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Budget News

  • Sensex, Nifty end with modest gains; IT stocks advance
  • September 24,2021  15:34
  • The domestic equity benchmarks ended with modest gains on Friday. The Nifty closed a tad above the 17,850 mark. IT shares advanced after Accenture announced strong Q4 earnings. Autos, banks, and realty stocks advanced while metals, FMCG and media stocks witnessed selling.

    As per provisional closing data, the barometer index, the S&P BSE Sensex, added 163.11 points or 0.27% to 60,048.47. The Nifty 50 index gained 30.25 points or 0.17% to 17,853.20.

    The Sensex hit a record high of 60,333 while the Nifty hit an all-time high of 17,947.65 in morning trade.

    The broader market indices underperformed the benchmarks. The S&P BSE Mid-Cap index fell 1.16%. The S&P BSE Small-Cap index shed 0.30%.

    Sellers outnumbered buyers. On the BSE, 1341 shares rose and 1922 shares fell. A total of 159 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 23,06,19,562 with 47,29,061 deaths. India reported 3,00,162 active cases of COVID-19 infection and 4,46,368 deaths while 3,28,48,273 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    A total of 84,09,03,125 COVID-19 vaccine doses have been administered in the country so far, with over 72.01 lakh doses being given yesterday, according to the Co-WIN dashboard.

    Economy:

    The Reserve Bank of India (RBI) Governor Shaktikanta Das said that there are signs that the world is emerging from the shadow of coronavirus. While delivering the keynote address at the 48th National Management Convention of the All India Management Association, Das said the time is right to plan for an economy that is stronger, more inclusive and sustainable.

    Stating that the pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and health tech, RBI Governor Shaktikanta Das said the forces of 'creative destruction' are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy.

    Talking about the achievements of India's manufacturing sector, Das said the country has turned from being an importer to an exporter of mobile phones. He said the trend is likely to spill over to other sectors also; enhancing India's share in the Global Value Chain and increasing the competitiveness of India's large and Micro, Small and Medium Enterprises.

    However, warning of uneven global recovery, the RBI Governor said multilateralism will lose credibility if it fails to ensure equitable access to vaccines across countries. He added that securing the health and immunity of the poor would mean a great leap towards inclusive growth.

    New Listings:

    Shares of Sansera Engineering ended at Rs 818.95 on the BSE, at a premium of 10.07% as compared with the issue price of Rs 744 per share. The scrip was listed at Rs 811.35, a premium of 9.05% to the initial public offer (IPO) price.

    The stock has hit a high of 842 and a low of 800.80 so far in the trading session. More than 11.41 lakh shares of the company changed hands in the counter so far on the BSE.

    The IPO of Sansera Engineering opened for bidding on 14 September 2021 and closed on 16 September 2021. The price band of the IPO was Rs 734-744 per share.

    The IPO received bids for 13.88 crore shares as against 1.21 crore shares on offer. The issue was subscribed 11.47 times.

    Sansera Engineering is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.

    Buzzing Index:

    The Nifty IT index rose 0.82% to 37,117.85, extending gains for fourth consecutive session. The index has added 4.85% in four sessions.

    Larsen & Toubro Infotech (up 3.40%), HCL Tech (up 2.09%), Infosys (up 1.23%), MindTree (up 1.22%), Mphasis (up 0.85%), Coforge (up 0.25%), TCS (up 0.20%) and Wipro (up 0.16%), while Tech Mahindra (down 0.53%) declined.

    Most IT stocks were in demand after Accenture announced strong earnings for the fourth quarter.

    Accenture Plc.'s revenue increased 24% year-on-year to $13.42 billion in the quarter nded August. For the full fiscal, revenue rose 14% over the preceding year to $50.5 billion.

    Accenture expects revenues for the first quarter of fiscal 2022 to be in the range of $13.90 billion to $14.35 billion, an increase of 18% to 22% in local currency, reflecting the company's assumption of a positive 0.5% foreign-exchange impact compared with the first quarter of fiscal 2021. For fiscal 2022, the company expects revenue growth to be in the range of 12% to 15% in local currency.

    Stocks in Spotlight:

    Cadila Healthcare shed 0.46% to Rs 564.30. The U.S.-based subsidiary of Cadila Healthcare, Zydus Pharmaceuticals received the final approval from the U.S.-based drug regulator, United States Food and Drug Administration to market Apremilast tablets in the strengths of 10 mg, 20 mg, 30 mg. The tablets are indicated for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.

    Shilpa Medicare fell 2.29% lower at Rs 559. The company said that it has entered into a definitive agreement with Cadila Healthcare for production and supply of the ZyCov-D vaccine drug from its integrated biologics R&D center at Dharwad, Karnataka. Under the agreement, Shilpa Biologicals, wholly owned subsidiary of Shilpa Medicare, will be responsible for manufacture of the drug substance of the vaccine, while Cadila Healthcare will be responsible for filling, packaging, distribution and marketing of the vaccine in its territories.

    UltraTech Cement slipped 1.23% to Rs 7522.90. The company plans to meet 100% of its electricity requirement through renewables sources by 2050. It has committed to Climate Group's RE100 initiative at Climate Week NYC 2021.

    Vedanta declined 2.28% at Rs 293.15. The company said that it will delist its American Depositary Shares (ADSs) from the New York Stock Exchange and terminate its American Depositary Share program.

    The company's board of directors has taken into account the recent low trading volume of its ADSs on the NYSE and the associated costs of maintaining the listing and related obligations. The company intends to file a Form 25 with the SEC on or about 29 October 2021, to delist ADSs, which will take effect in 10 days.

    IRCON International rose 2.69% to Rs 45.75. The company has won a bid to set-up 500 MW solar power plant through e-reverse auction with a viability gap funding (VGF) of Rs 224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2400 crore.

    PVR dropped 3.62% to Rs 1510.75. CRISIL has downgraded long term credit rating on PVR's bank loan facilities to A+/Negative from AA-/Negative, and short term rating to A1 from A1+.

    Dilip Buildcon advanced 3.38% to Rs 572.75. The Supreme Court of India has in effect confirmed appointment of Dilip Buildcon (DBL) & VPR Mining Infrastructure (VPR), as the mine developer cum operator, by Punjab State Power Corporation at the Pachhwara Central Coal Block Mine. The total contract value of the tender is Rs. 32,156.04 crore (excluding taxes).

    Global Markets:

    European stocks declined across the board on Friday, 24 September 2021, as investors reacted to central bank policy decisions and monitor developments surrounding China Evergrande Group.

    Meanwhile, the Bank of England on Thursday maintained its stimulus amount and record-low interest rate, even as it warned that UK annual inflation would top four percent this year. The BoE 's nine-strong monetary policy committee (MPC) voted unanimously to hold its key borrowing cost at 0.1%. Policymakers reportedly voted 7-2 in favour of keeping its so-called quantitative easing stimulus at almost £900 billion ($1.2 trillion, 1.0 trillion euros).

    The European Central Bank President Christine Lagarde told the media that she believes Europe's direct exposure to the embattled Chinese property company Evergrande would be “limited.”

    Most Asian stocks declined on Friday. Investors breathed a sigh of relief as concerns over China Evergrande's debt woes receded somewhat. It, however, remains unclear if and how the developer will pay the more than $300 billion of liabilities that it owes.

    U.S. stocks rallied on Thursday as they staged a two-day relief rally after the Federal Reserve signaled no imminent removal of its ultra-easy monetary policy. Investors also bet that the debt crisis of China's real estate giant Evergrande wouldn't trigger a ripple effect across global markets.

    The number of Americans applying for unemployment aid rose last week for a second straight week to 351,000, a sign that the delta variant of the coronavirus may be disrupting the job market's recovery, at least temporarily.

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