Sensex and Nifty are likely to open higher on Tuesday as Asian shares hit a 10-year peak in the early trade today with investors breathing a sigh of relief as North Korean fears seemed to eased slightly and the worst-case scenario from Hurricane Irma looked to have been avoided. The early indicator of NSE Nifty, SGX Nifty Futures was trading up 0.27 per cent at 10,053 points on the Singapore Stock Exchange.
These stocks will be in focus today:
Country’s largest steel maker SAIL yesterday said it will raise USD 350 million from overseas market. The company has entered into a pact with State Bank of India (SBI) for arranging the amount via external commercial borrowings (ECB). In a statement, SAIL said it would raise USD 350 million and the borrowing would have a tenure of seven years.
Telecom major Bharti Airtel yesterday became the second operator after Reliance Jio to start 4G VoLTE service in the country with its launch in Mumbai yesterday. The voice calls on VoLTE network are made using data but the company said there will be no additional data charges for VoLTE and calls will be billed as per existing plan or pack benefits.
Tata Steel yesterday announced that it has concluded a new agreement under which its UK business stands separated from the 15-billion pound British Steel Pension Scheme (BSPS). “Tata Steel UK has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS,” Tata Steel said in an exchange filing.
Shares of IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL) surged up to 5.5 per cent yesterday as the two companies entered into an exclusivity agreement to evaluate merger. The scrip of IndusInd Bank soared 5.56 per cent to settle at Rs 1,790.65 on BSE. During the day, it jumped 6.26 per cent to touch its one year high of Rs 1,802.65. Shares of Bharat Financial Inclusion rose by Rs 3.34 per cent to end at Rs 967.25. Intra-day, it went up by 4.59 per cent to Rs 979 — its 52-week high.
Auto major Tata Motors hopes to build on the ongoing revival of its domestic commercial vehicles having increased its overall market share by 330 bps to 45.6 per cent in August putting the GST and BS-III ban disruptions behind it.
Shares of Jaiprakash Associates plunged over 6 per cent yesterday after the Supreme Court revived the insolvency proceedings against Jaypee Infratech and asked the parent firm to deposit Rs 2,000 crore with the registry. The stock tumbled 6.42 per cent to close at Rs 21.85 on BSE. During the day, it plunged 9.85 per cent to Rs 21.05. Shares of Jaypee Infratech also dipped 4.76 per cent to end at Rs 16 — its lowest trading permissible limit for the day.
Religare Enterprises shareholders have approved a proposal to invest up to Rs 500 crore in its arm Religare Capital Markets for repaying debt related to Mauritius business, and capital needs of India business. The shareholders have given their approval to an ordinary resolution through postal ballot, the company said yesterday in a regulatory filing.
Indiabulls Real Estate has acquired a 13,519 square meter land in Gurugram for an undisclosed amount to a develop commercial complex on the plot.
Tech firm Ricoh India yesterday said Fourth Dimension Solutions (FDS) has moved National Company Law Tribunal against the company for alleged non-payment of dues.
IPO update: The initial public offer (IPO) of Matrimony.com, which runs online match-making portals, was subscribed 67 per cent on the first day of bidding yesterday. The IPO, with an aim to raise over Rs 500 crore, received bids for 18,78,510 shares against the total issue size of 28,11,280 shares.
Indian markets on Monday
The NSE 50-share Nifty climbed 71.25 points to hit an over one-month high and also closed above 10,000-level on emergence of buying in banks, FMCG, auto and infra counters on the back of higher Asian cues. The Sensex went up 195 points, powered by auto stocks after a less-than-expected GST cess hike and rising vehicle sales. Investors were looking forward to August CPI inflation and July IIP data which is scheduled for today, to watch for any turnaround after the disruption caused by GST.
Indian Rupee on Monday
The rupee today retreated from its one-month high to end lower by 15 paise to 63.93 a dollar on overwhelming demand for the American currency from corporates and banks. The rupee traded under pressure in view of strengthening US dollar following easing geopolitical tensions in the Korean peninsula and also abating concerns over Hurricane Irma which subsided over the weekend.
US market on Monday
The S&P 500 climbed to a record high close on Monday after tropical storm Irma caused less damage than expected in Florida and North Korea did not test-fire missiles over the weekend as some had feared. The Dow Jones Industrial Average rose 259.65 points, or 1.19 percent, to 22,057.44, the S&P 500 gained 26.68 points, or 1.08 percent, to 2,488.11 and the Nasdaq Composite added 72.07 points, or 1.13 percent, to 6,432.26.