CLOSING INDEX

 07 Sep BSE CLOSED @ 38417.23 ✅ 60.05 Pnts & NSE CLOSED @ 11355.05 ✅ 21.20 Points, BankNifty Closed 22945.05 ❌ 66.45 Points & India VIX Closed 22.0075 ❌ 00.1450 Points.

Stocks To Watch

 Stocks To Watch

Vodafone Idea: Board approves raising up to Rs 15,000 crore via NCDs and up to Rs 15,000 crore through issue of equity shares or secrities convertible to equity shares. Total raising of funds shall not exceed Rs 25,000 crore. Proposals to be taken for approval at the company's AGM on September 30.

Allcargo Logistics: Board approves the company's de-listing proposal. The floor price for the delisting has been set at Rs 92.58 per share, which is a 22% discount to Friday's closing price.

Dilip Buildcon: Declared L-1 bidder for a new HAM project worth Rs 1,905 crore.

NMDC: Hikes Lump Ore prices by 10% month-on-month to Rs 3,250 per tonne while prices of Fines raised 11% month-on-month to Rs 2,960 per tonne

Coal India: Reduces output target to 660 million from 710 million for FY21..

IDFC First Bank: Rajiv Lall resigns as part-time non-executive chairman of the bank citing prolonged health issues.

MRPL: To seek shareholder nod to raise Rs 5,000 crore via NCDs on September 12.

Endurance Technologies: The company has stated that it is eligible for extension in export incentives and is entitled to receive Rs 466.4 crore under the scheme. It has already accounted for Rs 128.8 crore until Q1FY21.

Pricol: Board approves raising Rs 100 crore through a rights issue. It has constituted a Rights Issue committee to consider the terms and conditions of the issue among other factors.

Four PSU Banks: Moody's has downgraded the long-term local and foreign currency deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India to Ba1 from Baa3 and their Baseline Credit Assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative. The ratings agency has affirmed PNB's long-term local and foreign currency deposit rating at Ba1 and its BCA at b1. However the outlook has been revised to negative from stable.

Goa Carbon: Operations at the company's unit at St Jose de Areal, Salcete-Goa has been temporarily shut for maintenance work.

GE Shipping: Has contracted to sell its very large carrier. The vessel will be delivered in the third quarter of FY21.

ADF Foods: Board approves allotment of 17.5 lakh convertible warrants to promoters and two lakh convertible warrants to non-promoters at Rs 362 per warrant. The total issue amounts to Rs 70.59 crore.

Tuticorin Alkali Chemicals: Says that its plant will remain shut till the end of September due to Ammonia supply disruption.

Shoppers Stop: CARE Ratings downgrades long-term bank facilities and proposed NCD issue to CARE A+ from CARE AA-. The outlook has been revised to negative from stable.

South Indian Bank: Board approves raising Rs 750 crore through issue of securities and Rs 500 crore via debt. The board has also approved increasing the foreign investment limit under NRI / Person of Indian Origin category to 24% of the bank's paid-up share capital.

Fineotex Chemicals: Says it is in the process of acquiring four acres of land in Ambernath for capacity expansion at a cost of Rs 27 crore.

Som Distilleries: Approves 2:1 stock split.

CG Power: Temporarily suspends operations at its Mandideep manufacturing facility due to torrential rains between August 29 and August 30.

Happiest Minds IPO: Anchor investors allocated 1.9 crore shares at a price of Rs 166 per share. The company has raised Rs 316 crore from Anchor investors like Government of Singapore, Nomura Funds and Aditya Birla Sun Life Mutual Fund.

Non-Nifty Earnings Today: Future Lifestyle Fashions, CG Power, Info Edge, GSFC, HOEC, General Insurance Corporation, Parag Milk Foods 

F&O Cues

 F&O Cues

Nifty September futures end at 11,375; premium widens to 41 points from 22 points

Nifty September futures shed 0.3% and 28,000 shares in Open Interest.

Nifty Bank September futures end at 23,084; premium widens to 72 points from 49 points

Nifty Bank September futures shed 4% and 60,000 shares in Open Interest.

Nifty Put-Call Ratio at 1.24

Enter F&O Ban: BHEL, JSPL

Exit F&O Ban: Escorts

Stocks In F&O Ban: BHEL, Canara Bank, Indiabulls Housing Finance, JSPL, PNB, Vodafone Idea.

Nifty Weekly Expiry: September 10

Maximum Open Interest on Call side at 12,500 strike (30.8 lakh shares)

Maximum Open Interest on Put side at 11,000 strike (20 lakh shares)

Active Options: 11,000 Put (8.9 lakh shares) and 11,500 Call (14.1 lakh shares)

Nifty Monthly Expiry: September 24

Maximum Open Interest on Call side at 11,500 strike (20.7 lakh shares)

Maximum Open Interest on Put side at 11,000 strike (27.9 lakh shares)

DIVIDENDS & RESULTS

 Today's Corporate Action 7th Sep Ex Date

ELECTCAST Final Dividend - Rs. - 0.30

HIKAL Final Dividend - Rs. - 0.20

HIRECT Final Dividend - Rs. - 0.80

KKCL Final Dividend - Rs. - 1.00

NCC Dividend - Rs. - 0.20

PANAENERG Final Dividend - Rs. - 4.00

POLYSPIN Bonus issue 1:4

POLYSPIN Stock  Split From Rs.10/- to Rs.5/-

SUBROS Final Dividend - Rs. - 0.80

TEXINFRA Final Dividend - Rs. - 0.20

Today's Key Results 7-Sep-20

CG Power and Industrial Solutions, Future Lifestyle Fashions, Future Market Networks, General Insurance Corporation of India, Aurionpro Solutions, Hindustan Oil Exploration, McNally Bharat Engineering, Info Edge India, Orchid Pharma, RPP Infra Projects, Tera Softwar

STOCKS MUST WATCH

 Stocks in the news

REC: Subsidiary received a 10 MW solar power project order in Rajasthan.

National Aluminium Company: Q1 profit at Rs 16.7 crore versus Rs 98 crore, revenue at Rs 1,380.6 crore versus Rs 2,084.1 crore YoY.

IDFC First Bank: Rajiv Lall resigned as non-executive chairman of the bank.

PSU banks: Moody's cuts deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India to Ba1 and revised PNB's rating outlook to 'Negative' from 'Stable'.

Endurance Technologies: Based on an eligibility certificate from the Maharashtra government, the company is entitled to a cumulative incentive of Rs 466.39 crore under the package scheme of incentives. Of the eligible incentive, the company already accounted for Rs 128.93 crore until the June 30.

Jubilant Industries approved sale of land and building of manufacturing unit at Nimbut, Pune for Rs 12.35 crore, and plant and machinery for Rs 0.95 crore to Jubilant Life Sciences.

Repco Home Finance: Q1 profit at Rs 69.50 crore versus Rs 67.44 crore, revenue at Rs 337.71 crore versus Rs 328.15 crore YoY

Stocks In News

Moody's

Cuts Deposit Ratings Of BoB, BoI

Cuts Deposit Ratings Of Canara Bk, Union Bk

Revises PNB's Ratings Outlook To 'Negative' From 'Stable'

Cuts Deposit Ratings Of Canara Bk & Union Bk To Ba1

Cuts Deposit Ratings Of BK of  Baroda, Bk of India To Ba1

TATA MOTORS DVR

TATA Sons buys 53.02 Lakh shares at Rs 56/sh 

 

Shilpa Medicare

Nippon India buys 11.25 Lakh shares at Rs 514.9/sh

Baring PE sells 23.2 Lakh shares at Rs 513/sh

BPCL

Govt Makes Changes To BPCL PIM

Allows SPV Formation For Both  Sole Bidder & The Consortium

Clarifies On Networth Definition Of Bidders

No Change In Networth  Amount For Bidders

Alert: Bidders For BPCL Had Asked For  Change In The Net Worth

TATA STEEL

CEO says production level has now recovered to 100% as the company sees a revival in domestic demand in the Q2 led by a good monsoon and rural economy. The company is now less dependent on exports compared to the first quarter.

PVR

The company has deferred its capital expenditure in a bid to control costs as the company braces for a significant impact on its profitability in the current fiscal due to the ongoing COVID-19 pandemic. Q1 Results are on 14th Sept.

World Market News

 Asia stocks lower as U.S.-China tech tensions rise; Chinese August trade data expected

Asia markets edged lower in Monday morning trade as tech tensions between Washington and Beijing escalate.

In Japan, the Nikkei 225 shed 0.47% in early trade while the Topix index declined 0.17%. South Korea’s Kospi was flat.

Over in Australia, the S&P/ASX 200 traded 0.7% lower.

Overall, the MSCI Asia ex-Japan index was little changed.

Investors will watch shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest manufacturer of semiconductors, after a Defense Department spokesperson said the Trump administration is considering imposing export restrictions on the firm.

SMIC is seen as an important player in China’s ambition to grow its domestic semiconductor industry. The potential move by Washington, first reported by Reuters, would mark a major escalation in the tech battle between the U.S. and China.

On the economic data front, China’s trade data for August is expected to be released at around 11:00 a.m. HK/SIN.

Oil prices drop

Oil prices fell in the morning of Asian trading hours, with international benchmark Brent crude futures down 2.04% to $41.79 per barrel. U.S. crude futures dropped 2.14% to $38.92 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.867 after its ascent last week from levels below 92.0.

The Japanese yen traded at 106.26 per dollar after weakening last week from levels below 105.6 against the greenback. The Australian dollar changed hands at $0.7284 after last week’s slip from levels above $0.732.

Here’s a look at what’s on tap:

China: Trade data for August at 11:00 a.m. HK/SIN