Morning Update: Sensex gains, at 67323 level: While Nifty at 20080 level

 Indian Market 

FII AND DII 

 Indian Market News

1. Asian markets are trading lower, with the Hang Seng down 1% and the Kospi down 0.5%.
2. Wall Street is on the rise as Tesla surges on AI optimism.
3. Oil prices remain constant as the market awaits data on inventories and the economy.
4. The yen stands strong, while the dollar finds support ahead of US inflation.
5. The GIFT Nifty suggests a flat morning; US markets climb, but Asian trade is mixed.
6. Lupin will enter into a business transfer agreement with a subsidiary to establish API production facilities in Dabhasa and Visakhapatnam.
7. KKR would invest an additional Rs 2,069.50 crore in Reliance Retail.
8. The ultimate repurchase price for L&T equity shares has increased to Rs 3200.
9. Sources said JSW Infra would conduct an IPO of Rs 2,800 crore by the end of September.
10. Yatra Online has set a price band of Rs 135-142 for its Rs 775 crore initial public offering.
11. On day 2, the EMS IPO was booked 15.03 times, and the retail part was subscribed to 16.59 times.

Global Market Check

GIFT Nifty

The GIFT Nifty index started slightly positive, gaining 6 points, while futures reached 20,116 points after reaching a high of 20,121 points.

US Markets

Stock futures fell after a positive day, with the Dow Jones Industrial Average losing 30 points and the S&P 500 and Nasdaq 100 both inching down 0.1%.

Oracle fell 9% in extended trading after missing revenue expectations, but beating Wall Street’s consensus estimate for earnings.

The Nasdaq Composite led the three indexes with a 1.1% gain, while the S&P 500 and Dow added 0.7% and 0.3%, respectively.

This was the second positive session for the S&P 500 and Nasdaq, and the third for the Dow.

European Markets

European stock markets closed higher on Monday, with the Stoxx 600 index up 0.3%, following gains of up to 0.9% earlier in the session.

Basic resources rose 2.4%, with stocks like Anglo American and Rio Tinto trading higher due to metals price gains and encouraging Chinese inflation figures.

The Stoxx 600 broke a seven-session losing streak, its longest since February 2018.

Investors are looking forward to key US inflation data, with the latest consumer price index due on Wednesday and producer price index on Thursday.

Traders are pricing in a 4-in-10 chance of an increase in November after an anticipated pause in September.

  Asian Markets

Asia-Pacific markets saw a tech rally led by Tesla and Qualcomm, with Tesla shares jumping 10% after Morgan Stanley upgraded the stock and predicted a significant rally ahead due to autonomous software breakthroughs. Qualcomm shares rose nearly 4% after the semiconductor company announced it will supply Apple with 5G modems for smartphones through 2026. Investor sentiment was boosted by a report in The Wall Street Journal stating that the Federal Reserve is unlikely to raise rates at next week’s meeting. The S&P/ASX 200 in Australia climbed 0.14 percent, while Japan’s Nikkei 225 opened 0.73 percent up.

Oil Prices

The benchmark oil price remained above $90 a barrel for the first time in 10 months, following Saudi and Russian crude output cuts. Brent crude rose by 12 cents to $90.77 a barrel, while US West Texas Intermediate crude rose 8 cents to $87.59. The supply cuts overshadowed concerns over Chinese economic activity, with US Deputy Treasury Secretary Wally Adeyemo stating that China’s economic problems are more likely to have a local impact than affect the US.

Dollar Index

The Dollar index closed 0.53 percent lower in futures at 104.54, while the dollar’s value was near Rs 82.91.

Gold Prices

Gold surged on Monday, reaching its best session in two weeks, as the dollar retreated before the US inflation reading, which could influence the Federal Reserve’s interest rate decision later this month. Spot gold climbed 0.2% to $1,922.84 per ounce, while US gold futures rose 0.2% to $1,949.6. Bank of China International analyst Xiao Fu noted that concerns about a German recession and European slowdown could have a supportive factor.

STOCK IN NEWS 

• Laurus Labs: To increase its interest to 87.58 percent, the corporation would purchase 37,641 equity shares in Laurus Bio Pvt Ltd from promoters and other shareholders. The transaction would cost Rs 71.60 crore and take 45 days to complete.
• Larsen & Toubro: The infrastructure giant Larsen & Toubro has announced a rise in its share purchase price from Rs. 3,000 to Rs. 3,200. Additionally, the maximum number of equity shares that the corporation is proposing to buy back has been decreased from 3,33,33,333 shares to 3,12,50,000 shares (2.22 percent).
• Reliance Industries: Through an associate, the international investment company KKR will invest Rs 2,069.50 crore in Reliance Retail Ventures, a Reliance Industries unit. Reliance Retail Ventures is one of the top four firms in the nation by equity value, with a pre-money equity value of Rs 8.361 lakh crore, according to this investment. KKR’s ownership of Reliance Retail Ventures will rise with this deal from 1.17 percent to 1.42 percent.
• SpiceJet: The airline said that it will pay former promoter Kalanithi Maran Rs 100 crore in full by September 12. In compliance with a court order, it would also pay $1.5 million in the Credit Suisse case.
• Lupin: The pharmaceutical company intends to sign a business transfer agreement with its subsidiary Lupin Manufacturing Solutions in order to designate two locations for the production of active pharmaceutical ingredients (APIs) in Dabhasa and Visakhapatnam. Additionally, it intends to separate out a few R&D activities, such as fermentation, at the Lupin Research Park in Pune. Lupin anticipates receiving between Rs. 750 and 850 crore, pending changes in working capital and other factors.
• Mishtann Foods: The business will issue up to 740,000 convertible equity warrants, each of which is convertible into one fully paid up equity share of the business. To generate Rs 99.90 crore, 18-month warrants would be given to non-promoters at a price of Rs 13.50. The business added that it will also use convertible debt to obtain Rs 200 crore from the promoters.
• KIMS: For Rs 20 crore, the business bought an additional 13.24 percent of Kondapur Healthcare Limited. The business has not yet started operating. As of September 11, 2023, 19.86% of the equity is complete.
• Kinetic Engineering: The business’s promoters invested Rs 28 crore in the company, comprising the purchase of 80,000 optionally convertible cumulative preference shares at Rs 120 per share and equity shares totaling Rs 27.42 crore at Rs 120 per share.
• Gallant Ispat: The firm announced that the installation of a new Direct Reduced Iron (oRl) Kiln with a 1,65,000 MTPA capacity at the firm’s production facilities in Gorakhpur, Uttar Pradesh, has been approved by the board of directors. The project’s 125 crore rupee cost would be covered by internal funding. Additionally, the business suggests adding a 30 tonne per heat capacity furnace to the mix. It is anticipated that this furnace would increase manufacturing capacity by 15%. It is anticipated that this furnace would be operational by the beginning of the calendar year 2024, with installation costs of about Rs 25 crore

• ICICI Bank: Sandeep Bakhshi’s appointment as managing director and chief executive officer of the bank has been accepted by the RBI with effect from October 4, 2023, until October 3, 2026. The nomination of Bakhshi for the aforementioned time period was previously accepted by the shareholders at the annual general meeting held on August 30, 2023.

• Gufic Biosciences: Parecoxib Sodium 40mg Lyophilized Powder for Injection, a Selective COX-2 Inhibitor, has been approved by the Therapeutic Group Administration (TGA), Australia, and the National Health Surveillance Agency (ANVISA), Brazil. Adult patients will take this for the short-term management of acute pain and post-operative discomfort.

• Krishna Institute of Medical Sciences (KIMS): For Rs 20 crore, KIMS purchased an additional 13.24% share in Kondapur Healthcare. The business has not yet started operating. As of September 11, 2023, 19.86% of the equity is complete.

• Power Grid Corporation of India: The interstate transmission system project in Rajasthan has been awarded o Power Grid Corporation of India, a state-owned provider of electric services. The project involves building a new 765/400kV substation with STATCOM in Ramgarh, as well as a 765kV D/C Transmission Line and related bay expansion work at other existing substations in Rajasthan.

• Rainbow Children’s Medicare: White Oak Capital Management Consultants LLP now owns 58,24,215 shares of Rainbow Children’s Medicare, which is 5.74 percent of the entire number of shares the business has ever issued. From 7.8 percent previously, this is now lower. 20,88,635 shares of the business were sold by the fund manager.

• DJ Mediapriot & Logistics: The business has received orders for the printing of the bank’s check books and pay orders from Bombay Mercantile Co-operative Bank Limited. The order is for 2.3 crore rupees.

• Mishtann Foods: The business plans to issue up to 7.4 crore convertible equity warrants, each of which is convertible into one fully paid-up equity share of the business. To generate Rs 99.90 crore, the warrants would be given to non-promoters for an 18-month period at a price of Rs 13.50 per warrant. Additionally, the business said that it will use convertible debt to obtain Rs 200 crore from the promoters.

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