Pre Market Analysis 07-10-2021

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.83% higher at 17,774.50, signalling that Dalal Street was headed for a positive start on Thursday.

Asian shares open higher, tracking the US markets as concerns over the US debt default waned and oil prices fell. Japan’s Nikkei rose 1.68% and Topix gained 0.77%. China’s CSI 300 was up 0.67% and Hang Seng jumped 2.27%.

The Indian rupee plunged 54 paise to close at 74.65 against the US dollar on Wednesday.

FII/DII trading data on Wednesday (06-10-2021)

CategoryBuy ValueSell ValueNet Value
*All numbers are in INR crore

Stocks in News Today

Reliance Jio, Airtel: The two telecom companies are likely to post 5% to 7% sequential increase in revenue with a steady margin for the second quarter of FY22, according to Jefferies. Jio’s growth will be driven by continued subscriber addition, while Airtel’s growth will be led by segmented tariff hikes taken in the September-ended quarter, Jeffferies added.

Zee Entertainment Enterprises: The company approached the National Company Law Appellate Tribunal (NCLAT) on October 6, in a bid to stay the NCLT order which sought Zee’s reply on a plea moved by shareholder Invesco Developing Market Funds. “The Company has moved to National Company Law Appellate Tribunal (NCLAT) in accordance with the due process available under the law,” Zee’s spokesperson said.

Titan: The company has seen a robust recovery in demand in the Jul-Sep quarter, and its sales in most of its divisions have either reached above or close to pre-pandemic levels. The jewellery segment, which contributes a larger portion of its turnover, has reported 78% growth in Q2 FY22, compared to the same period last year.

SREI Group: The promoters of the group, Adisri Commerical Private Limited, has filed a writ petition against the Reserve Bank of India in the Bombay High Court against the central bank’s decision to supersede the board of the two group companies. The promoters are seeking a stay on the RBI proceedings against the two group companies. The matter is expected to be heard on October 7.

Lupin: The pharma company has received a tentative nod from the US health regulator FDA to market generic Brexpiprazole tablets, which are used with anti-depressant medicines for the treatment of major depressive disorder, in the US market. These tablets will be manufactured at the company’s Plthampur facility, Lupin said.

Sobha: The realty company said it has registered 49% growth in sales bookings at Rs 1,030.2 crore during the Jul-Sep quarter of this fiscal on better housing demand. Housing sales bookings in volume terms rose to 13.48 lakh square feet in Q2 of this fiscal from 8.91 lakh square feet in the year-ago period.

Inox Wind: The company’s board has approved the issuance of preference shares worth Rs 1,100 crore to its promoters. The board also approved the proposal of issuance of 0.01% non-convertible non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each to Inox Wind Energy Ltd, promoter of the company.

Rosari Biotech: The speciality chemical manufacturer is expecting to close the fiscal year 2022 with at least 50% rise in both revenue and earnings, helped by rising demand and a substantial price hike that will help boost margins. In the fiscal 2021, the company’s revenue stood at Rs 709 crore and net income was Rs 80 crore.

Jindal Steel and Power Ltd: The company expects steel prices to go up in the next few months as many companies are buying coal at three times the rates a month ago, said the company’s MD V R Sharma. A tonne of coal, which was costing between Rs 4,000- Rs 6,000 a tonne, is now costing Rs 8,000-Rs 12,000 per tonne.

Nazara Technologies: The gaming company’s board has approved a preferential allotment of fresh equity shares worth Rs 315.30 crore to institutional investors. The company will issue up to 14,29,266 equity shares of face value of Rs 4 each of the company, for cash, at an issue price of Rs 2,206 per equity to Gamnat Pte Ltd and Plutus Wealth Management LLP on a preferential basis, according to its regulatory filing.