All You Need To Know Going Into Trade On September 24

Asian stocks rose Friday after U.S. shares rallied and sovereign bond yields surged on economic optimism and easing fears of contagion from China Evergrande Group’s debt crisis.

Equities climbed in Japan and South Korea and were steady in Australia. U.S futures edged up after the S&P 500’s biggest two-day gain since July. The Wall Street advance was led by economically-sensitive sectors like energy and financials, as investors embraced the view that a looming reduction in Federal Reserve stimulus shows confidence in the recovery from the pandemic.

The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, rose 0.17% to 17,857, as of 6:45 a.m.

The prospect of tighter monetary policy spurred a global selloff in bonds. Long-term Treasury yields surged the most in 18 months as traders brought forward their expectations for the first Fed rate hike to the end of 2022. The Bank of England opened the door to a 2021 rate increase, pushing down 10-year gilts. Yields also jumped on sovereign debt in Australia and New Zealand.

The dollar held a decline and oil sustained an advance. While the concerns about contagion radiating from Evergrande have receded somewhat, it remains unclear if Beijing plans to manage fallout from any potential default. The developer is buckling under more than $300 billion of liabilities amid China’s crackdown on property-sector leverage. Elsewhere, gold trimmed a slump and Bitcoin traded near $45,000.

Stocks To Watch

• Vedanta: To delist its American Depositary shares from the New York Stock Exchange and terminate the program. Vedanta also plans to deregister the ADSs and underlying equity shares and terminate reporting obligations. Decision taken due to low trading volumes, higher cost of maintenance. The company intends to file a Form 25 with the SEC on or about October 29, 2021, to delist ADSs, which will take effect in 10 days.

• Dish TV India: The company has received a letter from Yes Bank seeking an EGM. The bank had issued notices for the removal and appointment of directors on the Board of Directors of the company subject to Ministry of Broadcasting’s approval. Dish TV was supposed to place the resolutions before the shareholders of the company at the AGM, which was to be held on September 27, however it is now seeking an extension of the date of holding AGM based on unfounded reasons, Yes Bank said.

• UltraTech Cement: The company plans to meet 100% of its electricity requirement through renewables sources by 2050. It has committed to Climate Group’s RE100 initiative at Climate Week NYC 2021.

• Dilip Buildcon: Supreme Court confirmed appointment of Dilip Buildcon & VPR Mining Infrastructure, as the mine developer cum operator, by Punjab State Power Corporation at the Pachhwara Central Coal Block Mine. The total contract value of the tender is Rs 32,156.04 crore.

• Globus Spirits: The National Company Law Tribunal has approved the scheme of amalgamation between Unibev and Globus Spirits.

• Adani Enterprises: The company has incorporated a wholly owned subsidiary called Adani Digital Labs. The subsidiary will transform consumer businesses to digital first businesses by creating an omnichannel, integrated platform enabling customers to interact with all B2C businesses of Adani Group.

• Shriram Transport Finance Company: The company has allotted 950 secured NCDs of face value of Rs 10 lakh each on private placement basis. The coupon rate is fixed at 7.95% per annum. The issue will mature on June 16, 2023.

• IndusInd Bank: The bank has acquired 50 lakh shares, 4.79% of paid-up equity share capital, of Mcleod Russel India after invocation of pledge.

• Indian Bank: The bank has declared Kiratpur Ner Chowk Expressway and Tantia Constructions accounts as fraud and reported them to the RBI.

• HealthCare Global Enterprises: ICRA has upgraded the rating of the long-term bank facilities of the company to A+/Stable from A-/Stable and short-term facilities to A1 from A2+.

• PVR: CRISIL Ratings has downgraded the long-term rating of bank loan facilities of the company to A+/Negative from AA-/Negative and short-term rating to A1 from A1+.

• Ugro Capital: Acuite Ratings and Research has upgraded the company rating outlook from ‘Stable’ to ‘Positive’. The company’s Rs 1,100 crore bank loan and Rs 450 crore NCDs have been rated A/Positive.

• I.T. stocks: Accenture Plc.'s revenue increased 24% year-on-year to $13.42 billion in the quarter ended August. Analysts had pegged the metric at $13.41 billion. For the full fiscal, revenue rose 14% over the preceding year to $50.5 billion. The strong result is a positive sign for the Indian IT sector as well.

AGMs: Oil & Natural Gas Corp. (11 a.m.), Power Grid Corp. (11 a.m.), REC Ltd. (11 a.m.), BEML (11:30 a.m.), SBI Life Insurance (11 a.m.), Glenmark Pharmaceuticals (2 p.m.), Ruchi Soya, Future Supply Chain, Suzlon Energy,

Offerings

• The Red Herring Prospectus filed by Aditya Birla Sun Life AMC with the Registrar of Companies Maharashtra has been approved. The company’s IPO will be open for subscription by Anchor Investors on September 28, and for the public from September 29 to October 1. The price band for the issue has been fixed at Rs 695 to 712 per equity share of face value of Rs 5 each. As per the RHP, the IPO includes a reservation of up to 19.44 lakh equity shares for purchase by individual and Hindu Undivided Family who are public shareholders of Aditya Birla Capital.

• Paras Defence & Space Technologies’s IPO was subscribed 304.26 times on the final day.

• Sansera Engineering’s shares to start trading after IPO gets 11.5 times demand

Pledge Share Details

• Aurobindo Pharma: Promoter Kambam Reddy revoked pledge of 3.50 lakh shares on September 20.

• Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 30 lakh shares on September 21.

  As reported on September 23.

Bulk Deals

• Home First Finance Company India: BNP Paribas Arbitrage sold 4.75 lakh shares (0.54%) at Rs 575.15 per share.

Insider Trades

• Adani Green Energy: Promoter Infinite Trade and Investments bought 12 lakh shares on September 22.

• Alkyl Amines Chemicals: Promoter Yogesh Kothari sold 6,011 shares on September 20.

• Aegis Logistics: Promoter Trans Asia Petroleum Inc. bought 1 lakh shares on September 21.

• Bajaj Holdings & Investment: Promoter Bachhraj & Company bought 78,890 shares between September 21-22.

• Glenmark Pharmaceuticals: Promoter Cherylann Pinto bought 1,950 shares on September 22.

• Jindal Stainless (Hisar): Promoter JSL Overseas bought 1 lakh shares between September 20-21.

• Sequent Scientific: Promoter Chayadeep Ventures LLP sold 43,909 shares between September 20-21.

• TeamLease Services: Promoter HR Offshoring Ventures Pte sold 85,484 shares between September 22-23.

Block Deals

• RSWM: Promoter Bharat Investments Growth bought 7 lakh shares (2.97%) at Rs 310 per share. Promoter LNJ Financial Services bought 4.50 lakh shares (1.91%) at Rs 310 per share. Promoter Ravi Jhunjhunwala sold 11.50 lakh shares (4.88%) at Rs 310 per share.

Who’s Meeting Whom

• Hindalco Industries: To meet ICICI Prudential Life Insurance Co. on September 24, ICICI Prudential Asset Management Co. on September 28 and Aditya Birla Sunlife Asset Management Co. on September 30.

• Trident: To meet HSBC Mutual Fund on September 24.

• Indo Count Industries: To meet Motilal Oswal Financial Services on September 27.

• Themis Medicare: To meet Kotak PMS on September 27.

Trading Tweaks

• Ex-Date AGM: Polyplex Corporation

• Ex-Date Stock Split: KPR Mill

• Ex-Date Final Dividend: Polyplex Corporation, Rangoli Tradecomm

• Record Date Bonus Issue: Sportking India

• Record Date Stock Split: Artemis Medicare Services

• Price Band Revised From 10% To 5%: BLS International Services

• Price Band Revised From 20% To 10%: Cantabil Retail India

• Move Into ASM Framework: Vidhi Specialty Food Ingredients, New Delhi Television

• Move Out Of Short-Term ASM Framework: Hatsun Agro Product

Money Market Update

• The rupee ended at 73.64 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 73.86.

F&O Cues

• Nifty September futures ended at 17,842, a premium of 19.05 points

• Nifty September futures shed 2.85% and 7,230 shares in Open Interest

• Nifty Bank September futures ended at 37,895, a premium of 123.3 points

• Nifty Bank September futures shed 14.53%, and 11,727 shares in Open Interest

• Securities that continue to be on the ban list: Escorts, Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank

• Securities added to the ban list: Canara Bank

• Securities removed from the ban list: Sun TV