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Indian equity markets ended the first day of the September series expiry week, ending with steep cuts, in-line with the sour global sentiment.
The S&P BSE Sensex 2.1% lower at 38,034 while the NSE Nifty 50 index fell 2.2% to end at 11,250. Only 3 out of the 50 index constituents ended the day with gains.
All sectoral indices ended with losses, including the Nifty I.T. index which traded with gains for most parts of the session. The index snapped a seven-day gaining streak.
The Nifty Bank ended over 700 points lower, declining 3.5%. Barring Kotak Mahindra Bank, all constituents of the index, ended with losses.
The Nifty Realty index was the top laggard in today's session, ending 6% lower, followed by the Nifty Metal index, which declined 5.5%.
Indices like Nifty Pharma, Nifty PSU Bank, Nifty Media and Nifty Auto fell over 4% each. The FMCG index too declined 3.3%.
Investors took profits off the table from the broader markets as well. The midcap index ended 4.1% lower while the smallcap index fell 4.2%.
India Volatility Index rose 13% to end at 22.65.
Market breadth turned adverse with 1,597 stocks on the NSE ending with gains while only 293 managed to end with gains.
HDFC Bank clarification on various media reports related to filing of class action claims by certain US law firm(s) against the Bank. pic.twitter.com/YMahPUJQ0S
— BloombergQuint (@BloombergQuint) September 21, 2020
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The state-run lender has informed the exchanges that it will consider raising funds through a Qualified Institutional Placement (QIP) at its board meeting.
The board meeting will take place on September 25, the bank said in its exchange filing.
The board had earlier shared its capital raising plans for FY21, in July.
Shares fell as much as 3.1% to Rs 95.6 and are down for the fourth straight day. The stock trades at the lowest level in nearly four months.
Let's take a look at how benchmark indices are trading:
The company has informed the exchanges that it has been awarded a contract for railway electrification works on a competition basis.
The order amounts to Rs 474.92 crore, the company said in a filing.
The turnkey contract majorly covers sections of Mavli-B.Sadri, Udaipur City-Himmatnagar, Bhatinda-Firozpur and Gulbarga-Bidar.
Shares remain lower by 1% at Rs 253.03, post the announcement.
The company has informed the exchanges that it will raise Rs 90 crore through a rights issue.
The board has appointed Emkay Global Financial Services as the lead manager to the rights issue, and also constituted a Committee of Directors for the rights issue, to decide on the other terms and conditions along with the record date, it said in an exchange filing.
Shares currently trade flat, up 0.4% at Rs 289.4.
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The promoter of the company - Epsilon Bidco sold 7.26 crore shares of the company, amounting to 23% of the total equity in several large trades on Friday.
Buyers of those shares included Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, IDFC Mutual Fund, Nomura, Franklin Templeton, Norges Bank, DSP Mutual Fund among others.
Axis Mutual Fund acquired 1 crore shares of the company or 3.17% stake at Rs 256.3 per share. Aditya Birla Sun Life Mutual Fund acquired 58.52 lakh shares of the company or 1.9% stake at Rs 256.3 per share.
Shares gained as much as 4.2% to Rs 262.45, snapping a four-day losing streak.
The company has informed the exchanges that it has signed an agreement with CHI Aviation for delivering the full suite Ramco Aviation Software.
The software comprises of maintenance and engineering, supply chain, MRO sales, flight operations, manufacturing and finance.
CHI Aviation is a leading U.S.-based helicopter services provider for the heavy-life helicopter services, the company said.
With this order win, Ramco Aviation Suite now maintains the largest number of civilian versions of CH-47 Helicopters (Chinooks), the statement said.
Shares gained as much as 5% to Rs 397.1 and are trading at the highest level since August 2018. The stock is up for the seventh straight day, its longest winning streak in a month.
The company has approved a buyback of shares worth Rs 257 crore. The company will buyback up to 96.98 lakh shares, it said in an exchange filing.
The buyback price of Rs 265 per share is a 3.8% premium to Friday's closing price.
The record date for the buyback has been set as September 30.
Shares fell as much as 1.3% to Rs 252, snapping a two-day gaining streak.
The company has informed the exchanges that it has won export orders of nearly 10,000 wheels from the U.S. Caravan Trailer market.
The order is estimated to be worth $1,33,000, the company said in an exchange filing.
The order is supposed to be executed from the company's Chennai plant during the month of October.
"Orders of similar capacity are anticipated from the same customer base," the company said.
Shares gained as much as 3.2% to Rs 465, post the announcement. The stock is up for the second straight day.
The company's promoter Dilesh Roadlines sold four lakh shares of the company at Rs 2,749.1 per share, in a large deal on Friday. The shares sold amount to 3.3% of the total equity.
The shares sold by the promoter were acquired by Nippon India Mutual Fund, which acquired 2.9 lakh shares or 2.4% stake in the company at Rs 2,749.02 per share and Goldman Sachs, which acquired 1.07 lakh shares or 0.88% stake in the company at Rs 2,749 per share.
Shares gained as much as 8.3% to Rs 2,994, its highest level in over two weeks. The stock has snapped a five-day losing streak.
The company informed the exchanges over the weekend, about the order from a single-judge bench of the Calcutta High Court.
The High Court in its order, in a probate proceeding to which the company is not a party, has inter-alia restrained Harsh Lodha, the company's non-executive Director and Chairman of the company from holding any office in the company.
The cement-maker said that it is in the process of reviewing the court order.
Shares fell as much as 8% to Rs 661, post the announcement.
The currency has opened little changed in today's trading sessio after ending as the second worst performing currency in Asia last week.
The rupee opened at 73.42 against the U.S. Dollar as compared to Friday's close of 73.45.
Yield on the 10-year government bond opened at 6.006% as compared to Friday's close of 6.015%.
Sovereign bond traders today will focus on the government's plan to convert debt worth Rs 24,000 crore.
The government is looking to switch bonds maturing in 2021 and 2022 into those maturing in 2031, 2033 and 2060.
According to JM Financial, the rally isn't strong as the market is fearful of higher government borrowings going ahead.
Route Mobile Ltd. listed on the bourses at a 110% premium to its issue price after investors piled into share sales of companies expected to gain from rapid adoption of digital services.
The stock of the Mumbai-based email, voice, messaging and analytics services provider opened at Rs 733.95 compared with an issue price of Rs 350.
Route Mobile's initial public offering was subscribed 74.36 times on the final day of bidding on Sept. 11. The issue received 89.23 crore bids against the 1.2 crore shares on offer.
As many as 15 anchor investors, including SBI Mutual Fund, Nippon India, ICICI Prudential, Goldman Sachs, Franklin Templeton, Kuwait Investment Authority, among others, were allotted 51.43 lakh shares at Rs 350 apiece aggregating to Rs 180 crore, ahead of the IPO.
Stock Reaction:
The company has informed the exchanges that the Board of Directors of its U.K. subsidiary HGHL Holdings, decided to divest 2 lakh shares of Quaker Houghton at a price of $175 per share.
HGHL Holdings has beneficial interest of 4,27,395 shares of common stock of Quaker Chemical Corporation / Quaker Houghton, U.S.A., the company said in an exchange filing.
The total value of the divestment will be $35 million or approximately Rs 257 crore. The company has pegged $1 at Rs 73.44 to arrive at the consideration in Indian rupees.
There will be no tax implication on HGHL under the transaction, the company said.
The company's investment in HGHL currently stands at 1 lakh pounds.
Shares gained as much as 12.5% to Rs 207. The stock has snapped a three-day losing streak.
The technology company announced its intent to acquire DWS Ltd. - a leading Australian I.T., business and management consulting group.
The acquisition will be done at a price of 1.20 Australian Dollars per share. The total equity payout stands at 158.2 million Australian Dollars.
The acquisition will be done by a process of Scheme of Arrangement, which will be approved by the courts in Australia.
The transaction is expected to be completed in December 2020, the company said in an exchange filing.
It will also be subject to approvals of the Australian Foreign Investment Review Board, Australian Competition Commission and New Zealand's Overseas Investment Office.
The company said that this will strengthen its leadership position as the strategic innovation partner of choice in Australia and New Zealand.
Shares gained as much as 3.8% to an all-time high of Rs 841.2. The stock is up for the third straight day and is the top gainer on the Nifty 50 index.
Indian equity markets have opened little changed at the start of the expiry week trade for the September series. Benchmark indices are flat owing to lack of directional cues from Asia and fluctuation in the U.S. Futures.
The S&P BSE Sensex opened 0.1% lower at 38,812 while the NSE Nifty 50 was unchanged at 11,503. Both indices saw modest gains last week.
The Media index is the top sectoral gainer, opening with gains of 0.9%. Rest of the indices have opened flat. The Nifty Bank has opened 0.2% lower while the realty index has gained 0.2%.
Smallcaps are outperforming the benchmarks at the start of trade. The index has opened 0.4% higher while the midcap index has opened flat.
Market breadth is in favour of the gainers. 970 stocks on the NSE trade with gains while 538 have opened with losses.
Source: ICICI Securities
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