Big Boost to India's Fight Against COVID-19!
— Dr Mansukh Mandaviya (@mansukhmandviya) September 6, 2022
Bharat Biotech's ChAd36-SARS-CoV-S COVID-19 (Chimpanzee Adenovirus Vectored) recombinant nasal vaccine approved by @CDSCO_INDIA_INF for primary immunization against COVID-19 in 18+ age group for restricted use in emergency situation.
Bharti Airtel Ltd., Apollo Hospitals Enterprises Ltd., NTPC Ltd., Cipla Ltd. and Coal India Ltd. were the top gainers, while Britannia Industries Ltd., Bajaj Finserv Ltd., Nestle India Ltd., Tata Consumer Products Ltd., and Hindustan Unilever Ltd. were the top laggards.
The broader indices outperformed larger peers with MidCap gauge gaining 0.6% and SmallCap measure jumping 0.4%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced with Oil & Gas index gaining 1.55%.
The market breadth is skewed in the favour of bulls. About 1,811 stocks rose, 1,523 fell and 157 remained unchanged
Moody’s Investors Service reaffirms India’s ratings at Baa3 stable. The credit profile of India reflects key strengths, says Moody’s
The credit profile of India reflects key strengths including its large and diversified economy with high growth potential, a relatively strong external position, and a stable domestic financing base for government debt, says Moody’s
Principal credit challenges include low per capita income, high general government debt, low debt affordability and limited government effectiveness.
Rising challenges to the global economy, including the impact of the Russia-Ukraine military conflict, higher inflation, and the tightening financial conditions on the back of policy tightening, not expected to derail India's ongoing recovery from the pandemic in 2022 and 2023.
Source: Moody’s Investors Service
Shares of NTPC jumped over 2%. The company announced that it acquired 600 Mega Watt Jhabua Power for Rs 925 crore. About Rs 325 crore was paid towards equity and Rs 600 crore was paid for allotment of NCDs.
The stock is on course to gain for the third day. Trading volume is nearly twice the 30-day average. Of the 27 analysts tracking the company, 25 suggest 'buy' and two recommend 'hold'. The return potential of the stock is 10.4%.
Source: Exchange filing, Bloomberg
Tamilnad Mercantile Bank’s IPO was fully subscribed as of 10:30 a.m. on day 2.
Bidding was led by non-institutional investors (0.82x) and retail investors (2.06x).
The offer closes tomorrow.
Source: BSE
Syngene Shares Gain As Over 5% Equity Changes Hands
Shares of DreamFolks Services listed at Rs 505 apiece on the BSE, a premium of 55% to its IPO price of Rs 326.
On the NSE, the stock listed at Rs 508.7.
The stock extended gains to as much as 68% over its IPO price in early trade.
Source: BSE, NSE
Kalpataru Power bagged orders in India and overseas markets in the transmission and distribution business.
It also won orders for pipeline laying works.
It received order for metro rail electrification in India.
Managing Director and Chief Executive Officer Manish Mohnot said that the order wins in the T&D and pipeline business will enable the company to further consolidate order book and establish leadership in key markets.
The metro rail electrification order will strengthen Kalpataru Power’s railways business in new and emerging infrastructure segments, he added.
Source: Exchange filing
Yield on the 10-year bond fell 1bps to 7.21%, at the open.
Source: Bloomberg
The Indian rupee has moved in an orderly manner in the current financial year so far. It has held its own in a world of sharp depreciation across other EME and AE currencies. While the US dollar has appreciated by 11.8% during the current financial year so far, the INR has depreciated by 5.1%, which is among the lowest in the world. The RBI is in the market on a regular basis, providing liquidity and confidence so as to facilitate its smooth and normal functioning.Shaktikanta Das, RBI Governor
Shares of Asian firms tied to gas and coal gained for second day amid Europe's energy cruch.
In Focus: Oil India, ONGC, Coal India, GAIL
Source: Bloomberg
Defence Minister Rajnath Singh and External Affairs Minister S Jaishankar will visit Japan for the meeting and hold strategic dialogue with their Japanese counterparts.
Narayana Hrudayalaya: The company has signed a Business Transfer Agreement with Shiva and Shiva Orthopaedic Hospital to acquire its Orthopedic and Trauma Hospital in Bengaluru on slump sale basis for Rs 200 crore.
NTPC: The company has acquired 600 MW Jhabua Power for Rs. 925 crore, out of which Rs. 325 crore was paid towards equity and Rs. 600 crore was paid for allotment of NCDs.
Coal India: Coal Despatch in August up 5.41% YoY to 63.43 million tonnes, production increases 8.27% YoY to 58.33 million tonnes.
Federal Bank: Says report of merger 'speculative'.
Reliance Power: To consider raising long term resourcesfrom domestic/global market on September 8.
Sembcorp: Singapore-based energy producer announced it will sell India coal power business for Rs 11,700 crore to Oman's Tanweer Infrastructure, as it aims to decarbonise its portfolio.
U.S. Dollar Index at 109.52
U.S. 10-year bond yield at 3.40% on Monday
Brent crude down 0.6% to $95.08 per barrel
Nymex crude at $88.74 per barrel
SGX Nifty down 0.07% to 17,673 as of 6:04 a.m
Bitcoin up 1.14% to $19,966.8
Reliance Industries has entered agreements to acquire 79.4% stake of SenseHawk, through primary infusion and secondary purchase for $32 million (Rs 255 crore).
Founded in 2018, SenseHawk is an early-stage California-based developer of solar digital platforms.
Source: Exchange filing
Stocks in Asia advanced amid rise in U.S. equity futures on Tuesday amid a dip in the dollar, uptick in sentiment.
Shares gained in Japan, Australia and South Korea. S&P 500 futures pushed higher.
At 7:15 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.16% higher at 17,716 points.
Crude has climbed to about $89 a barrel after OPEC+ agreed to cut 100,000 barrels a day in October. Elsewhere, Bitcoin retook the $20,000 level and gold made gains.
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