Sensex, Nifty Advance For The Third Week Aided By RIL, Airtel

India's stock benchmarks closed higher after fluctuating between gains and losses, and posted gains for the third consecutive week, aided by gains in fmcg, telecom and power stocks. Indian markets are shut on Friday due to a local holiday.

The S&P BSE Sensex closed with 0.09% gains to a 58,305.07. The NSE Nifty 50 advanced by similar magnitude to 17,369.25. Bharti Airtel Ltd. contributed the most to the index gain, increasing 2.7%. Nestle India Ltd. had the largest increase, rising 3.1%. Today, 29 of 50 shares rose, while 21 fell.

The broader indices outperformed their larger peers with the S&P BSE MidCap and S&P BSE SmallCap gaining over 0.5%. Thirteen out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Telecom adding nearly 2.5%.

The market breadth was skewed in favour of bulls. About 1,844 stocks advanced, 1,346 declined and 160 remained unchanged.

"Nifty is currently witnessing time-wise correction as it’s hovering within the 17,250-17,400 zone. A decisive break on either side would trigger the next directional move. Traders should maintain a positive yet cautious approach and maintain positions on both sides", wrote Ajit Mishra in a note. The Vice President - Research, Religare Broking Ltd. added that "participants will react to the IIP data in early trade on Monday i.e. September 13. Besides, the index heavyweight, Reliance, will be the focus as they’re launching their next Jio phone on September 10."

• Shares of Ujjivan Financial Services Ltd. rose 10% to Rs 157.45 apiece after the company appointed Sanjeev Barnwal, as the Chief Executive Officer (CEO) effective from September 10, 2021.

• Sanjeev Barnwal will continue to be the Company Secretary (CS) and Key Managerial Personnel (KMP), the company said in an exchange filing.

• Sanjeev Barnwal has a corporate experience of over 17 years and prior to joining Ujjivan, he worked with SMC Capitals Ltd.

Shares of LIC Housing Finance Ltd. rose 2.10% to Rs 427.25 apiece after the company approved the allotment of 4.54 crore shares on preferential basis to LIC at Rs 514.4 per share.

In an exchange filing, LIC Housing Finance said the date of allotment was September 8.

Of the 41 analysts tracking the company, 22 maintained ‘buy’, 9 maintained ‘hold’ and 10 maintained ‘sell’ recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 10.4%.

• Ford sees charges of about $20 billion on restructuring India operations

• Ford India will continue engine manufacturing for export.

• Ford India will wind down vehicle assembly at engine plant in Sanand in Gujarat by Q4.

• Ford India: About 4,000 employees are expected to be affected.

• Ford India will cease manufacturing vehicles for sale in India.

• Shares of Indian Hotels Co Ltd. advanced 4.33% to Rs 153 apiece, higher than any other close since November 19, 2019.

• Trading volume was 7.78 million shares, quadruple the 20-day average for this time of the day.

• Analysts have eight 'buy', three 'hold' and one 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied an upside of 12.8%.

• Kotak Mahindra Bank Ltd. lowered Interest rate by 15 basis points to 6.5% (the lowest in a decade) for festive period.

• Lowered rate applicable between September 10 to November 8.

• Kotak Mahindra Bank to put greater focus on salaried customers.

• Home loan asset quality is the best among segments, won't tighten underwriting standards.

Source: Kotak Mahindra Bank press briefing

Max Financial Services Ltd. has appointed Mandeep Mehta as the Chief Financial Officer, and a Key Managerial Personnel (KMP) effective October 1.

• In an exchange filing, the company said that the appointment was made in a meeting of board of directors on Wednesday.

• The company also accepted the resignation of Jatin Khanna from the post of CFO and a KMP of the company from the close of business hours September 30.

• Mandeep Mehta has been associated with Max Life Insurance Company Ltd. for over six years.

• Currently, he is working with Max Life as EVP and Deputy CFO.

• Mehta has over 26+ years of experience holding many senior positions.

• Shares of Dish TV India Ltd. advances 19.73% to a record Rs 17.90 apiece.

• Trading volume was 6.9 times the 30-day average daily trading volume.

• The relative strength index on the stock was 74, indicating it may be overbought.

• Stock price volatility over the past year has been 65.3% vs the company’s average of 46.3%.

• The rise comes after YES Bank, which holds 25.63% stake in Dish TV India, sought the removal of five directors in the company, including Managing Director Jawahar Lal Goel.

• In an exchange filing post market hours Monday, Dish TV India said that it is examining the special notices of Yes including the steps to be taken to get the candidature of proposed new directors cleared from necessary authority.

• Shares of Dish TV have risen over 30% in the last three sessions.

• Shares of Future Retail Ltd. added 9.90%, the most intraday gains in nearly a month, to Rs 50.50 apiece after the Supreme Court ordered stay on the enforcement of the emergency arbitrator's order by the high court in the Future Retail vs Amazon case.

• Supreme Court directs that no statutory authorities will pass any final orders on transaction between Future Retail and Reliance Retail

• The top court has issued notice on Future’s plea challenging the high court directions for enforcement of the October 2020 order of the emergency arbitrator.

• The top court will hear the case after four weeks.

Shares of KPR Mill Ltd. added nearly 8.5% to Rs 2,176 apiece. Trading volume was 1,23,513 shares, triple the 20-day average of 40,247 shares for this time of the day. The company’s annual shareholder meeting will take place today.

• The relative strength index on the stock was above 70, indicating it may be overbought.

• KPR Mill trades at 22 times its estimated earnings per share for the coming year. Analysts have six ‘buy’, no ‘hold’ and no ‘sell’ recommendations on the stock.

• The rise comes after the cabinet announced Production Linked Incentives for fiber, textile sectors worth Rs 10,683 crore over 5 years.

India's stock benchmarks declined as losses in banking and realty stocks offset gains in FMCG, telecom and power stocks. The indices are poised to extend gains for the third consecutive week amid weak global cues.

The S&P BSE Sensex fell 0.17% at 58,149.01. The NSE Nifty 50 also declined by similar magnitude to 17,322.70. HDFC Bank Ltd. contributed the most to the index decline, decreasing 0.7%. SBI Life Insurance Co. had the largest drop, falling 3.8%.

The broader indices outperformed their larger peers with the S&P BSE MidCap adding 0.1% and S&P BSE SmallCap rising 0.3%. Ten out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Power index rising 1%.

The market breadth was skewed in favour of bulls. About 1,676 stocks advanced, 1,343 declined and 175 remained unchanged.

Shares of Caplin Point Laboratories Ltd. rose over 4.4% to Rs 877.25 apiece after the company's subsidiary Caplin Steriles Ltd. was granted final approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) Labetalol Hydrochloride Injection USP, 100 mg/20 mL and 200 mg/40 mL multiple-dose vials.

• The injection is used to control blood pressure in patients with severe hypertension and it is a generic therapeutic equivalent of TRANDATE injection, of Sebela Ireland Ltd.

• According to IQVIA, Labetalol Hydrochloride Injection had U.S. sales data of approximately $6 million for the 12-month period ending June 2021.

• Shares of Caplin Point rose as much as 4.1% in intraday trade before settling with 2.29% gains when markets closed Wednesday.

• All three analysts tracking the company maintained a 'buy' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 20.2%

India is poised for an even faster recovery in the remaining three quarters of the current financial year to March, the finance ministry said in its monthly economic report Thursday.

• A “broad based rebound” in leading indicators in July and August offers bright prospects for continued recovery

  • Revival in services sector remains gradual, but set to gain pace going forward

  • A “much greater conviction” about India’s high potential growth is evident among global investors, the ministry says

• Looming fear around Delta variant has once again “cast a shadow” necessitating sustained precautions against the virus

  • Pace of inoculation provides confidence that the recovery can be continued even in the event of a third wave

• Softening of inflationary pressures and trends in credit growth bode well for revival of consumer and business sentiment.

• Shares of Cadila Healthcare Ltd. advanced over 1% to Rs 561.75 apiece after the company received tentative nod from U.S. FDA to market Brexipiprazole tablets in the strength of 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg and 4 mg.

• Brexipiprazole is an atypical antipsychotic drug indicated for use as an adjunctive therapy to antidepressants for the treatment of Major Depressive Disorder and schizophrenia.

• In an exchange filing, Cadila Healthcare Ltd. said that the drug will be manufactured at the group’s formulation manufacturing facility at the SEZ in Ahmedabad.

• Zydus Cadila now has 321 approvals and has filed over 400 ANDAs. Of the 35 analysts tracking the company, 17 maintained ‘buy’, 8 maintained ‘hold’ and 10 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 7.1%

Shares of Central Depository Services India Ltd. hit 5% upper circuit to Rs 1,321.45 apiece after the company informed that its subsidiary CDSL Ventures Ltd. received the approval from The Controller of Certifying Authorities (CCA) to provide eSign services to Application Service Providers, based on online Aadhaar eKYC.

In an exchange filing post market hours Wednesday, CDSL said that eSign or electronic signature service can be integrated with various applications to facilitate digital signing of a document. This can be done by authenticating Aadhaar based e-KYC of the eSign user.

CDSL Ventures has already been registered with UIDAI to offer Aadhaar based E-KYC services. The company has also launched an OnLine Account Opening (OLAO) software to facilitate intermediaries to perform online KYC and open demand and broking accounts of their clients.

Of the eight analysts tracking the company, four maintained ‘buy’ and four maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 7.8%

Ashoka Buildcon Ltd. emerged as the lowest bidder (L-1) for a project of National Highways & Infrastructure Development Corporation Ltd. The quoted bid price of the project was Rs 282.11 crore, the company said in an exchange filing.

The project pertained to widening/improvement to 4-lane with Paved Shoulder in Kwaram Tarro Village - Dillai Section of NH 29 in the state of Assam.

Of the 20 analysts tracking the company, 19 maintained 'buy' and 1 maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 48.5%.

Shares of Ashoka Buildcon Ltd. advance over 2.8% in intraday trade before paring most of the gains.

Macrotech Developers Ltd. announced partnership with Tata Power Co Ltd. to provide end-to-end EV charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune.

In an exchange filing, Macrotech Developers reinforced commitment towards a zero-carbon future. Under the project, Tata Power will install EV charging stations at the real estate projects of Macrotech across MMR and Pune. Installation and charging support will be provided for EVs along with 24X7 service, maintenance support, remote vehicle charging monitoring and e-payments through EZ Charge mobile application by Tata Power.

Tata Power has a network of 5000 home chargers and 600 public chargers in over 120 cities in the country.

Shares of Macrotech Developers and Tata Power remained little changed after the announcement.

The Indian rupee is headed for its biggest weekly loss since June amid corporate outflows and a stronger dollar. Sovereign bonds edge higher ahead of a Rs 31,000 crore ($4.2b) debt auction.

• USD/INR rose 0.2% to 73.7425 on Thursday; up 1% so far this week, the biggest gain since the week ended June 18.

• 10-year yields down 1bp at 6.18%; up 2bps on the week so far.

• Tata Consultancy Services has been selected by Transport for London (TfL) to design, implement and operate a new smart mobility system.

• Over the course of 10-year contract, which has a clause for a further 5-year extension, TCS will digitally transform taxi and private hire licensing and administration and launch the new system using its DigiGOV framework.

• The system will include an on-demand data and records management system that will enhance user experience, TCS said in an exchange filing. With data hosted on AWS cloud, the new system will be scalable to accommodate future growth and prevent outages during operational hours.

Yields fell across the India sovereign yield curve in Thursday morning trading.

• The 4-year yield fell 1.4bps to 5.218%

• The 10-year yield fell 1.1bps to 6.177%

• The 14-year yield fell 1.5bps to 6.706%

• The 4-year-10-year yield spread was 95.9bps, vs previous close 95.5bps

Shares of Carborundum Universal Ltd. added 5.92%, the most in two months, to Rs 889.80 apiece. Trading volume was 2,26,244 shares, double the 20-day average of 1,05,309 shares for this time of the day.

• The relative strength index on the stock was above 70%, indicating it may be overbought.

• Carborundum trades at 46 times its estimated earnings per share for the coming year.

• Analysts have 10 ‘buy’, one ‘hold’ and no ‘sell’ recommendations on the stock.

• Shares of Carborundum Universal rose 16.15% since August 26 when the company agreed to acquire 72% of Pluss Advanced Technologies Pvt Ltd. in a Rs 120 crore cash transaction.

Shares of Greaves Cotton Ltd. added 4.89% to Rs 144.85 apiece after the company announced its entry in the multi-brand electric vehicle retail segment.

Introduced under the brand name AutoEVMart, the platform will offer e-two wheelers and e-three wheelers, along with accessories and the first retail store will be launched soon, the company said.

There are over 600 stores over 400 cities, between Ampere Electric and Greaves, but this multi-brand EV retail stores network will be little more exclusive, Nagesh Basavanhalli, MD & Group CEO of Greaves Cotton told PTI.

Of the five analysts tracking the company, 3 maintained ‘buy’, 1 maintained ‘hold’ and 1 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9.9%.

Shares of Blue Dart Express Ltd. rose 2.56% to Rs 6,544 apiece after the company announced the launch of the much awaited drone delivery trials for the delivery of medicines and vaccines. The trials will be held in Vikarabad, Hyderabad from today till October 17.

The delivery of medicines through drones is part of ‘Medicine From The Sky’, an ambitious project of Telangana government. Indian drone delivery start-up Skye Air Mobility will conduct majority of drone flights and has joined hands with Blue Dart Express to conduct these trails.

Of the 11 analysts tracking the company, 9 maintained ‘buy’ and 2 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 4.1%

Shares of Oil & Natural Gas Corp Ltd. added 2.65% to Rs 122.10 apiece.

According to a Bloomberg report, 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. The company is said to be discussing acquiring interest of 20%-40% in the field.

Of the 30 analysts tracking the company, 22 maintained 'buy', 4 maintained 'hold' and 4 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 27.4%.

Shares of Rain Industries Ltd. rose 8.75% to Rs 249.30 apiece after the company’s wholly owned subsidiary, Rain Carbon Inc. resumed calcined petroleum coke production at three of its U.S. facilities. The restart process has begun at the fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29.

In an exchange filing, Rain Carbon said that it expected the production to resume in a few days.

The company is also closely monitoring refinery restart plans and ability to resume the supply of green petroleum coke feedstock.

Company’s strategic activity over the past 3 months included 19 M&A deals, 5 investments and 2 other deals. Stock price volatility over the past year has been 53% compared to the company average of 39% .

Tata Consultancy Services Ltd. has been selected as a strategic partner in cloud transformation, by Avianca, one of the leading airlines in South America.

In an exchange filing post market hours Wednesday, TCS said it will modernize the I.T. infrastructure of Avianca and build a cloud-based digital core on Microsoft Azure. TCS will help Avianca migrate 129 core applications to the cloud.

Shares of TCS added 0.62% to Rs 3,797.40 apiece in intraday trade before paring the gains. Of the 50 analysts tracking the company, 32 maintained ‘buy’, 11 maintained ‘hold’ and 7 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 4.5%

Shares of SBI Life Insurance Co Ltd. fell 3.94%, the most intraday losses since April 21, to Rs 1,172 apiece. Trading volume was 3.46 million shares, 28 times the 20-day average of 1,24,854 shares for this time of the day.

About 21.75 million shares, amounting to 2.17% of equity changed hands in eight bunched trades on BSE, according to data compiled by Bloomberg.

Buyers and sellers are not immediately known.

According to a Bloomberg report, Canada Pension Plan Investment Board intended to sell 20 million shares in the company in an accelerated bookbuild offering.

Of the 37 analysts tracking the company, 35 maintained 'buy' and 2 maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 7.5%.

India's stock benchmarks opened little changed, as gains in banking, telecom and metal stocks were offset by losses in realty and FMCG stocks, amid weak global cues as a U.S. Federal Reserve’s survey signaled moderation in growth due to delta virus strain.

The S&P BSE Sensex was largely unchanged at 58,230.47. The NSE Nifty 50 also opened flat at 17,339.95. Infosys Ltd. contributed the most to the index decline, decreasing 0.4%. SBI Life Insurance Co. had the largest drop, falling 3.0%. In early trading, 30 of 50 shares fell, while 20 rose.

The broader indices largely mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap little changed. Ten out of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Realty shedding 0.5%.

The market breadth was skewed in favour of bulls. About 1,376 stocks advanced, 839 declined and 91 remained unchanged.

• BASF India Ltd. has issued a clarification regarding a news report by Reuters titled "BASF, others raided in India over alleged vegetable seeds price fixing".

• In an exchange filing, BASF India said that the Competition Commission of India (CCI) officials did not raid the offices of BASF India but of a subsidiary of BASF SE, Germany.

• The company said that BASF SE's vegetables seeds business is housed under Nunhems India Pvt Ltd., a 100% subsidiary of BASF SE, Germany and not part of BASF India.

• BASF India clarified that the raids have no connection, whatsoever, with the company.

Indian bond traders will look forward to a Rs 31,000 crore ($4.2b) debt auction and the central bank’s operations aimed at draining excess liquidity from the banking system.

• 10-year yields little changed at 6.19% on Wednesday.

• USD/INR rose 0.3% to 73.6037 on Wednesday; Indian markets are shut on Friday due to a local holiday.

• Global funds bought Rs 55 crore of sovereign bonds under limits available to foreign investors Wednesday, and withdrew Rs 406 crore rupees of corporate debt

• State-run banks bought Rs 1,110 crore of sovereign bonds on Sept. 8: CCIL data. Foreign banks sold Rs 2,010 crore of bonds.

Rain Carbon Inc., a wholly owned subsidiary of Rain Industries Ltd., has resumed calcined petroleum coke production at three of its U.S. facilities. The restart process has begun at the fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29.

In an exchange filing, Rain Carbon said that it expected the production to resume in a few days.

The company is also closely monitoring refinery restart plans and ability to resume the supply of green petroleum coke feedstock.

Johnson & Johnson’s single-dose vaccine is expected to be available in India by the end of this year, Mint newspaper reported citing the U.S. drugmaker’s Chief Scientific Officer Paul Stoffels.

The company’s Indian partner Biological E Ltd. is at the finishing end of setting up its unit and getting vaccines validated.: Mint report

Infosys Ltd. has approved the closure of share buyback program. In an exchange filing, Infosys said it has bought back 5,58,07,337 shares at an average price of Rs 1,648.53 apiece and deployed Rs 9,199 crore utilizing 99.9999996% of Maximum Buyback size till September 8, 2021. The buyback commenced on June 25.

Asian stocks declined early on 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.

India’s SGX Nifty 50 Index futures for September delivery fell 0.2% to 17,342.00, while MSCI Asia Pacific Index was down 0.6%. The NSE Nifty 50 Index fell 0.1% on Wednesday to 17,353.50.

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.

Back home, SBI Life holder Canada Pension to sell 2 crore shares in block deals. GAIL India, Birla Fashion are among companies holding their annual shareholders’ meeting. Foreign investors bought net Rs 643 crore of stocks on Tuesday, according to NSDL website.