Investors signaled further belief in a fledgling equity rally as US futures erased a Wednesday decline and Asian stock markets traded higher as markets downplay concern that a cut in oil production would stoke inflation.
Stocks in Japan and South Korea opened higher, while Australian equities quickly pared morning losses, tracking a rise in US futures that reversed a small decline in the S&P 500 on Wednesday.
At 7:00 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.5% to 17,426.50.
The pound gained ground even after Fitch Ratings downgraded its UK outlook to negative.
Elsewhere, OPEC+ decided to reduce daily oil production by two million barrels on Wednesday, sending the US oil benchmark to a three-week high.
Stocks To Watch
Zee Entertainment Enterprises: The CCI has approved the merger of Zee Entertainment Enterprises with Sony Group‘s Indian unit. The scheme of amalgamation involves merging Zee Entertainment Enterprises and Sony Group's Bangla Entertainment with Culver Max Entertainment—an indirect wholly owned subsidiary of Sony Group Corp.
Reliance Industries: Reliance Jio Infocomm, the telecom arm of the conglomerate, will start beta trials of its 5G services in four cities—Delhi, Mumbai, Kolkata and Varanasi—from Oct. 5, and offer a ‘Welcome Offer’ for its existing users in these circles, which can be availed for by invitation.
Sunteck Realty: Care Ratings assigned ‘CARE AA-; Positive’ ratings for the company’s long-term bank facilities.
JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, has signed a MoU with the Maharashtra government for setting up a 960 MW hydro pumped storage project at Pane Pumped Storage Project in Raigarh.
Adani Enterprises: The company has incorporated two wholly owned subsidiaries—Alwar Alluvial Resources for manufacturing and processing of minerals, and Adani Disruptive Ventures.
Sterlite Technologies: The company has completed sell its stake (through its wholly owned subsidiary) in Impact Data Solutions Ltd., U.K. to Hexatronic Group AB.
Tata Steel: The company, through wholly owned subsidiary T.S. Global Holdings Pte Ltd, has concluded the divestment of its 19% equity stake in AI Rimal to Oman National Investments Development Company on Oct. 3, 2022, thereby reducing its shareholding from 70% to 51% in Al Rimal.
Godrej Consumer Products: In the quarterly update for the September quarter, the company said it expects to deliver high single-digit growth in India, with 3-year CAGR close to double-digits.
Tata Motors: The company released production, domestic sales and export figures for the July-September 2022 period. Compact UVs Nexon and Punch led the domestic sales at 79,082 units, followed by compact segment at 48,787 units.
Savita Oil Technologies: The company has incorporated a wholly owned subsidiary Savita GreenTec Ltd. to engage in the business of manufacturing and recycling.
India Energy Exchange: The Indian Energy Exchange achieved 8,160 MU volume in Sept. 2022, registering 5% MoM growth. This comprised 7,118 MU in the conventional power market, 454 MU in the green power market, and 588 MU (5.88 lac certificates) in the REC market.
Jubilant FoodWorks: Jubilant Foodworks Netherlands B.V., wholly owned subsidiary of the company has increased its stake in DP Eurasia N.V. through various on-market purchases.
DCB Bank: The lender revised MCLR across tenors, as well as announced External Benchmark Linked Rate. The new rates will come into effect from Oct. 6.
IRB Infrastructure Developers: Solapur Yedeshi Tollway Ltd., a step-down subsidiary of the company has raised R 200 crore via NCDs issued on private placement basis.
Bajaj Finance: The lender sees assets under management rise 31% year-on-year in July-September quarter. AUM rose to Rs 2.18 lakh crore as of Sept. 30, 2022, compared with Rs 1.67 lakh crore a year ago. Deposits rose 37% from a year ago to Rs 39,400 crore.
Goa Carbon: Approves raising up to Rs 200 crore via share issue.
Hexaware Technologies: Hexaware Cloud Transformation platform gets U.S. patent approval.
IndusInd Bank: Says SEBI imposed Rs 10 million fine.
Ratnamani Metals: Buys majority stake in Ravi Technoforge
Offerings
Electronics Mart: The IPO was subscribed 1.69 on its first day. Qualified institutional buyers and retail investors led the demand for the Rs 500-crore issue on the opening day. The price band for the IPO, which includes issue of fresh shares representing 22.03% of the company’s equity capital post the offering, has been fixed at Rs 56-59 apiece.
Bulk Deals
JTL Infra: Singla Ashok sold 2.95 lakh shares (0.56%) at Rs 252.15 apiece, Laxmi Kant sold 5 lakh shares (0.94%) at Rs 252.66 apiece.
Who’s Meeting Whom
CMS Info Systems: To meet investors and analysts on Oct. 6.
AU Small Finance Bank: To meet investors and analysts on Oct. 19.
Trading Tweaks
Ex-Date Buy Back: S.P. Apparels
Ex-Date Annual General Meeting: Accelya Solutions India
Ex-Date Dividend: Accelya Solutions India
Ex-Date Income Distribution: IndInfravit Trust
Move Into Short – Term ASM Framework: Shivalik Bimetal Controls
Move Out of Short – Terms ASM Framework: Anant Raj
Insider Trades:
DCW: Promoter Group Jain Sahu Brothers Properties bought 7.15 lakh shares between Sept. 29 and Sept. 30.
Gokaldas Exports: Promoter Clear Wealth Consultancy Services LLP sold 15 lakh shares on Sept. 30.
Godrej Properties: Promoter Godrej Industries bought 41,600 shares on Sept. 30.
Pledge Share Details:
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 81,000 shares on Sept. 30.
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