Indian Equity Benchmark Indices recorded all-time high this week as NIFTY settled at 17,585 while SENSEX at 59,015. Sectorally, IT, Banking and Auto outperformed with gains +2% each while Metal underperformed (-1.5%).
Overall, Metals, Realty, Power, Oil & Gas and Healthcare stocks fell the most while Telecom and Bank stocks rose the most.
1) Infosys and Microsoft have entered into a multi-year strategic engagement with Ausgrid to accelerate the cloud transformation of the largest electricity distributor on Australia’s east coast.
2) Zee Entertainment Enterprises Ltd announced that Manish Chokhani and Ashok Kurien have resigned from the position of Non-Executive Non-Independent Directors of the firm with immediate effect.
Zee Entertainment Enterprise Ltd (ZEEL) is embarking on a new path under 'ZEE 4.0', through which it aims to enhance profitability and continue to grow ahead of the industry. The company has a new organization design and a clear-cut growth strategy.
3) KNR Constructions received a Letter of Acceptance for Hyderabad Growth Corridor (HGCL) - widening of existing service roads from Nanakramguda to TSPA and Narsingi to Kollur and BT Overlay of Bitumen pavement from Gachibowli to Shamshabad of Outer Ring Road, Hyderabad. The contract is worth Rs 312.8 crore and is to be completed within a period of 15 months from the date of signing of the agreement.
4) DCM Shriram has approved the proposal to acquire 17,32,500 equity shares of Rs 10 each of Shriram Axiall (SAPL) at Rs 137.4 per share, from Axiall LLC USA, being entire 50 percent of stake held by Axiall LLC in SAPL. Shriram Axiall is a 50:50 joint venture.
5) JSW Steel: Fitch Ratings has assigned ratings of 'BB-' and recovery ratings of 'RR4' to JSW Steel's proposed US dollar senior unsecured notes.
6) TCS: NXP Semiconductors, a Dutch semiconductor manufacturer, has selected TCS as its strategic partner to drive its integrated IT services strategy across applications, IT infrastructure and workplace services spanning enterprise, manufacturing and engineering functions.
7) Vodafone Idea: Edelweiss mentioned that measures by the Indian government and fundraising may give Vodafone Idea some relief, but structural issues undermining the sector can be fixed only with "sizable" tariff hike for 4G prepaid customers.
8) Zomato has decided to stop its grocery delivery service. The move has been taken due to gaps in order fulfillment, poor customer experience and increasing competition from rivals.
Zomato co-founder Gaurav Gupta quits after 6 years. Gupta joined the company as Head of Supply in 2015 and was elevated to the position of co-founder in 2019.
Zomato has partnered with InCred for extending loans with zero processing fee to cash-strapped restaurants that are associated with Zomato.
9) SpiceJet has entered into a settlement with CDB Aviation, a lessor of the Boeing 737 Max aircraft. The ban on the aircraft was recently lifted in India and SpiceJet is aiming to start operations of the aircraft around the end of September 2021.
10) Avenue Supermarts: DMart has forayed into Haryana with the opening of a store at BPTP Parklands, Faridabad.
11) Jyothy Laboratories planning to hike product prices in “select stock-keeping units (SKUs) as it looks to retain gross margins at historical levels of 49% and offset a possible increase in raw material price.
According to Ullas Kamath, Joint MD, Jyothy Labs, the company will look at a 2-3%price rise across large SKUs which have higher off-take in urban markets in the pre-festive months.
12) Shree Cement to set up integrated cement plant at Village Gothra in Nawalgarh Tehsil of Rajasthan and Solar Power Plants at various locations to meet the captive requirement of the Cement Plants. The company's existing cement capacity is at 43.40 million ton per annum (MTPA).
13) HCL Technologies Ltd (HCL) is looking to expand into the South Korean market by partnering with HANCOM Inc., one of the leading software companies in that country.
HCL Tech and Finastra, a financial software company registered in the Cayman Islands, have expanded their partnership to drive digital transformation across South Korea and Taiwan.
14) ISGEC Heavy Engineering received an order for 25 Medical Oxygen Plants from the Defence Research & Development Organisation (DRDO), Ministry of Defence, Govt. of India. The scope of work includes manufacturing, supplying, installing, and commissioning. These plants have a capacity of 250 LPM (litre per minute) each and oxygen concentration of 93 (+/- 3%).
15) ONGC: Competition Commission of India approved a 26% stake acquisition of ONGC Tripura Power by GAIL.
16) Wipro has partnered with Tennessee-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of Virtual Bank, an established digital bank acquired by FHN.
The company received a multi-year IT managed services contract from Kuala Lumpur- headquartered Maxis Broadband Sdn Bhd, a leading converged solutions provider.
17) Sun Pharma: Promoter entity Shanghvi Finance released a pledge on the company's 33,93,333 equity shares.
NCLT sanctioned a merger of Sun Pharma Global FZE with Sun Pharmaceutical Industries.
18) Tata Steel has commissioned a 5-tonne-per-day (TPD) carbon capture plant at its Jamshedpur hub.
Rating agency Moody's Investors Service has upgraded the corporate family rating of Tata Steel Ltd to Ba1 from Ba2. The rating outlook remains stable.
19) Maruti Suzuki’s Swift has crossed 25 lakh cumulative sales in over 16 years of its launch in the country.
20) Birlasoft announced that it has achieved Oracle Cloud Infrastructure Service Provider (CSP) track status. The status recognizes capabilities to deliver Oracle Cloud transformation programs and provide an excellent customer experience.
21) Punjab & Sind Bank signed a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for MSME and Priority Sector Housing Loans respectively.
Punjab National Bank has slashed its repo linked lending rate (RLLR) to 6.55% from 6.80%.
22) The Union Cabinet has approved a much-needed relief package a 4-year moratorium on AGR dues, for the stressed telecom sector.
Bharti Airtel owes over Rs 43,000 crore as AGR dues, while Vodafone-Idea has a balance payment of more than Rs 57,000 crores according to various reports.
Vi had self-assessed its dues at Rs 21,533 crores and Airtel at Rs 13,003 crores.
23) The Union Cabinet on September 15 cleared a Rs 25,938 crore performance-linked incentive (PLI) scheme for the automobile sector to boost the production of electric and hydrogen fuel cell vehicles.
Combined with the incentive announced for the drone industry, the new PLI scheme has a budgetary outlay of Rs 26,058 crore. The scheme is expected to add 7.5 lakh additional jobs to the auto sector.
It is also estimated that over a period of five years, the scheme will lead to a fresh investment of over Rs 42,500 crore and incremental production of over Rs 2.3 lakh crore.
24) Govt. to sell up to 10% stake in Hindustan Copper via offer for sale (OFS), floor price at ₹116. The offer shall take place on September 16 and 17 in a separate window of stock exchanges.
25) Shree Cement will invest Rs 4,750 crore on three projects. Out of the total amount, Rs 3,500 crore will be spent to set up an integrated cement plant at Nawalgarh Tehsil, Rajasthan, Rs 500 crore to set up solar power plants at its cement units at various locations, and Rs 750 crore to set up a clinker grinding unit.
26) Tech Mahindra has signed a Master Service Agreement with Response Informatics, which will become an official vendor to provide quality manpower resources for various projects that are run by Tech Mahindra.
27) RBL Bank has restarted credit card issuances on Visa's payment network. The issuance was earlier hit due to a regulatory ban on Mastercard.
28) Tata Motors has launched its first electric sedan under the XPRES brand - the XPRES-T EV.
29) SBI: The bank on September 14 decided to cut the base rate by 5 bps to 7.45 percent from today.
SBI has announced that as part of its festive season offering it will be offering credit score linked home loans at 6.7%, irrespective of the loan amount.
Earlier a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%.
30) Hindalco: Increasing Aluminium prices and global brokerages maintaining a “buy” call on Hindalco shows increasing earnings prospects for the company.
31) Infosys’ deadline to solve ITR portal issues runs out today, users are still facing glitches on the platform.
The company has bagged a five-year deal from Texas-based Frost Bank to provide strategic business consulting and digital capabilities that will enable Frost to offer mortgage loans along with its other consumer loan products.
32) Dr Reddys Labs: The company got approval to conduct Phase 3 trials of Sputnik Light vaccine in India.
33) PepsiCo commissioned its Rs 814 crore Kosi Kalan foods plant at Mathura in Uttar Pradesh, its largest greenfield investment for manufacturing in India.
34) JSW Renew Energy Two Limited, a project SPV formed by JSW Future Energy (100% subsidiary of JSW Energy) has signed Power Purchase Agreements with Solar Energy Corporation of India (SECI) for the cumulative contracted capacity of 450 MW awarded against Tariff based Competitive bid invited by SECI.
35) Fineotex Chemical Limited (FCL) has entered into a strategic collaboration with Eurodye-CTC, Belgium, to commercialize specialty chemicals for the Indian market.
36) H.G. Infra Engineering Limited has received the Letter of Award (LoA) dated Sep 15, 2021 from National Highways Authority of India (NHAI) for two HAM projects in Telangana. The total work order is worth Rs 1410cr.
37) The Union Cabinet on September 16 approved a government guarantee of up to Rs 30,600 crore for security receipts to be issued by National Asset Reconstruction Company Ltd (NARCL).
38) Sansera Engineering IPO was subscribed 11.47 times at the end of day 3 of bidding. It received bids for 13.88 crore shares against an offer of 1.21 crore shares.
Bidding details at the end of Day 3:
Retail Individual Investors: 3.15 times the reserved portion
Non-Institutional Investors: 11.37 times the reserved portion
Qualified Institutional Buyers: 26.47 times the reserved portion
Employees: 1.37 times the reserved portion.
39) Lupin has agreed to settle litigations regarding its diabetes drug Glumetza in the US.
40) Hindustan Aeronautics: Care Ratings has revised the long-term rating on the bank facilities of Hindustan Aeronautics (HAL) to 'CARE AAA' from 'CARE AA+', while maintaining a 'stable' outlook.
41) Yes Bank, Dish TV: According to a media report, Yes Bank "strongly suspects" that certain investments made by Dish TV are "dubious". The bank wants to conduct a forensic audit on the nature of some of the company’s investments.
42) BHEL announced the commissioning of India's largest floating solar photovoltaic plant in Andhra Pradesh.
46) Adani Ports: The Board of Adani Ports & SEZ will meet on 18 September 2021 to consider raising funds by way of issuance of non-convertible debentures for refinancing, capex, and general corporate purpose for an amount of Rs. 1,000 crore.
47) JSW Steel received more than five times higher bids for its $1 billion overseas bond sales that opened for subscription yesterday.
48) Reserve Bank (RBI) has given its go-ahead to Ujjivan Small Finance Bank (SFB) to form a special committee of directors to oversee operations in the absence of an MD and CEO.
49) Kotak Mahindra Group has acquired the vehicle financing loan portfolio of Volkswagen Finance Private Limited, the Indian captive financing arm of Volkswagen Group.
50) Biocon Biologics Limited (BBL), a subsidiary of Biocon and Serum Institute Life Sciences Private Limited (SILS), a subsidiary of Serum Institute announced a strategic alliance.
51) Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from September 20. The price hike is across the range of motorcycles and scooters and will be up to Rs 3000.
52) ICICI Bank Ltd has informed that the bank has allotted 2,45,796 equity shares of the face value of Rs 2 each on September 16, 2021, under the Employee Stock Option Scheme (ESOS).
53) IndusInd Bank: UBS Principal Capital Asia Ltd on Thursday sold IndusInd Bank shares worth nearly Rs 354 crore through an open market transaction.
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