India only overweight among the top four global emerging markets
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Business-Standard
India only overweight among the top four global emerging markets
China (including Hong Kong), Taiwan, South Korea, and India have the highest average weightage in the EM space, accounting for two-third allocations
RIL prepares a $5.7 billion bid for a telco in the Netherlands
https://www.livemint.com/companies/news/reliance-industries-set-to-offer-5-7-billion-for-t-mobile-netherlands-11630868021774.html
https://www.livemint.com/companies/news/reliance-industries-set-to-offer-5-7-billion-for-t-mobile-netherlands-11630868021774.html
mint
RIL prepares a $5.7 billion bid for a telco in the Netherlands
The company is tying up funds to make the purchase in a month
Govt's excise collection jumps 48% in April-July; already 3x of full fiscal oil bond liability
https://economictimes.indiatimes.com/news/economy/finance/govts-excise-collection-jumps-48-in-april-july-already-3x-of-full-fiscal-oil-bond-liability/articleshow/85945797.cms
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https://economictimes.indiatimes.com/news/economy/finance/govts-excise-collection-jumps-48-in-april-july-already-3x-of-full-fiscal-oil-bond-liability/articleshow/85945797.cms
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The Economic Times
Govt's excise collection jumps 48% in April-July; already 3x of full fiscal oil bond liability
Data available from the Controller General of Accounts in the Union Ministry of Finance showed excise duty collections during April-July 2021 surging to over Rs 1 lakh crore, from Rs 67,895 crore mop-up in the same period of the previous fiscal.
Stocks to Watch in Today's Market
Reliance Industries : Subsidiary Reliance Strategic Business Ventures acquired 2,28,42,654 equity shares in Strand Life Sciences for Rs 393 crore. [Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.]
Punjab National Bank : On September 10, the bank will consider raising capital through the issuance of Basel-III compliant additional Tier-1 Bonds and/or Tier-II bonds in one or more tranches.
Ashoka Buildcon : The company has received the letter of award from Adani Road Transport for the execution of civil and associated works on engineering, procurement & construction (EPC) for six- laning of the national corridor NH-19 from Pangarh to Palsit in West Bengal. The accepted EPC contract price is Rs 1,567.45 crore.
Dr Reddy's Laboratories : The company entered into a definitive agreement with Citius Pharmaceuticals to sell its rights to anti-cancer agent E7777 (denileukin diftitox).
Bank of India : LIC acquired an additional 3.87% stake in the bank via QIP, raising its shareholding to 7.05% from 3.17%.
McDowell Holdings : Recovery Officer I DRT (debt recovery tribunal) II sold an additional 81,991 shares in McDowell Holdings at Rs 37.63 per share, whereas Baisiwala Sameer Ajay bought 79,582 shares in McDowell at Rs 37.67 a share on the NSE, the bulk deals data showed.
GSS Infotech : Radhika Dubash acquired additional 1.11 lakh equity shares in GSS Infotech at Rs 74.88 a share on the NSE, the bulk deals data showed.
Engineers India : Chennai Petroleum Corporation has entrusted the execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamil Nadu to Engineers India. The order is valued at Rs 1,039 crore with a total project schedule of 42 months for mechanical completion.
HealthCare Global Enterprises : The company has acquired oncology hospital labs and clinical trials business from Strand Lifesciences.
ICICI Lombard : The company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.
Fermenta Biotech : The company reported a lower consolidated profit at Rs 11.31 crore in Q1FY22 against Rs 13.6 crore in Q1FY21. Its revenue rose to Rs 109.65 crore from Rs 94.44 crore YoY.
Kirloskar Industries : India Capital Fund sold its entire 2.23% stake in the company via an open market transaction on September 3.
Abans Enterprises : The company appointed Reshma Gwalani as the Chief Financial Officer.
Rajshree Sugars & Chemicals : The company reported a loss of Rs 14.67 crore in Q1FY22 against a loss of Rs 14.88 crore in Q1FY20, revenue rose to Rs 105.26 crore from Rs 96.23 crore YoY.
Force Motors : The company announced the production of 2,148 vehicles and sales of 1,987 vehicles in August 2021.
Kallam Textiles : Andhra Pradesh government released Rs 33 crore to the company towards reimbursement of interest subsidy under the Andhra Pradesh— Industrial Development Policy (IDP) 2015-20 and the amount was received by the company.
Jammu & Kashmir Bank : The RBI has given the government of Jammu and Kashmir the approval to acquire 16,76,72,702 shares on a preferential basis (upto 74.24%) in the bank.
Action Construction Equipment : The company approved the raising of funds by issuance of securities by way of private offerings for up to Rs 175 crore.
Spandana Sphoorty Financial : Valiant Mau Part Offshore Ltd & others bought 1.03 lakh equity shares in the company via an open market transaction, raising stake to 5.03% from 4.87%.
Unison Metals : The company approved the issue of bonus equity shares in the proportion of four equity shares for every one share held by shareholders.
Reliance Industries : Subsidiary Reliance Strategic Business Ventures acquired 2,28,42,654 equity shares in Strand Life Sciences for Rs 393 crore. [Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.]
Punjab National Bank : On September 10, the bank will consider raising capital through the issuance of Basel-III compliant additional Tier-1 Bonds and/or Tier-II bonds in one or more tranches.
Ashoka Buildcon : The company has received the letter of award from Adani Road Transport for the execution of civil and associated works on engineering, procurement & construction (EPC) for six- laning of the national corridor NH-19 from Pangarh to Palsit in West Bengal. The accepted EPC contract price is Rs 1,567.45 crore.
Dr Reddy's Laboratories : The company entered into a definitive agreement with Citius Pharmaceuticals to sell its rights to anti-cancer agent E7777 (denileukin diftitox).
Bank of India : LIC acquired an additional 3.87% stake in the bank via QIP, raising its shareholding to 7.05% from 3.17%.
McDowell Holdings : Recovery Officer I DRT (debt recovery tribunal) II sold an additional 81,991 shares in McDowell Holdings at Rs 37.63 per share, whereas Baisiwala Sameer Ajay bought 79,582 shares in McDowell at Rs 37.67 a share on the NSE, the bulk deals data showed.
GSS Infotech : Radhika Dubash acquired additional 1.11 lakh equity shares in GSS Infotech at Rs 74.88 a share on the NSE, the bulk deals data showed.
Engineers India : Chennai Petroleum Corporation has entrusted the execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamil Nadu to Engineers India. The order is valued at Rs 1,039 crore with a total project schedule of 42 months for mechanical completion.
HealthCare Global Enterprises : The company has acquired oncology hospital labs and clinical trials business from Strand Lifesciences.
ICICI Lombard : The company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.
Fermenta Biotech : The company reported a lower consolidated profit at Rs 11.31 crore in Q1FY22 against Rs 13.6 crore in Q1FY21. Its revenue rose to Rs 109.65 crore from Rs 94.44 crore YoY.
Kirloskar Industries : India Capital Fund sold its entire 2.23% stake in the company via an open market transaction on September 3.
Abans Enterprises : The company appointed Reshma Gwalani as the Chief Financial Officer.
Rajshree Sugars & Chemicals : The company reported a loss of Rs 14.67 crore in Q1FY22 against a loss of Rs 14.88 crore in Q1FY20, revenue rose to Rs 105.26 crore from Rs 96.23 crore YoY.
Force Motors : The company announced the production of 2,148 vehicles and sales of 1,987 vehicles in August 2021.
Kallam Textiles : Andhra Pradesh government released Rs 33 crore to the company towards reimbursement of interest subsidy under the Andhra Pradesh— Industrial Development Policy (IDP) 2015-20 and the amount was received by the company.
Jammu & Kashmir Bank : The RBI has given the government of Jammu and Kashmir the approval to acquire 16,76,72,702 shares on a preferential basis (upto 74.24%) in the bank.
Action Construction Equipment : The company approved the raising of funds by issuance of securities by way of private offerings for up to Rs 175 crore.
Spandana Sphoorty Financial : Valiant Mau Part Offshore Ltd & others bought 1.03 lakh equity shares in the company via an open market transaction, raising stake to 5.03% from 4.87%.
Unison Metals : The company approved the issue of bonus equity shares in the proportion of four equity shares for every one share held by shareholders.
Global-Market Insights
-Asian markets look open mixed but Japan futures show a jump
-on Friday US markets fall after disappointing job repot
-US added 235K jobs in August, well below forecasts of 750K Covid infections may have impacted
-ECB meeting will be in the spotlight this week if the central bank is ready to start reducing the asset purchase program
-Australia, Canada, Malaysia, and Russia will be deciding their monetary policy
-US 10 Year bond yield rises buy dollar falls further on disappointing job data
-US wages growth tops estimates in July YoY
-Gold prices rose more than 1.2% to $1834, a 2 month high supported by a weaker dollar
-Asian markets look open mixed but Japan futures show a jump
-on Friday US markets fall after disappointing job repot
-US added 235K jobs in August, well below forecasts of 750K Covid infections may have impacted
-ECB meeting will be in the spotlight this week if the central bank is ready to start reducing the asset purchase program
-Australia, Canada, Malaysia, and Russia will be deciding their monetary policy
-US 10 Year bond yield rises buy dollar falls further on disappointing job data
-US wages growth tops estimates in July YoY
-Gold prices rose more than 1.2% to $1834, a 2 month high supported by a weaker dollar
TOP Stocks In Focus
1- RIL
2- HEALTH CARE GLOBAL
3- DR REDDY'S
4- ASHOKA BUILDCON / ENGINEERS INDIA
5- BHARAT FORGE
6- BAJAJ HEALTH
7- CROMPTON GREAVES/ELECTROTHERM/SONA BLW /FIEM IND / GABRIEL
8- M&M FINANCIAL/CREDIACESS GRAMIN
9- GOKALDAS EXPORT
10- HERO MOTO
1- RIL
2- HEALTH CARE GLOBAL
3- DR REDDY'S
4- ASHOKA BUILDCON / ENGINEERS INDIA
5- BHARAT FORGE
6- BAJAJ HEALTH
7- CROMPTON GREAVES/ELECTROTHERM/SONA BLW /FIEM IND / GABRIEL
8- M&M FINANCIAL/CREDIACESS GRAMIN
9- GOKALDAS EXPORT
10- HERO MOTO
*OPENING BELL*
🔔〽️🔔〽️🔔〽️🔔
🔸Dr. Reddy's Laboratories: The company, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 and certain related assets. Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
🔸Mahindra & Mahindra Financial Services: The company’s disbursements in August were at Rs 2,150 crore, 57% higher from a year earlier. Collection efficiency was at about 97%, compared with 95% in July. The company witnessed a meaningful reduction in the NPA contracts in August as customer cash flows improved. It expects downward trajectory to continue in September and in months to come. Liquidity position comfortable as on date, Mahindra Financial said.
🔸Reliance Industries: The wholly owned subsidiary of the company, Reliance Strategic Business Ventures, has acquired 2.28 crore equity shares of Strand Life Sciences for Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The investment is part of Reliance’s digital health initiatives.
🔸HealthCare Global Enterprises: The company has divested its entire equity holding of 34.5% (on fully diluted basis) in Strand Life Sciences to Reliance Strategic Business Ventures for Rs 157 crore. The company has also acquired Hospital Lab Management and Clinical Research Site Management business through a Business Transfer Agreement from Strand for Rs 81 crore with a set-off of Rs 7 crore towards receivables.
🔸ICICI Lombard General Insurance Company: IRDAI has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance Company to ICICI Lombard by way of a scheme of arrangement. The demerger and transfer of general insurance business, as envisaged in the scheme, shall be effective
within three days from the date of the final approval, the insurer said. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%.
🔸Jindal Steel and Power: Shareholders have approved divestment of entire shareholding of the company in its subsidiary Jindal Power. More than 90% of the minority shareholders voted in the favour of the deal.
🔸HFCL: The board has approved raising up to Rs 750 crore by way of issue of equity shares/preference shares/ bonds/debentures/non-convertible debt instruments/warrants/any other securities.
🔸PNB: The meeting of board of directors to consider the proposal for raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof has been re-scheduled to September 10.
🔸Engineers India: The company has received an order worth Rs 1,039 crore from Chennai Petroleum Corporation. Engineers India has been entrusted with execution of EPCM-1 with MPMC and EPCM-3 services for 9 MMTPA Cauvery Basin Refinery project in Tamil Nadu.
🔸Force Motors: The company’s total production in August stood at 2,148 units. It reported domestic sales of 1,487 units and exports of 500 units.
🔸Jammu & Kashmir Bank: RBI has accorded approval to Government of Jammu and Kashmir to acquire 16.76 crore fully paid-up equity shares on preferential basis, representing 74.24% of equity capital of the bank, subject to compliance of regulatory requirements.
🔔〽️🔔〽️🔔〽️🔔
🔸Dr. Reddy's Laboratories: The company, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 and certain related assets. Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
🔸Mahindra & Mahindra Financial Services: The company’s disbursements in August were at Rs 2,150 crore, 57% higher from a year earlier. Collection efficiency was at about 97%, compared with 95% in July. The company witnessed a meaningful reduction in the NPA contracts in August as customer cash flows improved. It expects downward trajectory to continue in September and in months to come. Liquidity position comfortable as on date, Mahindra Financial said.
🔸Reliance Industries: The wholly owned subsidiary of the company, Reliance Strategic Business Ventures, has acquired 2.28 crore equity shares of Strand Life Sciences for Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The investment is part of Reliance’s digital health initiatives.
🔸HealthCare Global Enterprises: The company has divested its entire equity holding of 34.5% (on fully diluted basis) in Strand Life Sciences to Reliance Strategic Business Ventures for Rs 157 crore. The company has also acquired Hospital Lab Management and Clinical Research Site Management business through a Business Transfer Agreement from Strand for Rs 81 crore with a set-off of Rs 7 crore towards receivables.
🔸ICICI Lombard General Insurance Company: IRDAI has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance Company to ICICI Lombard by way of a scheme of arrangement. The demerger and transfer of general insurance business, as envisaged in the scheme, shall be effective
within three days from the date of the final approval, the insurer said. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%.
🔸Jindal Steel and Power: Shareholders have approved divestment of entire shareholding of the company in its subsidiary Jindal Power. More than 90% of the minority shareholders voted in the favour of the deal.
🔸HFCL: The board has approved raising up to Rs 750 crore by way of issue of equity shares/preference shares/ bonds/debentures/non-convertible debt instruments/warrants/any other securities.
🔸PNB: The meeting of board of directors to consider the proposal for raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof has been re-scheduled to September 10.
🔸Engineers India: The company has received an order worth Rs 1,039 crore from Chennai Petroleum Corporation. Engineers India has been entrusted with execution of EPCM-1 with MPMC and EPCM-3 services for 9 MMTPA Cauvery Basin Refinery project in Tamil Nadu.
🔸Force Motors: The company’s total production in August stood at 2,148 units. It reported domestic sales of 1,487 units and exports of 500 units.
🔸Jammu & Kashmir Bank: RBI has accorded approval to Government of Jammu and Kashmir to acquire 16.76 crore fully paid-up equity shares on preferential basis, representing 74.24% of equity capital of the bank, subject to compliance of regulatory requirements.
Asian stocks were mixed Monday amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower U.S. hiring.
Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 17,403 as of 7:20 a.m.
Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 17,403 as of 7:20 a.m.
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Brokrage Reports
Nomura on Exide
Buy, TP Rs 223
CITI on Exide Ind
Buy, TP Raised to Rs 260
Investec on Exide
Buy, TP Rs 220
Equirus on Exide Ind
Downgrade to reduce, TP Rs 194 from Rs 248
UBS on Exide
Buy, TP Raised to Rs 240
CS on Steel
Stay cautious on steel price outlook in medium term
While Indian spreads have fallen, those in China & Europe have improved
Expect coking coal to revert to $160/t & ore may fall further to $100/t, reducing cost support even more
CLSA on M&M Fin
Buy, TP raised to Rs 210 from Rs 180
Citi on M&M finance maintain buy with Tgt price of 185
Nomura on hdfc life maintain neutral with Tgt price of 750
Jp Morgan on hdfc life maintain OW with Tgt price of 770
CS on hdfc life maintain neutral with Tgt price of 670
Clsa on hdfc life maintain OP with Tgt price of 790
Clsa on zeel maintain buy with Tgt price of 306
Nomura on Exide
Buy, TP Rs 223
CITI on Exide Ind
Buy, TP Raised to Rs 260
Investec on Exide
Buy, TP Rs 220
Equirus on Exide Ind
Downgrade to reduce, TP Rs 194 from Rs 248
UBS on Exide
Buy, TP Raised to Rs 240
CS on Steel
Stay cautious on steel price outlook in medium term
While Indian spreads have fallen, those in China & Europe have improved
Expect coking coal to revert to $160/t & ore may fall further to $100/t, reducing cost support even more
CLSA on M&M Fin
Buy, TP raised to Rs 210 from Rs 180
Citi on M&M finance maintain buy with Tgt price of 185
Nomura on hdfc life maintain neutral with Tgt price of 750
Jp Morgan on hdfc life maintain OW with Tgt price of 770
CS on hdfc life maintain neutral with Tgt price of 670
Clsa on hdfc life maintain OP with Tgt price of 790
Clsa on zeel maintain buy with Tgt price of 306
*Reliance Industries* has acquired Strand Life Sciences for a cash consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. the total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis.
Strand, which is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers, and pharmaceutical companies, posted a turnover was Rs 88.70 crore, and Net Profit of Rs 8.48 crore in FY 2021. Neutral
Strand, which is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers, and pharmaceutical companies, posted a turnover was Rs 88.70 crore, and Net Profit of Rs 8.48 crore in FY 2021. Neutral
*HealthCare Global (HCG)*, announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its ~38.5% stake in Strand to Reliance Industries group company. HCG received consideration of ~Rs 157cr for sale of its ownership in Strand and acquired labs and clinical research business for a consideration of ~Rs 81cr with a set-off of ~Rs 7cr towards receivables. The transactions resulted in net cash inflow of ~Rs 83cr for HCG in addition to the take-over of the labs and clinical research business. *Positive*
Coking coal prices has further increased by $20 in last week. And up by $140 since April 2021. This will increased the cost by Rs.6200 where as HRC prices remain stable between April -Aug. Post correction in recent past Iron ore prices has come back to April level. Negative for steel companies