Eight IPOs Get Closing Date Extension Due To Eid-e-Milad Bank Holiday In Maharashtra
The subscription process for initial public offers ending on Sept. 18 has been extended for a day due to a bank holiday in the state of Maharashtra. The date change will also affect the subscription scheduled for the public offers that opened on Sept. 16.
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Nifty Bank Hits Highest Level Since July 23
Bandhan Bank and HDFC Bank were the top gainers in the index.
Oil India, ONGC, IOC Shares Gain After Centre Cuts Windfall Tax To Zero
Shares of oil and gas companies including ONGC, Oil India, BPCL, Indian Oil and HPCL gained up to 2% in early trade on Wednesday after the government reduced the windfall tax on crude to ‘Nil’ on Tuesday
Government Reduces Windfall Taxes On Crude Oil To ZeroOil India, ONGC, IOC Shares Gain After Centre Cuts Windfall Tax To Zero
Vishnu Chemicals Vishakhapatnam Plant Resumes Operations
The Visakhapatnam plant of Vishnu Chemicals has resumed full operations effective today.
Source: Exchange Filing
Torrent Power Surges on Order Win
Torrent Power Ltd. rose over 5% on Wednesday as it received a letter of intent from Maharashtra Electricity Distribution Co. for procurement of 1,500 megawatt energy capacity, it said in the exchange filing. The company will receive the detailed order award from MSEDCL after the latter obtains approval from the Maharashtra Electricity Regulatory Commission.
Torrent Power will supply 1,500-mw energy capacity from its upcoming Pumped Hydro Storage Project, which is being set up in Raigad district of Maharashtra, the exchange filing said. The power company will make provision for a contracted capacity of 1,500 mw which will have capability of schedule discharge of eight hours per day.
Rise of wind and solar power generation will create a need for energy storage solutions for providing firms reliable, dispatchable renewable energy power, Torrent Power said in the exchange filing. It has identified Pump Storage Project sites in multiple states, the exchange filing said.
Torrent Power Share Price Jumps After Winning Pumped Hydro Storage Project In Maharashtra
Shares of Torrent Power Ltd. rose as much as 5.23% to Rs 1,873.10. It was trading 2.46% higher at Rs 1,823.80 as of 10:27 a.m., as compared to 0.03% decline in the NSE Nifty 50 index.
The scrip gained 152.12% in 12 months, and 94.99% on year to date basis. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 62.62.
Out of 11 analysts tracking the company, three maintain a ‘buy’ rating, three recommend a ‘hold,’ and five suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside of 24.05%.
XM Australia Expects 50-Basis-Point Fed Rate Cut, Sees Oil Prices Rising
XM Australia expects the US Federal Open Market Committee to cut the benchmark federal fund rate by 50 basis points at its two-day policy meeting, Chief Executive Officer Peter McGuire said
Read more here.
Garden Reach Upgraded To ‘Schedule A’ Status
Government has upgraded garden reach to ‘Schedule A’ status. The company said that it will help to enhance senior management capacity.
Source: Exchange filing
ICICI Securities Delisting Case
Quantum Mutual Fund has filed appeal against the NCLT Mumbai order. NCLT has approved ICICI Securities delisting despite objections from minority shareholders.
Source: People associated with the case
Inox Wind Private Platform Raises Capital
IGREL Renewables, Inox Wind’s private platform has raised Rs 300 crore equity capital from marquee investors.
Source: Exchange filing
Reliance Infra Shares Surge
The company has agreed to put to rest a years-long dispute with Adani Electricity Mumbai Ltd. and Adani Energy Solutions Ltd.
The companies will settle disputes and withdrawal of arbitration claims against each other as mutually agreed on Sept. 17, 2024, Reliance Infra said in an exchange filing on Wednesday. There is no monetary consideration exchanged between the parties.
The company has also completed one time settlement with LIC relating to NCDs issue by company worth Rs 600 crore, according to an exchange filing.
Mamaearth To Start Distributing Through Canteens Under Defence Ministry
Mamaearth will start distribution through canteen stores department under defence ministry, according to an exchange filing.
Nifty Financial Services Hits Record High
The index hit its record high of 24,136.30 points with most of its constituents trading higher. PFC, REC, and Bajaj Finance were top gainers and SBI Cards, Axis Bank, and ICICI Lombard were the only stocks that fell.
Nifty IT Falls The Most Among Sectoral Indices
All constituents of the index were trading lower at 9:28 a.m. with Mphasis falling nearly 4%, the most.
Nifty, Sensex Open Lower As Infosys, TCS Drag: Opening Bell
Benchmark equity indices opened lower a day after recording their highest closing as shares of Infosys and TCS dragged them.
At pre-open, the Nifty 50 was at 25402.40, down 0.06% or 16.15 points and the Sensex was at 83036.43, down 0.05% or 43.23 points.
According to Vikas Jain, head of research at Reliance Securities, the Nifty 50 is resisting to cross the higher band of 25,500 levels and trending in a narrow range ahead of the Federal meeting outcome which would give an either side breakout over the next few days.
“On the higher side the pivot resistance would be at 25,550 levels followed by 25,700 which coincides with highest call OI strikes,” he said. “RSI is overbought on hourly charts and a breakdown below 23,350 will witness some pullback on the downside to test 25,150 levels.”
Shares of Infosys Ltd., Tata Consultancy Services Ltd., HCL Tech Ltd., ICICI Bank Ltd., and Tech Mahindra Ltd. pulled the indices lower and those of HDFC Bank Ltd., ITC Ltd., HUL Ltd., NTPC Ltd., and Shriram Finance Ltd. cushioned the fall.
Most sectoral indices were trading higher at open. Nifty FMCG rose the most and Nifty IT was the top loser.
Nifty, Sensex Flat At Pre-Open
At pre-open, the Nifty 50 was at 25402.40, down 0.06% or 16.15 points and the Sensex was at 83036.43, down 0.05% or 43.23 points.
Hindalco Industries To Remain In Focus
Shares of Hindalco Industries will remain in focus after Rohit Pathak, CEO of Copper Division at a recent event said that the company will invest Rs 2,450 crore in Gujarat copper projects.
The company will set up India’s first copper and e-waste recycling plant at Dahej and the overall project targets recovering 200 kt of copper. The new facility will reduce Hindalco’s reliance on imported copper concentrate and first phase of project to involve Rs 2,000 crore investment.
Inox Wind Gets Letter Of Intent From
The company has received letter of intent from IGREL Renewables for execution of 550 MW wind capacity on turnkey basis.
Source: Exchange filing
Vidarbha Industries Ceases To Be Reliance Power Arm
Vidarbha Industries Power is no longer a subsidiary of Reliance Power and the entire obligations of the company as a guarantor on behalf of the former stands fully settled including all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3872.04 Crore.
Source: Exchange Filing
Morgan Stanley On Emerging Markets
In a report, Morgan Stanley said that India has displaced China as the largest stock in MSCI Emerging Market index and that the country will continue to gain share due to market outperformance and liquidity improvement.
The brokerage said that it remains ‘Overweight’ on India & ‘Underweight’ on China in pan-Asia EM asset allocation.
Read more here.
F&O Cues
The Nifty September futures ended 0.03% higher at 25,449 at a premium of 31 points and open interest fell by 1.9%.
Nifty Bank September futures ended 0.07% higher at 52,295 at a premium of 107 points and open interest fell 3.66%.
In the Nifty Options expiring Sept. 19, maximum call open interest was at 26,000 and maximum put open interest at 25,000.
In the option of Bank Nifty Options Sept. 18, maximum call open Interest at 53,000 and maximum put open interest at 52,000.
Shares of Aarti Industries, Balrampur Chini Mills, Biocon, Birlasoft, GNFC, Granules, Hindustan Copper, LIC Housing Finance, Punjab National Bank, and RBL Bank will not be traded in the derivatives market due to F&O ban.
Tracking The Fed’s Rate Cuts Since Lehman Crisis| Infographic
Block And Bulk Deals
In a block deal on Tuesday, Kotak Special Situations Fund sold 45 lakh shares or 1.25% stake in Nuvoco Vistas Corp while SBI Mutual Fund bought the same number of shares at Rs 352 apiece. In Trent, Dodona Holdings sold 10.95 lakh shares or 0.3%) and Siddhartha Yog bought the same number of shares at Rs 7,330 apiece.
Bulk deals happened in Suraj Estate Developers, in which LIC Mutual Fund bought 2.83 lakh shares or 0.63% at Rs 758.89 apiece, and VST Industries, in which Damani Radhakishan sold 1 lakh shares or 0.64% at Rs 439.19 apiece.
Radhakishan Damani Sells VST Industries Stake Worth Rs 4.39 Crore
IPO Offerings
Public issue of Arkade Developers and Northern Arc Capital will open for retail investors for a third day.
Arkade Developers was subscribed to 16.21 times on day 2 and Northern Arc Capital public issue was subscribed 9.99 times.
Western Carriers IPO Subscribed 9.4 Times On Day 3
Stocks To Watch On Wednesday
Shares of Infosys will react to the news of company entering into a pact with UK-based Metro Bank for digital transformation and those of Mankind Pharma and Satin Creditcare will be in focus on the news that its board will consider fundraise on September 20.
SKF India‘s stock will move as its board decided to initiate a separation of its automotive business and for REC, investors will assess the news of undertaking a non-binding financial commitment to increase renewable book by over Rs 3 lakh crore by 2030.
Shares of Torrent Power and Ceigall India will rise after order wins. DCM Shriram got a observation letter from BSE on the amalgamation of Lilly Commercial with itself.
Shares of RattanIndia Enterprises, Vakrangee, and AYM Syntex will also remain in focus.
US Stocks Open Higher After Key Consumption, Factory Data
GIFT Nifty Trades Above 25,400
The GIFT Nifty was trading 0.10%, or 25 points higher at 25,447.00 as of 06:37 a.m. Shares of Infosys Ltd., Mankind Pharma Ltd., Ceigall India Ltd., REC Ltd. will remain in focus among others in today’s session.
The Indian market will also track Asia-Pacific share indices, which rose early Wednesday as traders await the outcome of the US Federal Open Market Committee’s policy decision, due to be released later today.
The Nikkei 225 rebounded Wednesday, and was trading 243.24 points, or 0.67% higher at 36,446.46 as of 06:28 a.m. On Tuesday, the Japanese yen declined against the dollar, which supported nations’ stocks and turned outlook on the export oriented country positive, Bloomberg reported.
The Kospi and S&P ASX 200 were trading 0.13% and 0.08% higher, respectively.
US stocks ended with little gains on Tuesday, as the FOMC started its two-day policy meeting. Traders are still divided about the quantum of rate cut from the US rate-setting panel.
The S&P 500 and Nasdaq Composite ended 0.03% and 0.20% higher, respectively. The Dow Jones Industrial Average ended 0.04% lower.
November contract of brent crude was trading 0.08% lower at $73.06 per barrel as of 06:36 a.m. Gold was trading 0.17% higher at $2,573.88 as of 06:37 a.m.
The Nifty and Sensex logged gains on Tuesday, led by Bharti Airtel Ltd. and Larsen & Toubro Ltd. Throughout the session, the benchmarks traded near record highs, while market participants shifted their focus to the US Federal Open Market Committee’s policy meeting, starting later in the day.
The NSE Nifty 50 settled 34.80 points, or 0.14%, higher at 25,418.55 and the S&P BSE Sensex ended 90.88 points, or 0.11%, up at 83,079.66. Intraday, Nifty rose 0.23% to 24,441.65 and Sensex jumped 0.20% to 83,152.41.
Overseas investors turned net buyers of Indian equities on Tuesday after a day of selling. Foreign portfolio investors mopped up stocks worth Rs 482.7 crore, while domestic institutional investors stayed net buyers for the third consecutive session and purchased equities worth Rs 874.2 crore, the NSE data showed.
The Indian rupee rose 0.15% to settle at Rs 83.76 against the US dollar.
US Stocks Open Higher After Key Consumption, Factory Data. Read more on Markets by NDTV Profit.At pre-open, the Nifty 50 was at 25402.40, down 0.06% or 16.15 points and the Sensex was at 83036.43, down 0.05% or 43.23 points. Catch the latest on Indian stock markets. Read MoreMarkets, Business, Notifications
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