Closing Bell : Indices extend losses to fourth session following turbulent trade, Nifty ends below 19,700. Sep-22

Closing Bell: Sensex falls, closed at 66009 level : While Nifty at 19,674 level

 Indian Market 

FII AND DII 

 Indian Market News

• 1. 1. Indices conclude lower for 4th session; Nifty closes below 19,700
     2. Paisalo Digital to pursue money raising via NCDs on private placement basis on Sep 27
     3. HCLTech gets contract from ANZ to supply digital workspace services
     4. Vaibhav Jewellers IPO bought 10% on first day of bidding
     5. Signature Global IPO sees 3.18 times subscription on the final day
     6. Lupin enters contract with Italy-based Menarini Group to purchase five brands for Rs 101 crore
     7. ICICI Lombard collapses upon Bhargav Dasgupta’s resignation as MD & CEO
     8. JSW Steel arm to sell US factory and mineral rights to West Virginia Properties
     9. Ideaforge shares increase on Rs 58 cr order win
     10. Berger Paints surges 6% to record 52-week high on turning ex-bonus
     11. India’s FY24 outlook strong but danger from oil rise, monsoon remains: Finance Ministry
     12. Electronics Mart India slumps 5% after promoter’s 2.5% share sale
     13. Suzlon Energy bags order from BrightNight to create 29.4 MW wind capacity
     14. Zaggle Prepaid Ocean Services lists at par to issue price of Rs 164
     15. Glenmark Pharma shares declines 2% after subsidiary stake sale to Nirma 
     16. NBCC stock increases on order-win worth Rs 100 crore from SAIL
     17. Wipro stock falls 1.5% as senior CFO resigns, series of high-level exits continues 
     18. Glenmark Pharma shares declines 2% after subsidiary stake sale to Nirma
     19. NBCC stock increases on order-win worth Rs 100 crore from SAIL 
     20. Glenmark will sell 75% ownership in arm Glenmark Life Sciences to Nirma for Rs 5,651 cr
     21. Vaibhav Jewellers issues an initial public offering (IPO) with a target valuation of Rs 270.20 crore.
     22. IndiGo increases its codeshare network with British Airways, increasing connectivity between India and the United Kingdom.
     23. Maruti Suzuki shares soar as global brokerages raise their target prices.
     24. Zaggle Prepaid makes its stock market debut, with shares trading at a 2.9% premium.
     25. SAMHI Hotels makes its debut on Indian exchanges with a premium listing.
     26. Following JPMorgan’s inclusion of government bonds in its benchmark index, India’s banking sector has seen a huge increase.

Indian Market Action

     INDIAN MARKET MOVERS 

News Updates

Wipro’s Chief Financial Officer Jatin Dalal resigns, Aparna Iyer to take over

Wipro’s Chief Financial Officer, Jatin Dalal, has resigned from the company, effective September 22. Dalal, a 21-year veteran of Wipro, has been the company’s CFO since 2015. His last day with the company will be November 30. Aparna Iyer, the CFO of Wipro’s FullStride Cloud Global Business Line, will take over as CFO. Dalal expressed gratitude to Wipro for the numerous opportunities given to him over the last two decades and expressed his eagerness to pursue his professional goals outside the organization. This comes as the company has seen several top-deck exits in 2023, including the departures of Chief Operations Officer Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, India head Satya Easwaran, iDEAS business head Rajan Kohli, Vice President Gurvinder Sahni, Americas 1 CFO Kamini Shah, head of healthcare and medical devices unit Mohd Haque, and head of the manufacturing and hi-tech business unit Ashish Saxena.

SEBI to ease borrowing norms for large corporates, removes penalty, introduces incentives

The Securities and Exchange Board of India (SEBI) has relaxed borrowing norms for large corporates by raising the monetary threshold for defining them and removing the penalty for not meeting the mandate of raising at least 25% of incremental borrowings for a financial year through capital markets. The SEBI Board has also introduced incentives and moderated disincentives. The Board has also retained the requirement that compliance with the framework will be met over a contiguous block of three years and dispensed with the requirement for LCs to file a statement identifying itself as an LC and statement regarding compliance with the framework.

Nirma makes big pharma push; acquires 75% in Glenmark Life Sciences for Rs 5,651 cr

Nirma, a chemicals-to-building-materials conglomerate, has agreed to acquire a 75% stake in Glenmark Life Sciences, a listed API player, for Rs 5,651 crore. The deal, valued at around Rs 7,500 crore, will be made through a mandatory open offer to all public shareholders, as per Sebi regulations. Glenmark Pharma, the parent company of Glenmark Life Sciences, will own 7.84 percent in the divestment. Moneycontrol first named Nirma as a suitor in the sale process of Glenmark Life Sciences to reduce Glenmark Pharma’s debt burden.

Sebi eases norms for investors to access unclaimed amount in debt securities, REITs, InvITs

The Securities and Exchange Board of India (SEBI) has approved amendments to make it easier for investors in debt to access unclaimed amounts in debt-listed securities, Real-Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (InvITs). The SEBI Board approved amendments to the Investor Protection and Education Fund (IPEF) Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT Regulations, and REIT Regulations to streamline the credit framework for unclaimed amounts of investors in listed entities other than companies. The proposals for transferring unclaimed amounts lying in escrow accounts for more than seven years to the IPEF for debt listed entities other than companies under LODR Regulations and to transfer unclaimed or unpaid amounts to investors in REITs and InvITs to IPEF were approved in a meeting held on September 30, 2022. The Board aims to prescribe a uniform process of claim for unclaimed amounts in a streamlined manner.

Institutional buyers put Rs 1,450 crore bids for SJVN OFS, stock falls 13% on BSE

Institutional investors have oversubscribed the SJVN offer-for-sale (OFS), with bids worth over Rs 1,450 crore. The government’s 4.92 per cent share-sale offer in state-owned power producer SJVN was oversubscribed, with institutional investors bidding for over 20.91 crore shares against 8.70 crore reserved for them. Non-institutional investors subscribed the issue by over two times, totaling over Rs 1,450 crore. The share-sale will open for subscription on Friday for retail investors, who will receive an additional discount over the floor price. SJVN shares fell 13.05 per cent to close at Rs 71.08 apiece on the BSE. The government is selling up to 19.33 crore shares or 4.92 per cent stake at a floor price of Rs 69 apiece.

Vedanta approves raising funds up to Rs 2,500 crore via NCDs

Vedanta Limited has approved raising funds up to Rs 2,500 crore via non-Convertible Debentures (NCDs) on a private placement basis. The company’s board of directors considered and approved the issuance of 2,50,000 Secured, Unrated, Unlisted, Redeemable, NonConvertible Debentures (NCDs) of face value Rs 1,00,000 each, aggregating up to Rs 2,500 crores in one or more tranche(s). The issuance of NCDs is part of the company’s routine refinancing in the ordinary course of business. Vedanta’s gross debt was Rs 66,182 crore as of end-March, and its net debt soared from Rs 38,076 in December 2022 to Rs 45,260 crore as of March 2023. The company’s net debt-to-earnings ratio was at 1.28 times as of March.

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Force Motors announces August production of 3,032 automobiles. 

Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.

Hitachi Energy India rises nearly 4% after receiving an order.

Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.

Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.

Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.

Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.

Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e

Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.

Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.

CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.

PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.

L&T rises on rumours of a possible order from Saudi Aramco for a gas project.

Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit

Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.

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