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SBI becomes the first Indian bank to cross the milestone.
SBI to offer 25 basis points concession on home loan rates for a limited period.
New rate of 8.4% to be applicable for loan transfer agreements as well.
SBI to also waive off processing fees on home loans till January 31, 2023.
Source: SBI statement
Tata Steel has 1.13 million shares change hands in bunched trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
S&P Says Cacophony Of Factors May Shake India’s Credit Ratings
India is facing a cacophony of factors that may shake its sovereign credit metrics, says S&P Global Ratings
Expect India's strong economic growth and sound external balance sheet to provide a solid buffer against global market turbulence.
However, under more severe conditions, a few factors could have the potential to apply downward pressure on our sovereign credit ratings on India.
Source: S&P Global Ratings
Government exams prep platform Adda247 has closed a $35 million (Rs 288 crore) round led by InfoEdge, Google and Westbridge Capital.
The company will invest in enhancing its tech and product profile, expanding its student counselling team and hiring for leadership roles.
Source: Company statement
Tracxn Technologies IPO was fully subscribed as of 01:09 p.m. on day 3.
Bidding was led by retail investors (3.5x)
The offer closes today.
Source: BSE
Adani Enterprises, Asian Paints, ICICI Bank, Dr Reddy’s Laboratories and Cipla were the top losers
The broader indices underperformed their larger peers with MidCap gauge gaining 0.16% and SmallCap measure losing 0.2%.
Twelve of 19 the sectoral measures complied of BSE advanced with FMCG index rising over 1%.
The market breadth is skewed in the favour of bears. About 1,450 stocks rose, 1,878 fell and 141 remained unchanged.
Retail investors led bidding for shares of Tracxn Technologies Ltd., a Ratan Tata-backed company, on the second day of its Rs 309-crore initial public offering.
The IPO by the market intelligence provider for private company is an offer for sale with a price band of Rs 75-80 apiece. It was subscribed 23% on the first day.
Flipkart promoters, which were early-stage investors in the company, will be exiting via the offer for sale. Tata will continue to remain invested in the company.
The IPO was subscribed 64% as of 11:00 a.m. on Oct. 12
Institutional investors: 00 times.
Non-institutional investors: 0.30 times.
Retail investors: 3.05 times.
Source: NSE
Infosys' Next Buyback Value Seen At $1-1.4 Billion, Says Morgan Stanley
Shares of Suzlon Energy gained over 4.2%, most in over a week since September 4. The stock fell over 7% on Tuesday.
Trading volume 0.8 times the 30-day average.
Suzlon Energy announced post market hours on Tuesday that it secured orders for the development of 144.9 MW wind power projects from the Aditya Birla group. Suzlon Energy will install 69 units of wind turbine generators with a Hybrid Lattice Tubular tower. The project is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023.
Source: Exchange filing, Bloomberg
The market breadth is skewed in the favour of bulls. About 1,498 stocks rose, 839 fell and 103 remained unchanged.
Yield on the 10-year bond fell 4bps to 7.39%.
Source: Bloomberg
Indian currency fell 2 paise to 82.34 at the open.
Source: Bloomberg
U.S. Dollar Index at 113.33
U.S. 10-year bond yield at 3.93% on Tuesday
Brent crude down 0.51% to $93.81 per barrel
Nymex crude at $88.69 per barrel
SGX Nifty up 0.04% to 16,946 as of 6:23 a.m.
Bitcoin up 0.43% to $19,101.1
AstraZeneca Pharma India: The nasal Covid-19 vaccine by the company’s parent, AstraZeneca Plc, failed to elicit a strong immune response in an early test, reported Bloomberg.
Reliance Industries/Mahindra & Mahindra: Jio-BP, the fuel retailing JV between Reliance Industries and BP, will extend its partnership with Mahindra & Mahindra to set up charging infrastructure for the upcoming electric launches of the Indian SUV maker.
Infosys: Ravi Kumar S., has stepped down from the office of President of Infosys, with effect from Oct. 11, 2022.
Tata Consultancy Services: The company enhanced its Quartz solution, which can be used by central and commercial banks to support the entire lifecycle of CBDCs, including issuance, book-keeping and transactions.
Shipping Corporation Of India: In separate meetings, unsecured and secured creditors, and equity shareholders of the company approved demerger of non-core assets of the company Shipping Corporation of India Land And Assets Ltd.
Indian Railway Finance Corporation: The company has signed a MoU with India Infrastructure Finance Company to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian railways sector.
L&T Finance Holdings: SEBI approved the sale of L&T Investment Management Ltd., a wholly owned subsidiary and asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt. Ltd., subject to compliance with certain conditions.
Suzlon Energy: The company has secured an order from Aditya Birla Group to supply 69 units of wind turbine generators with a total installed capacity of 144.9 MW in Gujarat and Madhya Pradesh by 2023.
Adani Green Energy: Adani Renewable Energy Holding Four Ltd., wholly owned subsidiary of the company, has incorporated two new subsidiaries—Adani Renewable Energy Forty Four Ltd. and Adani Renewable Energy Forty Eight Ltd. The step down subsidiaries will operate in the field of renewable energy.
Genesys International Corporation: The company received an order worth Rs 46 crore from Andhra Pradesh government for land titling project.
DB Realty: The company has acquired entire equity shares of DB Man Realty, a subsidiary in which the company and its nominees already held 91% stake, making it a wholly owned subsidiary. The company also acquired entire equity shares of its another subsidiary, Spacecon Realty.
Fino Payments Bank: The board of PaySprint has approved allotment of 867 equity shares of face value of Rs 10 each to the bank at a premium of Rs 28,801 apiece, aggregating to Rs 2.5 crore, representing 7.98% of the former’s paid up share capital in accordance with a share subscription and shareholders’ agreement signed earlier this year.
NMDC: The Ministry of Corporate Affairs approved the merger of NMDC into NMDC Steel and their respective shareholders and creditors.
Spandana Sphoorty Financial: The board of the company will meet on Oct. 14 to consider and approve fundraising through the issue of NCDs on a private placement basis.
Gujarat Pipavav Port: Quarterly Updates QoQ
Container volume declined 0.53% during quarter ended Sept. 30, 2022.
Dry bulk volume increased 39.78% at 1.30 million metric tonnes.
Liquid cargo volume increased 5% to 0.21 million metric tonnes.
Delta Corp. Q2 FY23 (Consolidated, QoQ)
Revenue up 8% at Rs 270 crore Vs Rs 250 crore
EBITDA up 15% at Rs 100.34 crore Vs Rs 87.5 crore
EBITDA margin 37% Vs 35%
Net profit up 19% at Rs 68.25 crore Vs Rs 57.13 crore
Shares swung slightly higher in Japan and Australia while South Korea’s benchmark index fell after the central bank pivoted back to outsized interest-rate increases. U.S. futures edged up after the S&P 500 fell for the fifth consecutive session and the Nasdaq 100 tumbled more than 1% to set a fresh two-year low.
At 7:20 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.29% to 16,983.50.
Rising rates in the U.S. and the Bank of Japan’s ultra-loose stance are pushing the yen to levels that are causing alarm in Tokyo. The divergence is in focus this week with U.S. consumer price data due Thursday that may determine if the Fed increases rates by 75 basis points in a fourth consecutive move in November.
Oil dropped for a third day on escalating concerns that a global slowdown will hurt energy demand amid a broad shift away from risk assets.
Source: Bloomberg
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