Pre Market Analysis 03-09-2021

Market Opening - An Overview

Nifty futures on Singapore Exchange were trading 0.19% higher at 17,256, indicating that Dalal Street was headed for a positive start on Friday.

The Indian rupee gained 3 paise to close at 73.06 against the US dollar on Thursday.

Asian stocks were mixed as China’s indices opened lower after data showed the Caixin services purchasing managers’ index (PMI) for August was disappointing at 46.7. Japan’s indices opened higher, tracking the US markets. China’s CSI 300 fell 0.35% and Hang Seng dropped 0.56%. Japan’s Nikkei jumped 4.31% and Topix rose 0.87%.

FII/DII trading data on Thursday (03-09-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Punjab National Bank: The lender asked NCLAT, a tribunal, to quash the rescue plan for defunct and debt-laden Jet Airways, alleging irregularities in it, a move that would risk delaying any return of the airline grounded two years ago. The bank argues that Jet’s court-appointed rescue official had initially accepted its claim of nearly Rs 1,000 crore from the airline’s backers, but then reduced it by Rs 200 crore, which is arbitrary and illegal, according to its tribunal filing seen by Reuters.

Adani Green: The company has raised $750 million via green bonds through a three-year issuance at a fixed coupon of 4.375%. The issuance was oversubscribed by 4.7 times, said the company in a statement. It said that the capital will be utilised towards equity funding of the capital expenditure for underlying renewable projects.

Indian Oil Corp: The company has listed its bonds in foreign currency on India INX, the first international exchange at Gujarat International Finance Tec-City (GIFT) IFSC. According to a statement from International Financial Services Centre (IFSC), securities worth SGD 400 million and $1.4 billion, issued in 2012, 2013 and 2019 respectively are now listed.

ONGC: The company is mulling to buy a stake in Russia’s massive Vostok Oil project, a company official said, as the two countries seek to deepen their economic ties in the energy sector. Indian Oil Minister Hardeep Singh Puri met Russian Energy Minister Nikolai Shulginov and Rosneft chief Igor Sechin during a visit to Russia to attend an economic forum.

IRB Infrastructure Developers Ltd: The company said it has won an order for the construction of six lanes of 20 km Pondavakkam to Kannigaipair stretch on the upcoming ChittoorThachur Highways in Tamil Nadu at a cost outlay of Rs 909 crore. After winning this order, the company’s order book will stand at Rs 14,189 crores, IRB Infrastructure said, adding, the concession will comprise 730 days for construction and 15 years operations and maintenance rights thereafter.

Tata Power: The company said its arm TP Saurya has received a letter of award from Rewa Ultra Mega Solar Limited for setting up of 330 MW solar project in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding followed by e-reverse auction, it said

Bank of India: The lender is planning for a follow-on public issue next year after raising Rs 2550 crore to reduce the government’s holding to 75%. The additional funds raised through this public issue would also support growth in lending beyond March 2023.