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Indian equity markets ended almost unchanged in today's trading session, resulting in gains for the week.
Both S&P BSE Sensex and the NSE Nifty 50 ended at nearly the same levels as of Thursday at 38,854 and 11,464 respectively. The Sensex traded in a 250 point range through the session while the Nifty was stuck in a 70 point range.
I.T. and Realty stocks outperformed in today's session. The respective indices ended with gains of 1.3% each. Other sectoral gainers included the Nifty Metal and Nifty FMCG, with gains of 0.6% each.
The Media index was the only sectoral laggard; ending 0.9% lower.
Broader markets outperformed in today's session. The midcap index ended 0.7% higher while the smallcap index ended with gains of 0.3%.
India Volatility Index ended 2.7% lower at 20.68.
Market breadth was almost even. 961 stocks on the NSE ended with gains while 836 stocks declined.
For the week, both benchmark indices ended with gains of over 1%. Reliance Industries was the top contributor to the gains, contributing almost 180 points to the gains for the week.
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30 lakh shares of the company exchanged hands in a single large trade on the exchanges, as per Bloomberg data.
Buyers and sellers of the trade were not immediately known.
Shares are off the day's low, after falling as much as 3.7% to Rs 58.4.
Shares gained as much as 5.5% to Rs 22, before cooling off. The stock is up for the second straight day.
The technology services player announced that it has joined NVIDIA Partner Network (NPN) - the U.S.-based technology company's partner program, in order to expand opportunities in the Artificial Intelligence space.
The company also announced the launch of NEXT.ai, its Artificial Intelligence lab, focused on upskilling engineers and architects, utilising AI solutions across hardware and software technology attacks.
NEXT.ai lab is powered by two NVDIA DGX-1 systems, which enables accelerated delivery of AI solutions.
Shares gained as much as 1.6% to an all-time high of Rs 734, post the announcement. The stock is up for the second straight day.
Shares are locked in an upper circuit of 5% at Rs 608.7. The stock trades at a record high.
Vedanta Resources Ltd. is in talks with lenders to raise another $600 million to fund the planned de-listing of its Indian unit, people with knowledge of the matter told Bloomberg News.
In case the financing is secured, it will take the total fund raising for the delisting to $3.75 billion.
The additional $600 million is likely to be a 3-6 month loan, backed by dividend or cash accrued from the company's subsidiary Hindustan Zinc.
Final decision on additional funding will depend on the tender offer price the company offers shareholders.
Vedanta had signed a three-month bridge loan for $1.75 billion with five banks and raised another $1.4 billion in bonds to fund the delisting.
Shares trade near the day's low, down 2.4% to Rs 127.3.
Let's take a look at how benchmark indices across Europe have opened:
The company informed the exchanges that it U.S. subsidiary has received approval from the U.S. FDA to market Dexmethylphenidate HCI extended-release capsules.
The drug is used in the treatment of Attention Deficit Hyperactivity Disorder (ADHD).
The drug had a market size of $556 million for the most recent 12-months ending July 2020 as per IQVIA, and will be manufactured at the company's facility in Virginia.
"The product is a good addition to our portfolio and we will be launching the product in the U.S. market soon," Priyanka Chigurupati, Executive Director of Granules Pharmaceuticals was quoted as saying.
Shares fell as much as 4.4% to Rs 345.5. The stock is down for the second straight day.
The company has informed the exchanges that it has received new export orders of nearly 2,700 wheels from the U.S. truck trailer market.
The order is for nearly 2,700 wheels at a cost of $1,14,000, the company said in an exchange filing.
The order will be executed from the company's Chennai plant during the month of October.
The company expects similar orders going forward as well, the statement said.
Shares gained as much as 2.5% to Rs 454, post the announcement. The stock is up for the second straight day.
The Reserve Bank of India has set guidelines for uniform compliance practices at Indian banks to align with rules on supervision.
The rules include a board-approved policy by banks with special emphasis on quality of supervisory reports to the RBI, according to a circular.
A senior executive of a bank must be appointed as the chief compliance officer for a minimum three-year tenure and the offer should not be more than 55-years of age.
The compliance structure should be subject to internal audit and its quality assurance should be subject to an external review.
From Bloomberg
The company informed the exchanges that total fertiliser sale during the period of April-August this year saw a growth of 16% to 23.81 lakh MT. This compared to the previous year figure of 20.57 lakh MT.
Production for the company too saw a growth of 13% year-on-year. It managed to product 16.11 lakh MT of Urea during the April-August period, as compared to 14.26 lakh MT last year.
Shares rose as much as 4.5% to Rs 36.8 and are up for the second straight day.
A new committee set up by the government to assess issues related to interest relief sought by borrowers can create further uncertainty on how to handle the record levels of bad debt, Bloomberg news reports.
The government on Thursday set up a three-member panel to assess the impact of waiving interest accrued on loans frozen through to August 31.
"Creating another panel will create uncertainty in the minds of lenders, borrowers and investors," Karthik Srinivasan of ICRA said.
A waiver on interest on loans during the moratorium would mean that banks will have to forgo as much as Rs 2 lakh crore for the six-month repayment freeze.
The committee is set to submit its report within a week and the court will hear the case on September 28.
UBS has cut its price target to Rs 390 from the earlier target of Rs 415. Shares fell as much as 3.8% - the most in two months to Rs 452.5, down to the lowest level in nearly a month. It is the worst performing stock on the Nifty Midcap index.
The currency has opened flat in today's session after ending higher for the second straight day on Thursday.
The rupee opened at 73.48 against the U.S. Dollar as compared to Thursday's close of 73.46.
Yield on the 10-year government bond opened at 6.047% as compared to Thursday's close of 6.053%.
Bond market traders will keep an eye on the government's plan to sell bonds worth Rs 30,000 crore.
The Reserve Bank will also hold 56-day term repo auctions today worth Rs 50,000 crore.
Traders are lightening their sovereign bond positions on supply worries, advance tax outflows and inflation data next week, according to AU Small Finance Bank.
The company informed the exchanges that it has raised Rs 400 crore through its QIP issue which opened on September 7 and was closed on September 10.
The company will now allot close to 22.5 lakh shares at eligible qualified buyers at an issue price of Rs 1,780 per share.
The issue price is a 1% discount to the floor price set for the QIP issue.
33 lakh shares of the company exchanged hands in a single large trade at the start of the session, as per Bloomberg data. Buyers and sellers are unknown.
Shares fell as much as 3.75% to Rs 1,835 and are down for the second straight day.
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The company reported a 42% year-on-year growth in its revenue for the quarter ended June at Rs 431.4 crore.
Net profit rose nearly 40% to Rs 29.8 crore as compared to the previous year. Inventory gains contributed to the boost in net profit.
Operational performance was subdued. Ebitda fell 7.4% while margins stood at 20% as compared to 30.7% in the previous year.
Margins of the company were impacted due to higher expenses and finance costs.
The company said in a statement that its proposed fund raising plans were postponed due to paucity of time.
Shares gained as much as 8.5% - the biggest single-day gain in two months to Rs 38.3. The stock is up for the second straight day.
4.66 crore shares of the company exchanged hands in a single large trade on the Bombay Stock Exchange.
The deal took place during the pre-market block window.
The number of shares exchanged amounts to 5.2% of the total equity of the company.
Buyers and sellers in the trade remain unknown as per data from Bloomberg.
Shares rose as much as 18.6% to Rs 132.55, post the deal. The stock is up for the third straight day.
Indian equity markets opened flat after seeing their biggest single-day gain in over a month on Thursday.
The S&P BSE Sensex opened little changed at 38,865 while the NSE Nifty 50 index was unchanged at 11,447.
Most sectoral indices too have opened flat. The I.T. and Media index has opened 0.2% lower while the Metal index is up 0.3% at the start of trade.
Broader markets have opened flat as well. The Midcap index has opened 0.1% higher while the smallcap index has gained 0.45% in the early minutes.
925 stocks on the NSE have opened with gains while 482 are declining.
Source: ICICI Securities
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