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Consolidation continued in the Indian equity markets, with the benchmark indices ending little changed for the second straight day.
The S&P BSE Sensex ended 0.25% or 90 points higher at 38,067 while the NSE Nifty 50 index ended 0.2% higher at 11,247. Bharat Petroleum was the top laggard on the Nifty 50 index after seeing yet another extension in the deadline to submit the EoIs for the company's strategic divestment. Shares ended 9% lower.
Private Banks had a volatile session of trade. The Nifty Bank index eventually ended flat, courtesy gains in HDFC Bank, after being down as much as 1.2% during the day. The PSU Bank index continued to declining, ending 1% lower.
The top laggard in today's session was the Metal index, which was the top gainer in Tuesday's trading session. The index ended with losses of over 2%.
FMCG stocks outperformed, with gains led by Hindustan Unilever, Britannia and Nestle India. The index ended with gains of 1.3%.
Broader markets too ended flat. The Midcap index closed unchanged while the smallcap index saw modest declines of 0.3%.
India Volatility Index ended 0.4% lower at 19.69.
847 stocks on the National Stock Exchange ended with gains while 968 posted losses.
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The board of the bank at a meeting held today has accorded approval to raise capital through issuance of Basel-III compliant debt instruments in rupee terms in FY21.
The bank will raise AT-1 bonds to the extent of Rs 5,000 crore through issuance of Basel-III compliant debt instrument, within the overall capital raising plan approved earlier.
The above issuance will be subject to regulatory and government approval.
Shares are currently little changed after gaining as much as 1% to Rs 186.8, post the announcement.
The European Union has threatened to impose tariffs on stainless steel from India and Indonesia, after producers in the bloc requested protection against alleged unfair trade, Bloomberg reports.
The EU has opened a probe into whether Indian and Indonesian exports of cold-rolled flat products, sell them in Europe below cost - a practice known as dumping.
The European Steel Association had lodged a dumping complaint on August 17, on behalf of producers that account for more than a quarter of the output of cold-rolled flat products, according to the commission.
The commission, under the EU rules, has eight months to decide whether to impose provisional anti-dumping duties against Indian and Indonesian exporters.
Shares gained as much as 4.3% to Rs 483.8 and are up for the fourth straight day. Anand Rathi has a price target of Rs 585 on the stock.
Shares of the bank fell as much as 8.4% to Rs 18.5 today and are currently trading slightly off the day's low, down 6.2% at Rs 18.95.
Let's take a look at how markets in Europe are trading:
The company has signed up an agreement with a Top 5 global logistics major for modernising and transforming its multi-country payroll operations on Ramco's Global Payroll platform.
It has not disclosed details about the agreement or the company with which the deal has been signed in its exchange filing.
The logistics major will be unifying its payroll operations for 15 countries across the Middle East and Africa.
Shares are locked in an upper circuit of 5% at Rs 424.5 and are up for the fourth straight day. The stock trades at the highest level since May 2018.
Shares gained as much as 2.2% to Rs 2,078 and are among the top three gainers on the Nifty 50 index. Antique has maintained its buy rating on the stock with a price target of Rs 2,431.
The stock is up for the second straight day in today's session after snapping a nine-day losing streak on Tuesday.
Plutus Wealth Management acquired 1.65 lakh shares or 1.13% stake in the company at Rs 3,528 per share on Tuesday.
Shares are locked in an upper circuit of 5% for the second straight day at Rs 3,983. Shares had declined 40% during the nine-day losing streak, which included two lower circuits of 10% each, post which the price band was revised to 5%. The stock then had three straight lower circuits of 5%.
The company has secured multiple orders of approximately 147 Kilo Metric Tonnes worth Rs 1,400 crore, it said in a statement on Tuesday.
"These orders will be executed from India and will help boost the mill utilisation for our India facilities," the exchange filing said.
The orders are a combination of domestic Oil & Gas and water business, along with exports.
The company's total order book currently stands at 755 Kilo Metric Tonnes (KMT) and is valued at over Rs 6,300 crore, after considering execution up to August 2020.
Shares are locked in an upper circuit of 5% at Rs 113.7 and are up for the fourth straight day. The stock is among the top performers on the Nifty Smallcap index.
The state-run lender has informed the exchanges that it has not received any instruction from the Reserve Bank of India, to takeover Lakshmi Vilas Bank.
A newspaper report this morning, quoted a senior bank official, reported that the bank has been sounded off by the central bank for a possible takeover, after shareholders of Lakshmi Vilas Bank rejected the appointment of seven directors, including the CEO at its AGM.
"As such, the above reported news is incorrect," the lender's statement said.
Shares recovered from the day's low, after falling as much as 2.8% to Rs 28.3. The stock currently trades 1% lower, down for the second straight day.
The Department of Investment and Public Asset Management (DIPAM) has stated that the date for submitting the Expression of Interest (EoI) in Bharat Petroleum Corporation ltd., has been extended to November 16, 2020.
The government intends to sell its entire 52.98% stake in the company, excluding the 61.65% held by BPCL in the Numaligarh Refinery.
This is the fourth extension given to submitting EoI's for the company. The dates were earlier extended to June 13, July 31 and September 30, 2020.
"In view of further requests received from the interested bidders and the prevailing situation arising out of Covid-19, the last date for submission of EoI's is further extended to November 16," DIPAM said in its statement.
Shares fell as much as 5.3% to Rs 366, down to its lowest level in over three months.
The housing finance company announced a buyback of all of its bonds maturing over the next 12 months, as per an exchange filing on Tuesday.
The company also continues to sell its stake in OakNorth Holdings. It sold stake worth Rs 630 crore on Tuesday to Toscafund Asset Management. It had earlier sold stake in OakNorth Holdings worth Rs 440 crore to HighSage Ventures LLC.
OakNorth Holding is the holding company of OakNorth Bank.
Through a combination of a QIP and stake sales in OakNorth, the company has raised Rs 1,832 crore in the month of September, it said the statement.
Shares gained as much as 5.2% to Rs 160, before cooling off. The stock has gained in three out of the last four trading sessions.
Shares of Panacea Biotech Ltd. are locked in a lower circuit of 5% in today's session, after the company's Baddi facility received a warning letter from the U.S. FDA.
The warning letter summarizes significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals, the drug regulator said in a statement released on its website.
The FDA may withhold approval of any new drug applications or supplements listing the company as a drug manufacturer, until the violations highlighted by the U.S. FDA are corrected.
The U.S. FDA has given the company a 15-day period to respond to the violations highlighted in the letter.
Shares are locked in a lower circuit of 5% at Rs 181.5, post the letter. The stock is down for the second straight day.
The rupee has opened little changed after ending lower for the second straight day on Tuesday.
The currency opened at 73.81 against the U.S. Dollar, as compared to Tuesday's close of 73.86. It was the fourth worst performing currency in Asia on Tuesday.
Traders today will be watching out for the Current Account Data for the June Quarter. Analysts are projecting a surplus of $17.5 billion.
Bond market traders will await a potential announcement of India's borrowing plan for the next six months. Fiscal deficit data and the release of the RBI report on state finances will also be awaited.
The steel producer has secured approval from the Indian Railways for regular rail supplier status, becoming the first private company to do so.
The Research Designs & Standards Organisation (RSDO), has approved the field performance of UIC 60 kg, 880 Grade prime (Class-A) rails made by the company at its Raigarh plant, it said in an exchange filing.
The RSDO works under the ambit of the railway board. The field performance test report has been accepted by the railway board.
The release also said that it has begun supplying 1080 grade Head Hardened rails to Kolkata Metro Rail Project as well as the Pune Metro.
The company exported 2.5 lakh tonnes of rails through Indian companies like IRCON and STC to customers in Bangladesh, Sri Lanka and Africa.
Shares gained as much as 1% to Rs 193.9, post the announcement. The stock is up for the fourth straight day.
The company informed the exchanges this morning that General Atlantic will be investing Rs 3,675 crore in Reliance Retail Ventures.
The investment values RRVL at a pre-money equity value of Rs 4.28 lakh crore. This is higher than the valuation for the investments made by Silver Lake and KKR, which valued the retail venture at Rs 4.21 lakh crore.
General Atlantic will hold a 0.84% stake in the company, post this investment.
This is General Atlantic's second investment in a Reliance subsidiary. It has earlier invested Rs 6,598 crore in Jio Platforms.
This is the third investment in Reliance Retail after Silver Lake and KKR.
Shares are up for the fourth straight day, currently trading 0.6% higher at Rs 2,257.
The company informed the exchanges on Tuesday that its promoters will be selling 3.3% stake through an Offer for Sale.
The stake is being sold in order to comply with SEBI's minimum public shareholding norms, the company said in an exchange filings.
The floor price for the OFS is set at Rs 270 per share, which is a 9.2% discount to Tuesday's closing price.
The stake sale will fetch the company's promoters Rs 445 crore and will bring their shareholding in the company down to 75% from the earlier 78.3%.
Shares fell as much as 5.6% to Rs 281.2. The stock has snapped a three-day gaining streak.
Indian equity markets began the final trading day of the June-September period on a flat note, after ending nearly unchanged on Tuesday.
The S&P BSE Sensex opened 0.25% higher at 38,068 while the NSE Nifty 50 index opened at 11,244, up 0.2%. Both Sensex and Nifty are up nearly 9% this quarter.
Sectoral indices too have opened flat in today's session. The Media index has opened with gains of 0.5% while the rest are little changed.
Both Nifty Midcap and Nifty Smallcap index have commenced trade with gains of 0.3% each.
Market breadth is in favour of the gainers. 935 stocks on the NSE have opened with gains while 461 are declining.
Source: ICICI Direct
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