All You Need To Know Going Into Trade On September 9
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian stocks declined early Thursday after a dip in U.S. shares as investors continue to fret over a slowdown in the recovery from the pandemic. Treasuries and the dollar held an advance.
Equities fell in Japan, Australia and South Korea. U.S. futures edged down after the S&P 500 retreated for a third day and the Nasdaq 100 posted the biggest drop in two weeks. A U.S. central bank survey signaled a moderation in economic growth due to the delta virus strain.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance fell 0.33% to 17,324.50 as of 7:15 a.m.
Chinese stocks trading in the U.S. tumbled on renewed concerns about Beijing’s regulatory crackdown after officials summoned gaming companies including Tencent Holdings Ltd. and Netease Inc. to discuss further oversight. Equity futures for Hong Kong were earlier in the red.
Treasury yields stay lower in the wake of strong demand at the monthly 10-year note auction. Oil was steady above $69 a barrel amid a slow return of U.S. production after Hurricane Ida.
Stocks To Watch
Jindal Steel & Power: The company has prepaid $105.66 million loan of Australian unit. The prepayment has helped reduce the unit’s debt by about 50%. The company plans to pay off its overseas debt in coming quarters and aims to be net debt-free by March 2023. Further JSPL will expand steelmaking capacity in Angul to more than 12 million tons a year by 2025 through internal accruals, Managing Director VR Sharma said.
SBI Life Insurance Company: Canada Pension Plan Investment Board is selling 20 million shares in the company in an accelerated bookbuild offering, according to a Bloomberg report. Shares are being offered at Rs 1,159.05 to Rs 1,220.05 each, which is at a discount of 0% to 5% to Wednesday’s close. There is an option to increase the deal size by as many as 3 million shares. The seller will be subject to a 90-day lockup period.
ONGC: The company is exploring a purchase of a significant minority stake in the $4 billion-plus Sangomar oil project off the coast of Senegal from Woodside Petroleum Ltd., according to a Bloomberg report. The company is discussing acquiring an interest of 20% to 40% in the field.
BASF India: The Competition Commission of India searched local offices of BASF and other vegetable seed companies, according to a Reuters report. BASF is aware of a raid in its Nunhems India Gurgaon branch, a spokeswoman told Bloomberg News; adding the company wasn’t aware of the precise reason for the raid and was cooperating with the authorities.
UCO Bank: RBI has freed UCO Bank from its prompt corrective action framework, intended to help weak banks revive. As per UCO Bank’s FY21 results, the lender is no longer in breach of the PCA parameters, RBI said. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis. UCO Bank was put under PCA in May 2017.
Punjab National Bank: Banks Board Bureau has recommended two names for MD & CEO role at Punjab National Bank. BBB recommended Atul Kumar Goel for the role and named Ajay Kumar Srivastava as the candidate on reserve list. SS Mallikarjuna Rao, the current MD & CEO of PNB, will superannuate on January 31, 2022.
Infosys: The company and The Economist Group have announced a new strategic partnership designed to enable and accelerate sustainability solutions and drive world-changing impact through a new business-to-business model. The company has also approved the closure of the buyback on September 8. It has bought back 5.58 crore equity shares, at an average price of Rs 1,648.53 per equity share, for Rs 9,199 crore.
Tata Consultancy Services: Avianca, one of the leading airlines in South America, has partnered with TCS to accelerate its journey to the cloud. TCS will modernise Avianca’s IT infrastructure and build a new future-ready cloud-based digital core on Microsoft Azure. It will help the airline migrate 129 core applications to the cloud and will also manage the new cloud estate.
Adani Enterprises: CG Natural Resources, a subsidiary of the company, has emerged as a successful bidder for Jhigador (250 MT) and Khargaon (250 MT) coal blocks in Bisrampur, Chhattisgarh.
BPCL: Appointed Arun Kumar Singh as Chairman and Managing Director and Vetsa Ramakrishna Gupta as additional Director and Director (Finance) with effect from September 7.
Repro India: Board approved issuing up to 6.25 lakh equity shares to members of promoter and promoter group and non-promoter on a preferential basis at a price of Rs 480 per share, aggregating up to Rs 30 crore. The board has also approved issue of 6.25 lakh warrants to members of promoter and promoter group and non-promoter on a preferential basis at a price of Rs 480 per warrant, each convertible into one equity share.
Gujarat Alkalies abd Chemicals: Appointed Pankaj Kumar as the Chairman of the company with effect from September 7.
Rashtriya Chemicals and Fertilizers: To set up a plant to manufacture 75 KL per day i.e. 1.50 lakh bottles (500 ml. capacity) per day, of Nano Urea (Liquid) fertilizer at RCF's Trombay unit based on proprietary technology developed and patented by Indian Farmers Fertiliser Cooperative Ltd.
KPI Global Infrastructure: The company has terminated power purchase agreement signed for the capacity of 1.10 MW solar power plant under Independent Power Producer segment.
AGMs: GAIL India (11:30 a.m.); Bombay Dyeing & Mfg. Co. (3 p.m.); JB Chemicals & Pharma (3:30 p.m.); GMR Infrastructure (3 p.m.); L.G. Balakrishnan (2 p.m.)
Offerings
Goldman, JPMorgan among 10 banks selected for LIC IPO
Sansera Engineering sets Rs 734-744/share price range for IPO, offer open Sept. 14-16
Pledge Share Details
Apollo Hospitals Enterprise: Promoter K Reddy created a pledge of 70,000 shares on September 6.
Future Retail: Promoter Future Corporate Resources revoked pledge of 7,850 shares on September 6.
Sun Pharmaceutical Industries: Promoter Shanghvi Finance revoked pledge of 33.93 lakh shares on September 6.
As reported on September 8.
Insider Trades
Axis Bank: Promoter General Insurance Corporation of India sold 3 lakh shares between September 6-7.
Alkyl Amines Chemicals: Promoter Yogesh Kothari sold 1.03 lakh shares between September 6-7.
Delphi World Money: Promoter Ebixcash World Money sold 9,000 shares on September 6.
Elgi Equipments: Promoter Jairam Varadaraj sold 2.18 lakh shares on September 7. Promoter Dark Horse Portfolio Investment bought 2.18 lakh shares on September 7.
Gujarat Fluorochemicals: Promoter Inox Chemicals LLP sold 28,452 shares between September 6-7.
JK Cement: Promoter Ramapati Singhania sold 1,800 shares between September 6-7.
RPSG Ventures: Promoter STEL Holdings bought 10,000 shares on September 7.
VIP Clothing: Promoter Maxwell Capital Management bought 30,000 shares on September 6.
Block Deals
Somany Home Innovation: EQ India Fund sold 3.50 lakh shares (0.48%) at Rs 365 per share. Equity Intelligence India sold 7 lakh shares (0.97%) at Rs 365 per share. Cohesion MK Best Ideas Sub Trust bought 10.50 lakh shares (1.45%) at Rs 365 per share.
Who’s Meeting Whom
Affle (India): To meet Bajaj Allianz Life Insurance and Grandeur Peak Global on September 9 and Malabar Investments on September 10.
Cipla: To meet Terra Nova Capital Advisors on September 9.
DCW: To meet SMIFS, Julius Baer Wealth Advisors (India), ICICI Securities, Kotak PCG and ACE Lansdowne Investments Services LLP on September 9.
3i Infotech: To meet Dalal and Broacha, Nirmal Bang, AMSEC, and IDBI Capital on September 9.
Meghmani Finechem: To meet Haitong Securities India on September 9.
UTI AMC: To meet Macquaire on September 9.
UltraTech Cement: To meet Axiom International Investors and AllianceBernstein Holding on September 9 and Millennium Partners on September 10.
Trading Tweaks
Ex-Date AGM: Kirloskar Electric Company, Gufic Biosciences, Venus Remedies
Ex-Date Dividend and Special Dividend: GNA Axles
Ex-Date Final Dividend: Gufic Biosciences, The Yamuna Syndicate
Record Date Interim Dividend: Vedanta
Record Date Dividend: Gujarat Gas, Gujarat State Petronet
Record Date Final Dividend: TV Today Network
Record Date Bonus Issue: Mahindra Holidays & Resorts India
Record Date Rights Issue: Asian Granito India
Move Into Short-Term ASM Framework: RPG Life Sciences, Prime Focus
Move Out Of Short-Term ASM Framework: Stove Kraft, Gayatri Projects
Money Market Update
The rupee ended at 73.60 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 73.42.
F&O Cues
Nifty September futures ended at 17,386.25, a premium of 32.75 points
Nifty September futures shed 0.51%. and 1,528 shares in Open Interest
Nifty Bank September futures ended at 36,945, a premium of 176.8 points
Nifty Bank September futures shed 1.63%, and 1,164 shares in Open Interest
Securities that continue to be on the ban list: Indiabulls Housing Finance, National Aluminium Company
Securities added to the ban list: IRCTC
