Closing Index

 12th Oct 2020

BSE CLOSED @ 40593.80 ✅ 84.31 Points 

NSE CLOSED @ 11930.95 ✅ 16.75 Points

BankNifty Closed 23712.0 ❌ 134 Points 

India VIX Closed 21.1275 ✅ 0.7475 Points.

Stocks To Watch

Vedanta: The company on Saturday said that the delisting offer is deemed to have failed as per terms of the delisting regulations. The post offer public announcement by the company said that 125.47 crore shares were validly tendered by public shareholders. For successful delisting of shares, 134.12 crore shares needed to have been validly tendered for promoter shareholding to cross 90%. Bids worth 12.31 crore were unconfirmed.

Federal-Mogul Goetze (India): Promoter IEH FMGI Holdings to sell up to 1.21 crore shares or 21.83% stake through an Offer for Sale (OFS). The floor price of Rs 342 per share is a 21.1% discount to Friday's closing price. The promoter looks to raise Rs 415.4 crore through this OFS. The OFS for non-retail investors opens on October 12 while for retail investors, it opens on October 13.

Glenmark: The company said that addition of Umifenovir did not demonstrate any additional benefit over Favipiravir alone in moderate Covid-19 patients. Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment. The trial did not meet key end-points.

Indiabulls Housing Finance: Has sold further portion of its stake in OakNorth Holding - the wholly-owning parent company of OakNorth Bank to Riva Capital Partners for approximately Rs 441 crore. The company has now raised a total of Rs 2,273 crore as fresh equity in September and October through a QIP and stake sales. The sale proceeds will be accretive to the regulatory net worth and CRAR of the company.

Dr Lal Pathlabs: The company has clarified that the data breach of patients was a result of misconfiguration in one of the company's minor web applications where temporary records were stored for operational purposes. It involved less than 0.5% of the records and the issue has been resolved since. A report on Saturday revealed that data of millions of patients, including Covid-19 test results was exposed. The company has said that the relevant authorities have been informed.

Shilpa Medicare: Gets U.S. FDA warning letter for its formulations facility in Jadcherla, Telangana. The Company believes that the warning letter will have minimum impact of disruption of supplies and the existing revenues from operations of this facility.

RITES: Secures consultancy orders for Rs 103 crore. One order includes Project Management Consultancy work for complete planning, design, execution and other services for various buildings at IIT Delhi worth Rs 54 crore. The other is for South Eastern Coalfields for Rs 46 crore and the third pertains to the study of Multi-Modal Integration Planning for the Surat Metro project for Rs 3.24 crore.

ONGC AGM Takeaways: Chairman Shashi Shankar says that the company expects better price realisations from reforms for new gas production announced by the government this week. He also said that ONGC will reexamine plans to develop some older fields which were not viable earlier. The company expects to complete the merger between MRPL & ONGC Mangalore Petrochemicals (OMPL) by June 2021, post which, MRPL will be merged with HPCL. The company's Director of Finance Subhash Kumar said that ONGC could lose Rs 6,000 crore to Rs 7,000 crore from its gas business after the cut in prices.

Godrej Properites: NCLT approved amalgamation of Wonder Space Properties with the company.

Premier Explosives: Gets domestic order for explosives worth Rs 82.8 crore from the Telengana government.

GE Shipping: The company has signed a contract to buy a secondhand LR2 product carrier. The vessel is expected to join the company's fleet in Q3FY21.

Liberty Shoes: CARE Ratings downgraded long-term bank facilities worth Rs 165.4 crore to CARE BBB+ from CARE A-. The outlook is revised to stable from negative.

Karnataka Bank: Reports a fraud amounting to Rs 107.99 crore in the credit facilities extended earlier to Sintex Industries' borrowing account. The account was classified as an NPA in August 2019 and has been fully provided for and will not impact the bank's financials going forward.

Non-Nifty Earnings Today: GNA Axles, Shalby. 

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New Listing

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Code : 543237 / 509

Group : B / EQ

ISIN : INE249Z01012

Issue Price : 145

Face Value : 10

Market Lot : 1

New Listing : Uti Asset Management Comp

Name :UTIAMC

Code : 543238 / 527

Group : B / EQ

ISIN : INE249Z01012

Issue Price : 554

Face Value : 10

Market Lot : 1

World Market Indices

 U.S. stock futures mostly flat as stimulus negotiations continue

U.S. stock futures were little changed on Sunday evening as investors prepared for a busy week of corporate earnings and monitored stimulus negotiations in Washington.

Futures for the Dow Jones Industrial Average and the S&P 500 hovered near the flat line, while those for the Nasdaq 100 ticked up 0.1%.

The move in futures follows a strong week for the stock market. The Dow jumped 3.3% to post its biggest one-week gain since August, while the S&P 500 and Nasdaq Composite gained 3.8% and 4.6%, respectively, for their best weeks since July.

Asian stock futures pointed to a mixed start for equities, and S&P 500 futures slipped at the open. The yuan was about 0.6% lower against the dollar and the Australian and New Zealand dollars also slipped as foreign exchange markets opened. Last week, the S&P 500 ended higher as some traders bet U.S. lawmakers are moving closer to reaching an agreement to provide more fiscal stimulus. The daily currency fixing in China will be closely watched on Monday after the central bank’s step to restrain the rally. Focus will soon turn to earnings season on Wall Street, with big banks due to report results.

Japan stocks set to trade lower; investors watch Chinese yuan following central bank moves

SINGAPORE — Stocks in Asia-Pacific were mixed in Monday morning trade, as investors watch movements in the Chinese yuan.

In Japan, the Nikkei 225 slipped 0.28% in early trade while the Topix index shed 0.17%. South Korea’s Kospi, on the other hand, rose 0.41% as shares returned to trade following a Friday holiday.

Meanwhile, shares in Australia were little changed, with the S&P/ASX 200 above the flatline.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded about 0.1% higher.

Chinese yuan watch

Movements in the Chinese yuan are set to be watched by investors on Monday, after the People’s Bank of China announced a rule change that made it cheaper to short the yuan.

The central bank announced Saturday that financial institutions now no longer need to set aside cash when conducting some foreign exchange forwards trading, with effect from Monday. Previously, financial institutions had to set aside 20% of the previous month’s yuan forwards settlement amount as foreign exchange risk reserves, according to Reuters.

The offshore yuan last traded more than 0.6% weaker against the greenback, at 6.7332 per dollar, after strengthening for the last few months.

National Australia Bank’s Tapas Strickland said the moves in the yuan were likely driven by the rule change “which makes it less expensive to short the (Chinese yuan) and signals less (concern) about currency weakness.”

Oil prices slip

Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down 1.42% to $42.24 per barrel. U.S. crude futures also shed 1.5% to $39.99 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.125 following a recent slide from levels above 93.3.

The Japanese yen traded at 105.60 per dollar after strengthening from levels above 105.9 against the greenback last week. The Australian dollar changed hands at $0.722 after rising from about $0.71 last week.