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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX traded lower by 0.28% at 19,718, signalling that Dalal Street was headed for positive start on Friday.
Asian shares were mixed as investors digested the Fed’s recent monetary policy decision amidst waiting for Bank of Japan’s interest outcome. The Nikkei 225 index fell 0.87% and the Topix was down by 0.82%. Meanwhile, the Hang Seng jumped 0.67% and the CSI 300 index rose 0.74%.
The Indian rupee closed flat at 83.09 against the US dollar on Thursday.
FII/DII Trading Data
Foreign institutional investors (FII) were net sellers for Rs 3,007.36 crore, while domestic institutional investors (DII) were net buyers for Rs 1,158.14 crore on September 21, according to provisional data from the National Stock Exchange.
Stocks in News Today
Infosys: The IT major will offer its Finacle Digital Banking Suite – Infosys Finacle, a part of EdgeVerve Systems, to Nigeria’s Guaranty Trust Bank, the banking subsidiary of Guaranty Trust Holding Company Plc. Guaranty Trust Bank will use Infosys Finacle for its multi-country digital transformation program.
Wipro: The IT company announced that Jatin Pravinchandra Dalal has resigned as Chief Financial Officer of the company, with effect from November 30, to pursue other career opportunities. The company has appointed Aparna C Iyer as Chief Financial Officer, effective immediately. Aparna will report to CEO Thierry Delaporte and will join the Wipro Executive Board.
Glenmark Pharmaceuticals: The drug maker has entered into a definitive agreement with Nirma to divest 75% stake in its subsidiary, Glenmark Life Sciences (GLS). The firm will sell stake for Rs 5,651.5 crore, at a price of Rs 615 per share. Consequently, Glenmark Pharma will own 7.84% in GLS.
SJVN: The Government of India will exercise its greenshoe option of 2.46% stake or 9,66,72,961 shares for the offer-for-sale on Sept. 22, given the oversubscription in the issue. This is in addition to the base issue size of 9,66,72,961 shares or 2.46% stake. Subsequently, the total offer size will be up to 19,33,45,923 equity shares, representing 4.92% of the total paid up equity.
Vedanta: The company’s board has approved raising up to Rs 2,500 crore via non-convertible debentures (NCDs) in one or more tranches, on a private placement basis. It will issue up to 2.5 lakh NCDs with a face value of Rs 1 lakh each.
JSW Steel: The company’s US unit Periama Holding LLC plans to sell Caretta Minerals for $24 million. The property, plant, and equipment will be sold to West Virginia Properties. The decison was taken as the operating the mines were not economically viable due to absence of coal mining lease and plant lease.
UltraTech Cement: The company has entered into an agreement with India Cements for purchase of land admeasuring 73.75 acres (which includes land admeasuring 14.53 acres to be procured), located at villages Kantakapalle and Chinnipalem, Mandal Kothavalasa, District Vizianagram, Andhra Pradesh, for a consideration of Rs.70 crore.
ICICI Bank: The private lender will buy 9.99% stake in Quantum CorpHealth Private for Rs 4.99 crore by end of October, 2023, via cash consideration.
ICICI Securities: The market regulator has issued an administrative warning with respect to the merchant banking operations of the company. SEBI has initiated quasi-judicial proceedings against the company. Further, the company said that there would be no impact on financial, operation or other activities of the company.
Yes Bank: Pankaj Sharma appointed as Chief Strategy and Transformation Officer. He will lead the implementation of major organizational changes, including direct oversight of digital transformation initiatives.
ICICI Lombard General Insurance: The company said MD and CEO Bhargav Dasgupta has resigned to pursue career opportunity outside the country and will officiate his responsibilities till his last working date. The company is in the process of filling up the resultant vacancy.
InterGlobe Aviation (IndiGo): The company has signed a codeshare partnership with UK flag carrier British Airways. Under a codeshare agreement, British Airways will add more routes to improve travel connectivity between India and the UK and both the airlines can sell seats in each other’s flights to provide their customers a wider network.
BSE: The company has notified that Stop Loss orders with Market condition (SL-M) across segments such as equity, equity derivatives, currency rerivatives, and commodity derivatives shall be discontinued with effect from October 9, 2023, to prevent erroneous order placement.
Sunteck Realty: The company and IFC are partnering to create a joint platform with a total investment of up to Rs 750 crore (USD 90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in Maharashtra. IFC’s proposed investment is for up to Rs 330 crore (USD 40 million), with the remainder to be brought in by Sunteck Realty.
NBCC (India): The state-owned construction company has received order for construction of various development work at township and mines of Bhilai steel plant, from SAIL. The value of the order is Rs 100 crore.
Life Insurance Corporation (LIC): The insurer has reduced its stake in Oil India to 9.69% from 11.3%, while it has increased its stake in Gujarat Gas to 5.01% from 4.98%.
Can Fin Homes: The company plans to consider raising up to Rs 4,000 crore via NCDs on private placement basis on September 27.
IRB Infrastructure Developers: The company said special purpose vehicle, Samakhiyali Tollway, has achieved financial closure for Rs 2,092-crore Samakhiyali Santalpur BOT Highway project. The consortium of lenders has extended debt support of Rs 1,446 crore for the project.
Kalyani Forge: The company’s shareholders have approved the appointment of Viraj Gaurishankar Kalyani as the managing director (MD) of the company.
Apollo Micro Systems: The company said that it has incorporated a subsidiary — Apollo Defence Industries– that will work on defence platforms through collaborated approach both in domestic and international companies.