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Market Today with EZWealth – 4th Oct, 2021
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Benchmark equity indices returned to the green zone on Monday after four days of losing streak, ahead of RBI MPC meet and earnings season that is set to kick off this week. All sectoral indices traded in the green in the morning. Markets today are driven by pharma, banking and financial services and are looking bullish.
BSE Sensex is currently 59250 and NIFTY50 is currently at 17670, up about 1%. BANKNIFTY is up 0.8% and MIDCAP Index is up 1.6%
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Adani Green Energy Ltd (AGEL) has completed the acquisition of SB Energy India for USD 3.5 billion, the company stated on Monday. It is the largest solar power developer in the world which made SB Energy Holdings Ltd (SB Energy India) its subsidiary with this deal. With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
Tata Sons Pvt. is set to take over ailing Air India Ltd. again, more than half a century after the country’s biggest conglomerate ceded control to the state, ending the government’s hold over an airline that for decades defined the lofty ambitions of a newly-independent nation. A panel of ministers accepted a proposal from bureaucrats, who recommended the conglomerate’s bid ahead of an offer from entrepreneur Ajay Singh. For Tata Group, Air India adds a third airline brand to its stable, considering the conglomerate already holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd. Air India — which hasn’t turned a profit since its 2007 merger with Indian Airlines and is now saddled with a debt of around 600 billion rupees ($8.1 billion) — does have some attractive assets, including prized landing and parking slots at London’s Heathrow airport, which may help Vistara lure business travelers with direct flights to Europe.
As part of the asset monetisation drive, state-run power producer NTPC is planning to float three IPOs of its wholly-owned subsidiaries, NTPC Renewable Energy (NREL), North Eastern Electric Power Corporation (NEEPCO) and NTPC Vidyut Vyapar Nigam (NVVNL). It will also exit NTPC-SAIL Power Company (NSPC), a 50:50 joint venture between NTPC and SAIL, which owns 814 MW of captive power plants at SAIL’s steel manufacturing units at Durgapur, Rourkela and Bhilai.
A senior executive at the company said that the public listings and stake sale are expected to raise Rs 15,000 crore. The target is to conclude all the three IPOs by March, 2024. At FY21-end, the net worth of NEEPCO was Rs 6,450 crore and that of NVVNL was Rs 370 crore. NSPCL had a net worth of Rs 2,742 crore at the end of FY20. The government has said that 3,472 MW of hydro power and 2,494 MW of renewable assets — owned by NTPC, NHPC, Satluj Jal Vidyut Nigam and NLC (formerly Neyveli Lignite Corporation) — will be offered to the private sector by FY25 under the asset monetisation programme.
From a stock price view point, the stock is currently facing resistance at ₹144 levels as it turns out to be a resistance zone as well as an important pitchfork level as well. Crossing ₹147 with considerable volume can propel the price to 155-157 levels to face further resistance. Alternatively ₹138 and ₹134 will prove to be support points and can be looked at good points to add on to positions.
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The rights entitlements of Bharti Airtel Rs 21,000 crore rights issue will start trading on the stock exchanges from Tuesday. The company is planning to raise the sum in three tranches by issuing 1 share for every 14 shares held of the company to shareholders at Rs 535 a share. The company aims to use the capital for growth purposes going ahead, with the promoters giving explicit assurance of participating in the issue and mopping up any unsubscribed shares.
Petrol and diesel prices were hiked again on Sunday to send rates soaring to new record highs across the country but top government officials insisted oil companies haven’t pass on the entire increase warranted from international oil and gas rising to three-year highs and have ensured UK-like situations of pumps going dry isn’t seen anywhere in India
FPIs invested ₹26,517 crores in September; they pumped in ₹13,154 crore into equities and ₹13,363 crore in the debt segment during September 1-30
Hindustan Unilever Ltd. is deepening ties with kirana stores as it looks for direct consumer insights to continue building an agile supply chain. India’s largest consumer goods maker is tying up with mom-and-pop outlets to create what it calls Drachma stores. The company is digitising the billing system and offering loyalty points (to be redeemed on future purchases) to consumers buying HUL’s products from these outlets. According to HUL’s website www.ushoployalty.com, the loyalty points programme is live in 11 cities, including Delhi-National Capital Region, Mumbai, Chandigarh and Jaipur, with the company tying up with approximately 25,000 stores. It has set up 10 UShopGo stores across the country, where customers can build their shopping carts—like in an online retailer—by scanning the products across brands and make payments with the UShop app
India’s city gas distributors will play a dominant role in improving demand for the cleaner fuel in the medium term even amid a greater push towards electric vehicles and improved power supply. The sector will increase the country’s natural gas demand by 35% by 2030—by when the city gas distribution network is projected to cover 70% of India’s population from 20-30% at present. Factors like increased network coverage, improving gas pipeline connectivity, a 15% expected increase in domestic gas production in the next two years, probability of gas coming under the goods and service tax, and the push towards a cleaner environment are potential demand drivers
Stocks in the news today:
Karda Construction Limited, a leading player in affordable and mid-income housing player in affordable and mid-income housing segment in its home turf Nashik, Maharashtra. They have been awarded with “business Excellence’ by ‘adsync’ for extraordinary service and dedication in the field of ‘Elite affordable housing’ for 2021
CRISIL Ratings Limited revised credit rating for Union Bank of India. The rating agency has upgraded the rating on Tier 1 bonds from CRISIL AA-/Stable to CRISIL AA+/Stable
The share price of CSB Bank, formerly Catholic Syrian Bank Limited, surged more than 14 percent intraday on October 4 after the private lender posted a 9.12 percent jump in its September quarter deposits at Rs 19,061.62 crore against Rs 17,468.44 in the year-ago period.
Biocon share price added over 1 percent in the morning trade on October 4 after the pharma company announced the launch of Everolimus tablets, used in the treatment of some cancers, in the US market.
Steel Strips Wheels share price jumped more than 3 percent in the morning session on October 4 after the company’s shareholders approved a sub-division of the company’s shares.
Reliance Industries (RIL) share price rose 1 percent in the early trade on October 4 after the company said it had “invested Rs 7,42,87,000 (equivalent to $1,000,000) in cash in 1,000,000 equity shares of $1 each of Reliance International Limited (RINL), a newly incorporated wholly-owned subsidiary in Abu Dhabi Global Market, United Arab Emirates”.
Shares of domestic auto major Tata Motors gained 2.2% in early Mumbai trading on Monday after the company said its national wholesale volume shot up 26% on year to 55,988 units in September.[/vc_column_text][vc_column_text]
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