Indian Equities Pre Open Update
Gap down opening expected to be seen for Indian equities on back of the weak cues from global markets.
Global Peers Update: Asian stocks continued to remain under selling pressure during the second trading session. Wall Street fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will barrel ahead with an interest rate hiking campaign many investors fear will push the U.S. economy into a recession.
Sectors to Watch: Oil upstream stocks likely to remain on focus while Aviation, FMCG, Auto, Technology, Financials and Oil Marketing companies likely to remain resistive during the day.
SGX NIFTY Price 17037.0 Change: -276.0 Points, Percent Change: -1.60%
Bulk Deal & Insider Trade Update
Bulk Deals
Gravita : Abu Dhabi Investment Authority Buy 556493 Shares @ Rs. 332Gravita : Atul Kuchhal Sell 556493 Shares @ Rs. 332
Inflame : India Equity Fund 1 Buy 40000 Shares @ Rs. 529
Insider Trade
AcquisitionShetal Devang Gor Promoter Group Acquisition 150800 shares of Galaxy Bearings Ltd. on 06-Oct-22
Shailesh Shyam Chaturvedi Director Acquisition 15000 shares of Arvind Fashions Ltd on 07-Oct-22
Dividend Update
--Result Today
Tata Consultancy Services Ltd.Stock in Action
Sumitomo Chemical India Ltd.: Sumitomo Chemical India Ltd is poised to deliver industry-leading performance. In the domestic market, it is aggressive on new launches and is also strengthening the distribution reach in the domestic market. Exports have a huge growth potential, given that the parent Sumitomo Chemical Company Ltd (SCCL) as well as sister companies are adopting a strategy to spread worldwide to reduce sourcing from China. The company is placing greater focus on high growth and profitable segments such as herbicides, plant growth regulators and bio-rational products. Company has received in-principle approval for five products and will invest Rs 120 crore in manufacturing these products. It is estimating a revenue potential of about Rs 200-250 crore. Company has reported best 1QFY23 numbers in the agrochemical space. Revenues grew strongly by 26% YoY. Growth momentum was led by exports. Positive on Sumitomo Chemical India ltd given its healthy balance sheet, R&D-focused parentage and huge growth opportunity in the exports market.
AU Small Finance Bank: AU Small Finance Bank reported strong 2QFY23 business growth with 49% YoY growth in deposits and 44% YoY growth in gross advances at Rs 58,335 crore and Rs 52,452 crore, respectively. The proportion of low-cost CASA deposits improved to 42% as at 2QFY23 against 30% in 2QFY22. During the quarter, the fund based disbursement were up about 68% YoY at Rs 8605 crore. However, the increase in disbursement yield during the first half of FY23 has well-compensated for the rise in incremental cost of funds. The credit growth for last few months is showing healthy momentum after long lull period and that would bode well for finance companies. Positive on AU Small Finance Bank given the strong Q2FY23 business growth and traction in finance sector.
Fund Houses Recommendations
Citi on Hero Motocorp: Maintain Buy on Company, target price at Rs 3100/Sh (Positive)
MS on Gas Distributers: City gas prices are now up 70% over the past year, the largest rise in a decade, expect another round of hikes. IGL remains top pick (Positive)
CLSA on Hero Motocorp: Maintain Outperform on Company, target price at Rs 2962/Sh (Neutral)
CLSA on Bandhan Bank: Maintain Outperform on Bank, target price at Rs 325/Sh (Neutral)
JP Morgan on Tata Motors: Downgrade to Neutral from Overweigtht on company, cut target price at Rs 455/Sh (Negative)
Corporate Actions
Ex-Date: 17-Oct-2022
TCS: Interim Dividend
Ex-Date: 19-Oct-2022
HCLTECH: Interim Dividend
Ex-Date: 20-Oct-2022
ANANDRATHI: Interim Dividend
ANGELONE: Interim Dividend
JAICORPLTD: Dividend - Rs. - 0.50
Ex-Date: 21-Oct-2022
VGIL: Final Dividend - Rs. - 0.20
IPO
Tracxn Technologies: Open: 10- Oct -22; Close: 12-Oct-22Buyback
Granules India: Open: 27-Sep-22; Close: 11-Oct-22Quick Heal Technologies: Open: 04- Oct -22; Close: 18-Oct-22
Bonus
Ruchira Papers: Bonus Issue 1:10; Ex-Date: 10-Oct-22Kaarya Facilities: Bonus Issue 1:1; Ex-Date: 12-Oct-22
Secmark Consultancy: Bonus Issue 3:2; Ex-Date: 12-Oct-22
Shivalik Bimetal Controls: Bonus Issue 1:2; Ex-Date: 12-Oct-22
Gretex Corporate Services: Bonus Issue 8:1; Ex-Date: 13-Oct-22
Veeram Securities: Bonus Issue 4:1; Ex-Date: 14-Oct-22
Atam Valves: Bonus Issue 1:1; Ex-Date: 21-Oct-22
Stock Split
Greencrest Financial Serv: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 12-Oct-22Colorchips New Media: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 12-Oct-22
Nikhil Adhesives: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 12-Oct-22
Perfectpac: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 21-Oct-22
Anjani Foods: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 21-Oct-22
Sanmit Infra: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 28-Oct-22
Forthcoming Event
10th October: TCS to consider Dividend; Mefcom Capital Markets to consider Stock Split; Regency Fincorp to consider Bonus issue; Easy Trip Planners to consider Bonus issue & Stock Split; RR Metalmakers India, TTL Enterprises; VSF Projects to consider Fund raising
12th October: HCLTECH to consider Dividend; Sarda Papers to consider Fund raising
13th October: ANANDRATHI, ANGELONE, INFY, STEELCITY to consider Dividend; Veer Energy & Infra to consider Bonus issue
16th October: KSOLVES to consider Dividend
17th October: Can Fin Homes, Ajooni Biotech to consider Fund raising
18th October: ICICIGI, LTTS, SONATSOFTW to consider Dividend
19th October: NAVINFLUOR, NAM-INDIA to consider Dividend; Madhya Bharat Agro Products to consider Bonus issue
20th October: ASIANPAINT, COFORGE, ISEC to consider Dividend; Rajnandini Metal Ltd. to consider Fund raising
21st October: RKFORGE to consider Dividend
26th October: DABUR to consider Dividend
31st October: Vishnu Chemicals Ltd. to consider Stock Split
Stocks in News
IDBI Bank: Govt invites expressions of interest (EoI) for IDBI Bank divestment (Positive)
Tata Motors: Retail sales in the quarter rose by 12% vs Q1 to reach 88,121 units while wholesales of 75,307 were up 4% (Positive)
IGL: hikes CNG price in Delhi by Rs 3 per kg to Rs 78.61 w.e.f October 8 (Positive)
Suzlon: Dilip Shanghvi, an investor in company, to fully participate in Rights Issue, says Suzlon Energy. (Positive)
Bajaj Finserve: Gross domestic premium for September stood at 1214 crore, up 19% YoY (Positive)
Star Health: Gross domestic premium for September stood at 5655 crore, up 12% YoY (Positive)
GMDC: Company is undertaking critical geological studies in and around the BaseMetal Reserve at Ambaji. (Positive)
Gravita: The sovereign wealth fund Abu Dhabi Investment Authority acquired 5,56,493 equity shares in the company. (Positive)
Navkar Corporation: The company has approved the transfer of movable assets, including trailers and dwarf containers, to Adani Logistics (Positive)
Sundaram Clayton: The company has sold 8.56 lakh shares in TVS Training and Services, an associate company (Positive)
Power Grid: Subsidiary has successfully commissioned the transmission system in Madhya Pradesh. (Positive)
JSW Steel: Unit’s Resolution Plan for National Steel Approved (Positive)
Nureca Limited’s subsidiary receives ISO 13485 Certification for Indian medical device facility (Positive)
Indian Hotels: Outlook Changed from 'Stable' to 'Positive for NCDs, Long & ST banking facilities (Positive)
Easemytrip: Board meet today to Consider Issue of Bonus Shares &/or Stock-Split (Positive)
PNC Infratech: Achieves financial closure for 2 road projects with Axis Bnk; total debt size of two project at INR15.6b (Positive)
Gensol: Revenue jump approx. 5.5x in H1FY23. Revenue for H1FY23 to be around Rs 180 cr vs Rs 33 crore in H1FY22. (Positive)
Deep Ind: Received Letter of Award from Oil India for charter hiring of 2 Work over Rigs for a period of 3 years (Positive)
PNB Housing Finance: Company appoints Vinay Gupta as CFO w.e.f. October 26. (Neutral)
S H Kelkar: Q2 FY 22-23 sales stood at Rs. 412 crore, up 7%. (Neutral)
Anup Eng: Resignation of Rishi Roop Kapoor as Chief Executive Officer of the company w.e.f. 08-Oct-2022 (Neutral)
Tata Motors: Jaguar Land Rover sold 88,121 vehicles in Q2FY23, up 11.8 percent over the previous quarter but a decline of 4.9 percent (Neutral)
Adani Enterprises: Adani Group To Invest $7.9B in India’s Rajasthan in Seven Years (Neutral)
Hindustan Unilever: NPR Finance to Sell Its Sangli Wind Turbine Generator Plant (Neutral)
JP Group: Jaiprakash Power to Consider Proposals On Cement Grinding Unit, Discuss Debt Cut Progress (Neutral)
IOC, HPCL, BPCL may post 2nd consecutive quarterly loss in July-September (Negative)
Lupin: Says Kamal Sharma to step down as board director from Oct. 14 (Negative)
Business Standard
• Govt looks to ease compliance burden with new CSR disclosure rules
• Amid energy crisis, desperate Europeans return to firewood for warmth
• Morgan Stanley-led banks face $500 million loss on Twitter debt to Musk
• Prices of CNG, piped cooking gas hiked by Rs 3 as natural gas prices rise in Delhi
• Sunil Bhaskaran may pilot Air India's arm after AirAsia India merger
• Hindustan Unilever cuts prices of soaps, detergents after 2 years of hikes
• ONGC Videsh to invest $1 billion in offshore block held by Petrobras
• China's services activity drops as Covid-19 lockdowns curb spending
• UK needs to cut 200K govt jobs over next few years to avoid debt spiral
• American Tower Corp weighs offer for stake in Vodafone Towers unit
• Govt to provide collateral-free loans to start-ups under CGSS framework
Economic Times
• India burned $110 billion to defend the rupee against a slump
• Centre wants a clear fund-raising plan from Vodafone Idea before saying yes to owning a stake
• India will buy oil from wherever it wants, says oil minister as chorus for curbs on Russia gets louder
• US court rejects Infosys' motion to dismiss ‘culture of bias’ complaint by former executive
• Top UN official praises India for "thoughtful leadership and commitment" to advancing high-impact South cooperation
• Forex reserves dip $4.9 billion to $532.66 billion
• Merkel bats Russia's inclusion for sustainable peace in Europe
• US job growth solid in September; unemployment rate falls to 3.5%
• India waiting for UK to act on some promises in Migration pact
• Biden administration clamps down on China's access to chip technology
• India has initiated steps to institute joint defence capabilities
Bloomberg
• India Tax Collections Net of Refunds Rise 16.3% So Far This Year
• FY23 Gross Direct Tax Collections Upto Oct. 8 at INR8.98T, up 23.8%
• Chinese and Indian Gold Buyers Are Draining New York’s Vaults
• Indian Exports Will Wither Global Headwinds: Piyush Goyal
• India Plans Phased Central Bank Digital Rupee Launch
• India’s September Oil Products Consumption Rises 8.1% Y/y
• India Raises Some Allowances for Federal Govt Staff from July 1
• India Offers to Sell Majority Stake in $5.6 Billion IDBI Bank
• India Govt, LIC Seek Bids for 60.7% Stake in IDBI Bank
• Gambia Child Deaths Linked to Contaminated Syrup Rise to 69
• World’ Top Two-Wheeler Maker Launches First Electric Scooter
• India Forex Reserves Fall $4.85B to $532.7b in Week to Sept. 30
• India Official Reserves Drop to Lowest Since July 2020
• Central Banks Plow On Hiking Rates Despite Pivot Talk
• Macro Concerns to Weigh on Tata Consultancy’s Earnings: Preview
• India Stocks Post First Weekly Gain in Four as Metals Rally
• Global Funds Sell Net INR22.5B of India Stocks on Oct. 7: NSE
• Domestic funds buy net 5.45 billion rupees of stocks
• Govt to kick off FY24 Budget making exercise on Monday: PTI
• Exporters keeping fingers crossed as recession clouds loom over EU: PTI
