All You Need To Know Going Into Trade On September 6
Asian stocks were mixed Monday amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower U.S. hiring.
Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 17,403 as of 7:20 a.m.
The S&P 500 was little changed Friday, the Nasdaq 100 edged up to a record and Treasury yields rose as investors digested disappointing U.S. payroll growth and faster-than-projected wage increases.
Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers. Gold was steady and Bitcoin was near $52,000.
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Stocks To Watch
Dr. Reddy's Laboratories: The company, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 and certain related assets. Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
M&M Financial Services: The company’s disbursements in August were at Rs 2,150 crore, 57% higher from a year earlier. Collection efficiency was at about 97%, compared with 95% in July. The company witnessed a meaningful reduction in the NPA contracts in August as customer cash flows improved. It expects downward trajectory to continue in September and in months to come. Liquidity position comfortable as on date, Mahindra Financial said.
Reliance Industries: The wholly owned subsidiary of the company, Reliance Strategic Business Ventures, has acquired 2.28 crore equity shares of Strand Life Sciences for Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The investment is part of Reliance’s digital health initiatives.
HealthCare Global Enterprises: The company has divested its entire equity holding of 34.5% (on fully diluted basis) in Strand Life Sciences to Reliance Strategic Business Ventures for Rs 157 crore. The company has also acquired Hospital Lab Management and Clinical Research Site Management business through a Business Transfer Agreement from Strand for Rs 81 crore with a set-off of Rs 7 crore towards receivables.
ICICI Lombard General Insurance Company: IRDAI has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance Company to ICICI Lombard by way of a scheme of arrangement. The demerger and transfer of general insurance business, as envisaged in the scheme, shall be effective within three days from the date of the final approval, the insurer said. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%.
Jindal Steel and Power: Shareholders have approved divestment of entire shareholding of the company in its subsidiary Jindal Power. More than 90% of the minority shareholders voted in the favour of the deal.
HFCL: The board has approved raising up to Rs 750 crore by way of issue of equity shares/preference shares/ bonds/debentures/non-convertible debt instruments/warrants/any other securities.
PNB: The meeting of board of directors to consider the proposal for raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof has been re-scheduled to September 10.
Engineers India: The company has received an order worth Rs 1,039 crore from Chennai Petroleum Corporation. Engineers India has been entrusted with execution of EPCM-1 with MPMC and EPCM-3 services for 9 MMTPA Cauvery Basin Refinery project in Tamil Nadu.
Force Motors: The company’s total production in August stood at 2,148 units. It reported domestic sales of 1,487 units and exports of 500 units.
Oberoi Realty: Says high input costs, fewer launches to drive prices up; Price Rise Inevitable in Indian Housing Market
Jammu & Kashmir Bank: RBI has accorded approval to Government of Jammu and Kashmir to acquire 16.76 crore fully paid-up equity shares on preferential basis, representing 74.24% of equity capital of the bank, subject to compliance of regulatory requirements.
Ashapura Minechem: Firm has operations in Guinea through unit Société Guinéenne des Mines de Fer. A unit of Guinea’s military seized power and suspended the constitution, destabilising the West African nation that’s a key source of the raw material used to make aluminum.
Indiabulls Housing Finance public issue of NCDs open for sale, offer close Sept. 20
Coal India (COAL): 39 Mining Projects of Coal India Face Delays: PTI
Earnings to watch: Nuvoco Vistas Corporation
AGMs: Britannia Industries
Pledge Share Details
Apollo Hospitals Enterprise: Promoter K Reddy revoked pledge of 2.95 lakh shares on September 1.
Emami: Promoters (Suraj Finvest and Sneha Enclave) revoked pledge of 5.75 lakh shares between August 31-September 2.
Wockhardt: Promoter Themisto Trustee Company created a pledge of 14.30 lakh shares between August 31- September 2.
As reported on September 3.
Kirloskar Industries: Gagandeep Credit Capital bought 76,984 share (0.79%) at Rs 1,407 per share. India Capital Management sold 2.16 lakh shares (2.23%) at Rs 1,407.09.
Adani Green Energy: Promoter Infinite Trade and Investments bought 9.25 lakh shares on September 2.
Aarti Industries: Promoters (Jaya Gogri, Labdhi Business Trust and Manomaya Business Trust) sold 25 lakh shares on September 2.
Alkyl Amines Chemicals: Promoter Yogesh Kothari sold 91,000 shares between September 1-2.
Gati: Promoter TCI Finance sold 12,000 shares on August 31.
Jindal Stainless (Hisar): Promoter JSL Overseas bought 1.45 lakh shares between September 1-2.
KNR Constructions: Promoter Kamidi Reddy sold 24.87 lakh shares on September 2.
Lincoln Pharmaceuticals: Promoters (Munjal Patel and Ashish Patel) bought 65,000 shares on September 1.
Mangalore Chemicals & Fertilizers: Promoter Adventz Finance bought 70,000 shares on September 2.
Nava Bharat Ventures: Promoters (AV Dwellings, A9 Homes and SRT Investments) bought 15,200 shares between September 1-2.
Pidilite Industries: Promoter Neerav Parekh sold 19,319 shares between September 1-2.
RPSG Ventures: Promoter STEL Holdings bought 25,759 shares on September 2.
SBI Cards and Payment Services: Promoter SBI Life Insurance Company sold 3 lakh shares on September 2.
Surya Roshni: Promoter Surya Roshni Employees Welfare Trust bought 20,000 shares on August 31.
Sudarshan Chemical Industries: Promoter Narayandas Rathi sold 1.88 lakh shares on September 2.
Who’s Meeting Whom
Blue Star: To meet T Rowe Price on September 6.
Craftsman Automation: To meet Spark Capital Advisors (India) on September 7.
CRISIL: To meet YES Securities on September 6.
Dixon Technologies (India): To meet Enam Asset Management Company on September 6 and Hill Fort Capital and FMR on September 7.
Gland Pharma: To meet Kotak Mutual Fund on September 6 and Emkay Global Financial Services on September 7.
Graphite India: To meet Nippon Life Global Investors Singapore on September 6.
Indian Energy Exchange: To meet HDFC Mutual Fund on September 6.
India Pesticides: To meet Kotak Securities on September 6, Elara capital on September 8, and KR choksey and Emkay Global on September 9.
KEI Industries: To meet Dolat Capital Market on September 6.
Max Healthcare Institute: To meet Citigroup Global Markets on September 6.
PI Industries: To meet HDFC Life Insurance Company on September 9 and Axis Mutual Fund on September 13.
Sobha: To meet Axis Capital on September 6.
Torrent Power: To meet HDFC Life Insurance Company on September 6.
Ex-Date AGM: PI Industries, Schneider Electric Infrastructure, CARE Ratings, Shyam Metalics and Energy, Heranba Industries, Ashoka Buildcon, Munjal Auto Industries
Ex-Date Final Dividend: Bharat Rasayan, CARE Ratings, Deccan Cements, Engineers India, Heranba Industries, PI Industries
Ex-Date Dividend: Shyam Metalics and Energy, Subros, Transpek Industry
Move Into ASM Framework: Themis Medicare
Move Out Of ASM Framework: Lux Industries, Jamna Auto Industries, Centrum Capital, Dynemic Products
Move Out Of Short-Term ASM Framework: BLS International Services, Linde India, Seamec
Money Market Update
The rupee ended at 73.01 against the U.S. Dollar on Friday as compared to Thursday's closing of 73.06.
Nifty September futures ended at 17,332, a premium of 8.4 points
Nifty September futures added 0.55%. and 1,615 shares in Open Interest
Nifty Bank September futures ended at 36,914.80, a premium of 153.65 points
Nifty Bank September futures added 8.47%, and 6,040 shares in Open Interest
Securities that continue to be on the ban list: Indiabulls Housing Finance