Stock Market Today: All You Need To Know Going Into Trade On Sept. 8

Good morning!

The GIFT Nifty is trading 88.5 points or 0.36% higher at 24,914 as of 6:50 a.m., indicating a positive start for the benchmark Nifty 50 later in the morning.

US and European equity futures also rose in early trading in Asia.

• S&P 500 futures up 0.2%

• Euro Stoxx 50 futures up 0.45%

External Affairs Minister S Jaishankar will represent India at a virtual summit of the BRICS grouping convened by Brazilian President Luiz Inacio Lula.

Commerce Minister Piyush Goyal will speak at an event organised by the Engineering Export Promotion Council in New Delhi.

The benchmark equity indices ended flat on Friday after a see-saw trade as the markets had a mixed reaction to the overhaul in the goods and services tax.

The NSE Nifty 50 settled 6.7 points or 0.03% higher at 24,741 and the BSE Sensex closed 7.25 points or 0.01% lower at 80,710.76 on Friday. The Nifty fell much as 0.46% during the day, while the Sensex dropped 0.49%

The benchmark indices gained over 1% on a weekly basis, with most sectoral indices closing in the green.

The S&P 500 on Friday retreated from the previous session's record as declines in Nvidia Corp. and other tech megacaps offset a rally in Broadcom Inc. that had earlier led tech and chip stocks higher. The benchmark fell 0.3%. The Nasdaq 100 rose 0.1% and the Dow Jones Industrial Average fell 0.5%.

The yen dropped and Japanese stocks advanced after Prime Minister Shigeru Ishiba announced over the weekend that he intends to step down. The currency slid as much as 0.7% against the dollar. Australian stocks fell in early trading, tracking moves on Wall Street.

• Nikkei up 1.8%

• Kospi up 0.35%

• S&P/ASX 200 down 0.3%

• Hang Seng up 1.4%

Oil prices rose following a weekly decline. Brent climbed toward $66 a barrel, while West Texas Intermediate traded near $62. The OPEC+ agreed for a modest production boost in October.

Gold traded near a record high, bolstered by an unexpectedly weak US employment report that saw wagers increase on the Federal Reserve cutting interest rates. Bullion was less than $10 short of its latest peak near $3,600 an ounce in early Asian trading.

SpiceJet Q1 Earnings (Cons, YoY)

• Revenue down 34.4% at Rs 1,120 crore versus Rs 1,708 crore.

• Ebitda loss of Rs 86.7 crore versus Ebitda of Rs 43.2 crore.

• Net loss of Rs 234 crore versus profit of Rs 158 crore.

• SIS: The company is acquiring A P Securitas. It will acquire a 51% stake for a consideration of Rs 73.40 crore, with the remaining shares to be acquired by 2029 to achieve full ownership.

• Sunteck: The Board of Directors has approved a preferential allotment of 1.17 crore warrants at Rs 425 each, amounting to approximately Rs 500 crore, to be issued to promoters and non-promoters.

• ACME Solar Holdings: The company is acquiring a 100% stake in AK Renewable Infra for Rs 79.25 crore.

• Max Estate: The Board of Directors has approved the acquisition of Base Buildwell for development rights of a 7.25-acre land parcel in Gurugram.

• Adani Power: The company, along with Druk Green Power, has signed an agreement to jointly set up a 570 MW hydroelectric project at Wangchhu in Bhutan.

• Lupin: The US Food and Drug Administration conducted a Pre-Approval Inspection at the company’s manufacturing facility in Chhatrapati Sambhajinagar. The inspection concluded with two observations, which the company will address within the given timeframe.

• Dr Reddy’s Laboratories: The US Food and Drug Administration conducted a Good Manufacturing Practices inspection at the company’s API facility in Mirfield, West Yorkshire, UK. The company was issued a Form 483 with seven observations.

• Swelect Energy: The company has completed the divestment of 3 lakh shares in Gem Sugars.

• CESC: The company aims to double its net profit within the next five years.

• TVS Motor: The company has launched limited edition variants and premium upgrades of the TVS Apache.

• Aegis Logistics: The company has added new storage capacity of 61,000 kilolitres, effective Sept. 6, at an investment of Rs 99.88 crore.

• Imagicaaworld Entertainment: The company has acquired a 6.65 MW solar power plant located in Mandrup, Solapur, Maharashtra, from Giriraj Enterprises for a cash consideration of Rs 16 crore.

• Nuvoco Vistas: The company has received a show-cause notice from the Principal Commissioner proposing to deny a tax deduction on interest paid on its Non-Convertible Debentures, with a potential tax impact of Rs 99.97 crore. It has also received a show-cause notice for a potential tax liability of Rs 352.55 crore for the financial year 2019-20.

• Kaynes Technology India: The company has integrated the core team from Mustard Smartglasses to strengthen its leadership in the AR/AI wearables market.

• Asian Energy Services: The Board of Directors has approved a draft scheme to merge with Oilmax Energy, subject to approval from the National Company Law Tribunal.

• Platinum Industries: The Board of Directors has appointed Ashok Bothra as the company’s new Chief Financial Officer.

• Ratnamani Metals & Tubes: The company is acquiring the remaining 40,000 shares of its subsidiary, Ratnamani Trade EU AG, Switzerland, from Technoenergy AG for €400,000.

• Oriental Hotels: The company detected a malware incident affecting select IT systems. Immediate action was taken to contain the impact and secure the system.

• Colab Platforms: The company is acquiring a 51% stake in Indiaoneonline Synergies.

• Time Technoplast: The company has entered an agreement with the promoters of Ebullient Packaging to acquire a 74% stake at an estimated enterprise value of nearly Rs 200 crore.

• Zaggle Prepaid: The company has partnered with Pernod Ricard India to launch the Pernod Ricard India Propel Reward Platform.

• Shyam Metalics: The company has announced its August business update, with stainless steel sales increasing by 32.8% year-on-year, aluminium foil sales decreasing by 3.7% year-on-year, and carbon steel sales declining by 2.1% year-on-year.

• Welspun Living: Sanjay Gupta has resigned as the Chief Financial Officer, effective Oct. 15.

• Mastek: The company’s subsidiary has been named as a supplier on the Digital Technical Clinical Support Framework Agreement by the NHS London Procurement Partnership. It will support the NHS and public healthcare bodies in delivering modern digital clinical services.

• UNO Minda: The company will invest up to Rs 4.75 crore in a special purpose vehicle.

• Bharat Heavy Electricals: The company has entered a 10-year exclusive memorandum of understanding with Horizon Fuel Cell Technologies to jointly develop hydrogen fuel cell-based rolling stock.

• Allcargo Terminals: The company has approved the allotment of up to 1.32 crore fully convertible warrants to its promoters and promoter group on a preferential basis at Rs 29 per warrant.

• Ramkrishna Forgings: The company’s subsidiary has received the First Motion Order from the National Company Law Tribunal for the amalgamation of its wholly-owned subsidiaries, Mal Metalliks Private Limited and Multitech Auto Pvt.

• Colgate: The company has entered into an agreement with the Trained Nurses’ Association of India to integrate oral health into the primary healthcare framework.

• Hubtown: The company has entered a share purchase agreement with GVFL Trustee to acquire a stake in four companies for Rs 16 crore.

• Life Insurance Corporation of India: The company anticipates that the GST cut on insurance premiums will have a nominal impact of less than 0.5% on its embedded value.

• Medplus: The company has received a suspension order for the drug licence of one of its stores in Telangana.

• PNB Housing Finance: The company has approved raising up to Rs 5,000 crore through Non-Convertible Debentures.

• Aurobindo Pharma: The company’s Telangana manufacturing facility received a Form 483 with eight observations from the US Food and Drug Administration following an inspection conducted from 25 August to 5 September.

• Tata Steel: The Orissa High Court has extended the stay on a Rs 1,902 crore demand related to its Sukinda Chromite Block. The next hearing is scheduled for 9 October.

• Zydus Lifesciences: The company received four observations from the US Food and Drug Administration following an inspection of its Gujarat manufacturing facility.

• Barbeque-Nation: The company has re-appointed Rahul Agrawal as Chief Executive Officer and Whole-Time Director for a five-year term.

• Elpro International: The company has acquired 2.5 lakh shares of RBL Bank for Rs 6.92 crore.

• NTPC Green Energy: The company has signed a memorandum of understanding with the V. O. Chidambaranar Port Authority to establish a green hydrogen fuelling station.

• Paisalo Digital: The Board of Directors will meet on Sept. 10 to consider the allotment of Non-Convertible Debentures via private placement.

• Aurionpro Solutions: The company is acquiring Singapore-based fintech InfrariskSG Pte Ltd for Rs 7 crore, issuing up to 48,134 shares at Rs 1,454.30 each on a preferential basis.

• Lloyds Metals & Energy: The company will issue 19.57 lakh preferential shares to Adler Industrial Services Private Limited to acquire a 49% stake in Thriveni Pellets Private Limited through a share swap.

• Sunteck Realty: The company will raise nearly Rs 500 crore by issuing 1.17 crore warrants at Rs 425 each and has appointed Ajeet Singh as Whole-Time Director.

• Tata Motors: The company is reducing passenger vehicle prices by up to Rs 1.45 lakh, effective Sept. 22.

• Ashok Leyland: The company has partnered with Punjab Gramin Bank to provide vehicle finance, offering customised financial solutions with flexible repayment option.

• Prime Focus Limited: Singularity Large Value Fund III buy 30.00 lakh shares (0.97% stake) at Rs 142.55, Singularity Large Value Fund II buy 18.50 lakh shares (0.60% stake) at Rs 142.55, Utpal H Sheth buy 17.50 lac shares (0.56% stake) at Rs 142.55, Augusta Investments I Pte sell 54.48 lakh shares (1.76% stake) at Rs 142.55, Marina IV (SINGAPORE) Pte Ltd sell 38.91 lakh shares (1.26% stake) at Rs 142.55.

• Ex-Dividend: BLS E-Services, Divgi Torqtransfer, Hisar Metal, Housing & Urban Development Corporation, R M Drip and Sprinklers, KDDL Ltd.

• Price band change from 20% to 10% : Moschip, Jitf Infra.

• Price band change from 10% to 5% : E2E Networks, Country Condo's.

• List of securities shortlisted in Short - Term ASM Framework: Ganga Forging, Moschip Technologies, Readymix.

• List of securities shortlisted in Long - Term ASM Framework : Astron Paper, Cartrade Tech, Newjaisa Technologies, Sahasra.

• Nifty September Futures up by 0.09% to 24,847 at a premium of 106 points.

• Nifty September futures open interest up by 0.82%.

• Nifty Options Sept. 9 Expiry: Maximum Call open interest at 25000 and Maximum Put open interest at 24,000.

• Securities in Ban Period: RBL Bank.

The rupee touched its lowest level but pared all losses before ending 3 paise higher at Rs 88.09 against the US dollar on Friday amid sustained outflow of foreign funds and renewed concern over additional US tariffs on Indian IT sector exports. The yield on the 10-year bond, went down two basis points to close at 6.47%.