Stocks To Watch: Biocon, Grasim, L&T, M&M, ONGC 

Asian stocks drifted lower at the start of a new month after most U.S. equities retreated even though technology shares extended gains. Australia underperformed and Japan opened with modest declines, with S&P 500 futures reversing an earlier drop.

Here are the stocks to watch in trade today:

• Larsen & Toubro announced the closure of the strategic divestment of its electrical & automation business to Schneider Electric. Schneider Electric will use related brand insignia for a specified period as the brand is very popular and has a strong brand recall in the switchgear market. Transaction was made at an all-cash deal of Rs 14,000 crore.
• Grasim Industries has moved to NCLAT challenging CCI's order that had found it guilty of abusing its dominant position. CCI had held in March that the company abused its dominant position under provisions dealing with imposition of unfair price in purchase or sale of goods. It had imposed a penalty of Rs 301 Crores. Textiles Consumer Foundation has filed a separate appeal on the ground that the penalty imposed on Grasim was inadequate. NCLAT to hear the matter on Sep. 24.
• Biocon’s arm Biocon Biologics and Mylan launched an insulin glargine injection (Semglee) in the U.S. for diabetes patients.
• BEML received order worth Rs 842 crore from Ministry of Defence.
• Punjab National Bank: Base rate has been changed from 8.90% to 8.80% and repo linked lending rate from 6.65% to 6.80%, with effect from Sept.1.
• Mahindra and Mahindra stated that due to Covid-19 completion of sale of its entire stake in Neo Solren to CLP India expected to be done by Sept., as against the earlier completion expected to be in the end of August.
• Wockhardt has appointed ex-chairman of Blackstone India Akhilesh Gupta as an additional director with effect from Aug. 29.
• India Grid Trust acquired Gurgaon Palwal Transmission from Sterlite Power at an enterprise value of Rs 1,080 crore. Acquisition will add Rs 35-40 crore of net distributable cash flow per year.
• V-Guard is planning to start the commercial production of ceiling fans during September at its new plant at Roorkee.
• Tau Investment Holdings have acquired control over JB Chemicals and Pharma.
• India Ratings and Research has revised Rain Industries’ outlook to negative from stable while affirming the long-term issuer rating at 'IND A.' The outlook revision reflects a likely deterioration in company’s consolidated net leverage in 2020, with the delay in capex programs and the impact of the Covid-19 related disruptions likely to hamper the company's deleveraging efforts.
• Zensar Tech granted US patent for its digital tool enabling direct conversion with organizations leadership.
• Bharat Road Networks joint venture with RKD Construction has received letter of acceptance from NHAI for a HAM project in Bihar with a bid cost of Rs 1,034.7 crore.
• Best Agrolife: Statutory auditors resign with immediate effect due to pre-occupation in other assignments.
• Entertainment Network and TV Today Network have terminated advertising sales agreement with each other with effect from Sept.1. Entertainment Network was to support India Today Network to market and sell radio airtime on various platforms to third parties with respect to the company’s three radio stations in Delhi, Mumbai and Kolkata.
• 5paisa Capital to consider raising funds via issue of equity shares via qualified institutional placement, preferential allotment,etc. on Sept. 3.
• Exide Industries increased its stake in its joint venture Exide Leclanche Energy from 74.99% to 77.87% stake for Rs 33.2 crore.
• MOIL has raised prices of all grades of Ferro, SMGR grades, Fines and Chemical Grades by 10% on the prices prevailing since Aug. 1. The new prices will be effective from Sept. 1.

Other Earnings

Shree Renuka Sugars Q1 (Consolidated, YoY)

• Revenue up 30.6% at Rs 1,310.7 crore
• Net loss at Rs 34.9 crore versus Net loss at Rs 364.2 crore
• Ebidta gain at Rs 84.1 crore versus Ebidta loss at Rs 71.1 crore

JK Cement Q1 (Standalone, YoY)

• Revenue down 27.3% at Rs 965 crore (Est Rs 983 crore)
• Net profit down 49.5% at Rs 77.7 crore (Est Rs 69 crore)
• Ebidta down 29.1% at Rs 215.3 crore (Est Rs 193 crore)
• Margins at 22.3% versus 22.9% (Est 19.6%)

Earnings Today

• ONGC
• Anant Raj
• NALCO
• NLC
• Shalimar Paints

Pledged Share Details

• Zuari Agrochemicals promoter Zuari Global created pledge of 11 lakh shares on Aug.20
• Prakash Industries promoter Vanshi Farms released pledge of 10 lakh shares on Aug.26
• JSW Steel promoters revoked pledge of 2.55 crore shares from Aug.26-27
• Max Financial Services promoter Max Ventures Investment Holdings created pledge of 13 lakh shares from Aug.26-28
• JSW Energy promoters revoked pledge of 5.1 crore shares from Aug.26-28.

(As Reported On Aug.31)

Who’s Meeting Whom

• UPL to meet SBI Life Insurance, Emkay PMS and other investors from Sept. 1-2
• TVS Motor to meet West Bridge Capital Partners on Sept. 2

Bulk Deals

• Aavas Financiers: New World Fund acquired 5.2 lakh shares (0.66%) at Rs 1,409.97 per share, Nomura India acquired 5.2 lakh shares (0.66%) at Rs 1,410 per share and Partners Group sold 25.58 lakh shares (3.27%) at Rs 1410.01 per share.
• Bharti Airtel: Integrated Core Strategies (Asia) acquired 3.8 lakh shares (0.70%) at Rs 513.79 per share.
• Future Retail: Norges Bank sold 95 lakh shares (1.75%) at Rs 158.61 per share.
• Ceat: Westbridge Crossover Fund sold 8.36 lakh shares (2.07%) at Rs 885 per share and Plutus Wealth Management acquired 8.44 lakh shares (2.09%) at Rs 885 per share.
• GOCL Corporation: Promoter Hinduja Power sold 4 lakh shares (0.81%) at Rs 202 per share.
• Future Enterprises: Investguard Ventures acquired 30.25 lakh shares (0.66%) at Rs 21.1 per share.

Trading Tweaks

• AGM Date: NIIT, Astra Microwave Products, Jai Bharat Maruti, KEI Industries, Petronet LNG, Century Plyboards, Avenue Supermart, Dollar Industries, Jenburkt Pharma, Syngene International.
• Fund Raising: Max Healthcare Institute.
• Record Date For Share Split: Morganite Crucible (From FV of Rs 10 to Rs 5 per share).
• Price Band Revision From 10% To 5%: Aarti Drugs, Remsons Industries, RattanIndia Power, Somi Conveyor Beltings.
• Price Band Revision From 20% To 10%: Future Retail.
• Move Into ASM Framework: Manaksia Aluminium, Mercator, Indian Terrain Fashions, A2Z Infra Engineering, Inspirisys Solutions, BLB, Zee Media Corporation, Indosolar.
• Move Out Of ASM Framework: Digjam, Karuturi Global, Garden Silk Mills.
• Move Into Short Term ASM Framework: Repco Home Finance, Shree Rama Multi-Tech, Indiabulls Ventures.
• Move Out Of Short Term ASM Framework: DPSC, Indiamart Intermesh, STL Global.

Insider Trades

• JSW Steel promoter JTPM Metal Traders acquired 15.75 lakh shares from Aug.27-28
• KEC International promoter Instant Holdings acquired 52,000 shares from Aug.27-28
• Man Infra promoter Manan Shah acquired 1 lakh shares on Aug.28
• Security & Intelligence Services promoters sold 8.15 lakh shares on Aug.28

(As Reported On Aug.31)

F&O Cues

• Nifty September futures closed at 11,360; discount of 28 points versus premium of 34 points
• Nifty September futures Open Interest down 8%, sheds 10 lakh shares in Open Interest
• Nifty Bank September futures closed at 23,661; discount of 93 points versus premium of 98 points
• Nifty Bank September futures Open Interest down 3.7%, sheds 54,500 shares in Open Interest
• Nifty Put Call Ratio at 1.28

Nifty Monthly Expiry: Sept 3

• Max Open Interest on call side at 12,000 strike (30.4 lakh shares)
• Max Open Interest on put side at 11,400 strike (17.6 lakh shares)
• Active options: 11,500 Put (-14.5 lakh shares), 11,600 Call (12 lakh shares)

Nifty Monthly Expiry: Sept 24

• Max Open Interest on call side at 12,000 strike (19.6 lakh shares)
• Max Open Interest on put side at 11,000 strike (26 lakh shares)