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PremiumSensex, Nifty closed over 0.20% lower on Wednesday. The Sensex closed over 200 points lower after plunging nearly 500 points during the day. Asian markets closed lower Wednesday as China’s central bank injected liquidity into the financial system for a ninth day in the longest run since December as it sought to meet a surge in seasonal demand for cash.
"We are still within the range of 17500-17950; it is mandatory for either side to be taken out if we want to trade a meaningful move. Until then, we will witness choppy or sideways movements. The macro trend is still positive but from a trading perspective one needs to be cautious and diligent. Hasty decisions in trading can have fatal consequences."
"Nifty traded in a sideways range today. It closed at 17710 down by 35 points after taking support in range 17580-17620 and faced profit booking in its resistance range of 17780-17820. Nifty is in a bullish trend and buy on dips with strict stop loss is suggested in the current markets."
The Sensex closed at 59,413.27, down 254.33 points, or 0.43%, while Nifty was at 17,711.30, down 37.30 points, or 0.21%. Metals, PSU banks, pharma and realty were top drags.
In what could be tagged as a maiden tie-up in the gold loan space, private sector lender IndusInd Bank has entered into a co-lending partnership with Kochi-based gold loan firm Indel Money. This is the first-of-its-kind conventional gold loan co-lending partnership between a gold-loan focused NBFC and a commercial bank, the Kochi firm, known for long-term loans against the yellow metal, said in a statement on Wednesday. Under the tie-up, IndusInd Bank will offer gold loans at competitive rates to its customers, which will be originated by Indel Money, Umesh Mohanan, chief executive of Indel Money, said on Wednesday. (PTI)
GST levy on annuity payments of BOT-HAM projects will have limited impact on project cash flows, domestic rating agency Icra on Wednesday. "With NHAI reimbursing additional tax burden on account of GST levy on annuity payments for BOT (build-operate-transfer)-HAM (hybrid annuity model) projects, there would be no impact on the cashflows, project debt coverage and return metrics of the concessionaire," Vinay Kumar G, assistant vice-president and sector head (corporate ratings) of ICRA, said in a statement.
Britannia's stock was trading at ₹3,980.95, down 0.51% at 2:53 pm. The company has tied up with Accenture for digital operations, according to media reports.
Realty firm Godrej Properties on Wednesday said it has entered into an agreement to redevelop a residential project at Wadala in Mumbai comprising 16 lakh square feet of saleable area. In a regulatory filing, the company informed that it has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala.
India aims to narrow its budget deficit to 6.3% of gross domestic product this fiscal year, or half a percentage point lower than initially targeted, on the back of improving revenues, according to people familiar with the matter. The target reset is buoyed by expectations of robust tax collections in the coming months and achievement of assets-sale target, said the people, who asked not to be identified as the estimates are being discussed internally. The government will maintain its spending targets, with a focus on capital expenditure, they said. (Read more)
The Mukesh Ambani-led Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision. (Read more)
Tata Group will likely get the government’s nod to take control of money-losing Air India Ltd. considering the nation’s largest conglomerate is capable of pouring large sums into the flag carrier and revamping it. That’s according to former Air India director Jitender Bhargava, who said in a Bloomberg TV interview Wednesday that Tata Group has the funds and wherewithal to revive it.
Edelweiss Asset Management Ltd on Wednesday announced the launch of their next target maturity index fund—Edelweiss Nifty PSU Bond plus SDL Index Fund–2027. The passively manage index fund will invest in AAA-rated public sector units’ bonds as well as state development loans (SDL). With a minimum investment amount of ₹5,000, the fund will have a defined maturity date of 30 April 2027. At maturity, investors will get back their investment proceeds. All of the fund’s proceeds will be invested in AAA CPSE instruments and state development loans. The Edelweiss Nifty PSU SDL Index Fund–2027 will be open for subscription during 30 September to 8 October.
Vodafone Idea's stock was trading at ₹11.22 each, up 2.19% at 2:07 pm. Voda idea chief executive Ravinder Takkar says confident that promoter will the telco’s upcoming fundraise plan. Amounts and participation of promoter in fundraise is up to them.
RIl said it was unable to comment on media speculation and rumours
Two schemes related to Export Credit Guarantee Corporation of India (ECGC) and National Export Insurance Account (NEIA) have been cleared by the Cabinet, CNBCTV18 reported citing unnamed sources. The schemes are expected to expand credit support to exporters.
The Enforcement Directorate on Tuesday provisionally attached assets worth ₹578 crore of Wadhawan Global Capital (UK) Ltd (WGC-UK), a company owned by Kapil Wadhawan and Dheeraj Wadhawan under PMLA, 2002 in DHFL-UPPCL fraud case.
DB Realty's stock was trading at ₹27.50 each, up 1.85% at 1: 24 pm. The company has acquired of additional equity in Neelkamal Realtors Tower Pvt. Ltd and making it wholly owned unit of DB realty, it said in a regulatory filing.
The Serious Fraud Investigation Office (SFIO) on Wednesday told the Supreme Court that it has prepared a report on irregularities in Unitech Ltd and has found some of its properties. The SFIO sought permission to file its report in a sealed cover, saying they need to bring certain issues to the knowledge of the court. (PTI)
HDFC Bank's stock was trading at ₹1,594.40 apiece, down 1.33% at 12:58 pm. The lender has issued more than 4 lakh credit cards until 21 September since the freeze was lifted, CNBCTV18 reported. HDFC Bank will make the new cards available to customers in October.
NTPC"s stock was trading at ₹139.00 apiece, up 5.34% a 12:51 pm. As part of its pivot towards green energy, India’s largest power generation company NTPC Ltd has won 4.32 gigawatt (GW) of renewable energy bids since the last financial year. This assumes significance given that the state-run NTPC Ltd recently bid a record low solar tariff of Rs1.99 per unit setting a new benchmark in the sector. (Read more)
HCL Tech's stock was trading at ₹1,270.70, up 0.12% at 12:44 pm. HCL Tech and Proximus have announced a strategic partnership to launch hybrid next-generation cloud portfolio for Benelux market. Benelux stands for Belgium, the Netherlands and Luxembourg.
Morepen Laboratories on Wednesday said its shareholders have approved to shift its medical devices business into a newly incorporated wholly-owned subsidiary. The new technology focused company -- Morepen Devices Ltd -- will be able to raise capital to fund its growth and make investment on innovation, research, capacity expansion and promotion of its products. The company shareholders have given their approval for the creation of the new unit on September 28 during the course of the 36th annual general meeting. (PTI)
Larsen & Toubro Ltd. is in talks to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries Ltd., according to people with knowledge of the matter. The share-swap deal will help India’s largest engineering conglomerate pare debt, the people said, asking not to be identified as the deliberations are private. The transaction could value the combined business at around $4.5 billion including debt, one of the people said. L&T is considering moving as much as 100 billion rupees ($1.3 billion) of debt to the merged entity, according to the person. It may eventually seek a separate listing for the power business after the deal, the person said. Deliberations are ongoing, and details of the potential transaction could change or talks could fall apart, the people said. (Bloomberg)
The global oil tanker market faces another year of low earnings as the coronavirus pandemic and vaccine inequalities disrupt demand and producers limit output of crude, Peter Sand, chief shipping analyst at shipowner association BIMCO said on Wednesday. The earnings of very large crude carriers (VLCCs) that carry the bulk of crude stand at about $10,000 a day, down from 2020 record highs of more than $240,000, after the pandemic battered demand, creating an oil surplus and a scramble for storage. Despite a patchy recovery in global oil demand and some easing of output cuts, tanker shipping rates still have a way to go, analysts said. "We need to look towards another 12 months of fairly low earnings," Sand told the annual Platts APPEC 2021 conference.
BLS International's stock was trading at ₹261.15 apiece, up 2.90% at 12:35 pm. The company has secured a contract from the Embassy Of Italy in Russia for visa processing for a period of 5 years.
Can Fin Homes's stock was trading at ₹652.00, down 0.44% at 12:14 pm. Care Ratings has revised the outlook on the company's long-term bank facilities to 'stable' from 'negative' and affirmed the rating at ‘AAA’.
Digital health platform MFine has raised $48 million as a part of its Series C round co-led by Moore Strategic Ventures and BEENEXT. The round also saw participation from Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd. and Alteria Capital. (Read more)
Tata Motors's stock was trading at ₹329.55, up 0.09% at 12:11 pm. The company has launched Tiago and Nexon car models in Nepal.
Rating agency Fitch said on Wednesday it had downgraded the long-term foreign-currency issuer default ratings (IDRs) of Chinese homebuilder China Evergrande Group and its subsidiaries, Hengda and Tianji. The downgrades to 'C', from 'CC', reflect that Evergrande is likely to have missed interest payment on its senior unsecured notes and entered the consequent 30-day grace period before non-payment constitutes an event of default, Fitch said. (Reuters)
Cloud telephony platform Exotel has raised $35 million as a part of its Series C funding from IIFL AMC, Sistema, CX Partners, Singularity Growth Opportunities Fund. Arun Sarin, former chief executive officer (CEO) of Vodafone who has also joined the round as an angel investor and a mentor. Existing investors Blume Ventures and A91 Partners have also participated in this round, the company said in a statement. According to Exotel co-founder and chief executive, Shivakumar Ganesan, the company will be using a part of the fundraise to finance its recent merger with call center cloud software provider Ameyo. The company will also look to utilise the capital to explore growth through organic and inorganic routes, as well as boost its product offerings. (Read more)
Bhel’s stock was trading at ₹63.40, up 4.71% at 12:06 pm. The company's procurements via govt e-marketplace (GeM) cross ₹1,500 cr in H1FY22.
Northern Arc Capital, a platform in the financial services sector and a diversified NBFC, on Wednesday said that it has raised ₹100 crore debt from Japanese bank Sumitomo Mitsui Banking Corporation (SMBC). SMBC is Japan’s second largest and the world’s fourteenth largest bank by assets, with a presence in over 41 markets globally. This investment is a complementary move supporting the bank’s efforts in furthering its Sustainable Development Goals (SDG) goals in India.
On Tuesday, Spot Gold ended lower by 0.92 percent closing at $1733.7 per ounce as expectation of a hawkish stance by the US central bank continued pressure the bullion metals. While the US Federal Reserve kept the monetary policy unchanged in the recent policy meet, projections of an earlier than expected hike in interest rates gave strength to the Dollar and US Treasury yield denting appeal for the non-interest-bearing Gold. US Federal Reserve officials stated that tightening of the monetary policy depends on the steady expansion in the US labor market. Investors are expected to have a keen eye on the US employment data for September’21 for more cues on the central bank's monetary policy shift. In September’21, U.S. consumer confidence slipped to a seven month low reflecting the surge in virus infected cases reigniting worries of slowdown in the economy. Appreciating Dollar and increasing US Treasury yield might continue to weigh Gold in today’s session
Real estate developer Supertech has moved the Supreme Court seeking modification of its August 31 order in which it was directed to demolish two of the 40-storey towers at its Emerald Court housing project in Noida. It has proposed an alternative plan to demolish only one of the two towers. (Read more)
Bharti Airtel's stock was trading at ₹693.25 apiece, down 0.43% at 11:15 am. Crisil Ratings upgraded the long-term rating on Bharti Airtel’s bank loan facilities and debt programme to “CRISIL AA+/Stable’ from ‘CRISIL AA/Stable".
-Company's stock was trading at ₹124.75 each, up 1.01%
-SVP Global Ventures to foray into technical textiles
-plans ₹1 bn investment
-Piramal Group has discharged the consideration to DHFL's creditors
-Total consideration of ₹34,250 cr paid for DHFL acquisition
The daily rise in coronavirus infections remained below 20,000 for the second consecutive day with 18,870 fresh cases recorded in a single day, while the active cases declined to 2,82,520, the lowest in 194 days, according to the Union Health Ministry data updated on Wednesday. With the fresh cases, India's tally of COVID-19 cases rose to 3,37,16,451. The death toll climbed to 4,47,751 with 378 fresh fatalities, according to the data updated at 8 am. The active cases comprise 0.84 per cent of the total infections, the lowest since March 2020, while the national COVID-19 recovery rate was recorded at 97.83 per cent, the highest since March 2020, the ministry said. A decrease of 9,686 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. As many as 15,04,713 tests were conducted on Tuesday taking the total cumulative tests conducted so far for detection of COVID-19 in the country to 56,74,50,185.
"The index is facing resistance at higher levels and is unable to break lower levels. This is a trading opportunity in the making! If we get past 17,950, the Nifty will scale up higher to 18,050. If we break 17,500 on a closing basis, we could see a correction which could take us closer to 17,200."
