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NMDC has fixed the price of lump iron ore at Rs 4,100 per ton with effect from Sept. 8.
The company has set the prices for fines at Rs 2,910 per ton starting Sept. 8.
Websol Energy inked a term sheet with AMP Energy India Pvt. to establish a joint venture to manufacture and produce up to 1.2 GW monocrystalline PERC (Passivated Emitter and Rear Cell) solar cells and modules.
The solar cells and modules will be produced in two phases of 600 MW each at AMP Energy’s existing unit at Falta, West Bengal.
Websol plans to hold 51% of the stake in the joint venture, while AMP Energy will own the remaining 49%.
The project will be funded through a combination of debt and equity. It will include an off take agreement with AMP Energy India for up to 50% production.
Tata Power Renewable Energy Ltd. has partnered with stainless steel maker Viraj Profile Pvt. Ltd. to set up a 100 MW captive solar plant.
The plant will be developed by the Tata-Group company at its Nasik site and the power generated will be used for captive consumption by Viraj Profile’s Tarapur Plant, company said in a stock exchange filing.
Tata Power will own 74% of the generation while Viraj Profile will hold the remaining 26%.
Tata Power Renewable has created a special purpose vehicle- TP Nanded Ltd. to undertake the construction, operation and maintenance of the plant.
With this project, Viraj Profile's dependability on non-renewable power resources will reduce by about 50%.
The project will get commissioned by July 2023.
The plant is expected to generate about 200 MUs of energy and offset approximately 170.43 million Kg of CO2 annually.
Source: Exchange filing
Shares of ICICI Bank Ltd. hit their 52-week high, after the scrip gained as much as 2.8% to Rs 900.8 apiece.
The stock gained the most since Aug. 30, tracking a rise across banking stocks. Today, Shree Cement, BPCL, M&M, ICICI Bank and Axis Bank were among the top gainers.
Shares of Century Textiles and Industries Ltd. gained 5.1% to Rs 928.25 on the BSE -- most in 14 weeks. Trading volume is five times the 30-day average.
All three analysts tracking the company have a 'buy' rating on the stock. The return potential of the stock is 24.4%.
Shares of auto makers like M&M, Eicher Motors, Ashok Leyland as well, component makers and auto-linked stocks like Schaeffler India, Tube Investments, Motherson Sumi Wiring advanced.
Tyre makers like MRF, Apollo Tyres also rose.
The rise comes after Federation of Automobile Dealers Association predicted the sale of passenger vehicles over the festive period to rise to highest in a decade, as supply constraints ease.
Source: Bloomberg
Shares of metal products maker Pennar Industries rose over 5% after bagging orders worth Rs 511 crore, across its various business verticals, over July and August 2022.
In an exchange filing, the company said that the orders are to be executed within the next two quarters. Reliance, Yamaha, Emerson, ICF, Mahindra Defence Systems, Saint Gobain, Schaeffler India, Hindalco, Kirloskar Toyota were among those who placed the orders.
Source: Exchange filing, Bloomberg
The MidCap index underperformed its larger peers, gaining 0.35% while SmallCap measure almost mirrored Sensex, Nifty. Sixteen of the 19 sectoral indices compiled by BSE Ltd. advanced with Bankex gauge rising 1.6%.
The market breadth is skewed in the favour of bulls. About 2,142 stocks rose, 1,223 fell and 137 remained unchanged.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Digital lending has the potential to catalyse cash flow based lending to MSMEs, says RBI Deputy Governor Rajeshwar Rao.
One specific area where digital lending has the potential to be a catalyst to economic growth is cash flow based lending to MSMEs.
The challenge for the regulator in a fast developing economy like ours is to keep pace with market innovations and ensure safety without stifling innovations.
Along with benefits, need to be cognisant of inherent risks of digital lending says RBI Deputy Governor, Rajeshwar Rao
Need to take cognisance of inherent risks like data privacy breach, disruptive business models and exhorbitant interest rates.
Digital lending needs to be responsible, inclusive and affordable and this is something every financial institution should strive for.
Responsible financial innovation requires balancing innovative products with necessary safeguards for ensuring financial systems stability and customer protection.
Source: Rajeshwar Rao, Deputy Governor, RBI at Assocham annual summit and awards
The wholly owned subsidiary has an authorized share capital of Rs 10 lakh divided by 1 lakh equity shares of Rs 10 each.
The new entity will be use to carry on the business of manufacture, sale and dealing of multiple grades of nitrogenous, phosphatic, potassic fertilisers; chemical and other allied items essential to various crops/industries.
Hindustan Zinc Fertilisers will deal with DAP/NPK complex fertilisers along with specialty and crop specific fertilisers, crop protection chemicals among others.
Source: Exchange Filing
Passenger vehicle sales rise 6.5% to 2,74,448 units
Two-wheeler sales rise 8.5% to 10.74 lakh units
Commercial vehicle sales rise 24% to 67,158 units
Source: FADA
The broader indices almost mirrored their larger peers. All 19 sectoral indices compiled by BSE Ltd. advanced.
The market breadth is skewed in the favour of bulls. About 2,048 stocks rose, 431 fell and 78 remained unchanged.
Yield on the 10-year bond fell 11bps to 7.07%, amid slide in crude prices and drop in U.S. yields.
Source: Bloomberg
Indian currency appreciated 24 paise to 79.66, during the session.
Source: Bloomberg
Upgrades to 'buy' from 'neutral' with target price raised to Rs 918 from Rs 775, an implied return of 26.35%.
Cites land leasing fee policy formalisation as the key reason for the upgrade.
Believes policy formalisation should lead to incorporation of acquisition synergies.
Expects benefits for Container Corp. as central government's plan to divest its 30.8% strategic stake in the company was held up due to clarity on the LLF issue.
Believes that deck has been cleared for divestment.
Cabinet's decision on LLF enhances visibility on divestment and believes that investors will start factoring in synergy benefits for an acquirer.
Adds Rs 143 per share in potential acquisition synergies which led to hike in target price.
Since Yesterday, Nomura upgraded stock to 'buy' while Batlivala & Karani, JM Financial, Citi, Jefferies, JP Morgan, Credit Suisse and HSBC reiterated 'buy'.
Source: Nomura note
HeidelbergCement India
Vedant Fashions
Shares of food companies may be active after Russia's Putin criticised a grain deal with Ukraine .
Grain shipment corridor from Ukraine is not helping poorer countries. Majority of supplies are going to Europe, according to Russian president.
Chicago Wheat futures for December surged 7% and closed at the highest level in nearly two months.
In Focus: ITC, Britannia Industries, Kovilpatti Lakshmir Roller Flour Mills, Adani Wilmar
Source: Bloomberg
Adani Group’s open offer for 26% equity of NDTV will start on Oct. 17 and close on Nov. 1.
Open offer price at Rs 294 to acquire 1.67 crore shares of the company.
Source: Exchange filing
Zee Entertainment: The company received NCLT approval to convene shareholder meet for considering, approving Sony deal. NCLT directed it to hold the shareholders' meet on October 14, 2022.
Interglobe Aviation: The Gangwal family, one of the promoters of Interglobe Aviation Ltd., will offload 2.8% stake in the airline through block deal, according to Bloomberg News. Rakesh Gangwal, the co-founder of IndiGo airline, along with Shobha Gangwal and the Chinkerpoo Family Trust will offer 1.08 crore shares, it said.
LIC Housing Finance: The company appointed Ashwani Ghai as the Chief Operating Officer.
IRCTC: The company emerged as the successful bidder in sale of commercial built-up space in WTC Nauroji Nagar, New Delhi.
Zydus Lifesciences: The company announced that it has achieved a positive Proof-of-Concept in its Phase 2 clinical study of ZYIL1, in patients with Cryopyrin Associated Periodic Syndrome.
Redington India: Apple launched iPhone 14 series. It intends to manufacture it in India about two months after, according to Bloomberg. Redington is a re-seller of Apple products in India.
Aditya Birla Fashion and Retail: SEBI granted relaxation to the company from securities contracts rules in preferential allotment To Caladium Investment.
Concor: The Union Cabinet approved lowering the railway land licensing fees to 1.5%, which is expected to facilitate the disinvestment process of Concor.
AAVAS Financiers: CARE Ratings has upgraded the company’s long-term facilities credit rating to CARE AA from CARE AA-. Outlook on the long-term facilities rating is revised to stable from positive.
Yes Bank: SEBI imposes Rs 2 crore penalty on Former Yes Bank CEO Rana Kapoor
TCS: To deploy cloud-based platform at Nokia.
Cipla: Gets U.S. FDA approval for generic version of Revlimid.
U.S. Dollar Index at 109.77
U.S. 10-year bond yield at 3.56% on Wednesday
Brent crude up 0.38% to $88.33 per barrel
Nymex crude at $82.43 per barrel
SGX Nifty up 0.5% to 17,729 as of 6:13 a.m
Bitcoin down 0.63% to $19,265.3
Asian equities gained after U.S. treasury yield stabilised and dollar strengthening further.
Japan paced a 0.7% advance in the regional index, a smaller gain than the rallies of about 2% in the S&P 500 and Nasdaq 100 overnight.
At 6:35 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.56% higher at 17,729 points.
The stronger U.S dollar led currencies like yen and the power to the lowest since 1985. U.S. treasury yield stabilised as bonds got a boost from the fall in oil prices.
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