News Shots
The US Government had announced an economic stimulus which was supposed to boost the markets. But, Donald Trump tested positive for COVID and is in quarantine in a special military facility now.
The interest on interest case is likely to get a verdict in the Supreme Court today. Loans under Rs 2 crores to get waiver. Government to take the burden of the money lost by the banks because of the waiver.
Reliance Industries has received more investments from multiple international investors. They have now sold 7.28% stake in the retail unit for a total of ₹32,297.50 crore.
Chinese steelmaker, Jingye has expressed an interest in taking over Tata Steel‘s UK operations.
Hero MotoCorp has raised ex-showroom prices of its motorcycles and scooters by up to 2% from October 1.
TCS to consider share buyback during its quarterly results meeting on October 7.
Solar Industries has signed a contract with the government to supply 10 lakh multi-mode hand grenades for Rs 409 crore. The grenades have to be delivered over a period of two years.
ITI has signed a contract with the Ministry of Defence for supply and establishment of army static switched communication network. The total value of the contract is worth Rs 7,796 crore, whereas the time period for the execution is three years.
NMDC – Iron Ore sales up 10.5% in September to 2.11 MT while production up 12% to 1.83 MT
RBI has approved an interim arrangement to form a new committee of directors to exercise the powers of the bank’s MD & CEO till a new one takes charge, at Dhanlaxmi Bank. The interim arrangement will not continue beyond four months.
Kilpest India has sold 8.68 lakh Covid-19 tests in the month of September at an average price of Rs 230 per test. (Do have a look at its price chart since March-20)
Havells has decided to shift its switchgears production capacity from Guwahati to its existing facilities at Baddi, in order to have benefits of synergy.
HCL Tech has announced a new collaboration with IBM to help clients accelerate their digital transformation by migrating enterprise mission-critical workloads to the IBM public cloud.
Apollo Pipes overall sales up 19% to 12,268 MT. Growth driven by contribution from across product categories including value-added product segment of fittings.
Very good numbers from Federal Bank, indicating business restoring to normal. Total deposits up 12% to 1.56 lakh crore. Gross advances up 6% to 1.25 lakh crore. CASA ratio at 33.69% from 31.55%. Liquidity coverage ratio at 257.44% from 159.69%.
Shares of Angel Broking will be listed on the exchanges today. The Rs 600-crore initial public offer (IPO) was subscribed 3.94 times, but the response was not as strong as most of the other IPOs that hit the market alongside. Also, it is quoting at a discount in the grey market, hinting that the issue may open below the issue price at debut. (No listing gain)
Foreign investors Goldman Sachs, Nomura and Fidelity lapped up shares of Computer Age Management Services (CAMS) at its debut on Thursday.
Zydus Healthcare has launched generic anti-diabetic Dapagliflozin tablets across the country under the brand name ‘Dapaglyn’ at a highly affordable price to increase patient access.
Route Mobile has completed the acquisition of intellectual property and its associated contracts from TeleDNA for over Rs 12 crores. (During their IPO, they said they’ll make some acquisitions. And now they have started delivering on what they said)
Kotak Mahindra Bank has registered a case against the now-insolvent Cox & Kings Ltd., alleging fraud of over Rs 170 crore.
State-run steel maker SAIL is exploring new markets for the sourcing of coking coal with a view to reducing dependence on select countries for the raw material
What to expect today?
NIFTY broke out of the 11,200-11,300 range on Thursday, owing to positive global cues. It closed strongly at 11,422. Bank Nifty moved up more than NIFTY, which is a very good sign.
The positive developments in the interest on interest case will definitely help Bank Nifty to move further up. This can help NIFTY also to reach higher highs.
NIFTY has strongly established 11,200 as support. So, bears would not take over till that level is not broken. Going up, 11,550-11,600 will act as a strong resistance for NIFTY.
Though it needs more time for absolute confirmation on his health status, there is news of Donal Trump getting better. Dow futures are trading higher. Asian markets have opened on a higher note.
US Markets were down on Friday, owing to the Trump situation. Asian markets are mostly up. SGX NIFTY is crazily trading at 11,428, which is 97 points higher, indicating a gap up opening in the Indian Market.
NIFTY is likely to trade between 11,350 and 11,550 today. There is support at 11,390 and 11,350 and resistance at 11,430 and 11,500.
Highest Call Open Interest at 12,000, followed by 11,500. Highest Put Open Interest at 10,500, followed by 11,000.
Foreign institutional investors (FIIs) net bought shares worth Rs 1,632.25 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 259.46 crore in the Indian equity market on October 1.
After announcing good sales data, the Auto sector can be in focus today. Also, watch Reliance, TCS and Banking stocks.
We are entering into a seemingly positive week. But with the Trump situation looming over, it’s better to be cautious for a while. All the best for the week!