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Indian equity markets ended off the lowest point of the day but ended with declines for the fourth straight session, in-line with the global sentiment.
The S&P BSE Sensex ended 0.8% lower at 37,734 while the NSE Nifty 50 index fell 0.9% to 11,153.
This is the longest losing streak for the benchmark indices in nearly two months. Both Sensex and the Nifty have ended at their lowest level since August 5 this year.
I.T. and Pharma stocks cushioned the losses seen by the benchmark indices. Both sectoral indices were the only sectoral gainers in today's trading session. Both the indices ended with gains of 0.7% each. Top three gainers on the Nifty 50 index were I.T. stocks.
The top sectoral laggard today was the media index, ending lower by 2.6%, led by losses in Zee Entertainment, which was also the top laggard on the Nifty 50 index.
Other laggards were the Nifty Realty and the Nifty Auto index which ended over 1.5% lower. The Nifty Bank and Nifty Metal fell over 1%, while the FMCG index declined 0.8%.
Broader markets too recovered from the day's low but underperformed the benchmark indices yet again. The midcap index fell 1.5% while the smallcap index ended with losses of 1.7%.
India Volatility Index ended 4.9% lower at 21.1.
Market breadth remained in favour of the laggards. 1,382 stocks on the NSE ended with cuts while 458 managed to buck the trend.
The company's committee of directors have considered and approved offering up to 40,000 unsecured, rated, listed, redeemable Non-Convertible Debentures (NCDs).
The NCDs will be of face value of Rs 10 lakh each and will be issued on a private placement basis, the company said in an exchange filing.
The total issuance is worth Rs 4,000 crore, including the option to retain oversubscription of up to Rs 1,000 crore, the company said.
Shares gained as much as 2.4% to Rs 211 and have snapped a six-day losing streak.
The company has announced that a General Price Increase (GPI), effective January 1, 2021.
The average shipment price will increase by 9.6% as compared to that in 2020 and dependant on the shipping profile, the company said in a statement.
Customers signing up from October 1 to December 31, 2020 will not be impacted by the price rise, the company said.
"The General Price Increase will account for the cost we have incurred and invested in our infrastructure and technology to provide our customers with the best experience," Balfour Manuel, the company's Managing Director said in a statement.
Shares rose as much as 6.1% to Rs 2,754, before cooling off. The stock currently trades 2% higher at Rs 2,647.
The company has released an FAQ where it talks about some of the recent developments pertaining to itself.
It has clarified that it has no plans to launch any Follow On Public Offer (FPO) in the near future. "We believe that PFC's capital levels are adequate to take care of our asset side risks and future growth," the statement said.
The company also clarified that it has not introduced any new buyback or exit option, nor has it appointed any agency to offer such a buyback / exit option on its bond issuances, including infrastructure bonds.
The company has estimated additional funding requirement to the tune of Rs 30,000 crore to Rs 35,000 crore in the near future.
Shares are off the day's low, after falling as much as 3% to Rs 85.90. The stock is down for the fourth straight day and trading at the lowest level in over a month.
The company's parent General Electric announced that it intends to exit the new build coal power market, subject to applicable consultation requirements.
GE said that it will continue to focus on and invest in its core renewable energy and power generation business.
GE Power India said that it is currently examining the implications of General Electric's decision. The company will continue to focus on its efforts on maintaining its business in India aligned with the local market dynamics.
Shares fell as much as 9.5% to Rs 410.8, down for the fifth straight day. The stock is trading at the lowest level in three months.
Reliance Industries has asked local suppliers to ramp up production capacity in India, so that they can make as many as 200 million smartphones over the next two years, people familiar with the matter told Bloomberg News.
The company is in talks with domestic assemblers to make a version of its Jio Phone, that will run on Google's android and cost about Rs 4,000.
The phones will be marketed with low-cost wireless plans from Reliance Jio. Reliance is also aligning itself with the government's plan to build more domestic manufacturing, a possible boost for local assemblers like Dixon Technologies, Lava International & Karbonn Mobiles.
Representatives of Reliance Industries refused to comment on the story.
Shares of Reliance Industries fell as much as 2.42% to Rs 2,201 and are down for the second straight day.
Tata Group is open to buying the shares in Tata Sons held by the Shapoorji Pallonji Group to aid the latter's fund raising efforts, the Tata Group's counsel told the Supreme Court.
The Shapoorji Pallonji group hold close to 18% stake in Tata Sons. The offer to buy Mistry Group's shares will help stave off the possibility of Tata Sons' shares being pledged that run the potential risk of falling in the hands of unfriendly investors, Bloomberg News reports.
The Supreme Court will next hear the case on October 28.
The company has informed the exchanges about acquiring 100% stake in SAPJ Media and Entertainment for a sum of Rs 1 lakh.
The acquisition now makes SAPJ a subsidiary of the company.
The company has also proposed to make an additional investment of up to Rs 2.75 crore in SAPJ and a further investment of Rs 3.6 crore in PJSA, a wholly-owned subsidiary of the company.
SAPJ will launch pay-per view movies and streaming of live events along with OTT discovery for movies and web services around October 2020, the company said.
Shares gained as much as 3.75% to Rs 74.7, post the announcement. The stock has snapped a three-day losing streak.
Let's take a look at how benchmark indices across Europe are trading:
The I.T. major has expanded its partnership with Morrisons - a leading supermarket chain in the U.K., through a five-year contract for application management services, data services and cyber security services.
As part of the expanded partnership, TCS will use AI and machine learning to augment human teams and boost productivity.
“We are using our deep contextual knowledge of Morrisons’ business and our expertise in AI and automation to reimagine their IT operating model to enable superior customer experience, greater agility, and growth,” Shekar Krishnan Head of retail in the U.K. at TCS said in the exchange filing.
Shares gained as much as 1.4% to Rs 2,498 and are among the top contributors in keeping the Nifty 50's losses in check.
The drugmaker announced that its step-down wholly-owned subsidiary Strides Pharma Global Pte., Singapore, has received the U.S. FDA approval for the Butalbital, Actaminophen and Caffeine Tablets USP, 50 mg / 325 mg and 40 mg.
The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Butalbital, Actaminophen and Caffeine Tablets USP, of Actavis Laboratories.
The company will market the products in the U.S. market. As per IQVIA data of July 2020, the U.S. Market for the said tablets stood at $40 million.
Shares recovered from the day's low to gain as much as 1.5% to Rs 669, post the announcement.
SEBI chairman Ajay Tyagi addressing AMFI members at the industry body's 25th anniversary.
— BloombergQuint (@BloombergQuint) September 22, 2020
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The company's Board of Directors have approved the sale and transfer of its B2B business on a going concern basis through a slump sale for a lump sum consideration to Manjushree Technopack.
The B2B business is engaged in manufacturing, marketing and sale of rigid plastic packaging solutions for sale, gift or supply to other business entities for packaging of products.
The company's B2B business contributed Rs 125 crore to the total turnover in FY20 which was 89.6% of its total turnover.
The cash consideration that the company will receive is Rs 92.5 crore, according to the exchange filing.
Shares are locked in an upper circuit of 5% at Rs 17.95.
The company this morning announced the grant of an exclusive license to Tripoint Therapeutics LLC, U.S.A (Tripoint) to commercialise the Elepsia XR 1000 mg and Elepsia XR 1500 mg tablets.
Under the terms of the agreement, SPARC will be eligible to receive tiered royalties, ranging from 15% to 50% on net sales, the company said in an exchange filing.
Tripoint will be responsible for all U.S. regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg.
The initial term of the agreement shall be five years and may be further extended as per mutual agreement between the parties, the company said.
Shares rose as much as 3.4% to Rs 174.65 and are among the few stocks gaining on the Nifty Smallcap index.
The drugmaker has set October 1 as the record date for eligible shareholders to issue bonus shares of the company.
The board in August had approved issue of bonus shares in the ratio of 3:1 or three shares of Rs 10 each for every one fully paid-up equity share of Rs 10 each.
The company has set the record date on approval from shareholders through a postal ballot.
Shares rose as much as 5% to Rs 2,985, post the announcement.
The rupee has opened weaker in today's session, in-line with the weakness seen in the equity markets.
The currency began trading at 73.47 against the U.S. Dollar as compared to Monday's close of 73.40. The currency ended little changed on Monday.
Marginal inflows in the debt & equity markets, as well as excitement over IPOs will be supportive of the rupee, Bloomberg News reports citing a note from CR Forex.
Yield on the 10-year government bond opened at 6.02% as compared to Monday's close of 6.016%.
11 states plan to sell bonds worth Rs 13,000 crore in today's session.
A report from Steel Mint has suggested that the Ministry of Environment has asked Sarda mines to half operations, stating that the environment clearance given to it is invalid.
Sarda mines has long-term arrangements with the company.
In other news, the company also issued a clarification on Monday about news reports suggesting various transactions that it undertook between 2014-2016, saying that the transactions are routine business process and that it complied with all regulatory guidelines.
BloombergQuint has reached out to the company for a comment. The company is yet to revert on the same.
Shares fell as much as 8.5% to Rs 159.6, down for the sixth straight day. This is the longest losing streak for the stock since November 2018.
The Board of Directors at a meeting held on Monday approved the buyback of equity shares.
The company will buyback a maximum of 66.67 lakh equity shares, which is 9.22% of the total equity shares of the company.
The buyback price of Rs 105 per share is a 47% premium to Monday's closing price.
The aggregate buyback offer is worth Rs 70 crore, the company said in an exchange filing.
Shares gained as much as 10.2% to Rs 78, before cooling off. The stock currently trades 3.5% higher at Rs 73.25.
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Indian equity markets have witnessed a minor rebound at the start of trade after benchmark indices fell over 2% on Monday. Global cues however, continue to remain subdued.
The S&P BSE Sensex opened 0.44% higher at 38,200 while the NSE Nifty 50 index opened 0.46% higher at 11,301. 47 out of the 50 Nifty constituents had declined in trade on Monday.
Most sectoral indices have opened flat but with a positive bias. Nifty Pharama has opened with gains of 0.8% while the Nifty I.T. has opened 0.4% higher. Most sectoral indices had declined between 3-4% on Monday.
Broader markets are subdued as they kickstart the trading day. Both Nifty Midcap and Nifty Smallcap have opened little changed.
429 stocks on the NSE have opened with gains while 1,123 stocks have opened with losses.
For details on the key stocks in focus, brokerage updates and F&O cues, click here.
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