All You Need To Know Going Into Trade On September 13
Sun rise in Mumbai. (Source: BloombergQuint)

All You Need To Know Going Into Trade On September 13

Asian stocks were steady Monday as traders evaluated the risk of a slower economic recovery from the pandemic amid elevated inflation.

Shares slipped in Japan and were little changed in South Korea and Australia, while U.S. futures rose. The S&P 500 last week dropped the most since mid-June on investor caution over the challenges for economic reopening from the delta virus strain.

The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance fell 0.34% to 17,381, as of 6:40 a.m.

Treasury yields held an advance as traders assess price pressures and their impact on the likely timeline for a reduction in Federal Reserve stimulus. An update on U.S. consumer prices this week will feed into the debate about whether or not elevated costs are transient. The dollar was steady.

Chinese technology stocks may come under renewed pressure after a report that China is seeking to break up Ant Group Co.’s Alipay and create a separate app for its loan business. Trade tension is also in the spotlight again after the Biden administration was said to be weighing a new probe into Chinese subsidies.

Elsewhere, North Korea said it successfully test-fired a new type of long-range cruise missile, ratcheting up tensions on the Korean Peninsula. Oil climbed above $70 a barrel and Bitcoin was around $46,000.

All You Need To Know Going Into Trade On September 13

Stocks To Watch

  • Reliance Infrastructure: The company has won an arbitration award against Delhi Metro Rail Corporation. The Supreme Court has ordered DMRC to pay damages of Rs 2,950 crore plus interest up to the date of payment to Delhi Airport Metro Express Pvt. Ltd., a subsidiary of the company. The proceeds from the arbitral award will be utilised for debt reduction, the company said.

  • ICICI Lombard General Insurance has ceased to be a subsidiary of ICICI Bank, as the bank’s shareholding has come down to 48.08% from 51.86% after the merger of Bharti AXA General Insurance Company with the insurer. ICICI Lombard on September 8, allotted equity shares of the company to the eligible shareholders of Bharti AXA, as per the scheme of arrangement between the two insurers.

  • Indiabulls Housing Finance: The company has received the approval from CCI to divest its mutual fund business to Groww for Rs 175 crore. The company's wholly owned subsidiaries, Indiabulls AMC and Indiabulls Trustee Company had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities.

  • JSW Steel: Moody's Investors Service changed the outlook on JSW Steel to positive from stable. The ratings agency also affirmed the company’s Ba2 Corporate Family Rating and its Ba2 Senior Unsecured Debt Rating. Further, it has assigned Ba2 rating to the company’s proposed U.S. dollar senior unsecured notes. Similarly, Fitch Ratings has assigned ratings of BB- and Recovery Ratings of RR4 to the proposed notes. The notes will be issued in two tranches and the proceeds will be used for capex or other purposes in accordance with regulations.

  • Reliance Industries: Jio Platforms has delayed the launch of JioPhone Next till at least November amid a global shortage of chipsets. The made-for-India smartphone, which is being co-developed with Google, was slated to be released on September 10.

  • InterGlobe Aviation: IndiGo is aiming at running at full capacity domestically by December. The current load factor for the airline is around 70% and yields are likely to rise in coming months, said CEO Ronojoy Dutta. Current cash levels are pretty good, but company wants to raise funds as an insurance buffer against a possible third Covid wave, he added.

  • Prakash Industries: The company has been declared as successful bidder in respect of Bhaskarpara Coal Mine in the 12th tranche of auction of coal mines.

  • Arvind SmartSpaces: The board has approved the allotment of 68.5 lakh equity shares aggregating to about Rs 85 crore to HDFC Capital Affordable Real Estate Fund-1 and the promoters of ASL at the price of Rs 124 per share.

  • Hinduja Global Solutions: Crown Commercial Services Framework renewed the company's approval to supply contact centre and business services solutions on the CCS Framework in the U.K.

Offerings

  • BoAt is planning an IPO between March and June of next year, according to a Mint report. The company is eyeing a valuation of about $1.4 billion. Report says BoAt has started talks with investment bankers to facilitate the IPO.

  • Vedant Fashions seeks to sell 3.63 crore shares in Mumbai IPO. Existing investors, founders will sell some shares, according to prospectus published on Axis Capital website. Edelweiss, ICICI Securities and Axis Capital are amonf bankers to the transaction.

Bulk Deals

  • SBI Life Insurance Company: BNP Paribas Arbitrage bought 96.35 lakh shares (0.96%) at Rs 1,171 per share. Canada Pension Plan Investment Board sold 2.30 crore shares (2.30%) at Rs 1,171.07 per share.

Insider Trades

  • Gati: Promoter TCI Finance sold 19,943 shares between September 7-8.

  • Inox Wind: Promoters (Siddho Mal Trading LLP and Inox Wind Energy) sold 18.98 lakh shares between September 6-9.

  • Jindal Stainless (Hisar): Promoter JSL Overseas bought 93,482 shares between September 8-9.

  • Jindal Worldwide: Promoter Amit Agrawal bought 1.50 lakh shares on September 8.

  • JTL Infra: Promoter Jagan Industries sold 51,459 shares on September 9.

  • KEI Industries: Promoter Anil Gupta sold 2 lakh shares on September 9.

  • Kalyan Jewellers India: Promoters (TS Kalyanaraman, TK Seetharam and TK Ramesh) bought 89,400 shares on September 8.

  • SBI Cards and Payment Services: Promoter SBI Life Insurance Company sold 1 lakh shares on September 8.

Who’s Meeting Whom

  • Computer Age Management Services: To meet Kotak Group on September 14 and Morgan Stanley on September 15.

  • Inox Leisure: To meet ENAM on September 13.

  • Pidilite Industries: To meet Capital World Investors on September 20.

  • Polycab India: To meet Sharekhan, HSBC and Mobius Capital on September 13.

  • Poonawalla Fincorp: To meet Acacia Partners on September 13.

  • Tatva Chintan Pharma Chem: The company's officials will meet JM Financial Services on September 14.

Trading Tweaks

  • Ex-Date AGM: Nectar Lifesciences, Quess Corp, RBL Bank, Honda India Power Products, Gati,
    Bliss GVS Pharma, RattanIndia Power, RattanIndia Enterprises, Mphasis, J Kumar Infraprojects, Sterling Tools, Suryoday Small Finance Bank, Fiem Industries, Tips Industries

  • Ex-Date Final Dividend: Bliss GVS Pharma, Fiem Industries, Mishtann Foods, Mphasis, Saurashtra Cement, Tips Industries

  • Ex-Date Dividend: Dalmia Bharat Sugar and Industries, Honda India Power Products, J Kumar Infraprojects, JTL Infra, Sterling Tools, Tips Industries

  • Ex-Date Special Dividend: Mphasis

  • Record Date Special Dividend: GNA Axles

  • Record Date Dividend: GNA Axles

  • Price Band Revised From 20% To 10%: BLS International Services

  • Move Into Short-Term ASM Framework: Jindal Worldwide

  • Move Out Of Short-Term ASM Framework: Zen Technologies

  • Move Into ASM Framework: Zen Technologies, CG Power and Industrial Solutions, Karda Constructions, Supreme Petrochem, Adani Total Gas, Somany Home Innovation, Anant Raj, IIFL Finance, Adani Transmission, Jayaswal Neco Industries, Tata Steel Long Products, Saregama India, Digispice Technologies, Tips Industries, Butterfly Gandhimathi Appliances, Praj Industries, JSW Ispat Special Products, Reliance Power, Everest Kanto Cylinder, Kirloskar Brothers, PNB Housing Finance, Adani Green Energy, Affle (India), Ashapura Minechem, Borosil Renewables, Greenpanel Industries, Hindustan Foods, Neuland Laboratories, Tanla Platforms, Tejas Networks, Yaarii Digital Integrated Services, Indo Rama Synthetics (India), Poonawalla Fincorp

  • Move Out Of ASM Framework: JSW Holdings, Angel Broking, Thangamayil Jewellery, Confidence Petroleum India, Wockhardt, Morepen Laboratories, Apcotex Industries, Gufic Biosciences, Transport Corporation of India, Kaya, Redington (India), 3i Infotech, AGC Networks

Money Market Update

  • The rupee ended at 73.50 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 73.60.

F&O Cues

  • Nifty September futures ended at 17,371.00, a premium of 1.75 points

  • Nifty September futures shed 0.88%. and 2,613 shares in Open Interest

  • Nifty Bank September futures ended at 36,770, a premium of 86.8 points

  • Nifty Bank September futures added 0.53%, and 375 shares in Open Interest

  • Securities that continue to be on the ban list: Indiabulls Housing Finance, IRCTC, National Aluminium Company

All You Need To Know Going Into Trade On September 13
BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.