All You Need To Know Going Into Trade On October 4
Asian stocks started the week with gains after their U.S. peers closed higher Friday, as prospects for a pickup in growth outweighed concern over inflation pressures.
Shares rose in Japan and Australia, and U.S. futures advanced. Mainland Chinese markets are closed through Thursday for the Golden Week holidays. The S&P 500 rose over 1% Friday after promising results for a Covid-19 pill and positive manufacturing data triggered a rally in companies that stand to benefit from an economic reopening.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, rose 0.32% to 17,585.50, as of 6:50 a.m.
The dollar declined for a third day, falling against most major peers. The yen ticked higher after a record number of flybys by Chinese warplanes close to Taiwan raised tensions in the region. Treasuries edged up, with 10-year yields slipping to 1.45%.The dollar declined for a third day, falling against most major peers. The yen ticked higher after a record number of flybys by Chinese warplanes close to Taiwan raised tensions in the region. Treasuries edged up, with 10-year yields slipping to 1.45%.
Elsewhere, Bitcoin traded around $48,000, largely maintaining its recent gains.
Stocks To Watch
Grasim Industries: Deputy Commissioner of Income Tax has imposed a capital gain tax on the company of Rs 8,334 crore related to a sale of shares in group firm Aditya Birla Capital during tax assessment year 2018-19. The company said it will take appropriate action against the said order which it believes is against the spirit of tax laws.
Coal India: Production in September up 0.4% year-on-year to 40.7 MT versus 40.5 MT. Offtake up 3.6% year-on-year to 48.3 MT versus 46.7 MT.
Pfizer: The company has entered into a business transfer agreement with Mylan Pharmaceuticals to transfer certain primarily off-patent branded and generic established medicines business (Upjohn Business) as a going concern to Mylan for Rs 180.48 crore.
Tech Mahindra: The company through its subsidiary, Tech Mahindra GmbH, has approved the proposal to acquire 100% equity shares in Beris consulting GmbH for 7 million euros. The transaction is expected to be completed by October 8.
Future Group and Reliance Retail have extended deal timeline to March 2022. Reliance Retail Ventures has extended the timeline for Long Stop Date from September 30, 2021 to March 31, 2022.
Nestle India: The company's new factory at Sanand in Gujarat has commenced initial phase of production.
Ambuja Cement: The company has commenced commercial production of clinker and cement at its Marwar Greenfield Plant in Nagaur district of Rajasthan.
Emami: The company’s stake in Brillare Science has increase to 57.36% from 34.70% on conversion of CCPS into equity shares. Consequently, Brillare Science has become a subsidiary of the company.
Inox Wind: Board to meet on October 6 to consider proposals for raising funds.
NIIT: The company has acquired 70% stake in RPS Consulting to strengthen its training solutions in emerging digital technologies. The remaining 30% shareholding will be acquired by NIIT in subsequent tranches.
United Spirits: Shareholders and unsecured creditors have approved the scheme of amalgamation and arrangement amongst Pioneer Distilleries Ltd. and the company.
Sona BLW Precision Forgings: The company, through its subsidiary Sona Comstar eDrive Pvt Ltd, has executed a collaboration agreement with IRP Nexus Group, through the initiative of International Center for Entrepreneurship and Technology.
Aurobinda Pharma: Managing Director N Govindarajan has resigned from the post due to personal reasons. Govindarajan will be relieved from the services from the close of business on December 31.
EKI Energy Services: Appointed Mohit Agarwal as Chief Financial Officer of the company w.e.f. October 1.
Spandana Sphoorty Financial: The company’s Chief Financial Officer Satish Kottakota has resigned from the post w.e.f. October 1.
Alembic Pharmaceuticals: Bristol-Myers sues Alembic to block generic versions of Sprycel
Reliance Industries: Says forms UAE unit for trading oil, petroleum products
Persistent Systems raised to Neutral at Macquarie
Wipro raised to Outperform at Macquarie; price target Rs 764
Mphasis raised to Neutral at Macquarie; price target Rs 3,160
L&T Infotech cut to Neutral at Macquarie; price target Rs 6,040
Mindtree cut to Underperform at Macquarie; price target Rs 3,690
Rossari Biotech rated New Accumulate at KR Choksey
Tatva rated new Accumulate at KR Choksey; price target Rs 2,379
Trent rated new Buy at Systematix Shares & Stocks
Wellness Forever Medicare, backed by Serum Institute of India CEO Adar Poonawalla, has filed a draft red herring prospectus with SEBI to raise funds through an initial public offering. The proposed IPO comprises a fresh issue of equity shares worth Rs 400 crore and an offer-for-sale of up to 1.60 crore equity shares.
BVG India has filed preliminary papers for an initial share sale. The integrated services company’s IPO will comprise of fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale of up to 71.96 lakh shares.
Aditya Birla Sun Life AMC IPO was subscribed 5.24 times on third day.
September Auto Sales
Eicher Motors: Total Royal Enfield sales down 26% at 33,529 units Vs 45,860 units. Exports down 7.26% at 6,296 units Vs 6,790 units.
Hero MotoCorp: Overall sales up 16.84% at 5,30,346 units Vs 4,53,879 units. Motorcycle sales up 16.35% at 4,89,417 units Vs 4,20,609 units. Exports up 9.41% at 24,884 units Vs 22,742 units.
Comparison made on a month-on-month basis.
Pledge Share Details
Adani Ports and SEZ: Promoter Group (Gautam Adani and Rajesh Adani) revoked pledge of 13 lakh shares on September 30.
Ajanta Pharma: Promoter Ravi Agrawal revoked pledge of 2.50 lakh shares on September 30.
Apollo Hospitals Enterprise: Promoter Suneeta Reddy created a pledge of 1.50 lakh shares on September 29.
Jindal Saw: Promoter OPJ Trading created a pledge of 13.50 lakh shares on September 29.
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 20.62 lakh shares between September 29-October 1.
As reported on October 1.
India Glycols: WHV-EAM International Small Cap Equity Fund bought 1.86 lakh shares (0.60%) at Rs 830.22 per share.
Just Dial: Nalanda India Equity Fund sold 5.97 lakh shares (0.96%) at Rs 990.01 per share.
Siyaram Silk Mills: Abakkus Asset Manager LLP bought 5.24 lakh shares (1.12%) at Rs 365.20 per share. DSP Core Fund sold 6.56 lakh shares (1.40%) at Rs 365.24 per share.
Gati: Promoter TCI Finance sold 18,689 shares on September 30.
Gujarat Fluorochemicals: Promoter Inox Chemicals LLP sold 1.65 lakh shares between September 29-30.
Inox Wind: Promoters (Inox Wind Energy and Devansh Trademart LLP) sold 39.30 lakh shares between September 28-30.
Sequent Scientific: Promoters (Hemalatha Pillai and Chayadeep Ventures LLP) sold 2.04 lakh shares between September 29-30.
Who’s Meeting Whom
Tata Motors: To meet ICICI Prudential MF on October 4 and Point72 Asset Management on October 5.
Price Band Revised From 10% To 20%: Easy Trip Planners
Price Band Revised From 20% To 10%: Gujarat Alkalies And Chemicals
Move Out Of Short-Term ASM Framework: Prime Focus
Move Into ASM Framework: Nelco, Sarda Energy & Minerals, Gateway Distriparks, eClerx Services, Adani Power, Jaiprakash Associates, Easy Trip Planners, New Delhi Television
Move Out Of ASM Framework: RSWM, Best Agrolife, NCL Industries, Acrysil
Money Market Update
The rupee ended at 74.12 against the U.S. Dollar on Friday as compared to Thursday's closing of 74.23.
Nifty October futures ended at 17,525.75, a discount of 6.3 points
Nifty October futures added 3.14% and 7,323 shares in Open Interest
Nifty Bank October futures ended at 37,360, a premium of 134.1 points
Nifty Bank October futures shed 3.36%, and 2,815 shares in Open Interest
Securities in the ban list: Nil