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PremiumSensex and Nifty closed higher on Monday with the Sensex closing at 59,299.32, while Nifty settling at 17,691.25. A CMIE report on increase in employment by 8.5 million in September and fall in unemployment rate to 6.9% during the month boosted sentiment in the markets.
Sensex and Nifty closed 0.9% higher on Monday with the Sensex closing at 59,299.32, while Nifty settling at 17,691.25. All sectoral indices traded in the green in the morning but the markets pared some gains later. However, they continued to trade firm through the latter half of the day. Among Nifty 50 stocks, Divi’s Labs was the biggest gainer, rising 5.13%. Tata Motors, M&M, SBI, NTPC, and Dr Reddy’s Labs were among other gainers. Eicher Motors, Indian Oil, HUL and HDFC Life Insurance were among those that traded in the red.
“Indian markets started on a positive note despite negative Asian markets cues amid Evergrande crisis. During the afternoon session markets pared gains but continued their firm trade. Sentiments got some support with Centre for Monitoring Indian Economy’s (CMIE) report that employment increased by 8.5 million in September, led by the salaried jobs category, as the unemployment rate declined to 6.9% during the month. In another positive development, foreign portfolio investors (FPIs) were stood as net buyers for the second month in a row in the Indian market with an investment of ₹26,517 crore in September. As per depositories’ data, FPIs pumped in ₹13,154 crore into equities and ₹13,363 crore in the debt segment. However, markets trimmed some of their gains as traders were worried as trade deficit spiked to almost $23 billion in September from $13.8 billion in the previous month, as imports surged at a much faster pace than exports, driven by elevated global crude oil prices and purchases of gold in the build-up to the festival season."
September saw India's gold imports soar 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, according to a report. Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have fallen nearly 15% from an all-time high of $2,072 in August 2020. The surge in imports could increase India's trade deficit and pressure the rupee, the report said.
KKR plans to sell entire 4.85% stake in Indus Tower, according to a report. The company plans to sell about 130 million shares via block deals, the report said and added that the stake sale will be done via KKR unit Silverview Portfolio. Roadshows with mutual funds have started for potential sale.
US equity-index futures declined as concerns about slowing growth and persistently high inflation kept investors on the edge. Contracts on the S&P 500 Index fell 0.3% after the underlying gauge posted the biggest weekly loss since February. Iron ore to aluminum rallied as a global supply crunch turned commodities into a sellers’ market. West Texas Intermediate fluctuated around $76 per barrel before an OPEC+ meeting to discuss production policy.
Hindustan Unilever Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on 19 October 2021, through audio-visual means to consider unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2021 (Q2) along with the limited review report of the auditors for the corresponding period. The meeting will also consider a proposal for payment of interim dividend, if any, for the financial year ending 31 March, 2022.
The portfolio of ports under Adani Port has during September 2021, handled cargo volume of 23.08 million metric tonnes (including 2.57 mmt for Gangavaram Port), which is a growth of 24% year-on-year
Public policy think tank Niti Aayog is reported to have recommended the privatization fo Hind Copper and Nalco to the government
Welspun India and Dupont Biomaterials have collaborated to launch a new, sustainable functional home textile collection, according to a report.
OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, amid consumer pressure for more supply to cool a red hot market. Ministers from The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, are due to gather online at 1300 GMT. An OPEC+ ministerial panel that monitors market developments, known as JMMC, meets before that. Benchmark Brent crude, up 50% so far this year, surged above $80 a barrel last month and was trading around $79 on Monday, pushed up by supply disruptions and surging demand as the global economy recovers from the covid-19 pandemic. (Reuters)
Sterling hovered near its highest levels in almost a week against both the dollar and the euro on Monday, as a broadly stronger dollar kept the currency pinned near levels hit on Friday. Rising inflation expectations early last week saw bond yields climb higher and hit risk sentiment in equity markets, pushing sterling to its lowest levels since December 2020. Sterling moves closely in line with global risk sentiment. The pound has made a tentative recovery since the latter part of last week, hitting $1.3576 in early deals in London on Monday, its highest since 28 September. That still leaves the currency down 0.8% on the year against the dollar. (Reuters)
Senvion, a manufacturer of wind turbines, has been awarded a 591 MW project to deliver its high-quality wind turbines for JSW Energy. Senvion turbines will be deployed in JSW Energy’s ongoing pipeline of 2.5 GW of renewable projects which are under construction. The project will comprise of Senvion’s state-of-the-art 2.7MW turbines. When fully deployed these wind turbines will produce enough clean energy to supply the power needs of over 450,000 Indian homes. Key factors in the award of the contract to Senvion included a competitive product due to high-level of indigenization, technical strength, and quality. The delivery of the turbines will start from H1 of 2022.
Business-to-business e-commerce platform Udaan, on Monday announced the second edition of ‘Mega Bharat Sale’ event for kirana shops and small retailers across the country. This follows the success of the first edition of the sale held in August. In view of the upcoming festive season, the ‘Mega Bharat Sale’ will run from 6-12 October on the Udaan platform. During the mega sale period, small retailers and kirana owners from across the country will get an opportunity to get huge discounts across a wide selection of quality products with over 100 brands and over 5,000 SKUs (stock-keeping units) from small and large fast-moving consumer goods (FMCG) brands, according to reports.
ZebPay, a crypto asset exchange, has launched India’s first global Electronic Over-The-Counter (OTC) desk for large volume traders and institutional investors globally. Targeted at HNIs (high net-worth individuals) trading firms, and corporates, the ZebPay Electronic OTC desk offers cost-effective one-click execution of large crypto trade orders instantly at tight spreads with zero fees and minimal slippage. Access is available via API integration or through an easy-to-use trading interface that enables automated trading facilities for all users.
Kolkata-headquartered pharmaceutical company Albert David Ltd has informed the BSE in a regulatory filing that the company has decided to partner with Corona Remedies Pvt Ltd to help take the human placental extract product Placentrex with another brand name to a larger and wider group of end beneficiaries. Albert David Ltd said that it has signed a strategic co-marketing agreement for the purpose with Corona Remedies on Monday.
Local arm of Japanese industrial conglomerate Toshiba on Monday announced the appointment of Shuichi Ito as the company’s new managing director, effective 1 October 2021. Ito succeeds Tomohiko Okada who was heading TIPL’s operations for more than five years.
FieldFresh Foods, a joint venture between Bharti Enterprises and Del Monte Pacific Ltd, on Monday announced that the company’s chief commercial officer Mahesh Kanchan has been elevated to the position of chief executive officer. Kanchan will take over from Yogesh Bellani who has decided to pursue opportunities outside of the company. Rakesh Bharti Mittal, vice chairman of Bharti Enterprises and chairman of FieldFresh Foods said under Kanchan’s leadership, the company will prosper into a leading next-generation consumer products company. "Under Bellani, Del Monte has become a household name in India," he said.
UPL Limited, formerly United Phosphorus Limited, had no environmental authorization to operate its Cornubia chemical factory, nor did it obtain risk assessment and planning permissions as required by environmental and municipal by-laws, according to a preliminary report released on Sunday by South Africa's forestry, fisheries and environment minister Barbara Creecy regarding the Durban environmental disaster probe.
Tata Communications and Cisco Systems on Monday announced the expansion of their two-decades-long strategic global partnership. This new agreement is between Tata Communications and Cisco Meraki to empower enterprises with simple and easy to deploy, manage, and analyse IT infrastructure for delivering anywhere, anytime access, according to a statement. According to the statement, San Francisco headquartered cloud-managed IT company Cisco Meraki has been onboarded within the Tata Communications ecosystem to offer a world-class suite of next-generation cloud-managed Wi-Fi services based on the latest Wi-Fi 6 technology and SD-WAN (Software-Defined Wide Area Network) services across various industries.
NIIT Ltd, a global skills & talent development company, and leading provider of managed training services, has acquired 70% stake in RPS Consulting Private Limited (RPS Consulting). The board of NIIT Ltd approved this transaction during the board meeting held on 1 October 2021. The remaining 30% shareholding will be acquired by NIIT from the promoters of RPS Consulting in subsequent tranches based on achievement of certain financial milestones and closing adjustments in terms of the transaction documents within the next two and a half years. (ANI)
The Mumbai bench of NCLT will hear the plea of Invesco, after ZEEL last week refused to conduct an EGM vowing to challenge this in a high court. With this analysts say that control of ZEEL is headed for a long winding legal battle with a final outcome unlikely in the immediate future.
Kamdhenu Ltd has informed that its paint factory is now fully functional and operational with state-of-the-art facility and upgraded manufacturing capabilities and facilities, according to a report.
Shares of pharmaceuticals company Divis Laboratories surged 10% to hit a 52- week high level of ₹5,315 per share on the BSE in Monday's early trading session. The pharma stock, which is trading as the top Nifty gainer, is in focus as the company is MSD's authorized manufacturer for Molnupiravir API. (Read here)
25 stocks on the Sensex were in the green at noon, while five stocks including Tata Steel, Titan, and Powergrid were in the red.
Wyndham Hotels & Resorts, a hotel company based in Parsippany, New Jersey, the US, is to expand its hotel pipeline in India. After announcing the launch of a 300-room hotel property in Mumbai, the company's India and EMEA head Nikhi Sharma said it plans to add another 34 hotels by 2023-24 in the country under brands such as Wyndham, Ramada and Horton Stays. The company currently has hotels in Jaipur, Powai, Khajuraho, Dehradun, etc. under Ramada and Wyndham brands.
Man Infraconstruction Ltd has announced bonus issue in the ratio 1:2, according to a report.
Japan's new prime minister, Fumio Kishida, exchanged fist bumps with lawmakers after he was formally elected by parliament on Monday, as public broadcaster NHK said he was set to dissolve the body next week and call an election for 31 October. The surprise move, amid widespread expectations for a poll in November, appears to be aimed at exploiting a traditional honeymoon period accorded to new governments and a sharp drop in the number of coronavirus infections. (reuters)
Amazon founder Jeff Bezos participated in a $87 million Series B funding for Indonesian startup Ula, marking his first-ever investment in Southeast Asia’s e-commerce space. Bezos Expeditions, Northstar group, AC Ventures and Citius joined the round co-led by Prosus Ventures, Tencent and B-Capital, the e-commerce marketplace Ula said in a statement on Monday. The previous fundraising included $10.5 million seed round in June 2020 and an additional $20 million Series A round in January this year. (bloomberg)
Indian shares rose on Monday after four sessions of falls, with pharma stocks leading the recovery in broad-based buying, while investors waited for the September-quarter earnings season to start and a central bank rate decision due later in the week. The NSE Nifty 50 index climbed 1.03% to 17,713.90 by 0505 GMT, while the S&P BSE Sensex gained 1.09% to 59,406.33. Both indices posted their worst weekly performance in several months last week as markets consolidated after scaling record highs multiple times in September on declining covid-19 cases and easing restrictions across the country. (reuters)
CEAT had completed acquisition of 26% stake in Cleanwin Energy, according to a report. The company had last month signed a limited liability partnership (LLP) agreement with Harshvardhan Ravi Goenka and Yellowstone Clean Energy LLP. Under the agreement, CEAT was to invest up to ₹60 lakh in one or more tranches in Cleanwin Energy Five LLP to acquire a 26% stake in the LLP. Cleanwin was promoted as a special purpose vehicle for undertaking the business of generation of renewable energy from conventional and non-conventional sources of energy and to supply such electricity on a captive basis to the company.
All sectors were in green at 10:50 am.
Cipla and Eli Lilly have entered into a strategic partnership in India to access Lilly's key diabetes products.
Biocon has expanded its generic formulations portfolio with the launch of Everolimus tablets in the US.
Fumio Kishida was officially elected as Japan's 100th prime minister on Monday after winning a majority of votes in both houses of parliament. The new cabinet members under Kishida, who succeeds Yoshihide Suga, are due to be announced later in the day. (reuters)
Zydus Cadila has secured approval from the Drugs Controller General of India (DCGA) to conduct the phase 3 trials of a two-dose regimen of its covid-19 vaccine ZyCoV-D. The Subject Expert Committee (SEC) has granted permission to the company to conduct phase 3 trials of ZyCoV-D, according to a report in the Economic Times.
