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Trade Ahead with EZ Wealth – 30 Sept, 2021
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Indian benchmark Indices opened and closed weak on Wednesday, a day before monthly expiry; even though there was a rally during the middle half of the session, the last hour saw some selling again and the indices closed in red, continuing downtrend for second straight day due to selling in select banking & financials, auto and FMCG stocks. However, metals, pharma and PSU banks bucked the trend, rising 1.6-2.7 percent.
In the US, major indexes fluctuated during a choppy trading session as bond yields appeared to stabilize before resuming their upward march
Nifty futures on the Singapore Exchange traded merely 19 points lower at 17,687, signaling that Dalal Street was headed for a negative start on Thursday.
Maximum Call open interest of 94.94 lakh contracts was seen at 18000 strike, which will act as a crucial resistance level in the September series. This is followed by 17900 strike, which holds 68.44 lakh contracts, and 17800 strike, which has accumulated 60.53 lakh contracts.
Maximum Put open interest of 59.83 lakh contracts was seen at 17000 strike, which will act as a crucial support level in the September series. This is followed by 17600 strike, which holds 47.92 lakh contracts, and 17500 strike, which has accumulated 46.92 lakh contracts.
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Gas prices, power outages worsen inflation worries
After interest rate hike by the world’s major central bank and tapering of bond buying by the US Federal Reserve, inflation is the latest worry for markets and the world economy. The fears of higher inflation has been worsened by a sharp rise in natural gas prices in Europe, power outages in UK and China, and a rally in the crude oil prices. Some analysts commented that the markets have been sanguine about the inflation being transitory. However, ongoing supply-led disruptions across commodities may result in higher-than-expected entrenched inflation
Indian Overseas Bank exits PCA after 6 years
The RBI took PSB Indian Overseas Bank out of the prompt corrective action framework over improvement in financial and credit profile. This decision gives the Chennai-based lender more freedom on lending especially to corporations and growing the network, subject to prescribed norms.
Air India Reserve price likely to be fixed at ₹15000-20000 crore
The government has considered the future cash flow projection of Air India, its brand value and intangible assets like bilateral rights and slots in foreign airports to set the reserve price for the airline at 15k-20k crore. The government may have to infuse ₹650 crore per month into the airline if the divestment exercise fails; so it even maybe motivated to settle if the bid is lower than the reserve price
Piramal to focus on retail with DHFL buy
Piramal Enterprises announced it has completed the acquisition of Dewan Housing Finance Limited by paying a consideration of $ 35,250 crore. The acquisition marks the first successful resolution of a financial services company under the IBC. This transition will result in a 5x increase in Piramal’s retail book. It will also help it achieve a lending book equally divided between retail and wholesale in the medium term, from a largely wholesale book. In the long term, the lending book will be focused on the retail side, with 67:33 retail to wholesale ratio
Power Equipment PLI on the cards
In order to promote domestic manufacturing of equipment used in the power sector, Union power ministry is planning to come up with a PLI scheme.
IndiaMART InterMESH has made an additional investment of Rs 10 crore to acquire 7 percent stake in Mobisy Technologies (MTPL). The total shareholding of the company in MTPL, post this investment, would be 15.98 percent
Nahar Industrial Enterprises: CRISIL assigned long term rating for company’s bank loan facilities at A-/Stable and short term rating at A2+
JK Cement has undertaken upgradation of clinker Line 3 at JK Cement Works, Nimbahera Unit. With this the clinker capacity of Line 3 stands increased to 6,500 tonnes per day (TPD), from 5,000 TPD.
Persistent Systems: US subsidiary acquire Software Corporation and its affiliate Fusion360. The company also entered into an agreement with Shree Infosoft, India to acquire its business. Along with this transaction, its US subsidiary will acquire certain assets from Shree Partners LLC, USA, parent company of Shree Infosoft.
Blue Dart Express: The company announced its general price increase, effective from January 2022. The average shipping price increase will be 9.6 percent compared to 2021
HDFC Bank has issued 4,00,000 credit cards since the embargo imposed by the RBI was lifted in mid-August. It has thus surpassed the milestone it had set to initially get back to its pre-embargo run rate of issuing 3,00,000 cards per month.
Weightage of companies including SBI, Reliance and HDFC Life were adjusted as part of the quarterly recapping and rebalancing exercise. Powergrid, NTPC and NHPC also saw their weighting go up in the CPSE index and hence inflow/outflow of millions were seen in some of the stock yesterday.
Larsen & Toubro is in talks to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries
Birla Corporation will increase its annual cement production capacity to 30 million tonnes by 2027; their current production capacity is 15.6 mt
Reliance Industries backed the appointment of Saudi Aramco Chairman Yasir Al Rumayyan as an independent director on its board and reiterated that his appointment has no connection with Saudi Aramco’s plans to buy a stake in its O2C business
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Disclosure:
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