Netherlands B.V. to acquire up to 17.18% ordinary shares of DP Eurasia N.V. through a reverse bookbuild process from certain professional investors of DP Eurasia. Post-acquisition, the company will indirectly hold up to 49.99% ordinary shares of DP Eurasia. Further, the company has exercised a call option for acquiring 39% equity stake in Jubilant Golden Harvest. Post-acquisition, the company will own 90% of the total shareholding of JGH.
Adani Green Energy: The wholly owned subsidiary Adani Renewable Energy (MH) Energy has completed acquisition of 100% of the share capital and all the securities of Vento Energy Infra from Essel Green Energy.
Phillips Carbon Black: The company launched its QIP issue on Thursday and approved the floor price of Rs 255.85 per share. The floor price is at a discount of 4.31% to Thursday's closing price.
Jain Irrigation Systems: The company’s wholly owned subsidiary, Jain International Trading BV, Netherlands, has completed the restructuring of $200 million bonds listed on Singapore Stock Exchange.
SBI, Bank of Baroda and Union Bank of India have each subscribed to 1.98 crore shares of National Asset Reconstruction Company. However, the four banks will reduce their stake in NARC to 9.90% from 13.27% by December 31. Canara Bank has subscribed to 2.40 crore shares of NARC. It will reduce its stake in the asset reconstruction company to 12% from 16.09% by December 31. PNB has subscribed to 1.80 crore shares of NARC. It will reduce its stake to 9% from 12.06% by December 31.
Punjab National Bank: The bank has reduced Marginal Cost of Funds Based Lending Rate by 0.05% across tenors effective today. The Base Rate has been reduced from 8.55% to 8.50%.
IRB Infrastructure Developers: Board has approved the allotment of secured NCDs aggregating to Rs 350 crore on a private placement basis to IDBI Bank. The coupon rate has been fixed at 9.55% per annum for a tenure of 6 years.
IIFL Wealth Management: IIFL Asset Management’s asset base has crossed Rs 50,000 crore-mark. The fund house's aggregate AUM comprising alternative assets and mutual fund rose to Rs 50,019 crore from Rs 37,372 on March 31, FY21. IIFL AMC is a wholly owned subsidiary of the company.
Bank of India: The bank has issued and allotted Basel III Compliant Tier II bonds amounting to Rs 1,800 crore on a private placement basis. The coupon rate has been fixed at 7.14% per annum.
Vedanta: Board has appointed Sandeep Modi, Deputy CFO as the interim Chief Financial Officer of the company w.e.f. October 1.
ONGC says unit ONGC Videsh begins exploration well in Bangladesh’s offshore SS-04 block.
Sun Pharma lost a federal judge’s ruling that invalidated a patent related to BromSite, a treatment for pain associated with cataract surgery and the subject of an infringement lawsuit against generic-drug maker Lupin.
InterGlobe Aviation, SpiceJet: Watch Asian airline stocks as G-7 works to speed travel rebound.
Nuvoco Vistas: Rated new Overweight at JPMorgan; price target Rs 710.
Aditya Birla Sun Life AMC's IPO was subscribed 1.07 times on second day.
Paras Defence’s shares to start trading after gets a record 304 times shares demand in IPO.
Pledge Share Details
Ajanta Pharma: Promoter Ravi Agrawal revoked pledge of 3.58 lakh shares on September 29.
Bharat Forge: Promoter Sundaram Trading & Investment created a pledge of 75 lakh shares on September 29.
JSW Holdings: Promoter OPJ Trading created a pledge of 75,000 shares on September 27.
As reported on September 30.
Inox Wind: Promoter Devansh Trademart LLP sold 19.93 lakh shares (0.90%) at Rs 98.91 per share. Neomile Corporate Advisory bought 17.50 lakh shares (0.79%) at Rs 98.90 per share.
Just Dial: Nalanda India Equity Fund sold 5.17 lakh shares (0.83%) at Rs 991.44 per share.
Adani Green Energy: Promoter Infinite Trade and Investments bought 18 lakh shares on September 29.
Bajaj Holdings & Investment: Promoter Bachhraj & Company bought 44,424 shares between September 28-29.
Brigade Enterprises: Promoter MR Gurumurthy sold 17,237 shares on September 29.
Gati: Promoter TCI Finance sold 36,313 shares between September 27-29.
Karda Constructions: Promoters (Karamchand Karda and Bharti Karda) sold 1.60 crore shares between September 28-29.
Mahindra & Mahindra: Promoter Yuthica Mahindra sold 9,000 shares on September 29.
Who’s Meeting Whom
Shriram City Union Finance: To meet Prayaas Capital on October 1.
Tata Motors: To meet Morgan Stanley on October 1.
Move Into Short-Term ASM Framework: Max Ventures and Industries
Move Out Of Short-Term ASM Framework: Oberoi Realty, Fiem Industries, Shreyas Shipping & Logistics
Money Market Update
The rupee ended at 74.23 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 74.15.
Nifty September futures ended at 17,611.40, a discount of 6.75 points
Nifty September futures added 28.42% and 64,804 shares in Open Interest
Nifty Bank September futures ended at 37,423, a discount of 2.1 points
Nifty Bank September futures shed 44.84%, and 13,927 shares in Open Interest
Securities removed from the ban list: Sun TV