Shares of Deepak Fertilisers & Petrochemicals Corp fell 5%, equalling the magnitude of decline in 10 weeks since June 20.
The company approved allotment of 56,44,877 shares of face value of Rs 10 each to International Finance Corporation, after the conversion of foreign currency bonds.
IFC agreed to convert bonds worth $15 million in September 2020 at Rs 195 apiece.
Source: Exchange Filing, Bloomberg
U.S. FDA issued a Form 483 with two observations after conducting inspection at the company's injectable facility at Karkhadi.
None of the observations are related to data integrity and are addressable, the company said in an exchange filing.
U.S. FDA conducted inspection at the plant between August 18 and August 30.
Source: Exchange filing
The broader indices outperformed larger peers with MidCap gauge losing 0.4% and SmallCap measure declining 0.5%. Nine of the 19 sectoral indices compiled by BSE Ltd. advanced while I.T. index shed nearly 2%.
The market breadth is skewed in the favour of bulls. About 1,937 stocks rose, 1,361 fell and 180 remained unchanged.
August gross GST collections stood at Rs 1.43 lakh crore. This is 28% higher than the GST revenues in August last year.
August 2022 Figures
Gross gst revenue :₹ 1,43,612 crore
CGST : ₹ 24,710 crore
SGST : ₹ 30,951 crore
IGST : ₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods)
Cess : ₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods).
Source: PIB
Manufacturing PMI eases to 56.2 in August from 56.4 in July.
Source: S&P Global
Moody’s cuts India’s economic growth forecast for calendar year 2022 to 7.7% in it’s August update from it’s May forecast of 8.8% and March forecast of 9.1%.
Moody’s Investors Service forecasts India’s GDP to grow by 7.7% in 2022 and to decelerate further to 5.2% in 2023.
India’s real GDP growth will slow from 8.3% in 2021 to 7.7% in 2022 and decelerate further to 5.2% in 2023.
The expectation assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis.
A quicker letup in global commodity prices would provide significant upside to growth. In addition, economic growth would be stronger in 2023 if the private-sector capex cycle were to gain steam.
Source: Global Macro Outlook, August update, Moody’s Investors Service
MOIL has cut the prices of ferro grades of manganese ore with a manganese content of minimum 44%, by 15%.
The prices of all other ores with a manganese content below 44% have been decreased by 10%.
Source: Exchange filing
The S&P BSE Sensex lost over 700 points (1.24%) to 58,806.10. The NSE Nifty 50 declined 1.2% to 17,543.80. Today 10 of Nifty 50 stocks rose, while 40 fell.
The broader indices outperformed their larger peers, with MidCap index gaining 0.1% and SmallCap gauge rising 0.34%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with Information Technology, Oil & Gas measures falling over 1.5%.
The market breadth is skewed in the favour of bulls. About 1,624 stocks rose, 974 fell and 133 remained unchanged.
Yield on the 10-year bond rose 2bps to 7.21%. at the open.
Source: Bloomberg
Indian currency depreciated 9 paise to 79.55, at the open.
Source: Bloomberg
Retail loans grew 18.8% year-on-year to Rs 35.94 lakh crore, supported by growth in housing, consumer durable, vehicle and credit card loans.
Industrial credit rose 10.5% year-on-year to Rs 31.82 lakh crore, supported by growth in telecom, airport, roads, power and other infrastructure loans.
Credit to NBFCs rose 27.4% year-on-year and stood at Rs 11.63 lakh crore, up 7.9% year-to-date.
Source: RBI
RRPR Holding has informed Adani Group unit VCPL that allotment of NDTV shares to the VCPL will need approvals or clarifications from the Income Tax Authorities.
RRPR Holding also said that as individuals, Radhika and Prannoy Roy may individually require independent approval to deal with any assets, including indirect shareholding in NDTV.
The founder firm has invited VCPL to join its application to the Income Tax Authorities for clarification on the matter.
Source: Exchange filing
Government hikes windfall tax on diesel to Rs 13.5 per litre from Rs 7.
It also raised taxes to Rs 9 per litre on ATF exports from Rs 2 per litre.
Tax on domestically produced crude oil raised from Rs 13,000 per ton from Rs 13,300.
Source: Gazette notification
U.S. Dollar Index at 109
U.S. 10-year bond yield at 3.38% on Wednesday
Brent crude down 2.8% to $96.49 per barrel
Nymex crude at $89.13 per barrel
SGX Nifty up 0.06% to 17,520 as of 6:02 a.m
Bitcoin down 0.4% to $20,119.4
Zee Entertainment: The company entered strategic licensing agreement with Disney Star for TV broadcasting rights for ICC Men’s and Under 19 global events for a period of four years. Merger between Sony and Zee Entertainment will likely hurt competition, CCI found in an initial, Reuters reported citing an offical notice. CCI's findings could potentially delay regulatoary approval for the deal.
Tata Motors: The company has bought 49% stake of Marcopolo S.A. in Tata Marcopolo Motors for Rs 99.96 crore. Consequently, TMML will become a wholly owned subsidiary of the company.
Tata Steel: The company has invested Rs 54 crore in its wholly owned subsidiary Tata Steel Mining.
Infosys: The company divested its minority stake in San Francisco based Trifacta Inc for $12 million.
Glenmark: The company along with Hikma Pharmaceuticals launched nasal spray Ryaltris for relief for both nasal and ocular symptoms of seasonal allergic rhinitis
Inox Wind: The company approved fund raising of Rs 800 crore via issue of non-convertible preference shares to promoters on preferential basis. The funds will be used for repayment of debt. It aims to achieve net debt zero status “in the near future.”
Credit Access Grameeen: The company has entered an arrangement to avail $90 million through first of its kind Loan Syndication Arrangement led by HSBC Bank. The other lenders in the syndication arrangement include Bank of India, Union Bank of India and UCO Bank.
Aditya Birla Fashion and Retail: The company received approval from Competition Commission of India for acquisition of 7.49% stake by Caladium Investment Pte for Rs 2,195 crore.
Stock Market Today: All You Need To Know Going Into Trade On Sept. 1