Sensex, Nifty Extend Decline For Fourth Day Ahead Of RBI Policy

Indian equity benchmarks extended declines for the fourth consecutive trading session ahead of the country’s central bank’s bi-monthly policy.

The S&P BSE Sensex fell 0.52 percent to end at 38,106.87 and the NSE Nifty 50 declined 0.4 percent to close at 11,314. The broader markets represented by the NSE Nifty 500 Index fell 0.41 percent.

The RBI is expected to cut its benchmark repurchase rate by 25 basis points Friday, according to a Bloomberg survey of economists, which will take the repo rate to a near-decade low of 5.15 percent. Few economists also see the possibility of a larger cut in rates of up to 40 basis points. So far this year, the MPC has cut rates by 110 basis points.

The market breadth was tilted in favour of sellers. About 1,081 stocks declined and 709 shares advanced on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 3 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 2.45 percent.

About 15.1 lakh shares of State Bank of India changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Hexaware Technologies fell 1.95 percent to Rs 368.90 as of 3:07 p.m. The stock declined 2.46 percent intraday.

The company entered into an agreement with Ephesoft for cloud-based intelligent content capture, according to its stock exchange filing.

The stock declined 15 percent in the past 12 months compared to a 6 percent advance in the Sensex.

The yield on the 10-year note fell as much six basis points to 6.6 percent.

The bonds advanced for a third day amid expectations the central bank may cut interest rates in its monetary-policy meeting on Friday.

A decline in U.S. Treasury yields may also support sentiment. The RBI will cut its benchmark repurchase rate by basis points Friday, according to a Bloomberg survey of economists and which will take the repo rate to a near decade low of 5.15 percent.

The yield on 2033 bonds dropped nine basis points on Tuesday, while that on benchmark 10-year debt declined by four basis points to 6.66 percent as the government decided to keep its second-half borrowing program unchanged.

The Indian rupee, which reversed opening losses at noon, traded at day’s high against the U.S. dollar.

The home currency appreciated as much as 0.2 percent to 70.94 against the greenback.

Apollo Pipes

• Stock rose as much as 19.9 percent to Rs 472.
• Second quarter sales volume rose 11 percent to 10,306 mtpa, driven by a steady contribution from the cPVC HDPE pipe and value-added product segment of fittings.

Religare Enterprises

• Stock hit 5 percent upper circuit at Rs 40.10.
• Entered into a consent agreement with Axis Bank where it will pay Rs 170 crore to the Bank in a phased manner. Both parties have agreed to settle the matter amicably.

GMR Infra

• Stock rose as much as 3.9 percent to Rs 17.
• CCI approved acquisition of shares of GMR Airports by the entities of Tata Group, GIC and SSG Capital, subject to compliance of certain modifications.

CG Power

• Stock hit 5 percent upper circuit at Rs 14.10.
• SAT rejects appeals filed by Gautam Thapar, Avantha Holdings and former officials of the company against an order by SEBI that barred them from accessing the capital markets.

Indian equity benchmarks are set to extend declines for the fourth consecutive trading session.

The S&P BSE Sensex fell 0.57 percent to 38,077.50 as of 2:55 p.m. and the NSE Nifty 50 rose 0.53 percent to 11,297. The broader markets represented by the NSE Nifty 500 Index fell as much as 0.55 percent.

ICRA

• Stock swung to a loss of as much as 2.96 percent from a gain of as much as 6 percent.
• Trading volume was nearly double its 20-day average.

Godrej Industries

• Stock fell as much as 5.4 percent to Rs 385.
• Trading volume was more than 15 times its 20-day average.

Trent

• Stock rose as much as 4.5 percent to Rs 500.
• Trading volume was nearly double its 20-day average.

Essel Propack

• Stock fell as much as 3.5 percent to Rs 111.55.
• Trading volume was nearly double its 20-day average.

Shares of ICICI Prudential Life Insurance Company extended gains for the seventh consecutive trading session, their longest stretch of gains since January 2017.

The stock rose as much as 1.5 percent to Rs 474, the highest since July 26, 2017.

The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data. The stock returned 11 percent in the past 30 days and advanced 43 percent in the past 12 months.

Stocks drifted in Europe and dropped across Asia as investors weighed the latest raft of disappointing data from the world’s biggest economy. U.S. index futures edged higher and government bonds advanced.

• The Stoxx Europe 600 Index dipped 0.1 percent.
• Futures on the S&P 500 Index climbed 0.4 percent.
• The U.K.’s FTSE 100 Index fell 0.3 percent.
• France’s CAC 40 Index gained 0.3 percent.
• The MSCI Asia Pacific Index sank 0.9 percent.

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Source: Bloomberg

• Yes Bank To raise as much as $1.2 billion in capital
• Yes Bank to raise capital sooner than market expects
• Yes Bank’s core CET1 Ratio improved in second quarter on a sequential basis.

Source: Bloomberg reported quoting Yes Bank CEO Ravneet Gill

Indian equity indices continued to trade lower, led by the declines in HDFC twins.

The S&P BSE Sensex fell 0.36 percent to 38,166 as of 2 p.m. and the NSE Nifty 50 fell 0.29 percent to 11,326.90. The broader markets represented by the NSE Nifty 500 Index fell 0.35 percent.

The market breadth was tilted in favour of sellers. About 1,089 stocks advanced and 657 shares declined on National Stock Exchange.

CLSA’s Mahesh Nandurkar said investors are waiting for earnings to pick up before putting in more money in equities as the actual boost from the corporate tax cuts is lower than expected.

India has been a “hope market” in the last few years on expectations of a broader earnings growth rebound, the India strategist at the brokerage told BloombergQuint in an interview. “India has become a ‘show-me-the-money market’ where people want to see their hopes turning into reality [first],” he said, adding, “My sense is that trade is going to happen but not in a hurry.”

Read the full story and watch the full conversation here.

Shares of Info Edge rose as much as 4.6 percent to Rs 2,159.

The company invested Rs 6 crore in its wholly owned arm Happily Unmarried.

The stock traded at 65 times its estimated earnings per share for he coming year, according to Bloomberg data.

Shares of Adani Green Energy rose as much as 11.9 percent, the most since Sept. 26, to Rs 63.25, their highest level since August 2018.

The stock returned 46.5 percent so fat this year and advanced 64.6 percent in the past 12 months. Of the shares traded, 48 percent were at the ask price and 40 percent were at the bid.

Shares of Edelweiss Financial Services resumed declines ending 2.05 percent higher on Tuesday.

The stock fell as 14.2 percent, the most in nearly a near to Rs 83.10, their lowest level since December 2016.

The scrip declined 21 percent in the past five days. Edelweiss Financial Services traded at 9.3 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Dish TV India halted their three-day losing streak. The stock rose as much as 12.3 percent, the most since Sept. 05, to Rs 18.30.

The stock had declined 8.4 percent in the past five days and slumped 13 percent in the past 30 days. The scrip traded at 23 times its estimated earnings per share for the coming year, according to Bloomberg data.

Indian equity benchmarks extended declines for the fourth consecutive trading session.

The S&P BSE Sensex fell 0.25 percent to 38,208 as of noon and the NSE Nifty 50 fell 0.16 percent to 11,341. The broader markets represented by the NSE Nifty 500 Index fell 0.19 percent. On intraday basis, the 31-share index fell over 300 points and the 50-share gauge had surrendered 11,300-mark.

The market breadth was tilted in favour of sellers. About 905 stocks declined and 768 shares advanced on National Stock Exchange. Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 1.75 pecent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up over 3 percent.

Shares of GMR Infrastructure halted a two-day losing streak and rose as much as 3.4 percent to Rs 16.90.

Competition Commission of India approved acquisition of shares of GMR Airports by the entities of Tata Group, GIC and SSG Capital, subject to compliance of certain modifications.

Of the shares traded, 65 percent were at the ask price and 33 percent were at the bid, according to Bloomberg data.

Shares of RBL Bank rose as much as 6.8 percent, the most since Sept. 23, to Rs 319.60.

The lender on Tuesday said its exposure to the Indiabulls Group is “very tiny”, as the private lender tried to allay fears after its stock tumbled to its lowest since listing.

The bank does not have any sectoral issues in its portfolio, Rajeev Ahuja, executive director at RBL Bank, told BloombergQuint in an interaction, adding that the issues related to specific companies are not related to any larger sectoral issues.

The stock ended 9 percent lower on Tuesday after falling as much as 21.9 percent.

Shares of Prestige Estates Projects rose as much as 2.3 percent to Rs 290.

The company’s will jointly invest with DB Realty Group to build Hotel and Convention Centre in Delhi’s Aerocity. It will invest Rs 355 crore for 50 percent stake in the joint venture.

The stock traded at 22 times its estimated earnings per share for the coming year, according to Bloomberg data.

Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.17 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 2.35 percent.

Indian equity benchmarks extended declines for the fourth consecutive trading session.

The S&P BSE Sensex fell 0.48 percent to 38,124 and the NSE Nifty 50 fell 0.46 percent to 11,308. The broader markets represented by the NSE Nifty 500 Index fell 0.42 percent.

Shares of oil marketing companies advanced after oil held near the lowest level in almost two months as American crude inventories expanded the most since May and disappointing U.S. economic data added to pessimism over the demand outlook.

Asia’s crude benchmarks—Brent crude traded little changed at $57.73 against the U.S. dollar. It had ended 2 percent lower yesterday.

Nifty’s 11,400 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract, which is set to expire today, slumped 78.84 percent to Rs 8.4. Over 13.76 lakh shares were added to the open interest which stood at over 26.58 lakh shares.

Indian equity indices extended declines for the fourth consecutive trading session.

The S&P BSE Sensex fell over 120 points to 38,189 as of 9:55 a.m. and the NSE Nifty 50 fell 0.36 percent to 11,320.50. The broader markets represented by the NSE Nifty 500 Index fell 0.24 percent.

On intraday basis, the 31-share index fell over 300 points and the 50-share gauge had surrendered 11,300-mark.

The market breadth was tilted in favour of sellers. About 838 stocks declined and 747 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.28 pecent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.38 percent.

Tata Motors

• Stock rose as much as 5.4 percent to Rs 121.55.
• Domestic sales fell 50 percent to 32,376 units. Total commercial vehicles sales was down 45.4 percent to 28,079 units. Total passenger vehicles sales was down 56 percent to 8,097 units.

Eicher Motors

• Stock rose as much as 2.8 percent to Rs 18,329.
• Motorcycles sales fell 17 percent to 59,500 units. Exports were up 2.9 times to 4,642 units.

Hero MotoCorp

• Stock rose as much as 1.7 percent to Rs 2,734.
• September two-wheeler sales down 20 percent to 6.12 lakh units.

Steel Strips Wheels

• Stock rose as much as 0.17 percent to Rs 779.95.
• Total wheel rim sales declined 19 percent to 11.75 lakh units.

TVS Motor

• Stock fell as much as 4.2 percent to Rs 402.05.
• Sales fell 25 percent to 3.15 lakh units.

Catch all the monthly auto sales update here.

Shares of Future Consumer extended declines for the seventh consecutive trading session, their longest losing streak in nearly two months. The stock fell as much as 8.7 percent to Rs 23.55.

This after brokerage and research firm Morgan Stanley cut their price target on the stock by 66 percent.

Here’s what Morgan Stanley had to say:

• Maintained ‘Equal-weight’; cut price target to Rs 28 from Rs 82.
• Cut FY20/21 EPS estimates to reflect lower revenue growth, weaker absorption of fixed costs and higher interest costs.
• Due to concerns on receivables, lower valuation benchmark.
• FMCG 2.0 platform is progressing well with improving profitability.

Shares of CG Power & Industrial Solutions halted a three-day losing streak and hit a upper circuit of 5 percent at Rs 14.10

The Securities Appellate Tribunal has rejected an appeal filed by Gautam Thapar, Avantha Holdings and former officials of the company against an order by the market regulator that barred them from accessing the capital markets, according to a PTI report.

“The tribunal rejected the appeal as it found no merit in it. It also directed the appellants to approach the Securities and Exchange Board of India to obtain all documents required by them to defend their case,” the report added.

The stock declined 68 percent in the past 12 months compared to a 5.8 percent advance in the Sensex, according to Bloomberg data.

Shares of Mahindra & Mahindra fluctuated between gains and losses to trade 0.55 percent lower at Rs 553.80.

The automaker partnered with Ford Motor Company Inc. to develop, market and distribute vehicles in India and other high-growth emerging markets around the world. Mahindra will own a 51 percent controlling stake in the joint venture and Ford will own the remaining 49 percent, the Indian automaker said in an exchange filing.

The stock traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Yes Bank rose as much as 25 percent, the most in nearly eight months, to Rs 39.90.

Yes Bank Ltd.’s Group President and Chief Financial Officer Rajat Monga resigned from his posts amid an upheaval at the private lender with multiple resignations and share price plunge.

Monga will be “moving on”, Chief Executive Officer Ravneet Gill said in a conference call Thursday morning. Whether his resignation is effective immediately remains unclear.

On Tuesday, the stock slumped 23 percent. The bank said that the steep fall was owing to the forced sale of 10 crore equity shares, or 3.92 percent of the bank’s share capital, triggered by an invocation of pledge on the equity shares of a large stakeholder. The equity shares were pledged by Kapoor against non-convertible debentures issued by his company Morgan Credits Pvt Ltd, which were invoked by Reliance Nippon Life Asset.

Indian equity indices extended declines for the fourth consecutive trading session.

The S&P BSE Sensex fell over 300 points to 37,977 and the NSE Nifty 50 fell 0.585 percent to 11,266. The broader markets represented by the NSE Nifty 500 Index fell 0.87 percent.

The market breadth was tilted in favour of sellers. About 919 stocks declined and 492 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 1.9 percent fall.

Futures

• Nifty October futures closed at 11429.8, premium of 69.9 points.
• Nifty October futures up 5 percent, adds 7.8 lakh shares in open interest.
• Nifty Bank futures closed at 28,874, premium of 149 points.
• Nifty Bank futures across series open interest up 14 percent, adds 1.8 lakh shares in open interest.

Options

• Nifty PCR at 0.96 versus 1.04 (across all series).

Nifty Monthly Expiry: Oct. 3

• Max open interest on call side at 11,600 (29.3 lakh shares).
• Max open interest on put side at 11,000 (11.4 lakh shares).
• open interest addition seen at 11,600C (+6.6 lakh shares), 11,400C (6.2 lakh shares).

Nifty Monthly Expiry: Oct. 31

• Max open interest on call side at 11,500 (20.6 lakh shares)
• Max open interest on put side at 11,000 (20.2 lakh shares)

• Yes Bank promoter Yes Capital sold 5.52 crore shares from Sept. 26-27.
• Anant Raj promoter Amar Sarin acquired 3.4 lakh shares from Sept. 26-27.
• Filatex India promoter Nouvelle Securities acquired 2.5 lakh shares on Sept. 30.
• NIIT Tech promoter Hulst BV sold 87,000 shares from Sept. 27-30.

• Mahindra Logistics to meet Equirus Securities on Oct. 3.
• Eris Lifescience to meet Fundsmith LLP on Oct. 3.

• Indiabulls Ventures, Magma Fincorp, Reliance Capital, Mercator to move into ASM framework.
• Suzlon Energy to move into short term ASM Framework.
• Navkar Corporation, Inox Wind to move out of short term ASM Framework.
• Mirc Electronics price band revised to 10 percent.
• Shankara Building Products, State Trading Corporation of India price band revised to 5 percent.

The yield on the 10-year note fell as much as six basis points to 6.6 percent.

India’s bonds are likely to advance for a third day amid expectations the central bank may cut interest rates in its monetary-policy meeting on Friday.

A decline in U.S. Treasury yields may also support sentiment. The RBI will cut its benchmark repurchase rate by 25bps Friday, according to a Bloomberg survey of economists and which will take the repo rate to a near decade low of 5.15 percent.

The yield on 2033 bonds dropped nine basis points on Tuesday, while that on benchmark 10-year debt declined by four basis points to 6.66 percent as the government decided to keep its second-half borrowing program unchanged.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.26 percent to 71.27 against the greenback.

Indian equity markets are set for a tepid start.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,354 and 11,352 during the pre-market trade.

“The markets might continue to correct a bit especially due to uncertainties in the banking sector,” Dalton Capital Advisors’ UR Bhat told BloombergQuint on Tuesday.

“The revival in banks, which was expected, might get postponed as exposure to NBFCs is quite high. Besides, auto sales numbers have been dismal which has also led to the negative sentiment,” Bhat said.

• IRCTC IPO subscribed 3.25 times on second day of sale. Retail Investors subscribed 6.2 times. Offer ends today.

• Tata Motors September domestic sales fell 50 percent at 32,376 units versus 64,598 units. Total commercial vehicles sales was down 45.4 percent at 28,079 units versus 51,419 units. Total passenger vehicles sales was down 56 percent at 8,097 Units versus 18,429 units.
• Eicher Motors September motorcycles sales fell 17 percent at 59500 units versus 71662 units. Exports were up 2.9 times at 4642 units versus 1597 units.
• Hero MotoCorp September two-wheeler sales down 20 percent at 6,12,204 units versus 7,69,138 units.
• Steel Strips Wheels: September total wheel rim sales declined 19 percent at 11.75 lakh units versus 14.59 lakh units.
• TVS Motor September sales fell 25 percent at 3,15,912 units versus 4,23,939 units.

Catch all the monthly auto sales update here.

• Yes Bank said that the steep fall in its stock price on Tuesday was owing to the forced sale of 10 crore equity shares, or 3.92 percent of the bank’s share capital, triggered by an invocation of pledge on the equity shares of a large stakeholder. The equity shares were pledged by Kapoor against non-convertible debentures issued by his company Morgan Credits Pvt Ltd, which were invoked by Reliance Nippon Life Asset Management. Besides, the bank’s President Rajat Monga has moved on, CNBC-TV18 reported quoting CEO Ravneet Gill in analysts call.
• Mahindra & Mahindra: Partnered with Ford Motor Company Inc. to develop, market and distribute vehicles in India and other high-growth emerging markets around the world. Mahindra will own a 51 percent controlling stake in the joint venture and Ford will own the remaining 49 percent, the Indian automaker said in an exchange filing.
• Prestige Estates Projects’ arm will jointly invest with DB Realty Group to build Hotel and Convention Centre in Delhi’s Aerocity. The company will invest Rs 355 crore for 50 percent stake in the joint venture. Total investment of Project is Rs 2,000 crore.
• Apollo Pipes: Second quarter sales volume rose 11 percent to 10,306 mtpa. The company said that the growth was driven by a steady contribution from the cPVC HDPE pipe and value-added product segment of Fittings.
• NMDC September production declined 30 percent to 1.64 million tonne. Sales down 18 percent at 1.91 million tonne.
• Power Grid Corporation: Board gave approval for investment for transmission towers at a cost of Rs 94.2 crore and in-principle approval for asset monetization through Infrastructure Investment Trust.
• Hindustan Aeronautics said that labour unions at various locations of the company have given notice of indefinite strike commencing from Oct. 14 in support of their demand for fair and early settlement of wage revision- 2017. The action is under progress to communicate the management's stand on the issue to the Unions and requesting them to call-off the plan for indefinite strike.
• MSTC: Supreme Court allowed company’s application against recovery officer and has permitted the auction of company’s immovable properties. But the Supreme Court directed that confirmation will not take place thereafter without its prior approval. This is in regards to the dispute pending between the company and Standard Chartered Bank with respect to the receivable purchase agreement where Standard Chartered Bank purchased the receivables from the company in relation to the export of gold jewellery.
• CG Power & Industrial Solutions: The Securities Appellate Tribunal has rejected an appeal filed by Gautam Thapar, Avantha Holdings and former officials of the company against an order by the market regulator that barred them from accessing the capital markets. The tribunal rejected the appeal as it “found no merit” in it. It also directed the appellants to approach the Securities and Exchange Board of India to obtain all documents required by them to defend their case, according to a PTI report.
• Talkwalkars Better Value Fitness: Edelweiss Group acquired a 5.55 percent stake in the company by way encumbrances against dues on Sept. 27.
• Metropolis Healthcare acquired four laboratories for providing diagnostic and pathological testing services in Surat for Rs 18 crore.
• RBL Bank on Tuesday said its exposure to the Indiabulls Group is “very tiny”, as the private lender tried to allay fears after its stock tumbled to its lowest since listing. The bank does not have any sectoral issues in its portfolio, Rajeev Ahuja, executive director at RBL Bank, told BloombergQuint in an interaction, adding that the issues related to specific companies are not related to any larger sectoral issues.
• GMR Infra: The Competition Commission of India approved acquisition of shares of GMR Airports by entities of Tata Group, GIC and SSG Capital, subject to compliance of certain modifications.
• Lakshmi Vilas Bank revised Marginal Cost of Funds based Lending Rate with effect from Oct. 1. To link repo rate with floating rate for retail, personal and micro, small and medium enterprises with effect from Oct. 1. One-month MCLR at 9.7 percent and one-year MCLR at 9.95 percent.
• Reliance Naval & Engineering: The National Company Law Tribunal has dismissed Industrial Finance Corporation of India application seeking the company’s admission in IBC.
• Wipro will absorb certain employees of Vara Infotech along with its existing contracts, facilities and assets through a business transfer agreement, as a part of strategic engagement with ICICI Bank.
• Religare Enterprises entered into a consent agreement with Axis Bank where it will pay Rs 170 crore to the Bank in a phased manner. Both parties have agreed to settle the matter amicably.
• Phoenix Mills promoter Atul Ashokkumar Ruia reduced stake from 62.75 percent to 59.16 percent in the company on Sept. 30.
• Infibeam Avenues said on the allotment of 21.45 lakh convertible warrants to TV18 Broadcast, that the holder has not exercised the exercise option, thus the company which received 25 percent of the warrant subscription amount stands forfeited. The warrants were priced at Rs 185.48 each.
• Indian Bank reduced MCLR by 10 basis points across various tenors with effect from Oct. 3. One Month MCLR at 8.05 percent and One Year MCLR at 8.35 percent.
• HDIL: The Ministry of Corporate Affairs is probing books of accounts of the company after its loans brought Punjab and Maharashtra Co-operative Bank down, a senior government official said. The regional office of the Ministry of Corporate Affairs is examining regulatory filings, financial statements and related-party transactions of the debt laden real estate firm, the official said requesting anonymity. The department’s report on the findings of the probe will be submitted to MCA Secretary Injeti Srinivas in about two months, the official said.
• India Infrastructure Trust will consider distribution to unit holders on Oct. 7. Record Date set as Oct. 16.
• TCS: Jurassic Fibre partnered with the company to launch Ultrafast Broadband in South West England.
• Info-Edge invested Rs 6 crore in its wholly owned arm Happily Unmarried.
• Dishman Carbogen Amcis to acquire 100 percent stake in Dishman Biotech for Rs 6 crore. The target company is engaged in the business and manufacturing of Bulk Drugs and Drug Formulations.
• Zee Media Corporation: Acacia Group increased their stake from 6.81 percent to 7.66 percent in the company.
• Sintex Industries defaulted in payment of non-convertible debentures worth Rs 89.5 crore which was due on Sept. 30.
• Dr Lal PathLabs acquired 70 percent stake in Amins Pathology Referral Laboratory for Rs 5.25 crore.
• NRB Industrial Bearings to consider fund raising on Oct. 7.
• Indiabulls Housing clarified that it has no outstanding loans to DLF, Reliance ADAG Group and Americorp Group and the loans given to Vatika group are secured against mortgage of land and property. It added that the loans have been extended to specific project SPVs of Chordia group and are receiving regular repayments, and has never borrowed anything from National Housing Bank.
• IndiGo promoters InterGlobe Enterprises and Rahul Bhatia submit request for arbitration to London Court.
• JSW Steel: Ratings agency CARE reaffirms long term rating to ‘CARE AA’ but revises outlook to Negative from Stable. CARE Ratings said, “The revision in the rating outlook factors in the slowdown in the steel sector which is likely to impact the profitability of the Company. Furthermore, considering the capex and scheduled repayments during the current and the next financial year, the company may have to refinance part of its maturities falling due during this period which is expected to keep the debt levels elevated,” it said.
• Coal India said September coal production fell 23.5 percent (year-on-year) to 30.77 million tonne as against 40.25 million tonne. Shipments fell 20 percent (YoY) to 35.18 million tonne as against 43.98 million tonne.
• Zydus Cadila said Phase II trial of liver-drug meets main goals. The Food and Drug Administration said it continues testing Ranitidine From Multiple Makers, according to its stock exchange filing.
• Aster DM acquired additional 4.98 percent stake in Sri Sainatha Multispeciality Hospital Private Limited. Overall shareholding of the company in class B equity shares of Sri Sainatha Multispecialty Hospital Private Limited increases to 72.41 percent.

• The S&P 500 on Wednesday suffered its first back-to-back drops of more than 1 percent this year as private payrolls fell short of estimates a day after a manufacturing gauge slumped to the lowest in a decade.
• Oil fell to the lowest level in almost two months after swelling inventories in the world’s biggest economy added to a pessimistic and weakening economic backdrop.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.06 percent to 11,348.50 as of 7:55 a.m.

Asian stocks declined after a fall in U.S. equities following disappointing American data that increased concerns about a global slowdown. Treasuries ticked higher. Shares fell over 2 percent in Tokyo and Sydney with more modest declines in Hong Kong. Stock markets in China and South Korea are closed.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.