Stocks To Watch: Bharat Dynamics, Dr. Reddy’s, ICICI Bank, Info Edge, ITI, SBI, Yes Bank

Asian stocks followed their European peers higher Tuesday, shrugging off concerns about the selloff in U.S. technology shares and fresh Sino-American tensions. The pound held losses on concern the U.K. is inching closer to a no-deal Brexit. Shares saw modest gains in Japan, South Korea and Australia.

Here are the stocks to watch in trade today:

• Dr. Reddy’s Laboratories has launched fulvestrant injection in U.S.
• Amber Enterprises has launched QIP Issue on Sept. 7 with a floor price set at Rs 1,798.72 per share, which is at a discount of 2.1% to the closing prices on Sept.7.As per SEBI regulation, company may offer a discount of not more than 5% on the floor price. Panel is scheduled to meet on or after Sept. 10 to consider the date of closing QIP and issue price for sale.
• Bharat Dynamics: Promoter government proposes to sell up to 1.83 crore shares (10% stake), and an additional 91.6 lakh shares (5% stake) at a floor price of Rs 330 per share. Government would looking to raise up to Rs 907.2 crore. Offer price is at a discount of 14.2% to the closing prices on Sept. 7. Government’s stake expected to reduce from 87.75% to 72.75% in the company. Offer for sale for non-retail investors on Sept.8 and for retail investors on Sept. 9.
• ITI signed memorandum of understanding with Ilantus Technologies to deliver solutions to government agencies, defence, PSUs and banking sector. Company also received letter of Intent from Bharti Airtel for fibre to home rollout in 8 circles in the country. The work involves laying of optical fibre backbone for providing broadband connectivity throughout the country. The time period for execution of the order would be three months.
• Happiest Minds Technologies: IPO subscribed 2.87 times on Day 1. Institutional subscription at 0.08 times which doesn’t include anchor portion. Non-institutional investor subscription at 0.62 times. Retail subscription at 14.61 times.
• EIH: Board approved raising Rs 350 crore via rights issue. Promoters intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional equity shares, amongst themselves, in the event of under-subscription of the said issue.
• Parag Milk Foods: Board has approved raising Rs 230 crore via issue of NCDs.
• Dhanuka Agritech launched two fungicides for grapes farmers.
• Future Lifestyle Fashions: Company has re-opened 95% of its stores. The company stated that almost 1 million customers walked in at Brand Factory, Central and aLL stores in the month of August, across the country. This helped Central increase its sales in August by more than 33% compared to the previous month of July. Similarly, Brand Factory increased its sales by around 50% in August on a sequential basis. Plus size fashion retail chain, aLL has more than doubled its sales in August, compared to the previous month. Much of this increase in sales were driven by the company’s flagship fashion brands like Lee Cooper, Indigo Nation, Scullers and Jealous 21.
• Genus Paper & Boards: Resolution professional for NS Papers has issued a letter of intent to the company with regard to the resolution plan submitted for NS Papers. The letter of intent has been accepted by the company.
• Indian Overseas Bank reduced MCLR rates by 10 basis points across various tenors with effect from Sept.10. One-month MCLR at 7.4% and one-year MCLR at 7.55%.
• Orissa Mineral Development: LIC reduced stake from 13.19% to 11.16% from Feb.12-Sept.2.
• HCC: Current default as on Aug.31 stands at Rs 1,481.4 crore. Total financial indebtedness at Rs 10,339.9 crore.
• VIP Industries: Board approved allotment of NCDs worth Rs 50 crore.
• Future Consumer has defaulted in payment of principal and interest on NCDs amounting to Rs 22.03 crore which was due on Sept.5. The Company has approached the debenture trustees seeking deferment of the said obligations such that 50% of the amount due shall be paid on or before Sept.30 and the balance 50% to be paid by Dec. 31. The debenture trustees having approached few of the debenture holders to obtain their consent to the aforesaid proposal for deferment, and in order to have clarity on the same, have called for a meeting of the debenture holders on Sept.9.

Other Earnings

Info Edge Q1 (Standalone, YoY)

• Revenue down 10.5% at Rs 280.1 crore (Est Rs 261 crore)
• Net profit up 24.7% at Rs 83.2 crore (Est Rs 75.2 crore)
• Ebitda up 3.5% at Rs 104.6 crore (Est Rs 52.3 crore)
• Margins at 37.3% versus 32.3% (Est 20%)
• Billing down 44% at Rs 188.6 crore
• Exceptional loss of Rs 8.2 crore in base quarter
• Margins improve due to lower ad costs and other expenses

Earnings Today

• CESC
• Dishman Carbogen Amcis
• Future Consumer
• Jindal Stainless
• SML Isuzu

Pledged Share Details

• Asian Paints promoter Sattva Holding and Trading created pledge of 3.57 lakh shares on Sept.2
• Jamna Auto promoter Map Auto created pledge of 2.5 lakh shares on Sept.3
• Emami promoters released pledge of 10 lakh shares from Sept.3-4

(As Reported On Sept.7)

Who’s Meeting Whom

• Pidilite Industries to meet ICICI Securities on Sept.8
• Tata Steel to meet Citi Research, JP Morgan and Jefferies India from Sept.9-10.
• Asian Paints to meet Aberdeen Asset Management on Sept.8
• Advanced Enzymes Tech to meet ITI Capital on Sept.9

Bulk Deals

• Shree Pushkar Chemicals and Fertilizers: Promoter Gautam Gopikishan Makharia acquired 1.98 lakh shares (0.64%) at Rs 104.18 per share.
• Indiabulls Housing Finance: Franklin MF sold 31 lakh shares (0.73%) at Rs 194.04 per share.
• Shriram City Union Finance: Arkaig Acquisition acquired 12.24 lakh shares (1.85%) at Rs 965 per share and Cornalina Acquisition sold 12.24 lakh shares (1.85%) at Rs 965 per share.

Trading Tweaks

• AGM Date: Care Ratings, Galaxy Surfactants, Schneider Electric, Tinplate, Inspirisys Solutions,
• Fund Raising: Motherson Sumi Systems.
• Price Band Revision From 10% To 5%: NHC Foods, HLE Glascoat, Space Incubatrics.
• Move Into ASM Framework: Arihant Superstructures.
• Move Into Short Term ASM Framework: Praxis Home Retail, Jayaswal Neco Industries, Total Transport Systems.
• Move Out Of Short Term ASM Framework: Agro Phos, MPS, Saint Gobain Sekurit.

Insider Trades

• Jamna Auto promoter Map Auto acquired 1.78 lakh shares on Sept.3
• Mangalore Chemicals and Fertilizers promoter Adventz Finance acquired 16 lakh shares on Sept.4
• Alembic Pharma promoter Uday Educational Society sold 1.5 lakh shares from Sept.3-4
• Mindtree promoters sold 7 lakh shares on Sept.3

(As Reported On Sept.7)

F&O Cues

• Nifty September futures closed at 11,390; premium of 35 points versus premium of 41 points
• Nifty September futures Open Interest down 0.1%, sheds 6,000 shares in Open Interest
• Nifty Bank September futures closed at 23015; premium of 70 points versus premium of 72 points
• Nifty Bank September futures Open Interest down 6%, sheds 91,000 shares in Open Interest

Options

• Nifty PCR at 1.25

Nifty Monthly Expiry: Sept 10

• Max Open Interest on call side at 11,600 (29.2 lakh shares)
• Max Open Interest on put side at 11,000 (26.2 lakh shares)
• Active options: 11,300 Put (6.5 lakh shares), 11,400 Call (7.2 lakh shares)

Nifty Monthly Expiry: Sept 24

• Max Open Interest on call side at 11,500 (19.8 lakh shares)
• Max Open Interest on put side at 11,000 (28.1 lakh shares)