Sensex, Nifty Snap 4-Day Losing Streak Aided By Metals, Realty, Pharma Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.
KEY HIGHLIGHTS
Adani Green Energy Acquires SB Energy Holdings
NTPC Is Said To Plan IPOs Of Three Units Including Renewables Business; Shares Advance
RBI Prepares To File For Insolvency Proceedings Against SREI Infrastructure Finance & SREI Equipment Finance: BQ EXCLUSIVE
RIL Incorporates Subsidiary In Abu Dhabi & UAE Markets, Plans To Trade Crude Oil, Petroleum Products
Divi’s Laboratories Shares Gain The Most In Over Five Months
Closing Bell
India’s equity benchmarks closed higher, aided by gains in metals, realty, power, banking and pharma stocks, as they snapped a four-day losing streak. Focus now shifts to the OPEC+ meeting due later today with the issue of supply policy topping the agenda.
The S&P BSE Sensex Index added 0.91% to 59,299.32 while the NSE Nifty 50 Index advanced by similar magnitude to 17,691.25.
The broader indices outperformed their larger peers with the S&P BSE MidCap rising 1.5% and S&P BSE SmallCap gaining over 1.7%. Barring S&P BSE Consumer Durables index, all the other 18 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Metal index rising over 2.6%. The S&P BSE Power, Realty and Basic Materials Indexes also added over 2%.
The market breadth was skewed in favour of bulls. About 2,332 stocks advanced, 1,016 declined and 193 remained unchanged.
Adani Group To Invest Over $20 Billion In Renewable Energy Generation
Aim to invest over $20 billion in renewable energy creation.
Total organic and inorganic green investments at $50 billion-$70 billion
- Gautam Adani at an event
Source: Bloomberg
Invesco vs Zee Entertainment: NCLT Mumbai Starts Hearing Arguments
Zee Entertainment Enterprises Ltd. informs NCLT that it will oppose Invesco’s application. Senior Advocate Navroz Seervai objects to Invesco’s application on grounds of jurisdiction and maintainability.
Zee’s board on Saturday rejected Invesco’s requisition to call an EGM.
Invesco says our apprehension has been proven correct.
There is no discretion in the board to call or not to call the EGM: Senior Advocate Mukul Rohatgi says on behalf of Invesco.
Section 100 read with section 98, Companies Act 2013 does not require any formality to be carried out. The board is bound to call the meeting. Only the 10% shareholding threshold needs to be met: Invesco.
Request NCLT to make a mandatory order directing an EGM: Invesco.
NTPC Denies Report Of Company Planning IPOs Of Three Units To Raise $2 Billion
NTPC Ltd. has denied the news report titled ‘NTPC planning IPOs of 3 units to raise $2 billion’, dated October 3, 2021, and appeared in the Economic Times. In an exchange filing that company said no such negotiations took place.
All Constituents Of S&P BSE Metal Index Advance
Adani Ports September Cargo Volume Up 24% YoY
Adani Ports and Special Economic Zone Ltd. handled cargo volume of 23.08 MMT during September, including 2.57 MMT for Gangavaram Port, up 24% YoY.
The cargo portfolio grew in all segments with container segment up 18%, other bulk cargo up 22%, coal up 16% and crude up 9%, in September, the company said in an exchange filing.
In the quarter ended September 30, 2021, container segment continued to lead with 40% share, followed by coal (30%), crude (9%) and other bulk cargo (21%).
For the first half of FY22, Adani Ports handled cargo volume of 160 MMT (including 15.90 MMT for Gangavaram Port)
Shares of Adani Ports rose 1.71% in intraday trade to Rs 747.5 apiece. Of the 26 analysts tracking the company, 23 maintained ‘buy’ and three maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16.1%.
Oil Reverses Decline Ahead Of OPEC+ Meeting
Oil reverses declined ahead of an OPEC+ meeting due later today.
OPEC+ production policy will be the main area of focus in today's meeting.
OPEC+’s modelling is showing demand will outstrip supply over the next two months.
Broader Indices Mirror Their Larger Peers
S&P BSE Power Index Advances Nearly 2%
Century Ply On Track For Longest Winning Streak Since March 2019
Century Plyboards India Ltd. is higher for the ninth straight day, on track for the longest winning streak since the period ended March 12, 2019.
Century Ply has gained a total of 17% during the streak while the S&P BSE Sensex Index increased 0.7%. Today, the stock rose 4.03% in intraday before paring some of the gains.
The relative strength index on the stock was 81, suggesting that it may be overbought.
Of the 20 analysts tracking the company, 16 maintained 'buy' and four maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 6%.
Generic Engineering Jumps 20% On Bagging Multiple Orders Worth Rs 180.38 Crore
Shares of Generic Engineering Construction and Projects Ltd. rose 20% to Rs 51.05 apiece after the company secured orders worth Rs 180.38 crore including GST, for various residential, commercial and industrial projects.
In an exchange filing, Generic Engineering said that one order worth Rs 152.27 crore pertained to the construction of commercial complex in Mumbai and a data centre at Rabale.
Another order worth Rs 5.1 crore pertained to the construction of manufacturing facility for ballot units in R&D sheds in Bangalore while the final order worth Rs 23.01 crore was related to the construction of residential building in Ghatkopar and Kalyan.
Natco Pharma Gains After Marketing Partner Breckenridge Pharma Launched Everolimus Tablets (Afinitor) In The U.S. Markets
Shares of Natco Pharma Ltd. rose over 2.5% to Rs 926.95 apiece after the company announced that its marketing partner Breckenridge Pharmaceutical Inc, has launched the 10 mg strength of Everolimus tablets(Afinitor) in the U.S. market, during market hours Friday.
According to industry sales data, the 10 mg strength of Afinitor generally annual sales of $392 million during the twelve months ended July 2021.
In the last two sessions, shares of Natco Pharma rose 3.29%. Of the 15 analysts tracking the company, seven maintained ‘buy’, five maintained ‘hold’ and three maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 18.8%.
All Constituents Of NSE Nifty IT Index Advance
Karur Vysya Bank Shares Rise On Strong September Quarter Business Update
Shares of Karur Vysya Bank Ltd. rose nearly 2% to Rs 47.9 after the lend reported Rs 1.19 lakh crore of total business (provisional) for quarter-ended September, in its business update. This compared to Rs. 1.12 lakh crore total business YoY.
Total Business (Provisional) at Rs 1,19,261 crore vs Rs 1,11,530 crore YoY
Total Deposits (Provisional) at Rs 65,410 crore vs Rs 61,122 crore YoY
Advances (Provisional) at Rs 53,851 crore vs Rs 50,408 crore YoY
CASA (Provisional) at Rs 23,159 crore vs Rs 20,697 crore YoY
Of the twelve analysts tracking the company, 10 maintained ‘buy’, one maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 40.6%.
HUL To Report Q2 Earnings On October 19
Hindustan Unilever Ltd. will report the financial results for the quarter ended September 30, 2021 on October 19.
The company will also consider the proposal for payment of interim dividend, if any, for the financial year FY2021-22.
The record date for the purpose of determining the entitlement of shareholders for the interim dividend has been fixed as October 27.
Source: Exchange Filing
Max Healthcare To Set Up 1000+ Hospital Beds In Gurugram
Max Healthcare Institute Ltd. has announced expansion of bed capacity in NCR region by addition of two hospitals of 500 beds each in Gurugram. In an exchange filing, Max Healthcare said it received the board’s approval for the expansion, in a meeting held earlier today.
Two land parcels have been allotted for the building of hospitals after the company’s successful bid in the recent HUDA auction, the company said in an exchange filing.
NCC Secures Two New Orders Worth Rs 444 Crore; Shares Rise
Shares of NCC Ltd. rose 3.17% in intraday trade to Rs 84.5 apiece after the company secured two new orders totaling for Rs 444 crore, excluding GST in September.
In an exchange filing, NCC said that one of the two orders valuing Rs 280 crore pertained to water and environment division while the second order valuing Rs 164 crore pertained to building division. Both the orders were received from state government agencies.
Of the 18 analysts tracking the company, 16 maintained ‘buy’ and two maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 34%. Trading volume on the stocks was 1.6 times the 30-day average volume for this time of the day.
Tata Communications Expands Strategic Partnership With Cisco Systems
Shares of Tata Communications Ltd. rose 2.72% in intraday trade to Rs 1,449 apiece after the company announced the expansion of strategic partnership with Cisco Systems. The new agreement between the two long-standing collaborators pertained to the deployment of I.T. infrastructure to deliver ‘anywhere, anytime’ access to enterprises, according to an exchange filing by Tata Communications.
Cisco meraki is onboarded within the Tata Communications ecosystem to offer cloud-managed Wifi services across various industries.
Of the nine analysts tracking the company, seven maintained ‘buy’ and two maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9.6%
Mid-Day Market Update: Sensex, Nifty Edge Higher; Reliance Leads Advance
India's stock benchmarks rose, aided by gains in realty, pharma, banking and power stocks.
The S&P BSE Sensex rose 0.89% to 59,286.13. The NSE Nifty 50 also advanced by similar magnitude to 17,679.60. Reliance Industries Ltd. contributed the most to the index gain, increasing 1%. Divi's Laboratories Ltd. had the largest increase, rising 7.8%. In midday trading, 37 of 50 shares rose, while 13 fell.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap adding over 1%. Barring S&P BSE Consumer Durables index, all the other 18 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty rising over 2.5%.
The market breadth was skewed in favour of bulls. About 2,301 stocks advanced, 905 declined and 211 remained unchanged.
Piramal Enterprises Shares Up The Most In 2 Months
Shares of Piramal Enterprises Ltd. rose nearly 7% in intraday trade, the most in two months, to Rs 2,839 apiece, higher than any close since September 18, 2018.
Trading volume on the stock was double the 20-day average for this time of the day.
Piramal Enterprises trades at 23 times its estimated earnings per share for the coming year.
Analysts have five 'buy', one 'hold' and no 'sell' recommendations on the stock.
Man Infra Gains As Board Approves Interim Dividend For FY2021-2022; RSI Above 70
Shares of Man Infraconstruction Ltd. rose nearly 5% to Rs 114.95 apiece after the company approved the interim dividend of Rs 1.26 per equity share on 24,75,00,270 equity shares having a face value of Rs 2 each for FY2021-22. The record date for the purpose of determining the entitlement of shareholders for the interim dividend has been fixed as October 14. The dividend shall be dispatched on October 29, the company said in an exchange filing.
The board also approved the issue of bonus equity shares in the ratio of one new equity bonus share of Rs 2 each for every two existing equity shares of Rs 2 each held by the shareholders as on the record date, which will be informed in due course. The board gave its nod to increase the authorized share capital of the company from Rs 63 crore to Rs 81 crore.
Relative strength index on the stock was 87, suggesting that it may be overbought.
Cummins India Declines On Concerns Over Draft Bill To Cut Diesel Genset Use
NSE Nifty Bank Index Advances Nearly 1%
Supreme Court Asks Tribunal To Decide Videocon Sale In 2 Months
Supreme Court gave the bankruptcy appeals court two more months to hear and decide on lenders’ petitions challenging sale of Videocon Industries Ltd. to billionaire Anil Agarwal’s Twin Star Technologies Ltd.
A two-judge Supreme Court panel headed by L.N. Rao allowed the two months time on National Company law Appellate Tribunal’s request.
Source: Bloomberg
S&P BSE Realty Index Up Over 2%
Rupee Weakens On Record Merchandise Trade Deficit
India’s rupee edged lower after preliminary trade data published late Friday showed a jump in imports led to a record-high trade deficit.
USD/INR rises 0.1% to 74.1700 after climbing 0.6% last week
Merchandise exports rose 21% in September to $33.4 billion, while imports jumped about 85% to $56.58 billion, the trade ministry said. Oil imports surged 199% to $17.44 billion
India’s 10-year yields are little changed at 6.25%
API Suppliers In Focus; Divi's Labs, Laurus Labs Advance
Asian vaccine stocks followed their global peers lower, with Shanghai Fosun dropping by as much as 21% in Hong Kong, after Merck & Co. said its experimental antiviral pill cuts the risk of hospitalization and death from Covid-19 in half.
India’s API suppliers to big pharma rise; Divi’s Labs gains as much as 10%, Laurus Labs 1.2%
Steel Strips Wheels Advances 5% As Board Approves Sub-division Of Shares
Shares of Steel Strips Wheels Ltd. rose 5% to Rs 1,881.35 apiece after the company’s shareholders approved the sub-division of equity shares from one share of face value of Rs 10 each to two shares of face value of Rs 5 each.
In an exchange filing post market hours Friday, Steel Strips Wheels said that it will intimate the record date for the sub-division of shares later.
India Yield Curve Steady, Stocks Up
Maturities across the India sovereign yield curve were little changed in Monday morning trading.
The 5-year yield fell 0.6bps to 5.684%
The 10-year yield was little changed at 6.248%
The 14-year yield was little changed at 6.754%
The 5-year-10-year yield spread was 56.4bps, vs previous close 55.4bps
Source: Bloomberg
Adani Green Energy Acquires SB Energy Holdings
Shares of Adani Green Energy Ltd rose over 2% in intraday trade to Rs 1,175 apiece after the company completed the acquisition of SB Energy Holdings Ltd. in an all-cash deal. The transaction pegs SB Energy India at an enterprise valuations of $3.5 billion (~ Rs 26,000 crore)
With this deal, SB Energy India is now a 100% subsidiary of Adani Green Energy.SB Energy India has 5 Giga Watt renewable assets across four states in India through its SPVs. The portfolio holds 1,700 Mega Watt of operational renewable assets, 2,554 Mega Watt off assets under constructions and 700 Mega Watt of assets near construction. Solar capacity accounted for 84% of the portfolio, wind-solar hybrid capacity constituted 9% and wind capacity accounted for 7%, according to an exchange filing by Adani Green.
Mindtree To Approve September Quarter Earnings & Interim Dividend, If Any, On October 13
Mindtree Ltd will consider and approve the financial results for the September quarter and the half year ended September 30, 2021 on October 13, the company said in an exchange filing.
It will also declare interim dividend, if any, on the said date. The record date for the payment of interim dividend, if approved, will be October 22, 2021.
NTPC Is Said To Plan IPOs Of Three Units Including Renewables Business; Shares Advance
Shares of NTPC Ltd. rose over 3% to Rs 144.2 apiece after reports hinted at the company’s plans to raise Rs 15,000 crore through IPOs of three units including its renewables business.
The state-run generator intended to sell shares in NTPC Renewable Energy Ltd within a year, according to the report. NTPC is said to be planning a listing of hydropower North Easter Electric Power Corp., and power trading arm NTPC Vidyut Vyapar Nigam Ltd, by early 2024. It is also looking to sell its stake in NTPC-SAIL Power Co.
Of the 27 analysts tracking the company, 24 maintained ‘buy’ and three maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 1%.
RBI Prepares To File For Insolvency Proceedings Against SREI Infrastructure Finance & SREI Equipment Finance: BQ EXCLUSIVE
Reserve Bank of India prepares to file for insolvency proceedings against SREI Infrastructure Finance and SREI Equipment Finance
RBI has finalised an administrator to be appointed at the two firms
RBI to first suspend boards of the companies and appoint the administrator, before initiating insolvency proceedings
Source: People In The Know
Quick Heal Tech Introduces New Version Of Cybersecurity Products With Focus On Privacy; Shares Advance
Shares of Quick Heal Technologies Ltd. rose nearly 4% to Rs 243 apiece after the cybersecurity firm introduced a new version of its flagship security products for consumers. In an exchange filing, Quick Heal said that host of features and enhancements have been added in this new version, including features to safeguard digital privacy for new-age consumers.
The company highlighted the data breach alert feature which will alert consumers if their personal data have been breached and compromised online. Besides this, there are other privacy features like anti-tracker, webcam protection have been added as well.
Trading volume on the stock was 2.6 times the 30-day average volume, for this time of the day.
Biocon Gains On Launch Of Generic Version Of Afinitor In The U.S. Market
Shares of Biocon Ltd. rose 1.45% in intraday trade to Rs 370.06 apiece after the company announced the launch of Everolimus tablets, a generic version of Afinitor in the U.S., thereby expanding its generic formulations portfolio.
Everolimus tablets, a prescription drug used to treat certain types of cancers, have been introduced in four doses. According to IQVIA, U.S. sales of Everolimus tablets was approximately $675 million in the 12 months ending July 2021.
Of the 22 analysts tracking the company, 11 maintained ‘buy’, five maintained ‘hold’ and six maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 8.3%.
RIL Incorporates Subsidiary In Abu Dhabi & UAE Markets, Plans To Trade Crude Oil, Petroleum Products
Shares of index heavyweight Reliance Industries Ltd. rose 1.83% to a record Rs 2,570 apiece after the company announced investment of Rs 7.43 crore in 1,000 equity shares of $1 each in Reliance International Ltd (RINL), a newly incorporated wholly owned subsidiary in Abu Dhabi Global market and UAE.
In an exchange filing on Saturday, RIL said that it incorporated the subsidiary to undertake activities such as trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence business operations.
Of the 36 analysts tracking the company, 23 maintained ‘buy’, eight maintained ‘hold’ and five maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 10.7%
All The Constituents Of NSE Nifty PSU Bank Advance
High Energy Prices May Hit India Demand: Essar's CEO Santosh Chandra
High price of oil and gas benefits the producers, but it impacts consumers and could hit demand.
The company, which produces natural gas from coal seams, is benefiting from the spike in prices
Its revenue is at a record as gas prices are linked to Brent
High prices could even encourage use of dirtier fuels in the short term
Hope OPEC+ will ensure a supply balance to avoid demand destruction in oil sector
Source: Santosh Chandra, CEO of Essar Oil and Gas Exploration and Production, to Bloomberg TV
NSE Nifty Pharma Index Up Nearly 2%
KPIT Tech To Invest In Software-Defined Vehicle Solutions
KPIT Technologies Ltd. announced plans to make significant investments towards software-defined vehicles across PV and CV segments. The investments will specifically focus on middleware solutions.
In an exchange filing, KPIT Tech said that it intended to develop technology infrastructure to help OEMs in the vehicle architecture transformation.
Shares of KPIT Technologies Ltd rose over 3% in intraday trade to Rs 348.85 apiece before paring most of the gains. Of the seven analysts tracking the company, five maintained ‘buy’, one maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.8%.
Federal Bank Jumps On Strong September Business Update
Shares of Federal Bank Ltd. jumped nearly 3.5% to Rs 86 apiece after the lenders said that its Gross Advances and Total Deposits (Provisional) rose by 10% YoY in the quarter ended September.
In an exchange filing on Sunday, Federal Bank said that CASA grew by 18% YoY while Customer Deposits rose 11% YoY.
Of the 38 analysts tracking the company, 35 maintained ‘buy’, two maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 22.1%. Trading volume on the stock was 3.7 times the 30-day average volume for this time of the day.
Divi’s Laboratories Shares Gain The Most In Over Five Months
Shares of Divi’s Laboratories Ltd. rose over 5.7% in intraday trade, the most in over five months, to Rs 5,108.35 apiece.
Trading volume on the stock was 10.3 times the 30-day average volume for this time of the day.
Of the 20 analysts tracking the company,14 maintained ‘buy’, three maintained ‘hold’ and three maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 0.8%.
Avenue Supermarts Jumps Over 5% After Reporting Revenue Growth In Q2 Business Update
Shares of Avenue Supermarts Ltd. rose nearly 5.5%, the most in 20 weeks, to Rs 4,464.35 apiece.
Trading volume was 9% above the 20-day average for this time of the day.
Avenue Supermarts trades at 183 times its estimated earnings per share for the coming year.
Analysts have eight ‘buy’, nine ‘hold’ and 12 ‘sell’ recommendations on the stock.
On Saturday, the company shared a business update at the end of second quarter of the current fiscal. Standalone revenue from operations for the quarter ended September 30, 2021 was Rs 7,649.64 crore versus Rs 5,218.15 crore YoY. The total number of stores as of September 30, 2021 stood at 246.
Opening Bell: Sensex, Nifty Open Higher; Avenue Supermarts Up 5%
India's stock benchmarks opened higher, aided by gains in pharma, energy, power and banking stocks.
The S&P BSE Sensex added 0.54% to 59,080.97. The NSE Nifty 50 also advanced by similar magnitude to 17,633.15. Reliance Industries Ltd. contributed the most to the index gain, increasing 0.8%. Divi's Laboratories Ltd. had the largest increase, rising over 5%. In early trading, 37 of 50 shares rose, while 13 fell.
The broader indices almost mirrored larger peers with the S&P BSE MidCap and S&P BSE SmallCap adding over 0.5% . Barring S&P Consumer Durables index, all the other 18 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Power index gaining over 1%.
The market breadth was skewed in favour of bulls. About 1,910 stocks advanced, 440 declined and 121 remained unchanged.
Adani Green Energy Closes India’s Largest Renewables M&A Deal For Rs 26,000 Crore
Adani Green Energy Ltd. has completed the acquisition of SB Energy Holdings Ltd. in an all-cash deal. The transaction pegs SB Energy India at an enterprise valuations of $3.5 billion (~ Rs 26,000 crore)
With this deal, SB Energy India is now a 100% subsidiary of Adani Green Energy.SB Energy India has 5 Giga Watt renewable assets across four states in India through its SPVs. The portfolio holds 1,700 Mega Watt of operational renewable assets, 2,554 Mega Watt off assets under constructions and 700 Mega Watt of assets near construction. Solar capacity accounted for 84% of the portfolio, wind-solar hybrid capacity constituted 9% and wind capacity accounted for 7%, according to an exchange filing by Adani Green.
Pre-Market Trade
Reliance has 2.7 million shares change hands in pre-market trade.
Bharti Airtel has 2.34 million shares change hands in pre-market trade.
Bharat Electronics has 1.17 million shares change hands in pre-market trade.
GAIL has 1.49 million shares change hands in pre-market trade.
ICICI Bank has 4.86 million shares change hands in pre-market trade.
Infosys has 3.23 million shares change hands in pre-market trade.
Axis Bank has 2.15 million shares change hands in pre-market trade.
Tata Motors has 1.57 million shares change hands in pre-market trade.
ONGC has 2.37 million shares change hands in pre-market trade.
ITC has 2.74 million shares change hands in pre-market trade.
Source: Bloomberg
Rupee Traders To Assess Jump In Imports
Indian traders will weigh preliminary merchandise trade data that showed a near 200% jump in oil imports last month compared to the same period a year ago.
USD/INR fell 0.2% to 74.1250 on Friday.
Oil was steady ahead of an OPEC+ meeting on Monday to discuss production policy amid a rapidly tightening market.
10-year yields rose 2bps to 6.24% on Friday.
Global funds bought Rs 338 crore of sovereign bonds under limits available to foreign investors, and added Rs 189 crore of corporate debt.
State-run banks bought Rs 6,050 crore of sovereign bonds on Oct. 1: CCIL data. Foreign banks sold Rs 969 crore of bonds.
In Focus: Power Stocks On Asset Monetisation, Renewables Push
India’s state-run power producers will be in focus after the country’s biggest power generator NTPC said it plans to sell stakes in three units while the the government continues to push utilities for investment in renewables.
Operators of coal-fired power projects may also react after newspaper Mint said a number of plants in the country are facing shortages of the fuel.
As of October 1, about 72 power projects had less than three days of coal supply, the report said citing officials it didn’t identity.
In Focus: NTPC, Steel Authority of India, SJVN, NHPC, Coal India.
Vaccine Stocks In Focus As Merck's Drug Slashes Risk From Covid-19
Asian vaccine stocks followed their global peers lower, with Shanghai Fosun dropping by as much as 21% in Hong Kong, after Merck & Co. said its experimental Covid-19 antiviral pill cuts the risk of hospitalization and death in half.
Stocks In Focus: Dr Reddy’s, Cadila Healthcare and Pfizer Ltd., a unit of Pfizer Inc.
Also In Focus: API suppliers to big pharma such as Divi’s Labs & Laurus Labs.
Vedanta To Spend $20 Billion In India Privatization Plan: Times Of India Report
Vedanta group wants to invest about $20 billion to acquire Indian government’s holdings in state-owned Bharat Petroleum Corp., Shipping Corp. of India and Hindustan Copper Ltd., The Times of India newspaper reported citing its billionaire chairman Anil Agarwal.
Anil Agarwal says funds will never be an issue; its $10 billion fund had a lot of interest from several investors, including some sovereign wealth funds.
The group is already evaluating the three companies where government is seeking to exit.
Expecting Indian government to seek financial bids for BPCL sale in next two to three months.
Anil Agarwal says group has no plans to delist its Indian unit Vedanta Ltd., patent’s holding has increased to 66% from 51% earlier.
Biocon Launches Generic Version Of Afinitor In The U.S.
Biocon Ltd. has announced the launch of Everolimus tablets, a generic version of Afinitor in the U.S., thereby expanding its generic formulations portfolio.
Everolimus tablets, a prescription drug used to treat certain types of cancers, have been introduced in four doses. According to IQVIA, U.S. sales of Everolimus tablets was approximately $675 million in the 12 months ending July 2021.
Cipla Signs Pact To Sell Two Eli Lilly Diabetis Drugs In India
Eli Lilly and Co. signed a pact to transfer to Cipla the rights to sell its diabetes products Humalog and Trulicity in the South Asian nation, the Indian drugmaker says in a statement to exchanges.
“Lilly will continue to maintain its existing operating model for the remaining portfolio of products,” according to statement.
SGX Nifty Hints At Gains; Hero Moto, Tata Motors In Focus
Asian stocks started the week with gains after their U.S. peers closed higher Friday, as prospects for a pickup in growth outweighed concern over inflation pressures.
Shares rose in Japan and Australia, and U.S. futures advanced. Mainland Chinese markets are closed through Thursday for the Golden Week holidays. The S&P 500 rose over 1% Friday after promising results for a Covid-19 pill and positive manufacturing data triggered a rally in companies that stand to benefit from an economic reopening.
India’s SGX Nifty 50 Index futures for October delivery rose 0.1% to 17,547.50, while MSCI Asia Pacific Index fell 0.6%. The NSE Nifty 50 Index fell 0.5% on Friday to 17,532.05.
The dollar declined for a third day, falling against most major peers. The yen ticked higher after a record number of flybys by Chinese warplanes close to Taiwan raised tensions in the region. Treasuries edged up, with 10-year yields slipping to 1.45%.The dollar declined for a third day, falling against most major peers. The yen ticked higher after a record number of flybys by Chinese warplanes close to Taiwan raised tensions in the region. Treasuries edged up, with 10-year yields slipping to 1.45%.
Elsewhere, Bitcoin traded around $48,000, largely maintaining its recent gains.
Back home, Foreign investors sold net Rs 1,990 crore of stocks on Sept. 30, according to NSDL website.