Indian indices turned flat after opening lower on Monday. All eyes will be on retail inflation data due later today. RIL was the top drag on key indices as it delayed the launch of its flagship JioPhone Next affordable smartphone developed in partnership with Google.
Auto, banks, financials in red
Ola electric scooter factory to be largest all-women plant globally: Aggarwal
Ola co-founder Bhavish Aggarwal on Monday said its electric scooter factory will be run entirely by women and employ over 10,000 women at full scale.
Aatmanirbhar Bharat requires Aatmanirbhar women!
Proud to share that the Ola Futurefactory will be run ENTIRELY by women, 10,000+ at full scale! It’ll be the largest all-women factory in the world!!🙂
— Bhavish Aggarwal (@bhash) September 13, 2021
Rolls, Babcock Sell Air-Refueling Stakes for $435 mn
Rolls-Royce Holdings Plc and Babcock International Group Plc sold their combined 39% stake in AirTanker Holdings Ltd. for 315 million pounds ($435 million) as the U.K. firms seek to shore up depleted balance sheets. Equitix Investment Management Ltd. will pay 189 million pounds for Rolls’s 23.1% stake in the air-to-air refueling company, which serves Britain’s Royal Air Force, and 126 million pounds for Babcock’s 15.4%, according to statements Monday. Both amounts include the repayment of shareholder loans.
Govt eyes tax on crypto trades, ecosystem: report
Govt eyes taxation of cryptocurrency taxes, ecosystem based on the logic that any asset that generates income must be taxable, according to multiple media reports.
Pegasus row: Whether particular software was used or not is not a matter for public discussion, Centre tells SC
Skoda Auto plans to set up 30 ‘compact workshops’ pan-India by this year
European car maker Skoda Auto on Monday announced its plans to set up 30 ‘compact workshops’ pan-India by this year for providing periodic maintenance and servicing requirements to its customers in the domestic market. Skoda Auto India will also start operations in some new markets with this service-first concept of compact workshops, which will cater to existing and potential customers in new and emerging markets, the company said in a release. The company currently has over 170 customer touchpoints including sales and after-sales facilities across over 100 cities pan-India
J P Morgan launches new campus in Hyderabad
J.P. Morgan on Monday launched its new campus in Hyderabad and said it was part of its continued commitment to invest in its people and infrastructure to provide world-class, high-performance, technology-focused work environments for its employees. JPMorgan Chase & Co. is a global financial services firm with assets of $2.6 trillion and operations worldwide. The 822,000 square feet campus located in Salarpuria Sattva Knowledge City, HITEC City, is one of JPMorgan Chase’s key campuses globally and its largest in Asia Pacific and will consolidate the global financial services firm’s presence in Hyderabad for employees across technology, risk, operations and support services, it said in a statement.
Pidilite at 52-week high
Pidilite Industries’ stock was trading at ₹2,400.00 apiece, up 2.22% at 12:37 pm.
NJ Mutual Fund launches its first scheme – a Balanced Advantage Fund
Goldiam International gains
The company’s stock was trading at at 12:12 pm. Goldiam’s board of directors have approved a proposal to buyback up to 3,80,000 shares an aggregate amount not exceeding ₹45.60 crore, equalling 1.71% of the total paidup equity share capital and 19.35% of the total paid-up share capital and free reserves of the company at a price of ₹1,200 per share/
TCS’ stock was trading at ₹3,837.55 each, up 1.21% at 12:10 pm. NXP Semiconductors has selected TCS as a strategic partner to drive IT innovation.
Advanced Enzyme Tech gains
Advanced EnzymeTech’s stock was trading at ₹412.00 apiece, up 12.32% at 12:09 pm. The company has announced positive clinical breakthrough in the randomised controlled trials of systemic enzymes and probiotics to resolve ‘long COVID’ fatigue symptoms.
Dr Lal PathLabs sees firm investor confidence driven by growth opportunities
Shares of Dr Lal PathLabs Ltd have risen more than 78% year-to-date and now trade near fresh highs. The company, like its peers, benefited from the pandemic and associated surge in testing, coupled with rising non-covid volumes. Market share gains by organised testing laboratories, geographical expansions being undertaken by the company, and digital initiatives, among others, have helped drive growth. (Read more)
DBS partners SWIFT for realtime cross-border payment tracking
DBS on Monday said it has launched a realtime online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS said it is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4,000 corporate and small business clients in India, with numbers expected to grow further. Corporates, it said, can gain visibility over incoming payments now, helping with working capital management by planning back-to-back payments, thereby improving receivables forecasting and overall cash position. It also helps improve accuracy for intraday credit line needs and provides further benefits in supporting credit control, the bank said.
Vedanta Resources cuts debt by $300 mn in H1
Mining major Vedanta Resources Ltd (VRL) has reduced its net debt* (including Inter Company Loan and loan at Volcan) by $300 million in first half of this fiscal and expects to further reduce its debt by $500 million in second half, the company said today. “With entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released. We believe that strong operational performance from our world class asset base will strengthen our balance sheet and lead to investment grade credit metrics,” the company said in a press statement.
Daily commodities outlook: ICICI Securities
· Gold prices opened slightly lower on Friday and fell further during most of the session till a low of | 46751
· Prices remained subdued in the last few sessions amid growing uncertainty over the US Federal Reserve’s timeline to start tapering stimulus, with the precious metal heading to record a weekly decline
· Therefore, we expect gold prices to correct further towards | 46600 level for the day
· Crude oil prices started Friday’s trade on a positive note opening strongly higher with a gap and rose further during most of the session till a high of | 5138
· Prices remained supported in the last session as US oil output dropped by most on record after Hurricane Ida. Even the deadly Texas freeze did not do as much damage to oil production as Hurricane Ida
· Hence, we expect crude prices to remain positive towards | 5160 level for the day
DMart forays into Haryana; opens 94,000 sq. ft. store
One-stop supermarket chain DMart has forayed into Haryana with opening a modern store at BPTP Parklands, Faridabad, the company said today. Built on a plot size of 1.57 acre, the store in Sector 75 comprises three floors — basement, ground, and first floor — with a total built up area of approximately 94,000 sq. ft. This is the second DMart store in NCR, the first one is in Ghaziabad.
ViacomCBS to split Paramount’s TV and film units: report
ViacomCBS Inc. plans to split the management of its movie and television businesses at Paramount Pictures as it reorganizes the operations at the unit, Dow Jones reported, citing people familiar with the matter who weren’t identified. Nickelodeon head Brian Robbins will oversee films, while David Nevins will have oversight of Paramount’s television unit, adding to his roles at Showtime and original content for Paramount streaming platform, it reported. Robbins will be taking over from Jim Gianopulos, who has been chairman and chief executive officer of Paramount since 2017. Both will report to ViacomCBS Chief Executive Officer Robert Bakish, Dow Jones said, adding that the changes will be announced Monday. (Bloomberg)
Toyota shares dip after unveiling more production cuts
Toyota Motor Corp. shares posted their biggest drop in three weeks after the company slashed its fiscal year production outlook by about 300,000 cars as the spread of coronavirus in Southeast Asia impacts its ability to procure chips and other essential parts. The world’s No.1 automaker said Friday it would be adjusting output in September and October and expects to produce 9 million vehicles in the fiscal year through March, down from the 9.3 million it previously anticipated. The company didn’t change its 2.5 trillion yen ($22.8 billion) operating profit forecast for the year. (Bloomberg)
Jet Airways to resume domestic ops from Q1 ’22: reports
The Kalrock-Jalan Consortium said Jet Airways will start domestic operations in Q1 of 2022. The airline’s revival is on track with the existing air operator certificate, according to the consortium. They are also working closely with authorities on slot allocation, required airport infrastructure and night parking.
Purplle eyes %500 mn valuation: report
Online beauty products retailer Purplle is eyeing a $50-75 million fndraise at a valuation of $500 million, Moneycontrol reported citing people familiar with the matter.
BPCL divestment process is on track: Petroleum secy Tarun Kapoor
Maanyavar brand owned Vedant Fashion files DRHP
Vedant Fashions which owns brands like Manyavar, Mohey, Mebaz, Tatva and Manthan has filed the DRHP for its IPO.
ADNOC Drilling IPO price implies equity valuation of $10 billion
State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday. ADNOC will sell a minimum 7.5% stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal. The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.
PharmEasy parent appoints five independent directors to its board in run up to IPO
API Holdings Ltd, the parent company of digital healthcare brand PharmEasy, on Monday said that it has made fresh appointments of five independent directors to its board, the company said in a statement. “The fresh appointments bring a great amount of cognitive diversity to the Board, with luminaries from the world of public service, technology, pharma, medical fraternity, and the consumer sector,” the statement said. With the new appointments, API Holdings’ board strength stands increased to 12 directors.
Rupee falls 15 paise to 73.65 against US dollar in early trade
Shanghai aluminium hits highest since 2008 on supply worries
Shanghai aluminium prices climbed to their highest level in more than 13 years on Monday, fuelled by supply concerns in China, the world’s biggest consumer of the metal. The most-traded October aluminium contract on the Shanghai Futures Exchange rose as much as 4.6% to 23,650 yuan ($3,665.87) a tonne. Three-month aluminium on the London Metal Exchange hit its highest since July 2008 at $2,980 a tonne. Output curbs in China, the world’s biggest aluminium producer, and political turmoil in Guinea – China’s top source of bauxite – have boosted aluminium prices by around 50% so far this year.
Infosys, Microsoft enter multi-year strategic engagement with Ausgrid
Suumaya Industries buys minority stake in value retail chain startup Nysaa Retail
MAS Financial Services partners with CredAvenue for co-lending platform
Single-day rise of 27,254 COVID-19 cases, 219 fatalities push India’s infection tally to 3,32,64,175, death toll to 4,42,874: Govt
T-Series, Reliance Entertainment join hands to produce big budget, content rich films
Production houses T-Series and Reliance Entertainment have come together to produce more than 10 films across various genres. The collaboration, that brings the production houses together with an investment of approximately ₹1000cr, will produce big budget tentpole projects as well as mid-small budget “content rich films”, a release said. According to a statement from the studios, the slate includes Hindi remakes of Tamil blockbusters, a biopic, an espionage thriller, a court room drama as well as a satire comedy, a romance drama and a film based on “true events.” The upcoming movies will be produced over the course of next 24 to 36 months, with filmmakers — Pushkar and Gayatri, Vikramjit Singh, Mangesh Hadawale, Srijit Mukherji and Sankalp Reddy — on board to direct. (Read more)
Air India Express flight to Sharjah turns back after take-off due to tech glitch
An Air India Express flight which took off from here for Sharjah, in the UAE, on Monday morning with 170 passengers was forced to turn back shortly after taking off due to a technical glitch. The plane, which also had a crew of six, landed safely at Thiruvananthapuram airport and another flight was arranged for the passengers, including five infants, to travel to Sharjah, an Air India Express (AIE) spokesperson told PTI. According to an official of the airport, the incident occurred around 7 AM. The AIE spokesperson said the pilots noticed the technical glitch around half-an-hour after take-off and immediately decided to turn back to Thiruvananthapuram. (PTI)
Number of active covid-19 cases in India stands at 3,74,269: govt
Market trajectory: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“The markets opened on a soft note this morning. This does not come as a surprise considering the sharp run up with no correction. The support for the Nifty is currently at 17,250 and has long as that holds, traders can consider a buy on dips approach for a target of 17,450. There is every possibility the Nifty also becomes sideways and trades within this range of 17,250-17,450.”
RIL’s stock was trading at ₹2,384.60 each, down 1.68% at 9:43 am. A crippling global shortage of semiconductor chips has forced Reliance Jio Infocomm Ltd and Google to defer the launch of an affordable smartphone by two months. JioPhone Next, the 4G smartphone that was to go on sale on Friday, will now start selling only before Diwali, Reliance Industries Ltd (RIL) said in a statement late on Thursday. This year, Diwali is on 4 November. The phone has been developed jointly by RIL’s telecom unit and Google.
Office leasing in South India outpaces other regions: report
The main Southern office market have overtaken other regions in terms of new supply, net absorption, and even rental growth, according to property consulting firm Anarock group. Among the top 7 cities, Bengaluru, Hyderabad and Chennai saw their share of total office leasing increase to 66% in FY21 (against 47% in FY18). The net office absorption in FY21 in the top cities was 21.32 mn sq. ft., and these three southern cities absorbed approx. 14.06 mn sq. ft. MMR and Pune absorbed 4.56 mn sq.ft (21%) and NCR 2.3 mn sq.ft (a mere 11% share.)
US climate envoy John Kerry on 2-day Indian visit
US Special Envoy for Climate John Kerry and environment minister Bhupender Yadav to launch Climate Action and Finance Mobilisation Dialogue under India-U.S. Climate and Clean Energy Agenda 2030 Partnership.
RIL, ICICI Bank, Infy top Sensex drags
Banks, financials, IT drag
SpiceJet’s stock was trading at ₹70.00 each, up 0.50% at 9:30 am. The air carrier has commercially agreed to a settlement with CDB Aviation, another major lessor of MAX aircraft.
The Sensex opened 58,099.43, down 205.64 points, 0.35%, Nifty 17,363.55, down 5.70 points, or 0.03%. Volatility index inches up by 4.60%.
At market pre-opening, the Sensex was at 58,262.11, down 42.96 points, or 0.07%, while Nifty was at 17,369.25, up 15.75 points, or 0.09%.
IRCTC, Nalco among stocks under F&O ban on NSE today
Three stocks/securities have been put under the futures & options (F&O) ban by the National Stock Exchange (NSE) for trade on Monday, September 13, 2021. These securities are banned under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read more)
Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
“Nifty is expected to open slightly negative at 17,360, down by 10 points since the last trading session. It has strong support in the 17,300 and 17,250 range. It may face resistance in the 17,425 and 17,450 range. Trend in Nifty remains bullish and buy on dips with strict stop-loss can be a good strategy for traders.”
Numbers to watch: Inflation in India, abroad; Opec monthly report
Every Monday, Mint’s Plain Facts section features key data releases and announcements to watch out for in the coming week. India is among four major economies that will announce their August inflation figures this week. The data releases could very well act as a nudge to central banks that are currently grappling with steep price rise and a vulnerable economic recovery. Here are the key releases to watch out for in next seven days: (Read more)
Flipkart GMV set for 50% rise: report
Flipkart’s current momentum indicates that the Walmart-owned etailer is on its way to achieving an annualised gross margin value (GMV)of $23 billion, indicating 50% year-on-year growth according to media reports. GMV indicates the total sales on an ecommerce platform during a given period, including discounts, and excluding returns. The company clocked a GMV of $15 billion in the previous calendar year.
Stocks to Watch
Arvind Smartspaces, Dilip Buildcon, CIL, Vedanta, JSW Steel, among other stocks may be in focus today. (Read more)
Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 58,305.07, up 54.81 points and the Nifty was at 17,369.25, up 15.75 points.
Cryptocurrency prices today: Bitcoin above $45,000, ether, dogecoin surge. Latest rates here
In cryptocurrencies, Bitcoin prices today were trading with minor gains as the most popular digital token surged over 1% to $45,381. The world’s largest cryptocurrency by market capitalization has gained over 59% this year (year-to-date), though, much lower from nearly $65,000 record high it hit in April. (Read more)
Bank retail loans exceed lending to industry for first time
The retail loans of banks as of 31 July stood at ₹28.59 trillion. On the other hand, the lending to the industry was a little lower at ₹28.25 trillion. This is the first time that the outstanding retail lending by banks has crossed lending to the industry since this data is available from April 2007 onwards. Retail lending includes loans given to individuals to buy homes, cars, two-wheelers, etc. It also includes credit card outstandings and personal loans. (Read more)
Asian stocks off to a steady start
Asian stocks were steady Monday as traders evaluated the risk of a slower economic recovery from the pandemic amid elevated inflation. Shares slipped in Japan and were little changed in South Korea and Australia, while U.S. futures rose. The S&P 500 last week dropped the most since mid-June on investor caution over the challenges for economic reopening from the delta virus strain. Treasury yields held an advance as traders assess price pressures and their impact on the likely timeline for a reduction in Federal Reserve stimulus. An update on U.S. consumer prices this week will feed into the debate about whether or not elevated costs are transient. The dollar was steady. Chinese technology stocks may come under renewed pressure after a report that China is seeking to break up Ant Group Co.’s Alipay and create a separate app for its loan business. Trade tension is also in the spotlight again after the Biden administration was said to be weighing a new probe into Chinese subsidies.
S&P 500 futures rose 0.4% as of 9:15 a.m. in Tokyo. The S&P 500 fell 0.8% Friday
Nasdaq 100 contracts were up 0.3%. The Nasdaq 100 fell 0.8%
Japan’s Topix index fell 0.2%
Australia’s S&P/ASX 200 Index was little changed
South Korea’s Kospi was steady
Hang Seng Index futures lost 0.7% earlier
SGX Nifty was down 0.02%
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