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Budget News

  • Sensex slips 78 pts, Nifty closes below 17,550; private banks drag
  • September 22,2021  17:16
  • The key equity indices ended with small losses after a volatile session on Wednesday. The Nifty closed a tad below the 17,550 mark after hitting the day's high of 17,610.45 mid-morning trade. Media stocks rallied while banks and FMCG stocks declined.

    Gains were capped as investors were cautiously awaiting the outcome of the FOMC meeting for signals regarding the U.S. central bank's plans to taper its bond buying. Ongoing debt crisis at China's beleaguered real estate giant Evergrande also dented sentiment.

    The barometer index, the S&P BSE Sensex, slipped 77.94 points or 0.13% to 58,927.33. The Nifty 50 index lost 15.35 points or 0.09% to 17,546.65.

    HDFC (up 1.46%), Kotak Mahindra Bank (up 1.19%), ICICI Bank (up 1.12%), HDFC Bank (up 0.99%), Hindustan Unilever (up 0.97%) and Axis Bank (up 0.85%) were major drags.

    The broader indices advanced. The BSE Mid-Cap index rose 1.51% and the BSE Small-Cap index gained 1.19%.

    The market breadth was strong. On the BSE, 2099 shares rose and 1140 shares fell. A total of 164 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 22,95,43,672 with 47,08,355 deaths. India reported 3,01,989 active cases of COVID-19 infection and 4,45,768 deaths while 3,27,83,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    A total of 82,58,76,656 COVID-19 vaccine doses have been administered in the country so far, with over 75.39 lakh doses being given yesterday, according to the Co-WIN dashboard.

    Economy:

    The Asian Development Bank on Wednesday revised down India's economic growth forecast for the current fiscal to 10%, from 11% predicted earlier, citing the adverse impact of the second wave of the pandemic.

    The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10% in the full fiscal year before moderating to 7.5% in FY2022, said the Asian Development Outlook Update (ADOU) 2021.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper rose to 6.140% as compared with 6.122% at close in the previous trading session.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.87, compared with its close of 73.61 during the previous trading session.

    MCX Gold futures for 5 October 2021 settlement rose 0.08% to Rs 46,674.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was flat at 93.20.

    In the commodities market, Brent crude for November 2021 settlement rose $1.06 at $75.42 a barrel. The contract rose 44 cents, or 0.60% to settle at $74.36 a barrel in the previous trading session.

    Foreign Markets:

    US Dow Jones index futures were up 200 points, indicating a strong opening in the US stocks today.

    Shares in Europe and Asia advanced on Wednesday, 22 September 2021. Markets in Hong Kong were closed for a holiday.

    US stocks on Tuesday fought to rebound from Monday's rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.

    Worries over troubles at developer Chinese property developer Evergrande kept a lid on the market. Evergrande, which has more than $300 billion of liabilities, missed some interest payments due Monday and investors are seeking clues about how Beijing plans to deal with the cash crunch.

    Meanwhile, the US Fed will release a policy statement along with the economic and interest rate forecasts it issues quarterly at the end of its two-day meeting Wednesday. The central bank is widely expected to indicate it is getting ready to announce it will start paring back its $120 billion in monthly purchases of Treasurys and mortgage-backed securities.

    The US current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending. The Commerce Department said on Tuesday the current account deficit rose 0.5% to $190.3 billion last quarter.

    Buzzing Indian Segment:

    The Nifty Media index surged 13.57% to 2,204.75. The index has jumped 37.65% so far in September 2021.

    TV18 Broadcast (up 6.69%), Sun TV Network (up 4.37%), Jagran Prakashan (up 3.23%), Network18 Media & Investments (up 2.94%), Dish TV India (up 1.28%), DB Corp (up 1.02%) and TV Today Network (up 0.25%) surged.

    Multiplex operators INOX Leisure (up 11.28%) and PVR (up 3.81%) rallied after the media reported that Maharashtra government may soon allow multiplexes to resume operations.

    According to reports, Maharashtra state officials are preparing rules for opening cinema halls from 1 October 2021.

    Zee Entertainment Enterprises (ZEEL) jumped 30.50% at Rs 333.70. The company said its board approved merger between the firm and Sony Pictures Networks India (SPNI).

    ZEEL and SPNI have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements. The merged entity will be a publicly listed company in India.

    The shareholders of SPNI, will hold a majority stake in the merged entity. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately $1.575 billion at closing, for use in pursuing other growth opportunities.

    As part of the transaction, Punit Goenka will continue to be the managing director and CEO of the merged entity. However, majority of the board of directors of the merged entity will be nominated by Sony Group.

    Stocks in Spotlight:

    Nucleus Software Exports surged 12.23%. The IT company said its board will consider a share buyback on Friday, 24 September 2021.

    Godrej Properties soared 13.03%. The real estate firm achieved sales of Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida (Uttar Pradesh). The company sold 340 homes with an area of more than half a million square feet on the first day of launch.

    Surya Roshni advanced 3.52%. The company received order amounting to Rs 41.22 crore from Greater Noida Industrial Development Authority. The order is for implementation of smart LED streetlights and installation of centralised monitoring system with operation and maintenance of seven years for Greater Noida, Uttar Pradesh.

    Mphasis rose 1.78%. The company said that its wholly owned subsidiary, Mphasis Corporation, USA, has acquired Blink Interactive, Inc, a Washington corporation, consequent to signing a definitive agreement regarding the acquisition. The acquisition entails a total consideration of up to $94 million, including earnouts.

    Blink Interactive provides design consultancy services around User Experience (UX), User research-based software product design and strategy, and Customer Experience (CX) design for marquee brands.

    Kotak Mahindra Bank (KMBL) fell 1.19%. The bank announced that it has launched complete range of solutions to cater to the financing requirements of the healthcare ecosystem. The financing solutions range from healthcare infrastructure loans, medical equipment finance and unsecured healthcare loans, catering to key stakeholders in the healthcare ecosystem including hospitals, laboratories, diagnostic centres, nursing homes, clinics, doctors and medical equipment manufacturers & dealers.

    Ramkrishna Forgings added 2.39%. The company won a non-auto segment order worth Rs 65 crore for supply of mining and earthmoving components from an Indian arm of Hitachi. The order will be supplied in FY22 and FY23.

    Primary Market:

    Paras Defence and Space Technologies IPO opened for subscription from Tuesday (21 September) and it will close on Thursday (23 September).

    The offer comprises of a fresh issue of up to Rs 140.60 crore and an offer for sale of up to 17,24,490 equity shares (including anchor portion of 29,27,485 equity shares) in the price band of Rs 165 to Rs 175 per share.

    As on 16:51 IST, the IPO received bids for 28.87 crore shares as against 71.40 lakh shares on offer. The issue was subscribed 40.43 times so far.

    The company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment amounting Rs 34.657 crore, funding incremental working capital requirements amounting Rs 60 crore, repayment or prepayment of all or certain borrowings amounting Rs 12 crore and for general corporate purposes. As of 31 July 2021, its aggregate outstanding indebtedness was Rs 115.827 crore.

    Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.

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