Morning Update: Sensex gains, at 66834 level: While Nifty at 19,893 level
Indian Market
FII AND DII
| FII Sold | 224.22 Cr |
| DII purchased | 1,150.15 Cr |
Indian Market News
- Nifty near 19,900, Sensex up 230 points; IRB Infra, Adani Ports, and SJVN in the spotlight
- Oil prices are falling, but supply cuts are keeping Brent above $90/bbl.
- On September 14, the Zaggle Prepaid Ocean Services IPO will begin.
- According to IRB Infrastructure Developers, toll collections increased by 24% in August.
- Asian markets were divided, with the Hang Seng down 1.4% and the Kospi and Shanghai Composite up.
- The S&P 500 closes marginally ahead of US inflation statistics.
- The GIFT Nifty suggests a flat morning; US markets close higher, but Asian trades are mixed.
- Three private equity firms are competing for a minority share in JSW Neo Energy.
- Blue Chandra sells Rs 130 crore worth of Samhi Hotels shares ahead of its IPO for Rs 126 a share.
- The Indian Renewable Energy Development Agency has filed IPO documents with the Securities and Exchange Board of India.
Global Market Check
GIFT Nifty
The GIFT Nifty index started slightly negative, losing 10 points, while futures reached 19,927 points after reaching a high of 19,937 points.
US Markets
Stocks experienced a losing week on Friday due to concerns about the Federal Reserve raising policy rates more than expected.
The S&P 500 gained 0.14%, the Dow Jones Industrial Average added 75.86 points, and the Nasdaq Composite gained 0.09%.
Major averages also experienced a losing week, with the S&P and Nasdaq dropping 1.3% and 1.9% for their first negative week in three, respectively.
The Dow finished about 0.8% lower.
European Markets
The basic resources sector fell 0.4%, while media stocks rose 1.1%.
The Stoxx 600 index broke a seven-session losing streak, its longest since February 2018.
Global market sentiment has slipped due to weak Chinese data, higher government bond yields, and renewed US inflationary concerns.
The US consumer price index for August will be released on September 13.
The Euro Zone released final figures showing a 0.1% economy growth in the second quarter.
Asian Markets
Asia-Pacific markets experienced lower prices as key economic data from major economies like India and China are released. The S&P/ASX 200 fell 0.2% in Australia, while Japan’s Nikkei 225 and Topix rose 0.28 percent. South Korea’s Kospi slid 0.27 percent in early morning trade, while the Kosdaq was down 0.28 percent. Hong Kong’s Hang Seng index closed at 18,156, indicating a weaker open compared to Thursday’s close of 18,202.07, as the city experienced its heaviest rainstorm in 140 years.
Oil Prices
Oil prices rose almost 1% to a nine-month high on Friday due to rising U.S. diesel futures and concerns about tight oil supplies following supply cuts by Saudi Arabia and Russia. Brent futures rose 73 cents to settle at $90.65 a barrel, while US West Texas Intermediate (WTI) crude gained 64 cents to settle at $87.51. Both benchmarks remained in technically overbought territory for a sixth straight day, with Brent on track for its highest close since November 16. WTI’s close was its highest since September 6, when it settled at its highest since November. Both benchmarks were up about 2% for the week.
Dollar Index
The Dollar index closed 0.06 percent lower in futures at 105.06, while the dollar’s value was near Rs 83.12.
Gold Prices
Gold rose on Friday due to a slight dollar retreat, while investors waited for more economic data next week to gauge the Federal Reserve’s interest rate hike plans. Spot gold was 0.1% higher at $1,920.49 per ounce, while U.S. gold futures settled at $1,942.70. The dollar is set for its longest weekly winning streak since 2014, with focus now on US inflation readings due on September 13 and the Fed’s policy decision on September 20.
STOCK IN NEWS
Rishabh Instruments: On September 11, the manufacturer of test and measuring equipment will make its BSE and NSE debut. At Rs 441 per share, the final issue price has been established.
Ratnaveer Precision Engineering: After the listing date was moved up from September 14 to September 11, the maker of stainless steel goods makes its market debut on September 11. The final offering price per share has been established at Rs 98.
Vakrangee: The IT firm and private equity investor Aaviskaar Capital have agreed to a binding term sheet for the purchase of a 48.5 percent share in Vortex Engineering. One of the top manufacturers of automated teller machines, Vortex has sold more than 10,000 ATMs to South Asia, Africa, and India so far, along with software to go with the hardware. Vakrangee will accomplish backward integration with the aid of the purchase.
Adani Enterprises: Kowa Holdings Asia Pte Ltd, Singapore, and Adani Global Pte Ltd, a step-down fully owned subsidiary of the business, have inked a joint venture agreement. They agreed to a contract for the selling and marketing of green hydrogen, green ammonia, and their derivatives in the designated area, both of which were manufactured and supplied by the Adani Group.
SJVN: A power-purchase agreement for an 18 MW solar power plant has been inked between subsidiary SJVN Green Energy and Bhakra Beas Management Board. The project would be built on BBMB-owned land parcels in Punjab and Himachal Pradesh. By August 2024, the project is expected to be completed.
Schaeffler India: The manufacturer of high-precision parts and systems has gotten a 100% stake in KRSV Innovative Auto Solutions. The purchase was finished on September 8.
Adani Ports and Special Economic Zone: Promoters Resurgent Trade and Investment, Emerging Market Investment DMCC, and PACs (persons acting together) purchased an extra 2.17% of Adani Ports and Special Economic Zone from August 14 to September 8. Promoters’ ownership in the firm grew as a consequence, from 63.06% to 65.23%.
UCO Bank: Across all tenures, the public sector lender has increased loan rates by 5 basis points. With effect from September 10, the bank has modified the marginal cost of fund-based lending rates. Repo linked rate, base rate, and BPLR are the other benchmark rates that have not altered.
IRB Infrastructure Developers: The highway builder based in Mumbai recorded toll income of Rs 417 crore for August 2023, up 24% from Rs 336 crore in the same month previous year. While the joint ventures entities under IRB Infrastructure Trust, Private InvIT clocked toll revenue of Rs 219 crore in August 2023, up 28% YoY, its wholly owned subsidiaries, which manage the Mumbai Pune Project and Ahmedabad Vadodara Project, reported aggregate toll revenue of Rs 198 crore, up 20% during the same period.
Coffee Day Enterprises: For an alleged default of Rs 228.45 crore, IDBI Trusteeship Services has filed an action against Coffee Day before the National Company Law Tribunal in Bengaluru under Section 7 of the Insolvency and Bankruptcy Code. The business is getting the proper legal counsel and will take all necessary action to safeguard its interest in the aforementioned case.
Basilic Fly firm: On September 11, the visual effects firm with its headquarters in Chennai will list its shares on the NSE Emerge. The date of the listing has been moved up from September 13 to now. The stock will trade in the trade-for-trade segment, and the issue price has been set at Rs 97 per share.
VRL Logistics: Through open market transactions, SBI Mutual Fund purchased 19.29 lakh equity shares, or 2.2% of the company’s paid-up stock. These shares, which were valued Rs 131.36 crore, were purchased at an average price of Rs 681 per share. But at an average price of Rs. 681.08 per share, founder Anand Vijay Sankeshwar sold 35 lakh shares, or 4% of the company.
Jyoti Structures: Investor Follis Advisory LLP sold 37.23 lakh shares at an average price of Rs. 10.97 per share and 1.1 crore equity shares in the turnkey solutions provider through open market transactions. These shares were valued Rs 16.25 crore, or 2.3% of the total paid-up equity. However, part of the shares were bought by Venkatkrishna Mohan Prabhala, who paid Rs 10.89 on average for 35 lakh shares of Jyoti Structures.
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