Stock To Watch: RIL, ICICI Bank, NTPC, L&T, Power Grid Corp, Lupin, Torrent Power, Laurus Labs
Here are the stocks to watch before going into trade today.
Asian stocks look set for a mixed opening, after Wall Street rose ahead of key U.S. data that’s expected to show how close the Federal Reserve is from ending its rate hikes.
Futures in Japan pointed to gains, while Australian shares are poised to open flat and Hong Kong may dip. In the U.S., tech stocks led the way forward with the Nasdaq 100 rising 1.2%. Tesla Inc. rallied 10% as Morgan Stanley said its Dojo supercomputer may boost value by up to $500 billion. Qualcomm Inc. climbed after Apple Inc. extended a deal with the chipmaker.
Meanwhile, Brent Crude prices were steady above $90 a barrel, WTI Crude was above $87-mark. The yield on the 10-year U.S. bond was trading at 4.29% and Bitcoin was below 26,000-level.
At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 273 points or 1.37% at 20,135.5.
India's benchmark stock indices advanced for the seventh straight day to log the best stretch of gains in 11 weeks since June 26 to July 6, when the indices advanced for eight days.
While the Nifty 50 crossed the 20,000 level for the first time intraday, the Sensex was about 400 points shy of its record closing high at 67,571.90 points. The public sector unit banks, metals, and auto sectors rose in trade, whereas the media sector was under pressure.
Overseas investors became net buyers of Indian equities on Monday, snapping a five-day selling streak. Foreign portfolio investors mopped up stocks worth Rs 1,473.09 crore, while domestic institutional investors remained net buyers and bought equities worth Rs 366.24 crore, the provisional data from the NSE showed.
The local currency weakened 8 paise to close at Rs 83.03 against the U.S. dollar.
Stocks To Watch
Reliance Industries: KKR will invest Rs 2,069.5 crore in the company's subsidiary, Reliance Retail Ventures, increasing its stake to 1.42% from 1.17%. The deal values the retail giant at Rs 8.36 lakh crore.
ICICI Bank: The private lender has received the RBI's nod for the re-appointment of Sandeep Bakhshi as MD and CEO for three years with effect from Oct. 4.
NTPC: Subsidiary NTPC Green Energy, signed an MoU with Nayara Energy to explore opportunities in the green hydrogen and green energy space for captive usage.
Larsen & Toubro: The company has increased the buyback price to Rs 3,200 from Rs 3,000 apiece, while the number of shares has been reduced from 3.33 crore to 3.12 crore.
Power Grid Corp: The company won the bid for a 20 GW inter-state transmission project in Rajasthan on a build, own, operate, and transfer (BOOT) basis.
Lupin: The drugmaker plans to enter into a business transfer agreement with subsidiary Lupin Manufacturing Solutions to carve out two active pharmaceutical ingredient manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations, including fermentation, at Lupin Research Park, Pune. The consideration expected to be received is Rs 750–850 crore, and the deal is likely to be entered into in October 2023.
SpiceJet: The company will pay Rs 22.5 crore to Kalanithi Maran by Tuesday, completing the total payment of Rs 100 crore.
Torrent Power: In a clarification on media reports, the company said it has received confirmation from the members of the promoter group that no plans to create any pledge over the promoter's shares in the company are under consideration.
Krishna Institute of Medical Sciences: Subsidiary KIMS Hospital Enterprise has acquired a further equity stake of 13.24% in Kondapur Healthcare for Rs 20 crore. The total stake now stands at 19.86%.
Laurus Labs: The company signed a share purchase agreement with a promoter and other shareholders of Laurus Bio for 37,641 equity shares through secondary purchase for Rs 71.6 crore. With this acquisition, the company's shareholding in Laurus Bio will become 87.58% on a fully diluted basis.
TVS Supply Chain Solutions: The board has agreed to acquire equity shares of three of the company's wholly owned subsidiaries: TVS Logistics Investments UK, TVS Logistics Investments Inc. USA, and TVS Supply Chain Solutions Pte. Ltd., Singapore, for an aggregate cost of Rs 450 crore. The time period for the completion of investment in these overseas subsidiaries is by Nov. 30. Further, it has reported consolidated revenue of Rs 2,342.43 crore, down 12.4% year-on-year, and a net loss of Rs 65.26 crore.
Gravita India: The Government of India has upgraded the status of the company from "Three Star Export House" to "Four Star Export House". This recognition will help company in ease of doing businesses, easier facilitation of various export licensing norms, relaxation of business norms being issued by the government, various export-related benefits, and self-recognition among categories of export houses.
Shyam Metalics and Energy: The promoters have opted to exercise the oversubscription option to the extent of 30.43 lakh equity shares, representing 1.19% of the share capital in addition to the 1.30 crore shares. The total offer size will be up to 1.61 crore shares, of which 16.09 lakh shares will be available as part of the offer for the retail category on T+1 day, Sept. 12.
ION Exchange: Indraneel Dutt has been appointed CEO with immediate effect.
Gufic Biosciences: The drugmaker has received approval from TGA, Australia, and ANVISA, Brazil, for Parecoxib 40mg injection for short-term treatment of acute pain and post-operative pain in adult patients.
Nomura On East-Based Cement Companies: Cement companies in East India announce a price hike of Rs 35/bag starting Sept. 11 after tking a hike in the first week of the month, as per a Nomura note. East-based cement companies like Nuvoco and Dalmia may benefit from the hike, according to Nomura. Ultratech's Durgapur plant is expected to undergo maintenance this week and one of Birla Corp's plant will be under maintenance till Sept. 16.
EMS: The IPO was subscribed 15.05 times on the second day. The category for non-institutional investors was subscribed 29.73 times, while the quota for retail investors received 16.62 times subscription, and that of institutional investors was subscribed 67%.
Triveni Engineering & Industries: Rati Sawhney sold 88.8 lakh shares (4%) while STFL Trading and Finance bought 88.8 lakh shares (4%) at Rs. 348.90 apiece.
IDFC First Bank: Vembu Vaidyanathan sold 5.07 crore shares (0.76%), while Goldman Sachs Trust II bought 2.47 crore shares (0.37%), GQG Partners Emerging Markets Equity Funds bought 1.58 crore shares (0.24%), Reliance Trust Institutional Retirement Trust bought 35.19 lakh shares (0.05%), Abu Dhabi Investment Authority bought 11.62 lakh shares (0.02%), and AustralianSuper bought 10.80 lakh shares (0.02%) at Rs 94.5 apiece, among others.
Dhani Services: Maybank Kim Eng Securities bought 31 lakh shares (0.5%) at 44.99 apiece.
KNR Constructions: HDFC Mutual Fund bought 15.5 lakh shares (0.55%) at 273.52 apiece.
K&R Rail Engineering: Gupta Jee Tent Services bought one lakh shares (0.5%) at 765.45 apiece.
Andhra Paper: CD Equifinance bought 2.9 lakh shares (0.73%) for Rs 577.01 apiece.
Dhani Services: Maybank Securities bought 31 lakh shares (0.51%) for Rs 44.96 apiece.
Rishabh Instruments: Bandhan Mutual Fund A/C Small and Midcap Equity SME Fund bought 2.76 lakh shares (0.72%) at Rs 451.29 apiece, Quant Mutual Fund bought four lakh shares (1.05) at Rs 462.23 apiece, and Nippon India Mutual Fund bought 10 lakh share (2.63%) at Rs 457.09 apiece.
Ugro Capital: Samena Special Situations Mauritius sold 16.5 lakh share (1.78%) at Rs 300.01 apiece, while RBA Finance & Invt. CCo.bought 10.5 lakh shares (1.13%) at Rs 300 apiece.
Mahanagar Gas: Norges Bank on Account of the Government Pension Fund Global sold 10.65 lakh shares (1.07%) at Rs 1,050.16 apiece.
Tamil Nadu Newsprint: CD Equifinance Private sold 6.27 lakh shares (0.9%) at Rs 269.61 apiece.
Godrej Agrovet: Promoters of TAD Family Trust sold 45,000 shares, while Tanya Dubash bought 45,000 shares on Sept. 8.
Monarch Networth Capital: Promoter Vaibhav Shah bought 65,000 shares on Sept. 8.
DB Realty: Promoter Shravan Kumar Bali sold 39,327 shares on Sept. 7.
GATI: Promoter TCI Finance sold 52,000 shares on Sept. 8.
Arvind Fashions, Bengal & Assam Co., Chambal Fertilisers & Chemicals, DB Corp, Dhampur Sugar Mills, India Glycols, Ircon International, Kajaria Ceramics, Kalyani Investment Co., Dr. Lal PathLabs, One 97 Communications, Power Finance Corp, PTC India Financial Services, and Ram Ratna Wires
Ex-date Dividend: AIA Engineering, RACL Geartech, Jupiter Wagons, MSTC, Skipper
Ex-date AGM: Jupiter Wagons, MSTC, Skipper
Ex/Record-date Bonus Issue: Power Grid Corp.
Ex-Record date Buy Back: Larsen & Toubro
Record-date Dividend: RACL Geartech.
Move Into Short-Term ASM Framework: Bombay Burmah Trading Corp, GTL Infrastructure, Jayaswal Neco Industries, Surya Roshni, and Transindia Real Estate
Move Out Of Short-Term ASM Framework: Sharda Motor Industries.
Nifty September futures ended at 20,046.00, a premium of 173.55 points.
Nifty September futures fell 0.50%, with 1,006 shares in open interest.
Nifty Bank September futures ended at 45,752.20, a premium of 432.55 points.
Nifty Bank September futures fell 3.74% with 4,948 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Chambal Fertilisers & Chemicals, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, The India Cements, Manappuram Finance, Steel Authority of India, Punjab National Bank