Revenue Deficit Grant (RDG) of Rs 7,183.42 crore released to 14 States
Total Revenue Deficit Grant released to the states this fiscal stands at Rs 50,283.92 crore
States will get a total Revenue Deficit Grant of Rs 86,201 crore in 2022-23
The 14 states include- Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.
Source: PIB
Bharti Airtel 5G Plus, is now live in 8 cities. All of urban India to be covered in 2023 making this one of the fastest roll-outs, the company said in an exchange filing.
Customers in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur and Varanasi will start enjoying the cutting edge Airtel 5G Plus services in a phased manner as the company continues to construct its network and complete the roll out, company said in the exchange filings
Customers who have 5G smart phones will enjoy the high speed Airtel 5G Plus on their existing data plans until the roll out is more widespread.
Source: Bloomberg, Exchange Filing
Markets Won't Slip Below May-June Lows: Aditya Birla AMC's Mahesh Patil
India To Outperform Global Markets Amid Gloom, Say Devina Mehra And Vikas Khemani
The broader indices outperformed their larger peers with MidCap and Smallcap gauges gaining over 1.2%. Eighteen of 19 the sectoral measures complied of BSE advanced with BSE Metal gaining over 3%.
The market breadth is skewed in the favour of bulls. About 2,357 stocks rose, 972 fell and 140 remained unchanged.
Electronics Mart India IPO Subscription: Day 2 Live Updates
JPMorgan Holds Off On Adding India To Bond Index, Keeps On Watch
Jaipur-headquartered jewellery chain Motisons Jewellers has filed its draft red herring prospectus with SEBI for its IPO.
The offering will be a pure fresh issue of 3.34 crore shares.
Source: DRHP
India Services PMI In September Grows At Slowest Pace In Six Months
Mahindra Lifespace, Actis Form JV For Commercial Real Estate In India
Zee, Sony Unlikely To Take Flagship Channels Off Air To Meet CCI Conditions, Says Elara Capital
The broader indices outperformed their larger peers with S&P BSE MidCap and SmallCap gaining over 0.75%. All 19 sectoral indices compiled by BSE Ltd. advanced.
The market breadth is skewed in the favour of bulls. About 1,992 stocks rose, 502 fell and 95 remained unchanged.
Yield on the 10-year bond rose 11bps, most in two months since August 5, to 7.47%, at the open.
The decline in bonds comes after JPMorgan held off adding Indian bonds to its EM debt index, citing investment hurdles.
Source: Bloomberg
Indian stocks linked to media and entertainment may move after CCI approved the merger of Zee Entertainment with Sony Group's local unit, with some modifications.
In Focus: Zee Entertainment, Sun TV, PVR, TV18 Broadcast, Balaji Telefilms, Inox Leisure, Saregame India, Tips Industries, Shemaroo Entertainment.
Source: Bloomberg
Indian currency fell 2 paise to 81.54 against the U.S. dollar, at the open.
Source: Bloomberg
Zydus Lifesciences' U.S. subsidiary Zydus Pharmaceuticals (USA) has received final approval from U.S. FDA to market Brivaracetam Tablets USP, 10 mg, 25 mg, 50 mg, 75 mg and 100 mg.
Zydus was one of the first ANDA applicants to submit a substantially complete ANDA for the drug making it eligible for 180 days shared generic drug exclusivity.
The drug is indicated for treatment of partial-onset seizures in patients of four years of age and older. The drug will be made at the company's Ahmedabad facility.
The drug had an annual sales of $412 million in U.S. in 12-months ended August 2022, according to IQVIA.
Source: Exchange filing
Macrotech Developers or Lodha achieved its best ever Q2 pre-sales of Rs 3,148 crore, up 57% year-on-year.
H1 sales stand at Rs 6,004 crore which is about 52% of the full year guidance of Rs 11,500 crore.
Collections at Rs 2,375 crore in Q2, up 24% year-on-year.
Net debt reduced by Rs 60 crore in Q2 to Rs 8,796 crore.
Expects additional repatriation of Rs 1,000 crore from the U.K. to India in 2023.
Source: Exchange filing
Happiest Minds has approved fund raise worth Rs 1,400 crore by way of issuance of any instrument or securities, including equity shares, global depository receipts, ADR, fully/partly convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof, in one or more tranches.
The fund raise is subject to receipt of necessary approvals including approval of members of the company, regulators, shareholders.
The notice of postal ballot along with instructions regarding e-voting will be sent to members whose names appear in the register of members/list of beneficial owners as on Cut-off date(October 7).
Source: Exchange filing
TCS – Oct. 10
Wipro – Oct. 12
HCL Tech – Oct. 12
Infosys – Oct. 13
Cyient – Oct. 13
Mindtree – Oct. 13
Source: Bloomberg
Energy-linked stocks are in focus as oil rose for fourth session after OPEC+ alliance agreed to the biggest production cut since 2020. Russia has, meanwhile, reiterated a warning that would not sell crude to any country that adopts a price cap.
In Focus: Reliance Industries, HPCL, BPCL, Indian Oil, ONGC, Oil India
Source: Bloomberg
U.S. Dollar Index at 110.99
U.S. 10-year bond yield at 3.745% on Wednesday
Brent crude up 0.16% to $93.52 per barrel
Nymex crude up 0.21% to $87.94 per barrel
SGX Nifty up 0.39% to 17,406 as of 7:12 a.m.
Bitcoin up 1.41% to $20,269.42
Zee Entertainment Enterprises: The CCI has approved the merger of Zee Entertainment Enterprises with Sony Group‘s Indian unit. The scheme of amalgamation involves merging Zee Entertainment Enterprises and Sony Group's Bangla Entertainment with Culver Max Entertainment—an indirect wholly owned subsidiary of Sony Group Corp.
Reliance Industries: Reliance Jio Infocomm, the telecom arm of the conglomerate, will start beta trials of its 5G services in four cities—Delhi, Mumbai, Kolkata and Varanasi—from Oct. 5, and offer a ‘Welcome Offer’ for its existing users in these circles, which can be availed for by invitation.
Sunteck Realty: Care Ratings assigned ‘CARE AA-; Positive’ ratings for the company’s long-term bank facilities.
JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, has signed a MoU with the Maharashtra government for setting up a 960 MW hydro pumped storage project at Pane Pumped Storage Project in Raigarh.
Adani Enterprises: The company has incorporated two wholly owned subsidiaries—Alwar Alluvial Resources for manufacturing and processing of minerals, and Adani Disruptive Ventures.
Sterlite Technologies: The company has completed sell its stake (through its wholly owned subsidiary) in Impact Data Solutions Ltd., U.K. to Hexatronic Group AB.
Tata Steel: The company, through wholly owned subsidiary T.S. Global Holdings Pte Ltd, has concluded the divestment of its 19% equity stake in AI Rimal to Oman National Investments Development Company on Oct. 3, 2022, thereby reducing its shareholding from 70% to 51% in Al Rimal.
Godrej Consumer Products: In the quarterly update for the September quarter, the company said it expects to deliver high single-digit growth in India, with 3-year CAGR close to double-digits.
Tata Motors: The company released production, domestic sales and export figures for the July-September 2022 period. Compact UVs Nexon and Punch led the domestic sales at 79,082 units, followed by compact segment at 48,787 units.
Savita Oil Technologies: The company has incorporated a wholly owned subsidiary Savita GreenTec Ltd. to engage in the business of manufacturing and recycling.
India Energy Exchange: The Indian Energy Exchange achieved 8,160 MU volume in Sept. 2022, registering 5% MoM growth. This comprised 7,118 MU in the conventional power market, 454 MU in the green power market, and 588 MU (5.88 lac certificates) in the REC market.
Jubilant FoodWorks: Jubilant Foodworks Netherlands B.V., wholly owned subsidiary of the company has increased its stake in DP Eurasia N.V. through various on-market purchases.
DCB Bank: The lender revised MCLR across tenors, as well as announced External Benchmark Linked Rate. The new rates will come into effect from Oct. 6.
IRB Infrastructure Developers: Solapur Yedeshi Tollway Ltd., a step-down subsidiary of the company has raised R 200 crore via NCDs issued on private placement basis.
Bajaj Finance: The lender sees assets under management rise 31% year-on-year in July-September quarter. AUM rose to Rs 2.18 lakh crore as of Sept. 30, 2022, compared with Rs 1.67 lakh crore a year ago. Deposits rose 37% from a year ago to Rs 39,400 crore.
Goa Carbon: Approves raising up to Rs 200 crore via share issue.
Hexaware Technologies: Hexaware Cloud Transformation platform gets U.S. patent approval.
IndusInd Bank: Says SEBI imposed Rs 10 million fine.
Ratnamani Metals: Buys majority stake in Ravi Technoforge
Investors signaled further belief in a fledgling equity rally as U.S. futures erased a Wednesday decline and Asian stock markets traded higher as markets downplay concern that a cut in oil production would stoke inflation.
Stocks in Japan and South Korea opened higher, while Australian equities quickly pared morning losses, tracking a rise in U.S. futures that reversed a small decline in the S&P 500 on Wednesday.
At 7:00 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.5% to 17,426.50.
The pound gained ground even after Fitch Ratings downgraded its UK outlook to negative.
Elsewhere, OPEC+ decided to reduce daily oil production by two million barrels on Wednesday, sending the U.S. oil benchmark to a three-week high.
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