Equity benchmarks recorded new highs as Nifty scaled to fresh all time high of 17436. The NIFTY settled the week marginally higher at 17369 up by 0.3% and SENSEX closed at 58,305.
Sectorally, Power, Telecom, Capital Goods and Metal indices rose the most, while Realty index was the loss leader. BSE Midcap and Smallcap indices closed about half a percent higher.
According to Refinitiv data, the MSCI Asia-Pacific index’s forward 12-month P/E ratio stood at 14.9 compared with the MSCI World’s P/E ratio of 18.46. That near 20% valuation discount is the highest in 14-months.
1) ICICI Bank: The insurance regulator IRDAI has allowed ICICI Bank to bring down its stake in ICICI Lombard General Insurance to 30%. The private bank currently holds about 52% in the non-life company.
2) Cabinet approves Rs 10,683cr PLI scheme for Textile Sector:
Anurag Thakur and Piyush Goyal in a cabinet briefing announced that the cabinet has approved the proposal for a production-linked incentive (PLI) scheme for specific segments in the textiles sector focuses on MMF Apparel, MMF fabrics and 10 segments/ products of technical textiles with a budgetary outlay of Rs 10,683 crore over next five years.
3) Maruti Suzuki has hiked prices by 1.9% for select models. August production was down 7.9% at 1.14 lakh units against 1.24 lakh units (YoY). Production volume in August was affected due to an electronic components shortage.
4) NMDC has reduced iron ore price by Rs. 1000 per ton from Sep 4, 2021.
5) Zydus Cadila has received tentative approval from the USFDA to market Sitagliptin, a medicine indicated to treat diabetes.
Zydus Cadila has received approval from the USFDA to market Brexpiprazole tablets. The tables are used for the treatment of schizophrenia.
6) Coal India: CIL’s 39 coal mining projects have been delayed due to issues in getting green clearances and rehabilitation and resettlement (R&R).
7) Mahindra & Mahindra (M&M) Financial Services: August disbursements rose 57% to Rs 2,150 crore as compared to the same period a year ago. The company’s collection efficiency improved to 97% from 95% in July.
8) Tech Mahindra has announced the launch of a dedicated Google Cloud Business Unit to accelerate cloud adoption for enterprises globally.
10) Dr Reddys Labs: The company entered into a definitive agreement with Citius Pharmaceuticals to sell its rights to anti-cancer agent E7777 (denileukin diftitox).
Dr Reddys has launched Mintop and Mintop Eva (Minoxidil topical solution USP 2% and 5%) for the treatment of female pattern hair loss (FPHL) in India. This is the first-ever approved drug for the treatment of FPHL (previously approved for the treatment of alopecia in men) in India.
11) JSW Steel: The company is set to raise $1 billion (about Rs 7,300 crore) via an overseas bond sale as it is seeking to build capacity and lower fund costs with the economy opening up fast following vaccination drives.
12) Power Grid Corporation of India on Saturday said it has started work to set up the first electric vehicle charging station in Meghalaya.
13) NTPC: The company will seek shareholders' approval to raise Rs 18,000 crore through the issuance of bonds or debentures in its annual general meeting on September 28.
NTPC will issue unsecured non-convertible bonds of Rs 3,000 crore through private placement at a coupon of 6.69% p.a.
NTPC is planning to partner with ONGC and National Investment and Infrastructure Fund (NIIF) for exploring opportunities in acquisitions and development of renewable assets, including offshore wind.
14) Cipla has written to National Pharmaceutical Pricing Authority, the drug price regulator to allow a price hike of certain respiratory medications citing a substantial rise in the cost of a critical ingredient called propellant P227.
15) HDFC Life will seek shareholders’ approval later this month for the issuance of preference shares to Exide Industries in the Rs 6,687 crore deal to acquire Exide Life.
16) Bharti Airtel: The company hit an all-time high as there is a cabinet meeting scheduled on September 8 to consider a relief package for the financially stressed telcos.
17) ITC: ITC’s FMCG business could help its stock price gain as much as 26% soon, with dividends to follow, according to global brokerage and research firm CLSA’s targets.
18) Ford India has decided to halt its India operations after 26 years in the country. The maker of cars like Figo, Freestyle, Fiesta, Eco sport, and Endeavour is now only going to make petrol engines for export in its facilities. The company had been struggling in recent years due to increased competition.
19) TCS has inked a 10-year deal with Transport for London, a government department, to design, implement and operate a new smart mobility system.
Tata Consultancy Services (TCS) has been selected by Avianca, one of the leading airlines in South America, as a strategic partner in its cloud transformation journey. TCS will modernize Avianca’s IT infrastructure and build a new future-ready cloud-based digital core on Microsoft Azure.
20) Tata Power has tied up with Macrotech Developers (Lodha) to provide end-to-end EV charging solutions in Macrotech’s residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune.
21) Infosys and The Economist Group have partnered to enable and accelerate sustainability solutions through a business-to-business model.
22) Wipro has completed its fourth year of operations in Bangladesh.
Wipro has informed the stock exchanges about its partnership with Security and information management (Securonix). The partnership brings together Securonix analytics-driven detection and automated response tools with Wipro global reach and cybersecurity intelligence capabilities to provide organizations with improved governance and security threat protection.
23) Tata Steel has started the use of electric vehicles (EVs) for transportation of finished steel at Jamshedpur.
CBDT on September 9 extended the deadline for filing of income-tax returns for FY 2020-21 to December 31, 2021.
This is the second time the ITR filing deadline has been extended - it was previously extended from July to September.
CBDT said that the deadline has been extended as many people were facing difficulties in the filing of Income Tax Returns and various reports of the audit.
25) JSPL’s subsidiary Jindal Steel & Power (Australia) Pty Ltd made a pre-payment of US$ 105.7 million (Rs 777.4 crore). The prepayment has helped reduce the Australian debt by approximately 50 percent.
26) India Cements is planning to set up a new plant in Madhya Pradesh, and capacity debottlenecking at its plants in the South. The company also plans to repay debt to the tune of Rs 551 crore this year. India Cements has enough limestone reserves in the south for expansion.
27) Oil & Natural Gas Corp. (ONGC) is exploring a purchase of a significant minority stake in the $4 billion-plus Sangomar oil project off the coast of Senegal from Woodside Petroleum Ltd.
ONGC Videsh Ltd is discussing buying a stake in Russia's massive Vostok oil project as well as a planned liquefied gas project Arctic LNG-2. OVL, the overseas arm of state-owned ONGC, is evaluating buying a minority stake in the Vostok Oil project, which contains combined estimated resources of over 6 billion tonnes or around 44 billion barrels, of premium crude. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is evaluating buying a minority stake in the Vostok Oil project, which contains combined estimated resources of over 6 billion tonnes or around 44 billion barrels, of premium crude.
28) Banks Board Bureau recommends Atul Kumar Goel as MD, CEO of Punjab National Bank (PNB)
29) India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, has invested Rs 615 crore (US$ 83 million) in Gujarat based Setco Group.
30) EID Parry India has announced that it is setting up of a 120 kilo litre per day capacity distillery at its Sankili unit in Andhra Pradesh. Board approved Rs 92.5 crore project and the investment would be met through borrowings. The Centre announced an ethanol blending programme of 20% by the year 2025.
31) Embassy Office Parks REIT, the first listed real estate investment trust in India, said it has raised Rs 300 crore through a placement of listed and transferable non-convertible debentures (NCD) at a 6.80% quarterly coupon, from domestic investors, including insurance firms. The proceeds will be used to refinance existing construction finance debt.
32) India Post Payments Bank (IPPB) has joined hands with LIC Housing Finance for selling housing finance products of the latter to its 4.5 crore customers, a statement said. Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LIC Housing Finance Ltd's (LICHFL) home loan products accessible to its customers’ panIndia, the statement said.
33) Bharat Petroleum Corp. Ltd (BPCL) has created a separate platform for its liquified petroleum gas (LPG) business that runs the Union government’s subsidized domestic cooking gas cylinder scheme, two people aware of the development said, in an attempt to enable its buyer to “ring fence" and operate the marquee scheme.
34) Shoppers Stop is collaborating with Accenture to push digital commerce transformation across multiple retail channels, as it looks to improve profitability and shift to more sales to digital channels.
35) Reliance Industries Ltd (RIL) is set to make a US$ 5.7 billion nonbinding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator.
36) VST Tillers Tractors company has entered into an agreement with ETG (Export Trading Group), for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.
37) Neogen Chemicals commercializes operations at Dahej SEZ commenced at full scale successfully from Sep 6, 2021 at manufacturing facility situated at Plot No. Z/109, Dahej SEZ, Village Lakhigam, Vagara Dist. Bharuch, Gujarat.
38) TB Alliance has granted Lupin, a non-exclusive license to manufacture the anti-TB drug pretomanid as part of the three drug “BPaL” regimen. Lupin intends to commercialize the anti-tuberculosis (TB) medicine in approximately 140 countries and territories, including many of the highest TB burden countries around the world.
39) Panacea Biotec Ltd. supplies first shipment of the second component of Sputnik V vaccine produced in India.
40) The government has increased the MSP of Rabi crops for 2022-23. The highest price increase is seen in mustard (8.6%) followed by masoor daal (7.8%) both of which were increased by Rs 400/quintal. Other increases have been seen in gram, safflower & wheat with wheat MSP increasing by Rs 40 to Rs 2015/quintal.
41) The central government has appointed intermediaries - Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, and others for listing and partial disinvestment its equity shareholding in Life Insurance Corporation of India (LIC) via an initial public offering (IPO).
42) Canada Pension Plan Investment Board is selling 2.0 crore shares in SBI Life in an accelerated bookbuild offering, according to Bloomberg. Shares are being offered at Rs 1,159.05 to Rs 1,220.05 each, which is at a discount of 0-5% to Wednesday close. There is an option to increase the deal size by as many as 3 million shares.
43) Bank of Baroda has announced the launch of its digital banking platform BoB World , aimed at providing all banking services under one roof. The lender aims to provide an all-inclusive and seamless virtual banking experience, encompassing all digital banking services under one roof for the convenience of customers.
44) Ratnamani metals and tubes Ltd. have received a Domestic Order of Rs.148.95 Crores (excluding GST) for supply of Carbon Steel Line pipes from Oil & Gas sector. The order is expected to be executed by May, 2022.
45) Sun Pharma has forayed into the nutrition bar segment in India with the launch of Revital NXT (brand extension of Revital H) on e-commerce platform with target market being Millennials and Generation Z.
46) Biocon has entered into a confidential settlement agreement with Celgene relating to patents for Revlimid (lenalidomide).
47) HDFC Bank has signed a pact with the National Small Industries Corporation (NSIC) for providing credit support to the micro, small and medium enterprise (MSME) sector.
48) Birlasoft has informed stock exchanges about its partnership with Freshworks Inc. The strategic partnership is aimed at helping enterprise to provide an enhanced customer experience management services to their customers through new-age digital transformation solutions.
49) Bank of India (BoI) has entered into a co-lending arrangement with MAS Financial Services for MSME loans.
50) LIC Housing Finance and India Post Payments Bank (IPPB) have tied up for selling housing finance products to its customers. Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LIC Housing Finance?s home loan products accessible to its customer pan-India.
51) Equitas Small Finance Bank (SFB) expects to restructure loans worth up to Rs 700 crore till December under the Covid-19 regulatory package, according to Business Standard.
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