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Nestle CEO Mark Schneider said the FMCG major plans to invest Rs 5,000 crore in India by 2025.
The investment would be on setting up new plants, acquisitions and expansion of the product portfolio of the company.
Nestle is also looking at new locations to set up manufacturing capacity.
Source: PTI
The broader indices almost mirrored their larger peers with MidCap gauge losing 1.45% and SmallCap measure shedding over 1%. Barring S&P BSE Healthcare, all the other 18 sectoral indices compiled by BSE Ltd declined with Financial Services, Bankex, Power and Utilities losing over 2%.
The market breadth is skewed in the favour of bears. About 1,088 stocks rose, 2,242 fell and 140 remained unchanged.
Mining companies' margins contracted due to a 'double whammy of declining gold price and rising costs this year with gold and gold mining stocks declining. The inflows seen earlier this year into gold ETFs have also 'almost completely unwound', according to Greed and Fear report by Christopher Wood of Jefferies.
Given the dollar strength and 'almost schizophrenic mood swing engaged in by the Fed' since November, there is no surprise that gold should be under pressure.
If there is any sudden change in Fed's stance, gold, higher beta silver will be the key beneficiaries, according to Chris Wood, who noted that despite Fed's hawkishness, gold's performance has been much better than the S&P 500 or long-term treasury bonds in 2022 so far. In contrast to gold, bitcoin seemed extremely correlated to Nasdaq during the ongoing tightening cycle.
Source: GREED & Fear Report September 22
Accenture Q4 Results: Revenue Rises 15%, FY23 Guidance Below Estimates
Power Grid has 2.02 million shares and 1.27 million shares change hands in a two large trades.
ITC has 1.06 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Tata Steel Approves Merger Of Seven Subsidiaries With Itself
The broader indices outperformed their larger peers with S&P BSE MidCap falling 0.20% and SmallCap little changed. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined wth Financial Services gauge losing over 0.8%.
The market breadth is skewed in the favour of bulls. About 1,362 stocks rose, 1,112 fell and 121 remained unchanged.
Yield on the 10-year bond rose 7bps to 7.38%.
Source: Bloomberg
Indian Rupee Slides Past 81 Against The U.S. Dollar For The First Time
Mahindra & Mahindra Financial said it repossesses about 4,000-5,000 vehicles per month, using the third-party agencies and its own employees.
The company expects this number to go down temporarily by about 3,000 to 4,000 per month, after the RBI order stalling third-party agencies from recovery activities.
It said it does not expect any impact on the collections in this business.
The order is also not expected to have any material impact on financials or on Net Stage 3.
Source: Press release
Shares of metal and automotive supply chain firms will be in focus after Tata Steel approve proposal to merge seven group companies with itself.
In Focus: JSW Steel, Hindustan Zinc, Vedanta, Hindalco, Jindal Steel, SAIL
Source: Bloomberg
RIL subsidiary Reliance New Energy will invest around Rs 100 crore ($12 million) to acquire a 20% stake in Caelux Corporation, a company engaged in the development of perovskite-based solar technology.
Reliance and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.
The investment will also help Reliance to produce more powerful and lower cost solar modules leveraging Caelux’s products in its integrated photovoltaic Giga factory at Jamnagar, Gujarat.
The transaction will not require any regulatory approval and is expected to be completed by the end of September 2022.
Source: Press release
Tata Steel board approves the merger of the following companies with itself:
Tata Metaliks
Tata Steel Long Products
Tinplate Company of India
TRF
The Indian Steel & Wire Products
Tata Steel Mining and S&T Mining Company
S&T Mining Company
Source: Exchange filing
IT Stocks: Accenture Plc’s revenue rose in the fourth quarter but its FY23 guidance remained below estimates. Accenture expects revenue to rise between 10% to 14% for the first quarter of FY23. And grow 8% to 11% in the fiscal 2023.
Tata Steel: The board of the private steelmaker has approved the merger of seven subsidiaries with itself.
M&M Financial Services: The RBI has asked the company to stop outsourcing all recovery and repossession arrangements immediately, till further orders. The action came after a pregnant woman was mowed down by a recovery agent of the company.
Hero MotoCorp: The company has increased ex-showroom prices of its motorcycles and scooters up to Rs 1,000, with effect from Sept. 22, to partially offset the impact of inflation.
Aster DM Healthcare: Medcare Hospital, a step-down subsidiary, has acquired 60% stake in Dubai-based Skin III, for 16.65 million dirhams (Rs 36.74 crore). Skin III offers IV drips (vitamin and detox) and other aesthetics procedures.
TVS Motor: Sundaram Auto Components, a wholly owned subsidiary, has sold its entire stake of 50.05% in Sundaram Holding USA Inc., a material stepdown subsidiary, to holding company Sundaram Clayton for a consideration of Rs 317.01 crore.
Jindal Stainless: To consider raising funds via debt, NCDs.
Piramal Enterprises: To consider issue of NCDs up to Rs 750 crore.
Adani Enterprises: Adani Road Transport, a wholly owned subsidiary, has incorporated two units—Adani Road STPL and Adani Road GRICL—for promotion and development of road and other infra projects.
Zydus Lifesciences: The company will subscribe to additional equity shares and compulsorily convertible debentures of AMP Energy Green Nine, as per the agreement entered on March 16, 2022.
Somany Ceramics: The company has decided to sell its entire stake of 51% in subsidiary Amora Ceramics for a consideration of Rs 3.62 crore. The sale is expected to be completed within the next 30 days.
Trident Group: The company has completed a solar power project of 8.87 MWp at Budhni, Madhya Pradesh, of which 5.48 MWp capacity has been commissioned in the first phase for captive use.
Cipla: The company has received the establishment inspection report from USFDA for product specific pre-approval inspection at its Indore plant, indicating closure of the inspection.
Udaipur Cement Works: The company will raise Rs 350 crore via NCDs on a private placement basis at a coupon of 7.45%.
Century Textiles & Industries: Birla Estates and the real estate arm of the company has acquired a 10-acre land parcel at Raja Rajeshwari Nagar in South Bengaluru. The project has a development potential of 10 lakh square feet with a revenue potential of Rs 900 crore.
Shilpa Medicare: The company’s analytical services division at Nacharam, Hyderabad, has received US FDA clearance for inspection performed between April 26, 2022, and April 29, 2022.
Bombay Dyeing: To raise up to Rs 940 crore via rights issue.
Asian stocks headed for a sixth weekly decline following another day of losses for American shares and surging treasury yields that underscore expectations for tighter monetary policy and a slowing global economy.
Equities fell Friday in Hong Kong, Australia and South Korea after the S&P 500 closed at the lowest level since June. U.S. futures fluctuated. At 7:45 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- traded 0.4% lower at 17,569.5 points.
The 10-year U.S. Treasury yield soared 18 basis points to pierce 3.7% on Thursday, its highest in a decade as investors weighed recession risks. Bond yields in Asia pushed higher, led by a jump of more than 20 basis points in Australia as trading resumed there after a holiday.
There is no trading of cash Treasuries in Asian hours with markets closed in Japan for Autumnal Equinox Day.
A dollar gauge held near a record high after a day of dramatic moves in currency markets that saw Japan intervene to prop up the ailing yen for the first time since 1998. The offshore yuan weakened in the face of efforts to slow the depreciation, with the People’s Bank of China setting the daily reference rate stronger than expected for a 22nd day.
The rupee, meanwhile, has slumped to a record low.
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