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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX were trading lower by 0.24% at 19,840.50, signalling that Dalal Street was headed for negative start on Thursday.
Asian shares were trading lower after the US central bank signalleded that key benchmark interest rates will be higher for a longer period of time.
The Indian rupee rose by 20 paise to 83.08 against the US dollar on Wednesday.
The Federal Reserve’s FOMC kept its target range unchanged at 5.25% to 5.5%, while toughening its hawkish monetary policy stance. Policymakers also see less easing next year, with the median forecast for the federal funds rate at 5.1% by year-end.
FII/DII Trading Data
Foreign institutional investors (FII) were net sellers for Rs 3,110.69 crore, while domestic institutional investors (DII) were net sellers for Rs 573.02 crore on September 20.
Stocks in News Today
Infosys: The IT major has joined hands with NVIDIA to develop generative AI applications and solutions. The partnership brings together Nvidia AI Enterprise and Infosys Topaz, which an AI suite of services that was introduced earlier this year. Infosys plans to set up an NVIDIA Centre of Excellence, where it will train and certify 50,000 of its employees on NVIDIA AI technology.
State Bank of India (SBI): The state-run lender has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments. The formalities for change of RTA relating to documentation, shifting of electronic connectivity and transition of data are in process.
Biocon: The company’s subsidiary, Biocon Biologics, announced that the European Commission (EC) has granted marketing authorization in the European Union (EU) for YESAFILI, a biosimilar of Aflibercept. YESAFILI, an ophthalmology product, is intended for the treatment of neovascular age-related macular degeneration, visual impairment due to macular oedema secondary to retinal vein occlusion, visual impairment due to diabetic macular oedema (DME) and visual impairment due to myopic choroidal neovascularisation (myopic CNV). Aflibercept had EU brand sales of approximately $1.8B for the 12 months ending December 31, 2022, according to IQVIA.
REC: The company said it has incorporated Kallam Transco as a wholly-owned subsidiary of REC Power Development and Consultancy. The company also announced the sale of Beawar Transmission to Sterlite Grid 27 comprising of 50,000 equity shares. Sterlite was the successful bidder selected through tariff based competitive bidding process to establish inter-state transmission system for REZ in Rajasthan under Phase III Part F.
Cipla: The USFDA conducted an inspection at the manufacturing facility of unit InvaGen Pharmaceuticals Inc., a subsidiary of Cipla, in New York from September 11-13. InvaGen has received five inspectional observations in Form 483. There are no repeat or data integrity (DI) observations.
Zydus Lifesciences: The pharma company has received final approval from the US drug regulator for Clindamycin Phosphate Gel USP, 1 percent which is used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. The drug had annual sales of $37 million in the United States as per IQVIA MAT July 2023.
SJVN: The Indian government plans to sell up to 9,66,72,962 equity shares or 2.46% stake in the hydroelectric power generation company on September 21 and 22, with an option to additionally sell 9,66,72,961 equity shares or 2.46% stake. OFS opens for non-retail investors on September 21 and retail investors on September 22. The floor price of the offer is set at Rs 69 per share.
Apollo Tyres: The company said Bias and OTR tyre production at its manufacturing facility in Limda, Gujarat, has been stopped due to certain concerns amongst shop floor employees relating to the renewal of the long-term settlement agreement. The company is in discussions and negotiations with the labour union representatives to address their concerns and find an amicable resolution. There is no material impact on the operations at this stage.
Sheela Foam: The QIP committee authorised the opening of the QIP issue on Wednesday, and set the floor price as Rs 1,133.99 apiece.
Exide Industries: The company has invested Rs 124.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary Exide Energy Solutions on rights basis.
Kalpataru Projects International: The company’s board has approved a proposal for raising capital by way of issuance of non-convertible debentures on private placement basis.
WPIL: The company has received a contract worth Rs 14.3 crore for supply of onboard range of centrifugal pumps and spares for different classes of ships from Ministry of Defence. The contract is to be executed within a period of 24 months.
Shree Renuka Sugars: The company’s board will meet on September 23 to consider and approve entering into an agreement for an investment in a sugar manufacturing company located in Uttar Pradesh, India.
DCB Bank: The Reserve Bank of India has given its approval to HDFC Asset Management Company to acquire aggregate holding of up to 9.5% of the bank. The AMC has been advised by the RBI to acquire the shareholding within a period of one year from the date of approval.