KEY HIGHLIGHTS
FPIs Remain Net Sellers For Second Straight day
Overseas investors remained net sellers of Indian equities on Wednesday for the second consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 3,110.69 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net sellers on Wednesday and sold equities worth Rs 573.02 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,30,074 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.18% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 19 paise to close at Rs 83.08 against the U.S dollar on Wednesday.
It closed at 83.27 on Monday.
Source: Bloomberg
Sensex, Nifty Fall For The Second Consecutive Session: Market Wrap
India's benchmark stock indices opened lower and declined through Wednesday to end second session lower. Both the indices slipped over 1% intraday, the most in over a month since Aug. 2, 2023.
"Today, both Nifty and Sensex experienced profit booking, largely attributed to a sharp sell-off in HDFC Bank following its analyst meeting. During the meeting, concerns were raised about potential margin pressure and the asset quality post-merger of HDFC twins," said Parth Nyati, the Founder of Tradingo.
"Additionally, global markets exhibited caution in anticipation of the upcoming FOMC meeting. Factors such as increasing U.S. bond yields, rupee weakness, a surge in crude oil prices, and selling by foreign institutional investors further contributed to the challenges faced by our markets," Nyati added.
Most sectoral indices dropped with non-banking financial services, banks, metals and realty sectors falling the most.
The S&P BSE Sensex closed down 796 points, or 1.18%, at 66,800.84 while the NSE Nifty 50 was 232 points or 1.15% lower at 19,901.40.
U.K. stocks rallied after British inflation slowed unexpectedly, catching traders off guard as they prepare for the Federal Reserve’s policy decision later.
The UK’s FTSE 250 index of domestic stocks jumped 1.5% after the inflation boost, with homebuilders sensitive to changes in interest rates leading the gains. Europe’s Stoxx 600 index also benefited from the improved sentiment, climbing for the first time in three days. U.S. equity futures were steady, while a gauge of Asian stocks retreated.
Most Asian markets dropped except South Korean Kospi, which was marginally higher. Fed Chair Jerome Powell and his colleagues are widely expected to hold rates later on Wednesday.
Power Grid Corp of India Ltd., ITC Ltd., Axis Bank Ltd., Coal India Ltd., and Sun Pharmaceutical Industries Ltd., were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., and Maruti Suzuki India Ltd. were negatively contributing to the change.
The broader market indices ended lower; the S&P BSE MidCap Index was down 0.33%, whereas S&P BSE SmallCap Index was also 0.51% lower.
Eighteen out of 20 sectors compiled by BSE declined, while the other two sectors advanced. S&P BSE Commodities, S&P BSE Metal and S&P BSE Realty fell the most.
The market breadth was skewed in the favour of the sellers. About 1,555 stocks rose, 2,103 declined, while 145 remained unchanged on the BSE.
Senex, Nifty Fall The Most Since Aug. 2, 0223
GR Infraprojects Unit Bags Rs 737 Crore Order For Highway Construction
Company unit G R Yamuna Bridge Highway Private bags Rs 737.17 crore order from Ministry of Road Transport and Highways.
Order for construction of four lane highway in Uttar Pradesh.
Source: Exchange filing
Escorts Kubota Approved Proposal To Set Up Unit Company As NBFC
Approved proposal to set up unit Non-Banking Financial Institution.
Company to be incorporated with authorized capital of Rs 700 crore.
Company to infuse capital of Rs 200 crore as and when required.
Source: Exchange Filing
Adani Green Energy Approves Termsheet Between Its Unit And TotalEnergies SE
Approves termsheet between the Company, Adani Green Energy Twenty Three and TotalEnergies SE.
Purpose of termsheet is to provide for further investment of $300 million by TotalEnergies.
To form 50:50 JV with company and modify certain terms of investment in Adani Green Energy Twenty Three.
TotalEnergies to provide investment either directly or through its affiliates.
The new JV company will house 1,050 MWac portfolio.
Source: Exchange Filing
European Markets Open Higher
Stocks At 52-Week High Intraday
ABB To Roll Out Electric Powertrain System For Arcelormittal Nippon
To roll out electric powertrain system for ArcelorMittal Nippon Steel’s new steel mill in Hazira, India.
Partnered with SMS group to supply all the medium-voltage motors and drives.
ArcelorMittal Nippon Steel’s new plant to produce around 5.5 million tons of steel strip per year.
ArcelorMittal Nippon Steel’s new plant to become operational in 2025.
Source: Exchange Filing
Punjab National Bank has 11.8 Lakh Shares Change Hands
11.8 lakh shares changed hands in a large trade.
0.01% equity changed hands at Rs 76.05 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Blue Star Shares Surge 18% To A Record On Rs 1,000-Crore QIP
Shares of Blue Star Ltd. jumped over 18% to hit an all-time high after its board approved raising Rs 1,000 crore through qualified institutional placement.
The company has set the floor price for the QIP at Rs 784.55 per share, according to an exchange filing. The executive management committee will meet on Sept. 22 to consider the issue price of the equity shares.
Shares of the company jumped 18.34% to hit an all-time high of Rs 946.8 apiece intraday. It pared gains to trade 15.49% higher at Rs 924 per share as of 1:09 p.m. This compares to a 0.99% decline in the NSE Nifty 50.
It has risen 54.02% on a year-to-date basis. Total traded volume so far in the day stood at 85 times its 30-day average. The relative strength index was at 81.4, implying that the stock maybe overbought.
Out of the 24 analysts tracking the company, 16 maintain a 'buy' rating, six recommend a 'hold', and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.5%.
Genpharmasec In Agreement To Acquire 70% Stake In Derren Healthcare
In agreement to acquire 70% stake in Derren Healthcare Private.
Acquisition to take place over a period of one year in staged manner.
Source: Exchange Filing
Sensex, Nifty Drop Nearly 1% As HDFC Bank, RIL Drag; Most Sectors Decline: Midday Market Update
India's benchmark stock indices opened lower on Wednesday and declined through midday by nearly 1%. Both the indices slipped the most in over a month since Aug. 3, 2023.
Most sectoral indices dropped with non-banking financial services, banks, metals and realty sectors falling the most.
"From a technical perspective, Nifty and Sensex have identifiable immediate support levels at 19,900 and 66,900, respectively. If these levels are breached, we may witness additional profit booking, potentially leading towards 19,640 for Nifty and 66,000 for Sensex," said Parth Nyati, Founder at Tradingo.
As of 12:07 p.m., the S&P BSE Sensex was down 666 points, or 0.99%, at 66,930.72 while the NSE Nifty 50 was 184 points or 0.91% lower at 19,949.50.
Stocks declined as investors awaited the Federal Reserve’s policy decision, with interest rates expected to be higher for longer to curb inflation. All Asian markets dropped except South Korean Kospi, which was marginally higher.
Contracts for Europe and U.S. stocks ticked lower after the S&P 500 closed down though off session lows. Chinese lenders earlier kept the one- and five-year loan prime rates — the latter being a reference for mortgages — unchanged, following the central bank’s move last week to hold policy rates steady as officials assess the economic impact of existing stimulus.
Fed Chair Jerome Powell and his colleagues are widely expected to hold rates Wednesday.
Axis Bank Ltd., NTPC Ltd., Bajaj Finance Ltd., Power Grid Corp of India Ltd., and Coal India Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change.
The broader market indices were trading lower; the S&P BSE MidCap Index was down 0.20%, whereas S&P BSE SmallCap Index was also 0.43% lower.
Seventeen out of 20 sectors compiled by BSE declined, while the other three sectors advanced. S&P BSE Financial Services and S&P BSE Bankex fell the most.
The market breadth was skewed in the favour of the sellers. About 1,473 stocks rose, 2,009 declined, while 162 remained unchanged on the BSE.
SJVN Signs MoU With PFC For Financial Assistance Of Nearly Rs 1.19 Lakh Crore
Signs MoU with PFC for financial assistance to diversified portfolio.
Renewable Energy and thermal generation project to be set up at total cost of nearly Rs 1.19 lakh crore.
Source: Exchange Filing
F&O Show: Decoding The F&O Trading And Derivative Strategies
Talking Point: BNP Paribas' Manishi Raychaudhuri Shares Market Outlook & Top Bets
#AskBQ | HDFC Bank Slips Post Analyst Meet, What Next?
HDFC Bank Shares Fall As It Expects Asset Quality To Worsen, Margins To Narrow
Shares of the private lender fell as much as 4.05% intraday to Rs 1,563.1, the most since May 5, 2023, before paring losses to trade 3.72% lower at Rs 1568.4 apiece. This compares to a 0.83% decline in the NSE Nifty 50.
It has fallen 3.65% on a year-to-date basis. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 38.3.
Out of the 47 analysts tracking the company, 44 maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27%.
Caplin Point Arm Gets U.S. FDA Approval For Norepinephrine Bitartrate Injections
Gets U.S. FDA ANDA final approval for Norepinephrine Bitartrate USP.
Note: Caplin Steriles Limited is subsidiary of Caplin Point Laboratories.
Source: Exchange filing
Tech Mahindra Opens Innovation Centre In Espoo, Finland: Bloomberg
Shares Of PSU Banks Trade Mixed
Venus Remedies Gets Serbia Approval For Gemcitabine, Docetaxel
Venus Remedies extends oncology portfolio in South Eastern Europe with Serbian marketing approval for Gemcitabine and Docetaxel.
These chemotherapy drugs are beneficial in treatment of various types of cancer.
Oncology drugs constitute largest proportlon of serblan pharmaceutlcal market.
Source: Exchange Filing
Insolation Energy Shares Hit All-Time High After Its Unit Commercialises 600 MW Of Solar Capacity
Shares of Insolation Energy Ltd. hit a record high after its arm Insolation Green Energy Pvt. commercialised the production of 600 MW of solar capacity, as per its exchange filing.
The company's unit will manufacture mono and bifacial half-cut technology solar panels, topcon panels, and mono-perc panels. The total operating capacity of the company now stands at 750 MW. The company plans to add another line in Insolation Green by year-end and ramp-up capacity to 950 MW.
Shares of Insolation Energy Ltd. rose as much as 5% intraday to hit an all-time high of Rs 440.15 per share. It pared gains to trade 0.67% higher at Rs 422 per share, as of 10:23 a.m. This compares to a 0.79% decline in the NSE Nifty 50.
It has risen 307.48% on a year-to-date basis and 428.10% since its listing on Oct. 10, 2022. The relative strength index was at 69. Bloomberg covers no analyst tracking the company.
U.S. FDA Inspection Found One Observation In Aurobindo Pharma's Unit
U.S. FDA inspection found one observation in arm APL Healthcare.
Observation from U.S. FDA is procedural in nature.
Note: APL Healthcare is a Formulation manufacturing facility.
Source: Exchange Filing
Yes Bank Has 1 Crore Shares Change Hands In Two Large Trades
1 crore shares changed hands in two large trades.
0.03% equity changed hands at Rs 18.30 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Tata Motors Shares Advance After Announcing 3% Price Hike For CVs
Shares of Tata Motors Ltd. rose as much as 0.99% intraday. It pared gains to trade 0.94% higher at Rs 646.65 per share, as of 10:01 a.m. This compares to a 0.62% decline in the NSE Nifty 50.
The automaker said that it will increase the prices of commercial vehicles by up to 3% w.e.f. Oct. 1, 2023. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.
It has risen 66.6% on a year-to-date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 66.2.
Out of the 35 analysts tracking the company, 28 maintain a 'buy' rating, three recommend a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.6%.
RR Kabel Lists At A Premium Of 14% To IPO Price
RR Kabel lists at Rs 1,180 apiece on the NSE, 14% premium to IPO price.
RR Kabel lists at Rs 1,179 apiece on the BSE, 13.91% premium to IPO price.
Source: Exchanges
Blue Star Surges Over 10% To Life High After Launching Rs 1,000 Crore QIP
Shares of Blue Star Ltd. jumped over 10% to hit all-time high after the company launched its qualified institutional placement for a fundraise of Rs 1,000 crore on Sept. 18, 2023, as per its exchange filing.
The floor price for the QIP is set at Rs 784.55 per share. The management will meet on Sept. 22, 2023, to consider the issue price of the equity shares.
The scrip rose as much as 10.62% to hit an all-time high at Rs 885 apiece intraday. It pared gains to trade 9.52% higher at Rs 876.25 per share, as of 9:54 a.m. This compares to a 0.63% decline in the NSE Nifty 50.
It has risen 47.06% on a year-to-date basis. Total traded volume so far in the day stood at 56 times its 30-day average. The relative strength index was at 77.2, implying that the stock maybe overbought.
Out of the 24 analysts tracking the company, 16 maintain a 'buy' rating, six recommend a 'hold' and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 4.7%.
GRSE Signs Pact With Lloyd's For Hydrogen Fuel Cell Ferry
Company also signs pact with Caterpillar Inc for production, sale, service of medium speed engines.
Source: Exchange filing
Reliance Industries Has 1.64 Crore Shares Change Hands
1.64 crore shares changed hands in a large trade.
0.24% equity changed hands at Rs 2408.80 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
S&P Says Tata Steel's U.K. Green Push To Reduce Earnings Volatility: Bloomberg
HDFC Bank Tumbles Over 3% As Management Expects Asset Quality To Widen, NIMs To Shrink
Shares of India's largest private bank HDFC Bank Ltd. fell the most in 11 weeks after it is likely to see its bad loan ratios worsen and a compression in net interest margins, according to the analyst meet on Monday.
Gross non-performing asset ratio is likely to increase to 1.4% as of July 1, compared to 1.2% as of June 30, Srinivasan Vaidyanathan, chief financial officer of HDFC Bank told sell-side analysts on Monday. In a presentation, the bank also noted that the net NPA ratio will rise to 0.4%, from 0.3% at the end of the first quarter.
The rise in bad loans is owing to HDFC's non-retail housing loan portfolio where the gross bad loans are at 6.7% as of July 1.
Additionally, the bank is likely to see a compression in net interest margins, owing to the liquidity surplus from the mortgage financier. As of June 30, HDFC Bank reported NIM of 4.3%, which is likely to fall to 3.9-4% post the merger.
"This (excess liquidity) along with ICRR (incremental cash reserve ratio) will drag near-term NIMs...Impact will normalise from FY25 as liquidity gets deployed & ICRR ends this month," Jefferies said in a note on Tuesday.
The scrip fell as much as 3.32% intraday, the most since July 5, 2023, before paring losses to trade 2.78% lower. This compares to a 0.48% decline in the NSE Nifty 50.
It has fallen 2.84% on a year-to-date basis. Total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 40.57.
Out of the 47 analysts tracking the company, 44 maintain a 'buy' rating, three recommend a 'hold' and none suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.1%.
Nifty, Nifty Bank Open Lower
Broader Markets Open Lower
The broader market indices opened lower; the S&P BSE MidCap Index was down 0.25%, whereas S&P BSE SmallCap Index was also 0.10% lower.
Sixteen out of 20 sectors compiled by BSE declined, while the other four sectors advanced. S&P BSE Financial Services and S&P BSE Consumer Durables fell the most.
The market breadth was skewed in the favour of the sellers. About 1,066 stocks rose, 1,344 declined, while 133 remained unchanged on the BSE.
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Lower: Opening Bell
India's benchmark stock indices opened lower on Wednesday after a day's break on Tuesday for Ganesh Chaturthi.
At pre-open, the S&P BSE Sensex was down 517 points, or 0.76%, at 67,080.29 while the NSE Nifty 50 was 153 points or 0.76% lower at 19,980.75.
Stocks declined in Asia after Wall Street posted modest losses ahead of the Federal Reserve’s policy decision, with traders betting interest rates will be higher for longer to curb inflation.
An Asian equity gauge slipped for a third day, with all sectors traded in negative territory. Contracts for U.S. stocks were flat in Asia trading Wednesday after the S&P 500 closed down though off session lows.
Chinese lenders kept the one- and five-year loan prime rates — the latter being a reference for mortgages — unchanged, following the central bank’s move last week to hold policy rates steady as officials assess the economic impact of existing stimulus. Fed Chair Jerome Powell and his colleagues are widely expected to hold rates Wednesday.
HDFC Bank Has 11.6 Lakh Shares Change Hands
11.6 lakh shares changed hands in a large trade.
0.01% equity changed hands at Rs 1633.10 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Sensex, Nifty Fall In Pre-Market Trades
At pre-open, the S&P BSE Sensex was down 517 points, or 0.76%, at 67,080.29 while the NSE Nifty 50 was 153 points or 0.76% lower at 19,980.75.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.19% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 5 paise to open at Rs 83.22 against the U.S dollar on Wednesday.
It closed at 83.27 on Monday.
Source: Bloomberg
Trade Talk: What's Aiding The Rally In Auto Sector?
Oil Upstream Stocks May Rally; Nifty Bank May Sulk: Trade Setup
Global Cues
U.S. Dollar Index at 105.1
U.S. 10-year bond yield at 4.36%
Brent crude down 0.34% at $94.02 per barrel
Nymex crude down 0.13% at $91.08 per barrel
GIFT Nifty down 23 points or 0.11% at 20,077 as of 7:36 a.m.
Bitcoin up 0.47% at $27,318.78
Trading Tweaks
Price Band Revised From 10% To 5%: GMR Power and Urban Infra
Ex-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Century Plyboards (India), Balmer Lawrie & Company, Steel Authority of India, Filatex India, Bharat Dynamics, 63 moons technologies, Tanfac Industries, Mazagon Dock Shipbuilders, RVNL, PTC India, Sunteck Realty
Ex-date AGM: Delhivery, Dhani Services, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Shalimar Paints, Suzlon Energy, FDC, Century Plyboards (India), Steel Authority of India, Hindustan Oil Exploration Company, Cantabil Retail India, Filatex India, Som Distilleries & Breweries Parag Milk Foods, Bharat Dynamics, 63 Moons Technologies, Likhitha Infrastructure
Record-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Filatex India, Steel Authority of India, HeidelbergCement India, BEML, Sunteck Realty, PTC India, India Tourism Development Corp., Tanfac Industries, Sunteck Realty,Best Agrolife
Move Out Of Short-Term ASM Framework: Bajaj Hindusthan Sugar, Jain Irrigation Systems, Vascon Engineers
AGMs Today
Alicon Castalloy, Gateway Distriparks, Gokaldas Exports, Greenply Industries, HealthCare Global Enterprises, Hester Biosciences, India Nippon Electricals, Global Health, MSTC, Ramky Infrastructure, Sandur Manganese & Iron Ores, Share India Securities, Star Health and Allied Insurance Co., TVS Srichakra, UNO Minda, Vijaya Diagnostic Centre, and Welspun Specialty Solutions
Who's Meeting Whom
Deepak Fertilisers & Petrochemicals: To meet analysts and investors on Sept. 22.
Krsnaa Diagnostics: To meet analysts and investors on Sept. 21.
Arvind SmartSpaces: To meet analysts and investors on Sept. 22.
Fineotex Chemical: To meet analysts and investors on Sept. 22.
HDFC Asset Management: To meet analysts and investors on Sept. 25.
Global Health: To meet analysts and investors on Sept. 22.
Insider Trades
Pidilite Industries: Promoter Rashmikant Himatlal Parekh sold 6,000 shares between Sept. 14 and 15.
India Pesticides: Promoter Sudha Agarwal sold 7.85 lakh shares on Sept. 14.
Dr. Lal PathLabs: Promoter Arvind Lal sold 1.9 lakh shares between Sept. 14 and 18.
ADF Foods: Promoter Krish Bhavesh Thakkar sold 11,607 shares between Sept. 14 and 15.
NRB Bearings: Promoter Harshbeena Zaveri bought 4091 shares on Sept. 15.
Bulk Deals
Jaiprakash Power Ventures: HRTI sold 5.06 crore shares (0.73%) at Rs 10.42 apiece, Citadel Securities India Markets bought 3.63 crore shares (0.53%) at Rs 10.41 apiece, and Jainam Broking bought 9.50 crore shares (1.38%) at Rs 10.6 apiece.
South Indian Bank: Citadel Securities India Markets bought 1.14 crore shares (0.54%) at Rs 25.83 apiece.
GMR Power and Urban Infra: Multiplier Share & Stock Advisors sold 31 lakh shares (0.51%) at Rs 46 apiece.
Stocks To Watch: Tata Motors, Union Bank, Biocon, NBCC, Blue Star, Amber, JSPL In Focus
Tata Motors: The automaker will increase the prices of commercial vehicles by up to 3% w.e.f. October 1. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.
Union Bank Of India: The government extended Nitesh Ranjan’s term as the bank’s executive director by two years. His current term expires on March 9, 2024.
Jindal Steel and Power: Naveen Jindal to retire as executive director on Sept. 30 and continue as non-executive director w.e.f. October 1.
Biocon: The drugmaker appointed Peter Bains as Biocon Group CEO with immediate effect. He will be reporting directly to Group Chairperson Kiran Mazumdar-Shaw.
Bank of Maharashtra: The lender has signed an MoU with the Indian Renewable Energy Development Agency to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the country.
NBCC: The company has won a Rs 150 crore order from the Khadi and Village Industries Commission to construct office buildings, residential campuses, and redevelop, repair, and renovate KVIC properties across India.
Blue Star: The QIP to raise up to Rs 1,000 crore opened on Sept. 18. The floor price for QIP is set at Rs 784.55 per share.
JK Lakshmi Cement: The company will acquire a 20.8% stake in Amplus Helios for Rs 21.6 crore to source 40 MWAC of solar power for its Durg unit under the captive power plant mode.
Amber Enterprises: The company's unit, Iljin Electronics India, entered into a joint venture with Nexxbase Marketing, owner of the 'Noise' brand, to design, manufacture, and sell electronic wearables, including smartwatches and earphones.
Prakash Industries: The company received environmental clearance for its Chhattisgarh commercial coal mine from the government. The development of the mine is fast in progress, and the mining lease is likely to be executed by the next quarter.
Also Read: Biocon Appoints Peter Bains As Group CEO
IPO Offerings
Yatra Online: The IPO was subscribed 0.30 times, or 30%, on its second day. The bids were led by retail investors, who subscribed 1.34 times; non-institutional investors, who subscribed 9%, or 0.09 times; and institutional investors, who subscribed 6%, or 0.06 times. The IPO was subscribed 11% on the first day.
Sai Silks (Kalamandir): The company will launch its IPO on Wednesday to raise Rs 1,201 crore via a fresh issue (Rs 600 crore) and an offer for sale (Rs 601 crore). The price band is fixed between Rs 210 and Rs 222 per share. The ethnic apparel provider has raised Rs 360.3 crore from anchor investors.
Signature Global India: The company will launch its IPO on Wednesday to raise Rs 730 crore via a fresh issue (Rs 603 crore) and an offer for sale (Rs 127 crore). The price band is fixed between Rs 366-385 per share.
IPO Listings
RR Kabel: The shares will be listed on the stock exchanges on Wednesday. The Mumbai-based wire and cable manufacturer plans to raise Rs 180 crore via a fresh issue and Rs 1,784 crore through an offer for sale. The IPO was subscribed 18.69 times on its final day. The issue price is Rs 1,035 apiece.
GIFT Nifty Signals A Lower Opening For Benchmarks
Stocks declined in Asia after Wall Street posted modest losses ahead of the Federal Reserve’s policy decision, with traders betting interest rates will be higher for longer to curb inflation.
An Asian equity gauge slipped for a third day, with all sectors traded in negative territory. Contracts for U.S. stocks were flat in Asia trading Wednesday after the S&P 500 closed down though off session lows.
Chinese lenders kept the one- and five-year loan prime rates — the latter being a reference for mortgages — unchanged, following the central bank’s move last week to hold policy rates steady as officials assess the economic impact of existing stimulus. Fed Chair Jerome Powell and his colleagues are widely expected to hold rates Wednesday.
Meanwhile, Brent Crude prices were trading above $94 a barrel, and WTI Crude was above $91-mark. The yield on the 10-year U.S. bond was trading at 4.36% and Bitcoin was above 27,000-level.
At 7:36 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 23 points or 0.11% at 20,077.
India's benchmark stock indices closed lower on Monday, led by declines in HDFC Bank Ltd. and Reliance Industries Ltd. The S&P BSE Sensex snapped 11 days of advance, which was its longest streak of gains since October 2007, while the NSE Nifty 50 snapped three days of gains.
Public sector banks and auto sector led as the Nifty Auto hit a lifetime high and the Nifty PSU Bank scaled a 12-year high during the day. The real estate, media, and metal sectors fell.
Overseas investors turned net sellers of Indian equities after two days on Monday. Foreign portfolio investors offloaded stocks worth Rs 1,236.51 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers and mopped up equities worth Rs 552.55 crore.
The local currency weakened 9 paise to close at its all-time weakest level of 83.27 against the U.S. dollar on Monday.
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