Sensex, Nifty Close Higher Aided By Realty, Auto, Consumer Durables Stocks

• Just In: NCLT will take up the case tomorrow.

• Zee Entertainment has approached NCLAT against limited time granted to it by NCLT for filing reply to Invesco’s petition.

• NCLAT order to be out today.

Senior Advocate Navroz Seervai, representing Zee Entertainment

• NCLT gives us 36 hours and the members feel this is more than adequate time.

• The case has never been listed for final hearing at the NCLT.

• We are saying give us 2 weeks time and take up the case for final hearing.

• The heavens won’t fall.

• Seek 2 weeks time to file response in NCLT.

• I started three days after the applicants argued. In their zeal and anxiety to give us only 36 hours the bench says there are time constraints.

• We only asked for one week. But before this court we are asking for two weeks. Surely some time may have be given otherwise it is travesty of justice.

Senior Advocate Mukul Rohatgi for Invesco

• If you have to hold a meeting it cannot be interim meeting or an ad-interim meeting

• This interim and ad-interim business is a bogey

• It is absurd to say that a meeting for 2.5 lakh shareholders will be called as interim.

• On 30th, there was no request for filing a reply.

• On Monday and then Tuesday, Mr Dwarkadas and I argued the matter fully. No request for filing a reply was made while we were arguing.

• This (Zee) petition should be rejected with costs.

• This is abuse of process.

• You can file a petition, a suit but not a reply?

Arun Kathpalia for Zee Entertainment's Independent Directors

• We are being ambushed.

• Even notice has not been issued in this case (the NCLT case).

• I beseech the court to intervene.

• The NCLT hearing is scheduled for 2:30 p.m.

India’s equity benchmarks closed higher, aided by gains in realty, auto, consumer durables stocks, amid positive global cues. Focus now shifts to the MPC meeting of the Reserve Bank of India and quarterly earnings of Tata Consultancy Services Ltd. scheduled for Friday.

The S&P BSE Sensex Index rose 0.82% to 59,677.83. The 30-stock index came close to reclaiming the 60,000 mark and hit an intraday high of 59,914.91. The NSE Nifty 50 Index advanced by similar magnitude to 17,790.35.

The broader indices outperformed their larger peers with the S&P BSE MidCap adding 1.7% and S&P BSE SmallCap gaining 1.4%. All the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Realty index rising over 6% and S&P BSE Consumer Durables index gaining nearly 6%.

The market breadth was skewed in favour of bears. About 2,237 stocks advanced, 1,066 declined and 140 remained unchanged.

"Strong rebound in auto, IT and private banks supported market rally today. Further, Nifty realty was up over 5% today mainly led by strong 2QFY22 provisional numbers reported by select real estate companies. Further, IT stocks also witnessed sharp recovery ahead of TCS numbers tomorrow. Expectations of strong growth despite margin pressure and recent weakness in INR fueled rally in IT companies", Binod Modi, Head Strategy, Reliance Securities wrote in a note and added "India’s sovereign rating upgrade by Moody’s Investors Services bodes well. Further, steady rise in disbursal of banks and NBFCs in 2QFY22 (as shown in their provisional numbers reported to exchanges) vindicates growth momentum of the economy. However, sharp rise in oil prices is a fresh overhang of Indian equities, which can essentially result in further hardening of inflation and adversely impact government’s fiscal math".

Infosys Ltd., in partnership with ATP Tour, the governing body of tennis, has launched a suite of exciting match stats and analysis tools to improve fans engagement in men's professional tennis.

Statistical insights from over 60 ATP Tour events per season will be delivered through an immersive and intuitive interface on ATPTour.com.

The new features launched today have been enabled using Infosys Tennis Platform leveraging big data analytics, natural language generation tools in 3D. The new features include MatchBeats, Rally Analysis, 3D CourtVision, Stroke Summary, and immersive stats.

Source: Exchange Filing

Piramal Enterprises Ltd. will segregate its pharmaceutical and financial services businesses to unlock the potential value of each vertical and streamline the group structure.

According to an exchange filing, the board at its meeting on Oct. 7 has decided:

1) To demerge Piramal Pharma Ltd. from Piramal Enterprises Ltd.

2) Merge Convergence Chemicals Pvt. and Hemmo Pharmaceuticals Pvt., wholly owned arms of the pharma unit, into Piramal Pharma.

3) Merge PHL Fininvest Pvt., a wholly owned subsidiary of Piramal Enterprises, into the parent.

The scheme is subject to the approval of the requisite majority of the shareholders and creditors of the companies, and regulatory authorities such as SEBI, BSE, NSE and National Company Law Tribunal.

Mahindra & Mahindra Ltd. said that the company's Mahindra XUV700 clocked 25,000 bookings in 57 minutes, an unprecedented milestone in Indian automotive industry. In an exchange filing, Mahindra said the volume of XUV700s made available today at the launch prices reflects up to six months of production, depending on the variant. Bookings will reopen starting 10 a.m. on October 8.

The variants of XUV700 are priced in the range between Rs. 12.49 lakh for MX Petrol fuel type variant and Rs 22.99 lakh for the Diesel + AWD (All-Wheel Drive) fuel type variant.

• Bank of Baroda repo linked lending rate at 6.5% (4% repo rate + 2.5% mark-up) as of Oct.7, 2021.

• Home loans being offered starting repo linked rate of 6.5% to 6.5%+1.35% as per risk rating of applicants.

Source: Bank of Baroda website

India's stock benchmarks edged higher, led by gains in realty, consumer durables, auto, information technology stocks.

The S&P BSE Sensex rose 1.19% to 59,893.30. The NSE Nifty 50 advanced by a similar magnitude to 17,847.45.

Titan Co. contributed the most to the index gain and had the largest move, increasing 10.3%. In midday trading, 39 of 50 shares rose, while 11 fell.

The broader indices almost mirrored their larger peers, with both S&P BSE MidCap and S&P BSE SmallCap adding over 1.5%. All the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty index adding 6% and S&P BSE Consumer Durables index advancing over 5%

The market breadth was skewed in favour of bulls. About 2,333 stocks advanced, 842 declined and 158 remained unchanged.

Shares of Macrotech Developers Ltd. rose over 4.5% to Rs 1,133.70 apiece after the company's second quarter pre-sales rose 88% year-on-year to Rs 2,003 crore. The company had pre-sales of £145 million (Rs 1,450 crore) in U.K. projects during the quarter. Collections advanced 73% YoY to Rs 1,912 crore. Net debt in India business fell to Rs 12,508 crore versus Rs 16,965 crore a year earlier, Macrotech Developers said in an exchange filing. The company intended to cut debt to about Rs 10,000 crore by March.

Shares of NTPC Ltd. rose 1% to Rs 145.65 apiece after the company signed a MoU with France's Electricite de France S.A, one of the world's leading power sector companies. In an exchange filing, NTPC said that the agreement pertained to power project development opportunities in the Middle East, Asia, Europe and Africa. The two companies will also collaborate for R&D, technical services and knowledge sharing.

Shares of all eight stocks included for trading in the futures and options segment from Oct. 29 gained considerably, led by Chambal Fertilisers.

The fertiliser maker gained as much as 10% to a record high, while the other seven -- Atul Ltd., Birlasoft Ltd., Firstsource Solutions Ltd., Gujarat State Petronet Ltd., Laurus Labs Ltd., SBI Cards and Payments Services Ltd., Whirlpool of India Ltd. -- all gained between 3.5% and 7.1%.

The market lot, scheme of strikes and quantity freeze limit of the securities will be informed on Oct. 28 through a separate circular, the NSE said in a circular

Shares of Nazara Technologies Ltd. rose over 3% to Rs 2,748 apiece after the company raised Rs 315 crore from marquee institutional investors as it approved the preferential allotment of over 14.29 lakh fresh equity shares. The funds will be utilised to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals of the company including gamified learning, freemium, skill based real money gaming and esports, the company said in an exchange filing.

Tata Motors extended its gains to as much as 9.4% after Morgan Stanley upgraded the stock citing lean cost structure and refreshed model portfolio.

The brokerage also expects the next two years to be “strong” for the Indian auto sector. The S&P BSE Auto index gained over 3.5%, as Maruti Suzuki and Mahindra & Mahindra also posted gains of around 4% each.

Paytm is in talks with sovereign wealth funds and financial firms to become anchor investors in its upcoming initial public offering, Bloomberg reports citing people familiar with the matter.

Highlights from Bloomberg's report:

• Abu Dhabi Investment Authority and Singapore’s GIC Pte are among those weighing bidding to participate in the IPO.

• BlackRock Inc. and Nomura Holdings Inc. are also in discussions to bid.

• Paytm could be valued at about $20 billion to $22 billion.

Shares of Ramkrishna Forgings Ltd. rose over 4% to a 52-week high of Rs 1,187.10 apiece after the company signed a memorandum of understanding with a U.S. based technology partner to develop Electric Vehicle Powertrain components for the Indian EV market.

In an exchange filing, Ramkrishna Forgings said that the technology partner is an expert in magnetic engineering and the EV foray will be beneficial for both the companies.

Shares of Lupin Ltd. rose over 1.25% in intraday trade to Rs 960 apiece after the company received tentative approval from U.S. FDA for Brexpiprazole tablets, 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg and 4 mg, to market the generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Co.

In an exchange filing, Lupin said that the tablets will be manufactured at its Pithampur facility. Brexipiprazole tablets had estimated annual sales of $ 1,258 million in U.S., as of July 2021. Brexpiprazole is used to treat schizophrenia and certain mental disorders.

Shares of Sobha Ltd. rose over 12% to Rs 847.95 apiece after the real estate developer saw a 50.62% growth in new sales, amounting to 13.48 lakh square feet in Q2 versus 8.91 lakh square feet YoY.

In its Q2 business update shared with the exchanges post market hours Wednesday, Sobha said that it achieved the best-ever quarterly sales volume of 13.5 lakh feet of super built-up area, in the quarter-ended September.

The next two years could be “strong” for Indian autos and particularly Tata’s business, because of its lean cost structure, refreshed model portfolio and leverage, Morgan Stanley says, upgrading Tata Motors’ stock.

Stock gains as much as 6.6%, the most in about seven months.

Morgan Stanley

• Raises Tata Motors to 'overweight' from 'equal-weight', and revises the price target upwards by 50% to Rs 448.

• As India’s auto cycle emerges from multi-year lows, Tata Motors will see the highest operating and financial leverage gains as well as market-share wins in its passenger vehicle and commercial vehicle businesses.

• These trends could re-rate the name from a global luxury play to a “global and India” play; Jaguar Land Rover faces challenges from the semiconductor shortage in the near term and a long-term issue of a small scale, but these risks “now look well understood”.

Shares of Kalyan Jewellers India Ltd. rose after the company witnessed revenue growth (YoY) of 60% for our India operations during the September quarter. In its q2 business update filed with the exchanges, the company said that there was robust momentum in both footfalls and revenue across all markets in India and Middle East, despite lockdown-related disruptions.

• Non-south markets recorded higher same store sales growth of 70% compared to south markets (same store sales growth at 40%).

• The company also state d that the gross margin improved in the September quarter on a QoQ basis, driven by increase in the studded mix.

• 92% of the showrooms in September quarter were operational compared to 88% YoY.

• As of September 30, 2021, 100% of the company's showrooms were operational, the company said.

India’s telecom stocks in focus after the government halved the interest payable on delayed license fee payments.

Delayed telecom license fee payments will bear interest at 2% above the one-year marginal cost of the lending rate of State Bank of India with effect from Oct. 1, according to the department of telecommunications

In Focus: Bharti Airtel, Vodafone Idea, Tata Teleservices Maharashtra

India's stock benchmarks opened higher, aided by gains in consumer durables, realty, banking and auto stocks, amid positive global cues as progress on the U.S. debt-ceiling impasse lifted sentiment in Wall Street, which spilled over to Asian markets as well.

The S&P BSE Sensex rose 0.87% to 59,707.20. The NSE Nifty 50 also advanced by similar magnitude to 17,794.65.

The broader indices almost mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap gaining over 0.7%. All the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Consumer Durables index gaining over 4.3%.

The market breadth was skewed in favour of bulls. About 1,934 stocks advanced, 335 declined and 64 remained unchanged.

Kalyan Jewellers India Ltd. witnessed revenue growth (YoY) of 60% for our India operations during the September quarter. In its quarterly update filed with the exchanges, the company said that there was robust momentum in both footfalls and revenue across all markets in India and Middle East, despite lockdown-related disruptions.

Non-south markets recorded higher same store sales growth of 70% compared to south markets (same store sales growth at 40%). The company also state d that the gross margin improved in the September quarter on a QoQ basis, driven by increase in the studded mix.

92% of the showrooms in September quarter were operational compared to 88% YoY. As of September 30, 2021, 100% of the company's showrooms were operational, the company said.

Reliance Retail Ventures Ltd., through its wholly owned subsidiary, 7-India Convenience Retail Ltd., has entered into a master franchise agreement with 7-Eleven, Inc. for the launch of 7-Eleven convenience stores in India. 7-Eleven is a Texas-based firm in convenience-retailing industry which operates over 77,000 stores in 18 countries, including 16,000 in North America.

In an exchange filing, Reliance Retail Ventures said that the first 7-Eleven store will open on Saturday in Mumbai. The 7-Eleven stores would offer shoppers with a range of beverages, snacks and daily essentials.