All You Need To Know Going Into Trade On September 29
Asia stocks fell at the open Wednesday after U.S. stocks saw their worst day since May and bond yields spiked on concerns about inflation. Treasuries added to a decline.
Equities fell in Japan, Australia and South Korea as mounting concerns over the debt-ceiling impasse in Washington added to investor angst. U.S. futures rose after the S&P 500 closed 2% lower -- the most since May. Technology shares fared worse than economically sensitive stocks as Treasury yields climbed. The Nasdaq 100 tumbled the most since March.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, fell 0.36% to 17,660.50 as of 6:45 a.m. The 10-year Treasury yield edged higher. Earlier, the yield on the 30-year note jumped almost 10 basis points.
WTI crude retreated toward $74 a barrel. Brent crude pulled back from a three-year high above $80 a barrel. Gold was steady after declining. The dollar held gains.
During a Senate hearing, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen both warned that a U.S. default due to a failure to raise the debt ceiling would have catastrophic consequences. Republicans blocked a Democratic move in the Senate to raise the debt limit.
Elsewhere, the pound traded around the lowest since January as expectations of higher rates were offset by surging energy prices and panic-buying that are keeping investors cautious. Bitcoin was trading below $42,000.
Stocks To Watch
HDFC Asset Management Company: Promoter Standard Life Investment seeks up to $411 million from HDFC AMC share sale, according to terms of the deal. The promoter is offering 1.06 crore shares in HDFC AMC in an accelerated placement. The floor price has been fixed at Rs 2,870, which is at a discount of 6.68% to Tuesday’s closing price.
Mahindra & Mahindra: The company is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a delayed $2.2 million electric hypercar into production, according to a Bloomberg report.
Lupin: The company has launched Droxidopa Capsules in the United States. Droxidopa Capsules is a generic equivalent of Northera Capsules of Lundbeck NA Ltd., indicated for the treatment of orthostatic dizziness and light-headedness in adult patients.
Future Group stocks: The NCLT, Mumbai bench has passed an order allowing the group to hold meetings of shareholders and creditors to seek approval for the scheme of arrangement. The scheme has been proposed between 20 Future Group entities, including 6 listed companies, with Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle. The NCLT has also rejected the intervention application filed by Amazon.
Bharti Airtel: CRISIL Ratings has upgraded its long-term rating on the bank facilities and debt programme of Bharti Airtel to AA+/Stable from AA/Stable and has reaffirmed the A1+ rating on the commercial paper programme.
Allcargo Logistics: Allcargo Belgium NV, a wholly owned subsidiary of the company, has appointed Jefferies Financial as investment banker to evaluate fund raising opportunities for private equity and strategic investment in ECU Worldwide.
Lava International seeks SEBI approval to raise as much as Rs 500 crore ($67.5 million) selling new shares in an initial public offering, while its shareholders plan to sell up to 4.37 crore shares in an offer-for-sale as part of the IPO, according to its draft prospectus.
Aditya Birla Sun Life AMC has collected Rs 789 crore from anchor investors ahead of its initial share sale that opens for public subscription on Wednesday.
Sahajanand Medical Tech seeks approval for $203 million IPO
Waaree Energies seeks approval for IPO
AGMs: Vodafone Idea (3 p.m.); Indian Railway Catering (12:30 p.m.); Mphasis (9 a.m.); Container Corp. (3 p.m.); Engineers India (3 p.m.); Birla Corp (10:30 a.m.); Emami (11:30 a.m.); Dalmia Bharat (11:30 a.m.); Max Healthcare Institute (12 noon); RailTel Corp, NHPC, Cochin Shipyard, MOIL, Future Consumer, Zee Media Corp., Zee Learn, Ujjivan Financial, Religare Enterprises,
Pledge Share Detail
Ajanta Pharma: Promoter Ravi Agrawal created a pledge of 4.20 lakh shares on September 27.
As reported on September 28.
Antony Waste Handling Cell: Tata AIG General Insurance Co bought 2.75 lakh shares (0.97%) at Rs 361.68 per share. Authum Investment & Infrastructure bought 5 lakh shares (1.77%) at Rs 367.75 per share.
JTL Infra: Dugar Growth Fund sold 56,000 shares (0.53%) at Rs 889.15 per share.
Axis Bank: Societe Generale bought 34 lakh shares (0.11%) at Rs 789 per share. UBS Principal Capital Asia bought 34 lakh shares (0.11%) at Rs 789 per share.
Inox Wind: Inox Leasing and Finance bought 44.50 lakh shares (2.01%) at Rs 102.50 per share. Promoter Siddhapavan Trading LLP sold 44.50 lakh shares (2.01%) at Rs 102.50 per share.
Brigade Enterprises: Promoter MR GURUMURTHY sold 1.15 lakh shares between September 24-27.
Jindal Stainless (Hisar): Promoter JSL Overseas bought 68,787 shares between September 22-24.
PSP Projects: Promoter Shilpaben Patel sold 15.50 lakh shares on September 27.
Surya Roshni: Promoter Surya Roshni Employees Welfare Trust bought 15,000 shares on September 23.
Sutlej Textiles & Industries: Promoter Shekhar Family Trust bought 1 lakh shares between September 23-24.
Who’s Meeting Whom
Gokaldas Exports: To meet HDFC Mutual Fund on September 29.
Nuvoco Vistas Corporation: To meet Torq Capital Management on September 29.
Ex-Date Buyback: eClerx Services
Record Date Final And Special Dividend: Bajaj Healthcare
Record Date Stock Split: Bajaj Healthcare
Record Date Interim Dividend: Bajaj Holdings & Investment
Move Into Short-Term ASM Framework: Marathon Nextgen Realty, Genesys International Corporation, Chalet Hotels, Gujarat Alkalies and Chemicals, Oberoi Realty, EIH
Money Market Update
The rupee ended at 74.04 against the U.S. Dollar on Tuesday as compared to Monday's closing of 73.84.
Nifty September futures ended at 17,730.50, a discount of 18.1 points
Nifty September futures shed 17.75% and 39,119 shares in Open Interest
Nifty Bank September futures ended at 38,007.55, a premium of 62.55 points
Nifty Bank September futures shed 18.66%, and 10,524 shares in Open Interest
Securities in the ban list: Vodafone Idea, SAIL, Sun TV, Zee Entertainment